Loans Receivable. The Borrower will not and will not permit any Subsidiary to knowingly make or have outstanding at any time to any third party, any advance or loan of any kind other than:
(a) any loan secured by mortgages on real estate and not exceeding eighty per cent (80%) of the value of the real estate as of the date the mortgage is incurred and as appraised by a nationally recognized appraiser on or about such date;
(b) any loan from the Borrower to any of its Subsidiaries or from a Subsidiary of the Borrower to another Subsidiary of the Borrower or from a Subsidiary to the Borrower; provided, that (i) such loans shall be made only in the ordinary course of business, (ii) any such loan from a Subsidiary to the Borrower shall be subordinated in all respects to the Borrower’s Debt to the Banks on such terms and conditions as may be satisfactory to the Banks, and (iii) Borrower shall not cause or permit any Subsidiary to take any action to enforce payment of any loan made by the Subsidiary to another Subsidiary without the prior written consent of the Banks;
(c) any advance or loan made in the normal course of business of acquiring properties for, or selling or developing properties of, the Borrower or any Subsidiary;
(d) any Permitted Non-Affiliate Loan, provided, that (i) such Permitted Non-Affiliate Loan is secured either by (A) a pledge of all or substantially all of the equity interests in the Non-Affiliated Entity that owns the Non-Affiliate Construction Project or (B) a first or second priority mortgage lien on the Non-Affiliate Construction Project, and (ii) the aggregate outstanding principal amount of all such Permitted Non-Affiliate Loans shall not exceed $200,000,000 at any time; and
(e) any Indebtedness, whether secured or unsecured, issued by non-affiliated third parties to FCCC as lender, up to a maximum principal amount outstanding at any time of $200,000,000. For purposes of calculating the maximum principal amount of Indebtedness outstanding on the relevant date of calculation, the following Indebtedness that is outstanding on such date of calculation will not be included in such calculation: (i) any Indebtedness that FCCC has assigned to other non-affiliated third parties, (ii) any fully-funded, non-revolving Indebtedness that FCCC has participated out to non-affiliated third parties, but only to the extent such Indebtedness has been insured by the Federal Housing Administration (or any successor to such agency), and (iii) the aggregate principal amou...
Loans Receivable. Except as set forth in Schedule 2.3(j), all evidences of indebtedness reflected as assets in the Financial Statements were as of such dates in all material respects the binding obligations of the respective obligors named therein in accordance with their respective terms, and were not subject to any defenses, setoffs, or counterclaims, except as may be provided by bankruptcy, insolvency or similar laws or by general principles of equity.
Loans Receivable. All Loans Receivable of the Seller are reflected properly on their books and records, are valid receivables subject to no setoffs or counterclaims, are presently current and collectible, and will be collected in accordance with their terms at their recorded amounts, subject only to the reserve for bad debt set forth in the Most Recent Financial Statements, as adjusted for the passage of time through the Closing Date in accordance with past customs and practices of the Seller.
Loans Receivable. Seller shall promptly remit in cash to Buyer the proceeds of all checks and other payments for Loans Receivable purchased by Buyer under this Agreement and coming into the possession of Seller.
Loans Receivable. Loans receivable consist of the following, net of unamortized loan fees (in thousands): Residential real estate: 2014 2013 Construction $ 2,603 3,293 Owner occupied 75,262 64,092 Non-owner occupied 22,773 13,797 Commercial real estate: Construction 2,767 1,574 Farmland 13,513 10,308 Nonfarm 58,775 59,008 Commercial and industrial 14,822 8,240 Consumer 19,491 14,165 Other 319 437 210,325 174,914 Less allowance for loan losses (4,008) (3,631) The risk characteristics applicable to each segment of the loan portfolio are described as follows: Residential real estate loans are secured by 1-4 family residences and are generally owner-occupied. The Bank generally establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market area, such as unemployment levels. Repayment can also be impacted by changes in property values of residential properties. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers. Commercial real estate loans, including farmland and nonfarm loans, are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves larger loan principal amounts and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The characteristics of properties securing the Bank’s commercial real estate portfolio are diverse, but with geographic location almost entirely in the Bank’s market area. Management monitors and evaluates commercial real estate loans based on cash flow, collateral, geography and risk grade criteria. Construction loans related to both residential and commercial loans are underwritten utilizing feasibility studies, independent reviews and financial analysis of the developers and property owners. Construction loans are generally based on estimates of costs and value associated with the complete project. These estimates may be inaccurate. Construction loans often involve the disbursement of substantial funds with repayment substantially dependent on the success of the ultimate ...
Loans Receivable. For variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. The fair values for other loans receivable were estimated using discounted cash flow analyses, using interest rates currently offered for loans with similar terms to borrowers of similar credit quality. Loans with significant collectibility concerns were fair valued on a loan-by-loan basis utilizing a discounted cash flow method or the fair market value of the underlying collateral. Restricted Investments in Bank Stock The carrying amounts reported approximate those assets' fair value. Accrued Interest Receivable and Payable The carrying amount of accrued interest receivable and payable approximate their fair value. Deposit Liabilities The fair values disclosed for demand deposits (e.g., interest bearing and noninterest bearing checking, passbook savings and certain types of money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for fixed rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates of deposit to a schedule of aggregated expected monthly maturities on time deposits. Short-Term Borrowings The carrying amounts for short-term borrowings approximate the estimated fair value of such liabilities. Securities Sold Under Agreements to Repurchase The fair values for securities sold under agreement to repurchase were estimated using the interest rate currently available from the party that holds the existing debt. Subordinated Debt Fair values for subordinated debt are estimated using a discounted cash flow calculation similar to that used in valuing fixed rate certificate of deposit liabilities. The fair values for long-term debt were estimated using the interest rate currently available from the party that holds the existing debt. Off-Balance Sheet Instruments Fair values for the Company's off-balance sheet instruments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties' credit standing. (Note Continued) -------------------------------------------------------------------------------- 40 Annual Report 2006 o Fidelity Bancorp, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) The carrying amounts and fair values of ...
Loans Receivable. 9 Real Estate Acquired in Settlement of Loans.................... 21
Loans Receivable. Loans receivable at December 31, 2001 by major categories are as follows: REAL ESTATE MORTGAGE LOANS: One-to-four family ................................................. $ 31,843,376 Commercial ......................................................... 23,397,672 Home equity loans .................................................. 3,520,294 Consumer loans ....................................................... 10,199,602 Commercial loans ..................................................... 4,866,174 Allowance for loan losses ............................................ (1,891,366) ------------ $ 71,935,752 ============ BLUE RIVER BANCSHARES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2001 AND FOR THE YEARS ENDED DECEMBER 31, 2001 AND DECEMBER 31, 2000
Loans Receivable. On or prior to the Closing Date the Sellers shall cause all of the loans set forth in Schedule 6.7 to be repaid, in cash, to the Company, and as of the Closing Date the Company shall have no receivable from any Seller, any other employee of the Company or any spouse or family member of any of the foregoing (exclusive of $25,000 in the aggregate of non-officer loans).
Loans Receivable. The Company shall have received repayment of all loans described in Section 6.7 hereof.
