PARTICIPATIONS PURCHASED Sample Clauses
PARTICIPATIONS PURCHASED. (1) The Bank may grant, purchase, assume or acquire in any manner, directly or indirectly, or as a fiduciary or nominee, any loan, loan participation, loan obligation or other asset, as long as such grant, purchase, assumption, or acquisition is consistent with safe and sound banking practices, the guidelines set forth in Banking Circular 181 (Revised), dated August 2, 1984, and the requirements of 12 C.F.R. Part 34.
PARTICIPATIONS PURCHASED. The Association may grant, purchase, assume or acquire in any manner, directly or indirectly, or as a fiduciary or nominee, any loan, loan participation, loan obligation or other asset, as long as such grant, purchase, assumption, or acquisition is consistent with safe and sound banking practices, the Association’s own credit underwriting policy, the guidelines set forth in Interagency Statement on Sales of 100% Loan Participations (April 10, 1997), OTS Examination Handbook Section 201 (Lending Operations and Portfolio Risk Management), and the requirements of 12 C.F.R. Part 160.
PARTICIPATIONS PURCHASED. (1) Within forty-five (45) days, the Board shall develop a written policy that provides guidelines for credit participation activities, to include, at a minimum:
(a) volume limitations that include specific limits for the total dollar amount of participations purchased;
(b) monitoring requirements;
(c) documentation requirements;
(d) geographic limits;
(e) industry limits; and
(f) limits based on originator.
(2) The Bank may not grant, purchase, assume or acquire in any manner, directly or indirectly, or as a fiduciary or nominee, any loan, loan participation, loan obligation or other asset, unless the Bank has documented in writing that such grant, purchase, assumption, or acquisition is consistent with:
(a) the policy developed pursuant to paragraph (1) of this Article;
(b) the written CRE program and policy guidelines developed pursuant to Article VI of this Agreement;
(c) the guidelines set forth in Banking Circular 181 (Revised), dated August 2, 1984; and
(d) the requirements of 12 C.F.R. Part 34.
PARTICIPATIONS PURCHASED. (1) Within sixty (60) days of the date of this Agreement, the Board shall review, revise, and thereafter ensure adherence to the Bank’s Loan Policy to include, at a minimum, revisions relating to guidelines for participations purchased as set forth in Banking Circular 181 (Revised), dated August 2, 1984, and the requirements of 12 C.F.R. Part 34, to include, at a minimum:
(a) a prohibition against purchasing any participation for which the Bank does not have the knowledge, skills, or ability to properly underwrite on its own;
(b) standards, procedures, and limits for the purchase of loans and participations;
(c) preparation and documentation of complete, independent analysis of the credit quality of the obligations to be purchased, as well as an independent analysis of the value and lien status of the collateral pledged;
(d) maintenance of current, complete financial information and analysis on the borrower during the term of the loan;
(e) the identification, waiver (if appropriate), and mitigation (if appropriate) of any exceptions to the Bank’s Loan Policy; and
(f) the establishment of officer and managerial responsibility and accountability for compliance with the revised policy.
(2) Upon completion, the Board shall submit a copy of the revisions to the Bank’s Loan Policy required by Paragraph (1) of this Article to the Assistant Deputy Comptroller.
PARTICIPATIONS PURCHASED. (1) The Board shall continue to ensure the Bank’s adherence to its written policy that provides guidelines for credit participation activities. These guidelines must continue to include, at a minimum:
(a) volume limitations that include specific limits for both the total dollar amount and the total number of participations purchased;
(b) monitoring requirements;
(c) documentation requirements;
(d) geographic limits;
(e) industry limits; and
(f) limits based on originator;
(2) The Bank may not grant, purchase, assume or acquire in any manner, directly or indirectly, or as a fiduciary or nominee, any loan, loan participation, loan obligation or other asset, unless the Bank has documented in writing that such grant, purchase, assumption, or acquisition is consistent with:
(a) the Bank’s policy
(b) safe and sound banking practices;
(c) the guidelines set forth in Banking Circular 181 (Revised), dated August 2, 1984; and
(d) the requirements of 12 C.F.R. Part 34.
(3) The Bank shall provide an annual report to the Board detailing the steps it has taken to ensure compliance with the requirements of this article. A copy of this report shall be forwarded to the Assistant Deputy Comptroller for review.
PARTICIPATIONS PURCHASED. (1) The Bank may grant, purchase, assume in any manner, directly or indirectly, or as fiduciary or nominee, any loan participation, only after the total of Bank assets classified as “substandard” or “doubtful” is less than thirty-five (35) percent of tier 1 capital.
(2) The Bank may grant, purchase, assume in any manner, directly or indirectly, or as fiduciary or nominee, any loan, loan participation, loan obligation or other asset, as long as such grant, purchase, assumption, or acquisition is consistent with safe and sound banking practices, the guidelines set forth in Banking Circular 181(Revised), dated August 2, 1984, and the requirements of 12 C.F.R. Part 34.
(3) Effective as of the date of this Agreement, the Board shall ensure that all lending officers comply with all laws, rules, regulations, Bank policies and procedures, safe and sound banking practices, and fiduciary duties.
(4) By no later than June 30, 2008, the Board shall review, revise, and thereafter ensure adherence to the Bank’s Loan Policy to include, at a minimum, revisions relating to guidelines for participations purchased as set forth above, to include, at a minimum:
(a) limits on the aggregate amount of participations that may be purchased and held by the Bank, and sub limits by originating institution, by credit type, and by geographic location of the borrowing entity;
(b) a prohibition against purchasing any participation for which the Bank does not have the knowledge, skills or ability to properly underwrite on its own;
(c) standards, procedures, and limits requirements for the purchase of loans and participations in conjunction with the Bank’s business strategy;
(d) preparation and documentation of complete, independent analysis of the credit quality of the obligations to be purchased, as well as an independent analysis of the value and lien status of the collateral pledged; and the expertise to monitor, analyze and risk rate participations purchased;
(e) quarterly maintenance of current, complete financial information and analysis on the borrower as well as analysis of the repayment capacity of guarantors during the term of the loan;
(f) the identification, waiver (if appropriate), and mitigation (if appropriate) of any exceptions to the Bank’s Loan Policy; and
(g) the establishment of officer and managerial responsibility and accountability for compliance with the revised policy.
(5) Upon completion, the Board shall submit a copy of the revisions to the Bank’s Loan Policy req...
PARTICIPATIONS PURCHASED. (1) Within ninety (90) days of the date of this Agreement, the Board shall review, revise, and hereafter ensure adherence to its loan policy (the “Bank’s Loan Policy”) to include, at a minimum, revisions relating to guidelines for participations purchased. Refer to Banking Circular 181 (Revised): “Purchases of Loans in Whole or in Part-Participations” (August 1984) for guidance and the requirements of 12 C.F.R. Part 34. The Bank’s Loan Policy shall include, at a minimum:
(a) a prohibition against purchasing any participation for which the Bank does not have the knowledge, skills, or ability to properly underwrite on its own;
(b) standards, procedures, and limits for the purchase of loans and participations;
(c) preparation and documentation of complete, independent analysis of the credit quality of the obligations to be purchased, as well as an independent analysis of the value and lien status of the collateral pledged;
(d) maintenance of current, complete financial information and analysis on the borrower during the term of the loan;
(e) the identification, waiver (if appropriate), and mitigation (if appropriate) of any exceptions to the Bank’s Loan Policy; and
(f) the establishment of officer and managerial responsibility and accountability for compliance with the revised policy.
(2) Upon completion, the Board shall submit a copy of the revisions to the Bank’s Loan Policy required by Paragraph (1) of this Article to the ADC.
PARTICIPATIONS PURCHASED. (1) Effective immediately, the Bank may not grant, purchase, assume or acquire in any manner, directly or indirectly, or as a fiduciary or nominee, any loan, loan participation, loan obligation or other asset, unless the Bank has documented in writing that such grant, purchase, assumption, or acquisition is consistent with:
(a) the Bank’s policy;
(b) safe and sound banking practices;
(c) the guidelines set forth in Banking Circular 181 (Revised), dated August 2, 1984 (“BC-181”); and
(d) the requirements of 12 C.F.R. Part 34.
(2) In order to ensure compliance with paragraph (1) of this Article, the Bank shall establish, and the Board shall ensure adherence to, a loan participation policy that is consistent with BC-181 and 12 C.F.R. Part 34, and includes, at a minimum:
(a) a prohibition from purchasing loans where Bank personnel lack the expertise to appropriately analyze or supervise the credit;
(b) risk limits over the total amount of participations purchased for the Bank as a whole;
(c) a concentration limit for participations purchased specified as a percentage of the Bank’s capital; and
(d) ongoing monitoring requirements, including:
(i) periodic financial review and global cash flow analysis;
(ii) periodic review of the value and lien status of the collateral;
(iii) updated collateral valuation as required by 12 C.F.R. Part 34; and
(iv) receipt of timely credit information on an obligor.
(3) Upon completion, a copy of the loan participation policy developed pursuant to this Article shall be forwarded to the Assistant Deputy Comptroller for review.
PARTICIPATIONS PURCHASED. (1) Within ninety (90) days, the Board shall employ qualified personnel with the expertise necessary to manage the higher complexity of the Bank’s loan participations purchased portfolio. Prior to the employment of any individual(s) to oversee the participations purchased portfolio, the Board shall submit the name(s) and qualification(s) of the proposed individual(s) and the proposed terms of employment to the Assistant Deputy Comptroller for a prior written determination of no supervisory objection, which the Assistant Deputy Comptroller may withhold in his sole discretion.
(2) If at any time while this Agreement remains in effect the qualified personnel’s employment with the Bank is discontinued, the Bank shall employ replacement qualified personnel within ninety (90) days. Prior to employing any replacement qualified personnel, the Bank shall submit the name(s) and terms of employment to the Assistant Deputy Comptroller for a prior written determination of no supervisory objection, which the Assistant Deputy Comptroller may withhold in his sole discretion.
(3) As an alternative to employing qualified personnel, the Board may develop a plan within thirty (30) days from the date of this Agreement to divest the Bank of its participations purchased loan portfolio in a timely manner. Upon completion of the plan, the Board shall promptly submit a copy of the plan to the Assistant Deputy Comptroller for his written supervisory no objection. Upon receiving the Assistant Deputy Comptroller’s no objection, which he may withhold in his sole direction, the Bank shall implement and adhere to the plan. Any subsequent modifications to the plan shall likewise be submitted to the Assistant Deputy Comptroller for his written supervisory no objection.
(4) If the Board elects to employ qualified personnel and retain the participations purchased portfolio, within ninety (90) days from the date of this Agreement, the Board shall develop a written policy that provides guidelines for credit participation activities, to include, at a minimum:
(a) volume limitations that include specific limits for the total dollar amount of participations purchased;
(b) monitoring requirements;
(c) documentation requirements;
(d) geographic limits;
(e) industry limits; and
(f) limits based on originator.
(5) The Bank may not grant, purchase, assume or acquire in any manner, directly or indirectly, or as a fiduciary or nominee, any loan, loan participation, loan obligation or other asset, unless...
PARTICIPATIONS PURCHASED. (1) The Bank may grant, purchase, assume or acquire in any manner, directly or indirectly, or as a fiduciary or nominee, any loan, loan participation, loan obligation or other asset, as long as such grant, purchase, assumption, or acquisition is consistent with safe and sound banking practices, the guidelines set forth in Banking Circular 181 (Revised), dated August 2, 1984, and the requirements of 12 C.F.R. Part 34.
(2) Management and the Board must implement a system to ensure compliance with Banking Circular 181.
(3) Management must ensure that all loans purchased meet the bank’s policy and guidelines and the repayment ability is fully supported and documented. This should include the borrower’s financial condition is independently analyzed prior to approval.