Common use of Prospective Purchaser Clause in Contracts

Prospective Purchaser. A Prospective Purchaser is any individual or entity that has made or intends to make an offer to purchase assets of a Failed Institution from the FDIC. For all purposes of the Certification, an “entity” includes any entity with a legally independent existence, including, without limitation, a trustee; the beneficiary of at least 25% share of the proceeds of a trust; a partnership; a limited liability company; a corporation; an association; or any other organization or society. Substantial Loss. A Substantial Loss is (i) any debt or duty to pay money to the FDIC or a Failed Institution that has an outstanding balance of more than $50,000 and that is more than ninety (90) days past due; (ii) an unpaid final judgement of more than $50,000 regardless of whether it is forgiven in a bankruptcy proceeding; (iii) a deficiency balance following a foreclosure sale of more than $50,000 regardless of whether it is discharged in a bankruptcy proceeding; or (iv) any ▇▇▇▇▇ of more than $50,000 reported on an IRS Form 1099-C (Information Reporting for Cancellation of Debt). ELIGIBILITY CERTIFICATION