Assuming Bank Portfolio Sales of Remaining Single Family Shared-Loss Loans. The Assuming Bank shall have the right with the concurrence of the Receiver to liquidate for cash consideration, from time to time in one or more transactions, all or a portion of Single Family Shared-Loss Loans held by the Assuming Bank at any time prior to the Termination Date (“Portfolio Sales”). If the Assuming Bank exercises its option under this Section 4.1, it must give thirty (30) days notice in writing to the Receiver setting forth the details and schedule for the Portfolio Sale which shall be conducted by means of sealed bid sales to third parties, not including any of the Assuming Bank’s affiliates, contractors, or any affiliates of the Assuming Bank’s contractors. Sales of Restructured Loans shall be sold in a separate pool from Single Family Shared-Loss Loans not restructured. The Receiver’s review of the Assuming Bank’s proposed Portfolio Sale will be considered in a timely fashion and approval will not be unreasonably withheld, delayed or conditioned. Notwithstanding anything herein to the contrary, if the Assuming Bank seeks the consent of the Receiver to undertake a Portfolio Sale in the nine (9) months prior to the tenth (10th) anniversary of the Commencement Date and the Receiver does not consent to such Portfolio Sale, then the Termination Date shall automatically, without any further action, be extended for an additional two years with respect to the Single Family Shared-Loss Loans that were the subject to the proposed Portfolio Sale (the “Portfolio Sale Loans”) and all provisions hereof shall remain in place for such additional two-year period with respect to the Portfolio Sale Loans. In such event, the Assuming Bank shall have the right, without the consent of the Receiver, to undertake a Portfolio Sale as to all or any portion of the Portfolio Sale Loans at any time within nine (9) months prior to the Termination Date, as so extended.
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Samples: Purchase and Assumption Agreement (BankUnited, Inc.), Purchase and Assumption Agreement (BankUnited, Inc.), Purchase and Assumption Agreement (BankUnited, Inc.)
