Modification Program Guidelines Sample Clauses

Modification Program Guidelines. In undertaking loss mitigation efforts with respect to a Shared-Loss Loan, the Assuming Institution: (i) shall implement the respective Modification Program within ninety (90) days following the Bank Closing Date; (ii) may submit Restructuring Loss claims during the period described in Section 2.4(d)(i) for payments relating to Shared-Loss Loans modified pursuant to any loan modification programs that might have been in place at the Failed Bank (provided, however, that if no such loan modification programs were in place at the Failed Bank, the Assuming Institution shall use the appropriate Modification Program for submission of such claims); (iii) shall, in implementing a Modification Program, (A) consider and document its consideration of foreclosure, loan restructuring, short-sale and any other appropriate methods of loss mitigation and (B) select the loss mitigation method that the Assuming Institution determines will result in the least Loss, based on its estimated calculations (provided, however, that if the primary cause of default or reasonably foreseeable default with respect to a Shared-Loss Loan is a temporary hardship affecting the Obligor (such as, by way of example, unemployment or underemployment of the Obligor or the effects of a hurricane, tornado, flood or other unforeseen disaster), the Assuming Institution may consider entering into a temporary forbearance plan with the Obligor to reduce loan payments to an affordable level for a period of time of at least six (6) months); and (iv) shall not be required to modify or restructure a Shared-Loss Loan on more than one occasion or to consider any alternatives with respect to a Shared-Loss Loan that was in the process of foreclosure as of the Bank Closing Date if the Assuming Institution determines, and so documents, that a loan modification is not cost-effective, in which event the Assuming Institution may continue such foreclosure measures in compliance with all applicable law and recover any Collateral Sale Loss in accordance with the applicable provisions of this Agreement;