Recovery Quarters Clause Samples
The 'Recovery Quarters' clause defines the period or quarters during which a party is allowed to recover certain losses, costs, or credits under an agreement. Typically, this clause specifies the exact fiscal quarters or timeframes applicable for such recovery, ensuring that any claims or adjustments are made within a set period. For example, it may allow a party to recoup overpayments or underpayments identified in a particular quarter within the next two or three quarters. The core function of this clause is to provide a clear and limited window for financial adjustments, thereby promoting timely resolution of discrepancies and preventing indefinite liability.
Recovery Quarters. Not later than thirty (30) days after the end of each Recovery Quarter, the Assuming Institution shall deliver to the Receiver a Quarterly Certificate setting forth the information specified in Section 5.2(a) and the following information with respect to each Recovery Quarter, in such form and detail as the Receiver may specify from time to time:
(i) Recoveries and Reimbursable Expenses;
(ii) on the Quarterly Certificate for the first Recovery Quarter only, the Assuming Institution may report as a separate item any Reimbursable Expenses which were: (A) paid prior to or during the final Shared-Loss Quarter, (B) not included in a Quarterly Certificate for any Shared-Loss Quarter because they were not paid by or on behalf of the Assuming Institution during a Shared-Loss Quarter and (C) paid by or on behalf of the Assuming Institution during the first Recovery Quarter; and
(iii) ORE Income, ORE Expenses and Net ORE Income.
Recovery Quarters. Not later than thirty (30) days after the end of each Recovery Quarter, the Assuming Institution shall deliver to the Receiver a Quarterly Certificate setting forth the information specified in Section 5.2(a) and the following information with Module 1 – Whole Bank w/ Optional Shared Loss Agreements C-18 Summit Bank Version 3.1.1 – PURCHASE AND ASSUMPTION AGREEMENT Burlington, Washington April 27, 2011 respect to each Recovery Quarter, in such form and detail as the Receiver may specify from time to time:
(i) Recoveries and Reimbursable Expenses;
(ii) on the Quarterly Certificate for the first Recovery Quarter only, the Assuming Institution may report as a separate item any Reimbursable Expenses which were: (A) paid prior to or during the final Shared-Loss Quarter, (B) not included in a Quarterly Certificate for any Shared-Loss Quarter because they were not paid by or on behalf of the Assuming Institution during a Shared-Loss Quarter and (C) paid by or on behalf of the Assuming Institution during the first Recovery Quarter; and
(iii) ORE Income, ORE Expenses and Net ORE Income.
Recovery Quarters. Not later than thirty (30) days after the end of each Recovery Quarter, the Assuming Institution shall deliver to the Receiver a Quarterly Certificate setting forth the information specified in Section 5.2(a) and the following information with respect to each Recovery Quarter, in such form and detail as the Receiver may specify from time to time:
Recovery Quarters. Within (30) days after the end of each Recovery Quarter, the Assuming Institution shall deliver to the Receiver a Quarterly Certificate setting forth the information specified in Section 5.2(a) and the following information with respect to each Recovery Quarter, in such form and detail as the Receiver may specify from time to time:
(i) Recoveries;
(ii) ORE Income; a nd Quarter. (iii) adjustments to the Indemnification Asset during such Recovery Nothing in this Section 5.2(b), however, shall prohibit either the Receiver from requiring the Assuming Institution pursuant to Section 2.6 to deliver a Revised Quarterly Certificate that includes only Disbursement Amounts with respect to such Recovery Quarter or the Assuming Institution from including in a Subsequent Quarterly Certificate pursuant to Section 2.6 any Withheld Amounts that the Receiver determines during the relevant Recovery Quarter to be eligible for payment. Notwithstanding any provision of this Agreement to the contrary, a Quarterly Certificate for a Recovery Quarter other than the final Recovery Quarter may constitute a Subsequent Quarterly Certificate for purposes of Section 2.6(b)(iii), and the Assuming Institution may include in any such Quarterly Certificate any Withheld Amounts that the Receiver determines during the relevant Recovery Quarter to be eligible for payment.
Recovery Quarters. Not later than thirty (30) days after the end of each Recovery Quarter, the Assuming Institution shall deliver to the Receiver a Quarterly Certificate setting forth the information specified in Section 5.2(a) and the following information with Module 1 – Whole Bank w/ Optional Shared Loss Agreements Atlantic Southern Bank
Recovery Quarters. Not later than thirty (30) days after the end of each Recovery Quarter, the Assuming Institution shall deliver to the Receiver a Quarterly Certificate setting forth the information specified in Section 5.2(a) and the following information with Module 1 – Whole Bank w/ Optional Shared Loss Agreements Version 3.01 – COMMERCIAL SHARED-LOSS AGREEMENT December 8, ▇▇▇▇ ▇-▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇ respect to each Recovery Quarter, in such form and detail as the Receiver may specify from time to time:
(i) Recoveries and Reimbursable Expenses;
(ii) on the Quarterly Certificate for the first Recovery Quarter only, the Assuming Institution may report as a separate item any Reimbursable Expenses which were: (A) paid prior to or during the final Shared-Loss Quarter, (B) not included in a Quarterly Certificate for any Shared-Loss Quarter because they were not paid by or on behalf of the Assuming Institution during a Shared-Loss Quarter and (C) paid by or on behalf of the Assuming Institution during the first Recovery Quarter; and
(iii) ORE Income, ORE Expenses and Net ORE Income.
Recovery Quarters. Not later than thirty (30) days after the end of each Recovery Quarter, the Assuming Institution shall deliver to the Receiver a Quarterly Certificate setting forth the information specified in Section 5.2(a) and the following information with respect to each Recovery Quarter, in such form and detail as the Receiver may specify from time to time: Module 1 – Whole Bank w/ Optional Shared Loss Agreements SF-18 Blue Ridge Savings Bank, Inc. Version 3.2 – Single Family Shared-Loss Agreement Asheville, North Carolina July 15, 2011
(i) Recoveries and Reimbursable Expenses;
(ii) on the Quarterly Certificate for the first Recovery Quarter only, the Assuming Institution may report as a separate item any Reimbursable Expenses which were: (A) paid prior to or during the final Shared-Loss Quarter, (B) not included in a Quarterly Certificate for any Shared-Loss Quarter because they were not paid by or on behalf of the Assuming Institution during a Shared-Loss Quarter and (C) paid by or on behalf of the Assuming Institution during the first Recovery Quarter; and
(iii) ORE Income, ORE Expenses and Net ORE Income.
Recovery Quarters. Not later than thirty (30) days after the end of each Recovery Quarter, the Assuming Institution shall deliver to the Receiver a Quarterly Certificate setting forth the information specified in Section 5.2(a) and the following information with respect to each Recovery Quarter, in such form and detail as the Receiver may specify from time to time: Fixed Price Whole Bank w/ Optional Shared Loss Agreements First Southern National Bank Version 3.2 – PURCHASE AND ASSUMPTION AGREEMENT Statesboro, Georgia July 15, 2011
Recovery Quarters. Not later than thirty (30) days after the end of each Recovery Quarter, the Assuming Institution shall deliver to the Receiver a Quarterly Certificate setting forth the information specified in Section 5.2(a) and the following information with respect to each Recovery Quarter, in such form and detail as the Receiver may specify from time to time: Fixed Price Whole Bank w/ Optional Shared Loss Agreements First Southern National Bank Version 3.2 – PURCHASE AND ASSUMPTION AGREEMENT Statesboro, Georgia July 15, 2011