Failure to Administer Sample Clauses
The 'Failure to Administer' clause defines the consequences and procedures that apply if a party responsible for managing or executing a particular process, such as a payment, service, or contractual obligation, does not fulfill this duty as required. Typically, this clause outlines what constitutes a failure, the steps the non-defaulting party may take in response, and any remedies or penalties that may be triggered, such as the right to terminate the agreement or seek damages. Its core practical function is to allocate risk and provide a clear framework for addressing situations where essential administrative actions are not performed, thereby protecting the interests of the parties involved.
Failure to Administer. If the Assuming Institution fails to administer any Shared-Loss Asset in accordance with the provisions of Article 3, the Receiver may determine that such asset will not be treated as a Shared-Loss Asset pursuant to this Agreement.
Failure to Administer. If the Assuming Institution fails to administer any Shared-Loss Asset in accordance with the provisions of Article 3, the Receiver may determine that such asset will not be treated as a Shared-Loss Asset pursuant to this Agreement. Module 1 — Whole Bank w/ Optional Shared Loss Agreements Coastal Bank Version 3.01 — Commercial Shared-Loss Agreement Cocoa Beach, FL December 8, 2010
Failure to Administer. If the Assuming Institution fails to administer any Shared-Loss Loan in accordance with the provisions of Article 3, the Receiver may determine that such asset will not be treated as a Shared-Loss Loan pursuant to this Agreement. Module 1 – Whole Bank w/ Optional Shared Loss Agreements Community Central Bank Version 3.01 – PURCHASE AND ASSUMPTION AGREEMENT Mount Clemens, MI December 8, 2010