Loss Mitigation Programs. The Assuming Institution shall administer and undertake reasonable and customary loss mitigation efforts and act in accordance with usual and prudent banking practices and the provisions of this Agreement with respect to Shared-Loss Loans. Within ninety (90) days of bank closing, the Assuming Institution shall submit to the FDIC for approval a written loss mitigation plan. The loss mitigation plan shall be updated annually and submitted to the FDIC. On a quarterly basis the Assuming Institution shall deliver to the FDIC the internal management reports utilized to monitor the status of loan modifications in process for assets on Schedule 4.15A as well as assets that have successfully undergone loan modification under an approved modification program according to the Agreement.
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Samples: Purchase and Assumption Agreement (Hilltop Holdings Inc.), Purchase and Assumption Agreement (Charter Financial Corp/Ga), Purchase and Assumption Agreement (Fidelity Southern Corp)
Loss Mitigation Programs. The Assuming Institution shall administer and undertake reasonable and customary loss mitigation efforts and act in accordance with usual and prudent banking practices and the provisions of this Agreement with respect to Shared-Loss Loans. Within ninety (90) days of bank closing, the Assuming Institution shall submit to the FDIC for approval a written loss mitigation plan. The loss mitigation plan shall be updated annually and submitted to the FDIC. On a quarterly basis the Assuming Institution shall deliver to the FDIC the internal management reports utilized to monitor the status of loan modifications in process for assets on Schedule 4.15A 4.1 5A as well as assets that have successfully undergone loan modification under an approved modification program according to the Agreement.
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