OTHER REAL ESTATE OWNED Sample Clauses

OTHER REAL ESTATE OWNED. (1) Within thirty (30) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to a policy to ensure that Other Real Estate Owned (“OREO”) is managed in accordance with 12 U.S.C. § 29 and 12 C.F.R. Part 34. The policy shall address: (a) responsibility and authority for OREO properties; (b) proper accounting procedures for OREO properties from transfer to the Bank and until and upon sale to a third party; (c) procedures to require timely appraisals pursuant to 12 C.F.R. § 34.85 and 12 C.F.R. Part 34, Subpart C; (d) diligent sales efforts; and (e) reporting systems. (2) Upon adoption, the Board shall submit a copy of the policy 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.

OTHER REAL ESTATE OWNED. The Borrower will not dispose of any stock or other equity interest in any of its Financial Institution Subsidiaries, whether by sale, assignment, lease or otherwise, without the prior written consent of Required Lenders; provided, however, that, if at the time thereof and immediately after giving effect thereto, on a pro forma basis, no Default or Event of Default shall exist or shall have occurred, the Borrower shall be permitted to allow Financial Institution Subsidiaries to be merged into or consolidated with any other Financial Institution Subsidiary.

OTHER REAL ESTATE OWNED. (1) Within ninety (90) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to a policy to ensure that Other Real Estate Owned (“OREO”) is managed in accordance with 12 U.S.C. § 29 and 12 C.F.R. Part 34 Subpart E. The policy shall address: (a) responsibility and authority for OREO properties; (b) proper accounting procedures for OREO properties from transfer to the Bank and until and upon sale to a third party; (c) procedures to require timely appraisals pursuant to 12 C.F.R. § 34.85 and 12 C.F.R. Part 34, Subpart C; (d) diligent sales efforts; and (e) reporting systems. (2) Within ninety (90) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to action plans for each parcel of Other Real Estate Owned (“OREO”) in excess of five hundred thousand dollars ($500,000). At a minimum, the plans shall: (a) identify the Bank officer(s) responsible for managing and authorizing transactions relating to the OREO properties; (b) ensure documentations of adequate accounting of OREO, including accounting for initial transfers of a parcel to OREO; (c) contain an analysis of each OREO property which compares the cost to carry against the financial benefits of near term sale; (d) detail the marketing strategies for each parcel; (e) identify targeted time frames for disposing of each parcel of OREO; and (f) provide for reports to the Board on the status of OREO properties on at least a quarterly basis. (3) Upon adoption, the Board shall submit a copy of the policy and plans to the Assistant Deputy Comptroller.

OTHER REAL ESTATE OWNED. (1) Within sixty (60) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to a policy to ensure that Other Real Estate Owned (“OREO”) is managed in accordance with 12 U.S.C. § 29 and 12 C.F.R. Part 34. The policy shall address: (a) responsibility and authority for OREO properties; (b) proper accounting procedures for OREO properties from transfer to the Bank and until and upon sale to a third party; (c) procedures to require timely appraisals pursuant to 12 C.F.R. § 34.85 and 12 C.F.R. Part 34, Subpart C; (d) diligent sales efforts; and (e) reporting systems. (2) Upon adoption, the Board shall submit a copy of the policy to the Assistant Deputy Comptroller for review.

OTHER REAL ESTATE OWNED. (1) Within sixty (60) days of the date of this Agreement, the Board shall adopt, implement, and thereafter ensure Bank adherence to a policy to ensure that Other Real Estate Owned (“OREO”) is managed in accordance with 12 U.S.C. § 29 and 12 C.F.R. Part 34. The policy shall address: (a) responsibility and authority for OREO properties; (b) proper accounting procedures for OREO properties from transfer to the Bank and until and upon sale to a third party; (c) procedures to require timely appraisals pursuant to 12 C.F.R. § 34.85 and 12 C.F.R. Part 34, Subpart C; (d) diligent sales efforts; and (e) reporting systems that are consistent with the Instructions for Preparation (2) Upon adoption, a copy of the policy shall be submitted to the Assistant Deputy Comptroller for review. (3) The Board shall review all transfers to OREO since January 1, 2009 to determine if transfers are consistent with the Instructions for Preparation of Consolidated Reports of (4) The Board shall ensure management re-files the Consolidated Reports of Condition and Income, in accordance with the Instructions for Preparation of Consolidated (5) The Board shall ensure staff is properly trained to document and account for OREO at inception, and ensure property values are adjusted and expenses are documented and accounted for appropriately each quarter. (6) 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.

OTHER REAL ESTATE OWNED. (1) Within sixty (60) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to a policy to ensure that Other Real Estate Owned (“OREO”) is managed in accordance with 12 U.S.C. § 29 and 12 C.F.R. Part 34. The policy shall address: (a) responsibility and authority for OREO properties; (b) proper accounting procedures for OREO properties from transfer to the Bank and until and upon sale to a third party including conformity with ASC 820 – Fair Value Measurements and ASC 310-40 Troubled Debt Restructures by Creditors and in accordance with the Call Report instructions for schedules RC-C and RC-M; (c) procedures to require timely appraisals pursuant to 12 C.F.R. § 34.85 and 12 C.F.R. Part 34, Subpart C; (d) diligent sales efforts; and (e) reporting systems. (2) Upon adoption, the Board shall submit a copy of the policy to the Assistant Deputy Comptroller for review.

OTHER REAL ESTATE OWNED. (1) Within thirty (30) days of the date of this Agreement, the Board shall adopt, implement, and thereafter ensure Bank adherence to a program to ensure that OREO managed in accordance with 12 U.S.C. § 29, 12 C.F.R. Part 34 and the “Other Real Estate Owned” booklet of the Comptroller’s Handbook. The program shall, at a minimum, address: (a) clear and centralized responsibility and authority for OREO properties; (b) accounting procedures for OREO properties in accordance with Generally Accepted Accounting Principles and the instructions to the Consolidated Report of Condition; (c) procedures to require timely appraisals pursuant to 12 C.F.R. § 34.85 and 12 C.F.R. Part 34, Subpart C; (d) diligent sales efforts; (e) the creation of a file for each OREO property containing at a minimum all the information addressed in this Article; (f) reporting systems; and (g) the preparation of quarterly action plans that provide the Board with the status of each OREO property and that: (i) identify the Bank officer(s) responsible for managing and authorizing transactions relating to the OREO properties; (ii) contain an analysis of each OREO property that compares the cost to carry against the financial benefits of near term sale; (iii) detail the marketing strategies for each parcel; (iv) identify targeted time frames for disposing each parcel of OREO; (v) establish targeted write-downs at periodic intervals if marketing strategies are unsuccessful; (vi) establish procedures to require periodic market valuations of each property, and the methodology to be used; and (vii) establish procedures to ensure timely writedowns of OREO to market value. (2) Upon adoption, the Board shall submit a copy of the program to the Assistant Deputy Comptroller for review.

OTHER REAL ESTATE OWNED. (1) Within thirty (30) days of the date of this Agreement, the Board shall adopt, implement, and thereafter ensure Bank adherence to a program to ensure that Other Real Estate Owned (“OREO”) is managed in accordance with 12 U.S.C. § 29 and 12 C.F.R. Part 34. The program shall, at a minimum, address: (a) proper accounting procedures for OREO properties from transfer to the Bank and until and upon sale to a third party; (b) procedures to require timely appraisals pursuant to 12 C.F.R. § 34.85 and 12 C.F.R. Part 34, Subpart C; (c) diligent sales efforts; (d) reporting systems; and (e) the preparation of monthly action plans that provide the Board with the status of each OREO property and that: (i) identify the Bank officer(s) responsible for managing and authorizing transactions relating to the OREO properties; (ii) contain an analysis of each OREO property which compares the cost to carry against the financial benefits of near term sale; (iii) detail the marketing strategies for each parcel; (iv) identify targeted time frames for disposing each parcel of OREO; and (v) establish procedures to require periodic market valuations of each property, and the methodology to be used. (2) Upon adoption, the Board shall submit a copy of the program to the Assistant Deputy Comptroller for review.

OTHER REAL ESTATE OWNED. (1) On or before March 31, 2016, the Board shall adopt, implement, and thereafter ensure Bank adherence to a program to ensure that OREO is managed in accordance with 12 U.S.C. § 29 and 12 C.F.R. Part 34 and the “Other Real Estate Owned” booklet of the Comptroller’s Handbook. The program shall, at a minimum, address: (a) clear and centralized responsibility and authority for OREO properties; (b) accounting procedures for OREO properties in accordance with Generally Accepted Accounting Principles (“GAAP”), in particular, FASB ASC 360-20, and the instructions to the Consolidated Report of Condition; (c) procedures to require timely appraisals pursuant to 12 C.F.R. § 34.85 and 12 C.F.R. Part 34, Subpart C; (d) diligent sales efforts; (e) the creation of a file for each OREO property containing at a minimum all the information addressed in this Article; and (f) reporting systems. (2) Management and the Board shall review all OREO sales financed by the Bank since March 24, 2014, assess the accounting treatment used for each transaction, and retroactively correct any aspect of any OREO sale that is not in conformance with GAAP, including, as applicable, appropriate modifications to income previously recognized. (3) The Board shall correct and refile any previous Consolidated Reports of Condition and Income containing material misstatements of the Bank’s financial information. (4) Upon adoption, the Board shall submit a copy of the program to the Assistant Deputy Comptroller for review.

OTHER REAL ESTATE OWNED. (1) Within thirty (30) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to a bank-wide policy to ensure that Other Real Estate Owned (OREO) is managed in accordance with 12 U.S.C. § 29 and 12 C.F.R. § 34. The policy shall address: (a) responsibility and authority for OREO properties; (b) proper accounting procedures for booking OREO properties upon transfer to bank ownership and upon sale to a third party; (c) procedures on "covered" OREO sales; (d) procedures to require timely appraisals pursuant to 12 C.F.R. § 34.85 and 12 C.F.R. Part 34, Subpart C; (e) diligent sales efforts; and (f) reporting systems. (2) Upon adoption, the Bank shall forward a copy of the policy to the Assistant Deputy Comptroller for review.