Interest Rate Risk Management. (1) Within sixty (60) days of this Agreement, the Board shall prepare, adopt, and thereafter ensure Bank adherence to a written interest rate risk program (including appropriate policies and procedures) that provides for a coordinated interest rate risk strategy and is consistent with the guidelines set forth in Interest Rate Risk, L-IRR, of the Comptroller’s Handbook (June 1997) and OCC Bulletin 2000-16, Risk Modeling – Model Validation (May 30, 2000). The program shall, at a minimum, address:
Interest Rate Risk Management. 15. Within 60 days of this Agreement, the Bank shall submit to the Reserve Bank and the Division an acceptable written plan to improve interest rate risk management practices. The plan shall, at a minimum, address the following parameters:
Interest Rate Risk Management. The Borrower agrees that, upon the occurrence of any Hedging Event, it will enter into an Acceptable Derivatives Agreement in consultation with the Agent no later than the last day of the Required Time Period, using funds available under clause (y) of clause fifth of Section 2.07(c)(i), (ii) or (iii), as applicable. The Borrower will, to the extent required by any Committed Lender, amend any Acceptable Derivatives Agreement which is then in effect at any time when there is (i) any increase in the outstanding principal amount of the Loans or (ii) any change in the contractual payment schedule of the Loans, so that such Acceptable Derivatives Agreement, as amended, Second Amended and Restated Warehouse Loan Agreement would comply with the definition of “Acceptable Derivatives Agreement” if first entered into on the date of such amendment. Amounts received by the Borrower under any Acceptable Derivatives Agreement shall be deposited into the Collection Account and applied as set forth in Section 2.07(c).
Interest Rate Risk Management. 13. Within 60 days of this Agreement, the Bank shall submit to the Reserve Bank and the Commissioner an acceptable written plan to improve interest rate risk management practices that are appropriate for the size and complexity of the Bank. The plan shall, at a minimum, provide for a periodic independent review and assessment of the Bank’s interest rate risk model and processes, including but not limited to, the accuracy and completeness of the data inputs into the Bank’s risk measurement system. Funds Management
Interest Rate Risk Management. All interest rate swaps, caps, floors and option agreements and other interest rate risk management arrangements, whether entered into the account of Wachovia or one of its Subsidiaries or for the account of a customer of Wachovia or one of its subsidiaries, were entered into in the ordinary course of business and in accordance with prudent banking practice and applicable rules, regulations and policies of Regulatory Authorities and with counterparties believed by Wachovia to be financially responsible at the time and are legal, valid and binding obligations of Wachovia or one of its subsidiaries enforceable in accordance with their terms (except as may be limited by bankruptcy, insolvency, moratorium, reorganization or similar laws affecting the rights of creditors generally and the availability of equitable remedies), and are in full force and effect. Wachovia and each of its subsidiaries have duly performed in all material respects all of their obligations thereunder to the extent that such obligations to perform have accrued; and there are no material breaches, violations or defaults or allegations or assertions of such by any party thereunder.
Interest Rate Risk Management. Borrowers shall purchase and maintain in full force and effect during the term of this Agreement, effective on or before thirty (30) days following the Closing Date, an interest rate swap, interest rate cap, interest rate collar or similar arrangement designed to protect Borrowers against the effect of fluctuations in the Interest Rate, such arrangement and related agreements to be in form and substance reasonably acceptable to Agent.
Interest Rate Risk Management. (a) On the Closing Date, the Borrower will enter into, and maintain until the earlier of (i) the Expected Maturity Date or (ii) the Termination Date, one or more Derivatives Agreements with an aggregate notional balance equal to or exceeding ninety percent (90%) (but not for any period in excess of 30 consecutive days, more than 110%) of the then Scheduled Targeted Principal Balance. On the Expected Maturity Date (unless the Termination Date has occurred), at the request of the Agent, the Borrower will enter into, and maintain until the Termination Date, one or more Derivatives Agreements with an aggregate notional balance equal to or exceeding ninety percent (90%) (but not for any period in excess of 30 consecutive days, more than 110%) of the then outstanding principal amount of the Loans. Such Derivative Agreements shall provide that notional balances may be adjusted downward from time to time to reflect any prepayments of the Loans.
Interest Rate Risk Management. 15. Within ninety (90) days, the Association shall revise its policies and procedures governing the Association’s interest rate risk (IRR) management (IRR Policy) to ensure that it is acceptable to the Regional Director and addresses all corrective actions in the 2010 XXX related to IRR. The Association’s IRR Policy shall comply with all applicable laws, regulations and regulatory guidance.
Interest Rate Risk Management. (1) By May 31, 2024, the Board shall adopt a revised, written Interest Rate Risk Program (“IRR Program”). Refer to the “Interest Rate Risk,” booklet of the Comptroller’s Handbook; OCC Bulletin 2010-1, “Interagency Advisory on Interest Rate Risk Management,” (Jan. 2010); OCC Bulletin 2012-5, “Interest Rate Risk Management: FAQs on 2010 Interagency Advisory on Interest Rate Risk Management,” (Jan. 2012); and “Model Risk Management,” booklet of the Comptroller’s Handbook.
Interest Rate Risk Management. The Borrower agrees that it will enter into and maintain one or more interest rate cap agreements on the Closing Date reasonably acceptable to the Agent and the Required Lenders having (i) an aggregate notional balance of not less than an amount equal to 85% of the aggregate outstanding principal amount of the Loans (and if such Acceptable Derivatives Agreement is an interest rate swap agreement, not more than 110% of the aggregate outstanding principal amount of the Loans) at a strike rate no greater than 2.50% and (ii) an expiry date no earlier than the Revolving Termination Date, using funds available under clause (y) of clause fifth of Section 2.07(c)(i), (ii) or (iii), as applicable. For the avoidance of doubt, the Borrower agrees to maintain such interest rate cap agreement(s) until the anticipated Revolving Termination Date; provided that such interest rate cap agreement may be amended or may be replaced by another Acceptable Derivatives Agreement in compliance with the terms hereof with the prior consent of the Agent and the Required Lenders. Warehouse Loan Agreement 762040188 The Borrower will, to the extent required by any Committed Lender, amend any Acceptable Derivatives Agreement which is then in effect at any time when there is (i) any increase in the outstanding principal amount of the Loans or (ii) any change in the contractual payment schedule of the Loans, so that such Acceptable Derivatives Agreement, as amended, would comply with the definition of “Acceptable Derivatives Agreement” if first entered into on the date of such amendment. Amounts received by the Borrower under any Acceptable Derivatives Agreement shall be deposited into the Collection Account and applied as set forth in Section 2.07(c). For the avoidance of doubt, neither the Collateral Agent nor the Depositary shall have any obligations with respect to the Acceptable Derivatives Agreement other than to apply amounts in accordance with the related Monthly Report.
