LENDING POLICY Sample Clauses

LENDING POLICY. (1) Within sixty (60) days, the Board shall review and revise the Association's written loan policy. In revising this policy, the Board shall refer to 12 C.F.R. § 160.93 (Lending Limitations). This policy shall incorporate, but not necessarily be limited to, the following: (a) a description of acceptable types of loans; (b) a provision that current and satisfactory credit information will be obtained on each borrower; (c) maturity scheduling related to the anticipated source of repayment, the purpose of the loan, and the useful life of the collateral; (d) maximum ratio of loan value to appraised value or acquisition costs of collateral securing the loan; (e) collection procedures, to include follow-up efforts, that are systematically and progressively stronger; (f) a pricing policy that takes into consideration costs, general overhead, and probable loan losses, while providing for a reasonable margin of profit; (g) a definition of the Association's trade area; (h) guidelines and limitations for loans originating outside of the Association's trade area; (i) a limitation on aggregate outstanding loans in relation to other balance sheet accounts; (j) distribution of loans by category; (k) guidelines for loans to insiders, including a statement that such loans will not be granted on terms more favorable than those offered to similar outside borrowers; (l) guidelines and limitations on concentrations of credit; (m) a limitation on the type and size of loans that may be made by loan officers without prior approval by the Board or a committee established by the Board for this purpose; (n) measures to correct the deficiencies in the Association's lending procedures noted in any XXX; (o) guidelines designed to improve Board oversight of the loan approval process, specifically with regard to credits exhibiting significant risk. At a minimum, the policy shall: (i) establish dollar limits on extensions of credit to any one borrower, above which the prior approval of the Board, or a committee thereof, would be required; (ii) establish dollar limits on aggregate extensions of credit to any one borrower, above which any new extensions of credit to that borrower, regardless of amount, would require the prior approval of the Board, or a committee thereof; and (iii) require that all credits which deviate from the Association’s normal course of business, including all credits which deviate from the Association’s written strategic plan, receive the prior approval of the Board...

LENDING POLICY. The Lending Policies attached hereto as Attachment 5 are hereby incorporated herein as the applicable Lending Policies as of the date hereof, and the Lending Policies, as amended from time to time, is also hereby incorporated as part of this Servicing Agreement. The Lending Policies must be able to be reasonably administered by the Servicer, be consistent with the provisions of this Servicing Agreement, the Act, Regulations, and the Program Rules (as applicable) and cannot be amended without sufficient prior notice to the Servicer to allow implementation of any servicing modifications. The Lending Policies will be reviewed and updated by the Bank if deemed necessary on at least an annual basis or as required by the Act or the Regulations or as any Program Rule changes may occur. To the extent that a change in the Bank’s Lending Policies require the Servicer to implement material operational changes or systems modifications, the cost of such changes and modifications may be borne by the Bank.

LENDING POLICY. (1) Within sixty (60) days, the Board shall review and revise the Bank's written loan policy. In revising this policy, the Board shall refer to the Loan Portfolio Management booklet, A-LPM, of the Comptroller’s Handbook. This policy shall incorporate, but not necessarily be limited to, the following: (a) a description of acceptable types of loans; (b) a provision that current and satisfactory credit information will be obtained on each borrower;

LENDING POLICY. (1) Within ninety (90) days, the Board shall review and revise the Bank's written loan policy. In revising this policy, the Board shall refer to “Loan Portfolio Management” booklet of the Comptroller’s Handbook. This policy shall incorporate, but not necessarily be limited to, the following: (a) a provision that current and satisfactory credit information will be obtained on each borrower; (b) measures to correct the deficiencies in the Bank's lending procedures noted in any XXX; (c) guidelines consistent with Banking Circular 255, setting forth the criteria under which renewals of extensions of credit may be approved. At a minimum the policy shall: (i) ensure that renewals are not made for the sole purpose of reducing the volume of loan delinquencies; and (ii) provide guidelines and limitations on the capitalization of interest; (d) guidelines governing lending standards for all types of lending in which the bank is engaged; (e) guidelines for periodic review of the Bank's adherence to the revised lending policy. (2) Upon adoption, the policy shall be implemented, the Board shall thereafter ensure Bank adherence to the policy, and a copy of the policy shall be forwarded to the Assistant Deputy Comptroller for review. (3) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policy developed pursuant to this Article.

LENDING POLICY. (1) The parties acknowledge that the Bank has forwarded its revised and updated loan policy to the Assistant Deputy Comptroller for review and determination of no supervisory objection. (2) Upon receipt of no supervisory objection from the Assistant Deputy Comptroller the Board shall oversee the implementation of the Bank's revised and updated loan policy and ensure Bank adherence to the policy. (3) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the loan policy.

LENDING POLICY. Due to the many special exhibitions taking place15, museums borrow a great deal of works of art from each other. Such temporary exhibitions would be impossible without lending. The lending could be arranged on a virtual internet market, where the suppliers (the museums owning art works) offer to lend (some of) their holdings at a specific price and under specific conditions, and the demanders can choose. But it would also be possible on a smaller scale, even between two museums. Introducing prices, instead of barter, has many obvious advantages that need not be discussed further here.

LENDING POLICY. Each library will maintain on the TexShare Web a current record of privileges and limitations applicable to this Agreement, including collections or types of materials not subject to the borrowing privileges conferred under this Agreement, so a prospective borrower may become acquainted with the regulations of the lending library.

LENDING POLICY. (1) Within ninety (90) days, the Board shall revise the Bank's written loan policy to implement the specific actions needed to improve the lending policy outlined in the Matters Requiring Board Attention of the December 31, 2007 Report of Examination and any subsequent Report of Examination. Those revisions shall address: (a) construction inspections and status reports; (b) loan covenants; (c) interest reserves; and (d) curtailment requirements for home construction loans. (2) Within ninety (90) days, the Board shall revise its concentrations of credit policy to include, at a minimum, approved concentrations and limits for those concentrations. (3) Prior to adoption, the revised policies shall be forwarded to the Assistant Deputy Comptroller for review and written determination of no supervisory objection. (4) Upon receipt of the written determination of no supervisory objection, the policies shall be adopted and implemented and the Board shall thereafter ensure adherence to the policies. (5) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policies revised pursuant to this Article.

LENDING POLICY. (1) Within ninety (90) days of the date of this Agreement, the Board shall review and revise the Bank's written loan policy. In revising this policy, the Board shall refer to the “Loan Portfolio Management” booklet of the Comptroller’s Handbook. This policy shall incorporate, but not necessarily be limited to, the following: (a) cash-out equity guidelines; (b) requirements for cash equity; (c) controls over lease/rent payments; (d) requirements for tax escrow accounts; (e) financial statement requirements that include the need to obtain financial statements for all of the guarantor’s personal and business interests; (f) measures to correct the deficiencies in the Bank's lending procedures noted in any XXX; (g) requirement to complete a global cash flow/debt service coverage analysis on guarantors, especially for loans where the primary source of repayment is inadequate and/or based on a projection; and, (h) requirements for timely completion of annual reviews, especially for larger credits and loans based on projections. (2) Upon adoption, the policy shall be implemented, the Board shall thereafter ensure Bank adherence to the policy, and a copy of the policy shall be forwarded to the Assistant Deputy Comptroller for review. (3) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policy developed pursuant to this Article.

LENDING POLICY. (1) Within one hundred twenty (120) days, the Board shall review and revise the Bank's written real estate construction and development loan policy. In revising this policy, the Board shall refer to “Loan Portfolio Management” and “Commercial Real Estate and Construction Lending” booklets of the Comptroller’s Handbook. This policy shall incorporate, but not necessarily be limited to, the following: (a) a description of key lending controls, including separation of duty and disbursement requirements, such as when construction invoices are required prior to disbursing loan proceeds; (b) a designation of the loan types and size ranges for when loan covenants or loan agreements must be used, including when the loan covenants should include financial performance measure; (c) a process for post construction budget reviews to verify the accuracy of projected costs on commercial and residential construction projects and to verify equity injected by the borrower; (d) requirements for monitoring or tracking actual lot sales and prices on land development loans; (e) defining maximum loan maturities by type of property; (f) establishing loan-to-value limits by type of property; (g) requirements for feasibility studies for development and construction projects; (h) minimum requirements for initial investment and maintenance of hard equity by the borrower ; (i) minimum standard for net worth, cash flow, and debt service coverage of the borrower or underlying property; (j) standards for the acceptability of and limits on non-amortizing loans; (k) standards for the acceptability of and limits on the use of interest reserves; (l) pre-leasing and pre-sale requirements for income-producing property; (m) pre-sale and minimum unit release requirements for non-income- producing property loans; (n) requirements for takeout commitments; and (o) requirements for reviewing real estate appraisals and evaluating the reasonableness of assumptions used to support the appraised value. (2) Upon adoption, the policy shall be implemented, the Board shall thereafter ensure Bank adherence to the policy, and a copy of the policy shall be forwarded to the Assistant Deputy Comptroller for review.