Branch Loan definition

Branch Loan means a Loan originated through Regional’s branches which include Electronic Loans.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Branch Loan means (i) any loan fully secured by any Branch Deposit, and (ii) any checking line of credit or overdraft checking balance linked to any Branch Deposit, and (iii) all other loans associated with the Branch Office as listed on Schedule 2.1(e) hereto (it being acknowledged that Purchaser shall not have to purchase any loan which is not covered by clauses (i), (ii) or (iii) of this definition, which is a nonaccrual loan or any other loan ninety (90) days or more past due as of the Effective Time), together with any Accrued Interest Receivable thereon, the related Servicing Rights and all such loan documentation as may be possessed by Seller with respect to such Branch Loans; provided, however, the Branch Loans shall not include those loans listed on Schedule 1 to that certain First Amendment to Purchase and Assumption Agreement dated June 6, 2000, by and between Purchaser and Seller, which are (i) the loans of Seller that would be classified as Grade 4 or Grade 5 loans under the Purchaser's grading system, and (ii) any loans where the borrower is Roy Lee Pryor III. At any tim▇ ▇▇▇▇▇ ▇▇ ▇▇e tenth (10th) day before the date of Closing, Schedule 2.1(e) may be supplemented by Seller upon written notice to Purchaser; provided however, unless Purchaser consents in writing, Schedule 2.1(e) shall not include any loan whose principal balance is equal to or greater than ten thousand dollars ($10,000) and which is entered into or renewed by Seller after the termination of the Due Diligence Period (as defined below). Notwithstanding anything contained herein to the contrary, the parties hereto acknowledge and agree that during the period commencing on the date hereof and ending at midnight of May 31, 2000 (the "Due Diligence Period"), Purchaser shall be permitted to conduct a review of any and all Branch Loans. In the event for any reason the Purchaser in its sole discretion finds any such loan unacceptable to Purchaser, Purchaser may, at any time prior to midnight of June 1, 2000, terminate this Agreement by delivering written notice to Seller. In such event, this Agreement shall be null and void unless the parties hereto subsequently agree otherwise in writing.

Branch Loan means (i) any loan fully secured by any Branch Deposit, and (ii) any checking line of credit or overdraft checking balance linked to any Branch Deposit (but not any loan that is not covered by clauses (i) or (ii) of this definition), in all cases, together with any Accrued Interest Receivable thereon, the related Servicing Rights and all such loan documentation as may be possessed by Seller with respect to such Branch Loans. "Branch Premises" means the Real Property, and the improvements on the Real Property.

Examples of Branch Loan in a sentence

• Without limiting the foregoing, if the balance due on any Branch Loan purchased has been reduced by Seller as a result of a payment by check received prior to the Effective Time, which item is returned after the Closing Date, the asset value represented by the Branch Loan transferred shall be correspondingly increased and an amount in cash equal to such increase shall be paid by Purchaser to Seller promptly upon demand.

• On the day next preceding the Closing Date the Seller shall deliver to the Buyer an updated Branch Loan Trial Balance Report.

• The book value of the Loans acquired shall be determined in accordance with Schedule 1 in good faith by an accounting to be conducted jointly by the Buyer and the Seller based upon the Branch Loan Trial Balance Report prepared by the Seller.

• Not later than five (5) Business Days prior to the Closing Date the Seller shall deliver to the Buyer a Branch Loan Trial Balance Report listing the Loans to be purchased by the Buyer.

• In the event that, at any time prior to the Closing Date, Purchaser determines that it does not wish to purchase and assume any Branch Loan, whether because such Branch Loan is nonperforming, does not meet Purchaser’s underwriting criteria, or otherwise, then Purchaser may notify Seller in writing that such loan shall be considered an “Excluded Loan” and shall not be included in the Acquired Loans.

• All financial, Deposit and Branch Loan information provided to Purchaser by Seller was accurate and complete in all material respects as of the date such information was provided.

• ING BANK, N.V., London Branch By: Name: Title: By: Name: Title: Address for notices: ING Bank, N.V., London Branch ▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Attention: ▇▇▇▇ ▇▇▇▇▇▇▇▇ Telephone: +▇▇ ▇▇ ▇▇▇▇ ▇▇▇▇ Facsimile: +▇▇ ▇▇ ▇▇▇▇ ▇▇▇▇ Address for Loan Requests and Continuation Requests: ING Bank, N.V., London Branch, Loan Administration Dept.

• Domestic and Offshore Lending Office: The Sakura Bank, Limited New York Branch Loan Administration Dept.

• By: Name: Its: To: Deutsche Bank AG, New York Branch Loan Operations, Letter of Credit ▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇ Attention: Everadus (▇▇▇) Rozing Telephone: (▇▇▇) ▇▇▇-▇▇▇▇ Facsimile: (▇▇▇) ▇▇▇-▇▇▇▇: Electronic Mail: ▇▇▇▇▇▇▇▇▇.▇▇▇▇▇▇@▇▇.▇▇▇ CC: Deutsche Bank Securities, Inc.

• The term "Deposit Liabilities" is defined herein as all of Seller's obligations, duties and liabilities of every type and character relating to all deposit accounts which, as reflected on the books of Seller as of the close of business on the Closing Date, are attributable to the Branches, other than deposit accounts securing any loan of Seller which is not a Branch Loan, for which Buyer assumes no liability.

More Definitions of Branch Loan

Branch Loan means a Small Branch Loan or a Large Branch Loan.

Branch Loan means (i) any loan fully secured by any Branch Deposit, and (ii) any checking line of credit or overdraft checking balance linked to any Branch Deposit, and (iii) any such other loans

Branch Loan means (i) any loan fully secured by any Branch Deposit, and (ii) any checking line of credit or overdraft checking balance linked to any Branch Deposit, and (iii) all other loans associated with any of the Branch Offices as listed on Schedule 2.1(e) hereto, together with any Accrued Interest Receivable thereon, the related Servicing Rights and all such loan documentation as may be possessed by Seller with respect to such Branch Loans. With Purchaser's prior written consent which may be withheld for any or no reason, Schedule 2.1(e) may be supplemented by Seller at any time prior to the Effective Time. Notwithstanding the foregoing, Branch Loans shall not include any loan which is ninety (90) days or more past due as of the Effective Time or any loan identified on Schedule 2.2

Branch Loan means (i) any loan fully secured by any Branch Deposit, and (ii) any checking line of credit or overdraft checking balance linked to any Branch Deposit, and (iii) all other loans associated with the Branch Office as listed on Schedule 2.1(e) hereto, together with any Accrued Interest Receivable thereon, the related Servicing Rights and all such loan documentation as may be possessed by Seller with respect to such Branch Loans. Schedule 2.1(e) may be supplemented by Seller at any time prior to the Effective Time.

Branch Loan set forth in Section 1.1 of the Purchase Agreement is hereby deleted in its entirety and the following substituted in lieu thereof: