Shared Loss Arrangement. 1 2.1 Accounting for and Management of Shared-Loss Assets 1
Shared Loss Arrangement. 1 2.1 Accounting for and Management of Shared-Loss Loans 1 2.2 Payments with Respect to Shared-Loss Loans 2 2.3 Payments Applicable to Shared-Loss Months 2
Shared Loss Arrangement. (a) Loss Mitigation and Consideration of Alternatives.
Shared Loss Arrangement. (a) Loss Mitigation and Consideration of Alternatives. For each Single Family Shared-Loss Loan in default or for which a default is reasonably foreseeable, the Assuming Bank shall undertake reasonable and customary loss mitigation efforts, in accordance with any of the following programs selected by Assuming Bank in its sole discretion, Exhibit 5 (FDIC Mortgage Loan Modification Program), the United States Treasury's Home Affordable Modification Program Guidelines or any other modification program approved by the United States Treasury Department, the Corporation, the Board of Governors of the Federal Reserve System or any other governmental agency (it being understood that the Assuming Bank can select different programs for the various Single Family Shared-Loss Loans) (such program chosen, the “Modification Guidelines”). After selecting the applicable Modification Guideline for any such Single Family Shared-Loss Loan, the Assuming Bank shall document its consideration of foreclosure, loan restructuring under such Modification Guideline chosen, and short-sale (if short-sale is a viable option) alternatives and shall select the alternative the Assuming Bank believes, based on its estimated calculations, will result in the least Loss. Losses on Home Equity Loans shall be shared under the charge-off policies of the Assuming Bank’s Examination Criteria as if they were Single Family Shared-Loss Loans with respect to the calculation of the Stated Threshold. Assuming Bank shall retain its calculations of the estimated loss under each alternative, such calculations to be provided to the Receiver upon request. For the avoidance of doubt and notwithstanding anything herein to the contrary, (i) the Assuming Bank is not required to modify or restructure any Single Family Shared-Loss Loan on more than one occasion and (ii) the Assuming Bank is not required to consider any alternatives with respect to any Shared-Loss Loan in the process of foreclosure as of the Bank Closing and shall be entitled to continue such foreclosure measures and recover the Foreclosure Loss as provided herein, and (iii) the Assuming Bank shall have a transition period of up to 90 days after Bank Closing to implement the Modification Guidelines, during which time, the Assuming Bank may submit claims under such guidelines as may be in place at the Failed Bank.
Shared Loss Arrangement. 1 2.1 Accounting for and Management of Shared-Loss Loans 1 2.2 Payments with Respect to Shared-Loss Loans 2 2.3 Payments Applicable to Shared-Loss Months 2 2.4 Loss Mitigation and Loan Modification 2 2.5 True-Up Payment and Calculation 4 2.6 Limitation on Payments 5 2.7 Treatment as a Shared-Loss Loan 6 ARTICLE 3. ADMINISTRATION OF SHARED-LOSS LOANS 7 3.1 Management Standards Regarding Administration . 7 3.2 Assuming Institution’s Responsibilities and Duties. 7 3.3 Third Party Servicers and Affiliates 9 3.4 Utilization by Assuming Institution of Special Receivership Powers 10 3.5 Tax Ruling 10
Shared Loss Arrangement. (a) Quarterly Certificates, (i) Not later than thirty (30) days after the end of each Calendar Quarter from and including the initial Calendar Quarter to and including the Calendar Quarter in which the Applicable Anniversary of the Commencement Date falls (each of such Calendar Quarters being referred to herein as a "Shared-Loss Quarter"), the Assuming Institution shall deliver to the Receiver a certificate, signed by the Assuming Institution's chief executive officer and its chief financial officer, setting forth in such form and detail as the Receiver may specify (a "Quarterly Certificate")(an example of a Quarterly Certificate is attached as Exhibit 1):
Shared Loss Arrangement
