CORRECTIVE PROVISIONS Clause Samples
CORRECTIVE PROVISIONS. A. POLICIES AND PROCEDURES -----------------------
1. Internal Asset Review. Within 45 days of the Effective Date, the Board --------------------- shall approve and submit to the Assistant Regional Director (ARD) for review and non-objection revised policies and procedures governing Internal Asset Review (the IAR Policy) that address the concerns identified in the Report of Examination dated April 3, 2000. At a minimum, the IAR Policy shall (a) provide guidance to management on timely identification and classification of troubled, collateral dependent loans under Regulatory Bulletin 32; and (b) provide for adequate internal controls to ensure that management timely reviews and classifies assets under the IAR Policy, and at all times complies with the IAR Policy. To ensure the independence of the IAR function, the IAR Policy shall require the loan underwriting, servicing, and purchasing functions to be segregated from the credit review function, except for common oversight of all functions by members of senior management.
CORRECTIVE PROVISIONS. The Plan is amended to eliminate any specific correction methods for correcting excess annual additions. If the Plan is eligible for self-correction under the IRS’ EPCRS program, the Employer may use reasonable correction methods (including the correction methods described in § 1.415-6(b)(6) of the 1981 IRS regulations) to the extent permitted under the IRS’ EPCRS program.
CORRECTIVE PROVISIONS. VIOLATIONS ----------
CORRECTIVE PROVISIONS