purchase and assumption agreement whole bank all deposits - FDIC

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collection ofany such Asset, that shall be considered a Reimbursable Expense or a Recovery Expense under this Section 2.1 will be limited to a proportion of such expenditures which is equal to the proportion derived by dividing (A) the amount ofcollections on such Asset applied to a charge-off effected by the Failed Bank prior to Bank Closing, .Qy (B) the total collections on such Assets. (v) Ifthe Assuming Bank has duly specified an amount ofReimbursable Expenses on the Quarterly Certificate for the first Recovery Quarter as described above in the last sentence ofSection 2.1 ( a)(ii), then, not later than fifteen (15) days after the date on which the Receiver receives that Quarterly Certificate, the Receiver shall pay to the Assuming Bank an amount equal to eighty percent (80%) ofthe amount of such Reimbursable Expenses. (vi) Receiver has no obligation to make payment for any Shared Loss Quarters until the Shared-Loss Payment Trigger is reached. (c) Limitation on Shared-Loss Payment. The Receiver shall not be required to make any payments pursuant to this Section 2.1 with respect to any Charge-Off ofa Shared Loss Asset that the Receiver or the Corporation determines, based upon the Examination Criteria, should not have been effected by the Assuming Bank. In the event that the Receiver does not make any payments with respect to any Charge-Off ofa Shared-Loss Asset pursuant to this Section 2.1 or determines that a payment was improperly made, the Assuming Bank and the Receiver shall make such accounting adjustments and payments as may be necessary to give retroactive effect to such corrections. (d) Sale of, or Additional Advances or Amendments with Respect to, Shared-Loss Loans. No Shared-Loss Loan shall be treated as a Shared-Loss Asset pursuant to this Section 2.1 (i) after the Assuming Bank makes any additional advance, commitment or increase in the amount ofa commitment with respect to such Shared-Loss Loan that does not constitute a Permitted Advance or a Shared-Loss Loan Commitment Advance, (iii) after the Assuming Bank makes any amendment, modification, renewal or extension to such Shared-Loss Loan that does not constitute a Permitted Amendment, or (iv) after the Assuming Bank has managed, administered or collected any "Related Loan" (as such term is defined in Section 3.4 of Article III ofthis Exhibit) in any manner which would have the effect ofincreasing the amount ofany collections with respect to the Related Loan to the detriment ofsuch Shared-Loss Asset to which such loan is related; provided, that any such Shared-Loss Loan that has been the subject of Charge-Offs prior to the taking ofany action described in clause (i), (ii), or (iii) ofthis Section 2.1 (d) by the Assuming Bank shall be treated as a Shared-Loss Asset pursuant to this Section 2.1 solely for the purpose oftreatment ofRecoveries on such Charge-Offs until such time as the amount ofRecoveries with respect to such Shared-Loss Asset equals such Charge-Offs. (e) Option to Purchase. (i) In the event that the Assuming Bank determines that there is a substantial likelihood that continued efforts to collect a Shared-Loss Asset or an Asset for which a chargeoffwas effected by the Failed Bank with, in either case, a Legal Balance of$500,000 or more on the Accounting Records ofthe Assuming Bank will result in an expenditure offunds by the Assuming Bank to a third party for a specified purpose (the expenditure ofwhich, in its best Whole Bank P&A w/Loss Sharing Alliance Bank 92 February 6, 2009 Culver City, CA
judgment, will maximize collections), which do not constitute Reimbursable Expenses or Recovery Expenses, and such expenses will exceed ten percent (10%) ofthe then book value thereof as reflected on the Accounting Records ofthe Assuming Bank, the Assuming Bank shall (i) promptly so notify the Receiver and (ii) request that such expenditure be treated as a Reimbursable Expense or Recovery Expense for purposes ofthis Section 2.1. (Where the Assuming Bank determines that there is a substantial likelihood that the previously mentioned situation exists with respect to continued efforts to collect a Shared-Loss Asset or an Asset for which a charge-off was effected by the Failed Bank with, in either case, a Legal Balance ofless than $500,000 on the Accounting Records ofthe Assuming Bank, the Assuming Bank may so notify the Receiver and request that such expenditure be treated as a Reimbursable Expense or Recovery Expense.) Within thirty (30) days after its receipt ofsuch a notice, the Receiver will advise the Assuming Bank ofits consent or denial that such expenditures shall be treated as a Reimbursable Expense or Recovery Expense, as the case may be. Notwithstanding the failure of the Receiver to give its consent with respect to such expenditures, the Assuming Bank shall continue to administer such Shared-Loss Asset in accordance with Section 2.2, except that the Assuming Bank shall not be required to make such expenditures. At any time after its receipt of such a notice and on or prior to the Termination Date the Receiver shall have the right to purchase such Shared-Loss Asset or Asset as provided in Section 2.1(e)(iii), notwithstanding any consent by the Receiver with respect to such expenditure. (ii) During the period prior to the Termination Date, the Assuming Bank shall notify the Receiver within fifteen (15) days after any ofthe following becomes fully or partially charged-off: (A) a Shared-Loss Loan having a Legal Balance (or, in the case ofmore than one (1) Shared-Loss Loan made to the same Obligor, a combined Legal Balance) of$500,000 or more in circumstances in which the legal claim against the relevant Obligor survives; or (B) a Shared-Loss Loan to a director, an "executive officer" as defined in 12 C.P.R.. 215.2(d), a "principal shareholder" as defined in 12 C.F.R.. 215.2(1), or an Affiliate ofthe Assuming Bank. (iii) Ifthe Receiver determines in its sole discretion that the Assuming Bank is not diligently pursuing collection efforts with respect to any Shared-Loss Asset which has been fully or partially charged-off or written-down (including any Shared-Loss Asset which is identified or required to be identified in a notice pursuant to Section 2.1(e)(ii)) or any Asset for which there exists a Failed Bank Charge-Off/Write-Down, the Receiver may at its option, exercisable at any time on or prior to the Termination Date, require the Assuming Bank to assign, transfer and convey such Shared-Loss Asset or Asset to and for the sole benefit ofthe Receiver for a price equal to the Repurchase Price thereof less the Related Liability Amount with respect to any Related Liabilities related to such Shared-Loss Asset or Asset. (iv) Not later than ten (1 0) days after the date upon which the Assuming Bank receives notice ofthe Receiver's intention to purchase or require the assignment ofany Shared Loss Asset or Asset pursuant to Section 2.1 ( e )(i) or (iii), the Assuming Bank shall transfer to the Receiver such Shared-Loss Asset or Asset and any Credit Files relating thereto and shall take all Whole Bank P&A w/Loss Sharing 93 Alliance Bank February 6, 2009 Culver City, CA
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PURCHASE AND ASSUMPTION AGREEMENT W
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ARTICLE V 5.1 5.2 5.3 ARTICLE VI 6.
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PURCHASE AND ASSUMPTION AGREEMENT W
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"Bank Closing" means the close of b
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(2) Both parties are well informed
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"Other Real Estate" means all inter
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Assuming Bank, if such securing Ass
Page 15 and 16:
plans, if any, unless the Receiver
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(iii) a statement ofthe estimated R
Page 19 and 20:
discretion (together with all Credi
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whatever action is necessary to acc
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Furniture and Equipment and Fixture
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Failed Bank provides mortgage servi
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4.14 Reserved. 4.15 Agreement with
Page 29 and 30:
6.3 Preservation of Records. The As
Page 31 and 32:
whether by way oftransfer, set-off,
Page 33 and 34:
any ofits Subsidiaries, which, eith
Page 35 and 36:
(2) claims with respect to any liab
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(g) take reasonable action as the R
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othen:vise specifically provided in
Page 41:
13.13 Survival of Covenants, Etc. T
Page 44 and 45:
SCHEDULE 3.1 - Certain Assets Purch
Page 46 and 47: SCHEDULE 3.2- Purchase Price of Ass
Page 48 and 49: EXHIBIT 3.2(c) --VALUATION OF CERTA
Page 50 and 51: EXHIBIT 4.13 INTERIM ASSET SERVICIN
Page 52 and 53: SCHEDULE 4.l5A LOANS SUBJECT TO LOS
Page 55 and 56: Then-Current Interest Rate. Each Re
Page 57 and 58: shown in Exhibit 2a, Exhibit 2b, or
Page 59 and 60: (d) Payments With Respect to Shared
Page 61 and 62: 2.7 Sale of Single Family Shared-Lo
Page 63 and 64: Bank exercises its option under thi
Page 65 and 66: 6.1 Expenses. Except as otherwise e
Page 67 and 68: Exhibit 1 Monthly Certificate SEE F
Page 72: Calculation of Loss For Restructure
Page 78 and 79: 90- 119 days past due 120 and over
Page 80 and 81: Objective FDIC MORTGAGE LOAN MODIFI
Page 82 and 83: 3. Modified loans shall not include
Page 84 and 85: EXHIBIT 4.15B NON-SINGLE FAMILY SHA
Page 86 and 87: "FDIC Party" has the meaning provid
Page 88 and 89: Shared-Loss Quarter; plus (ii) the
Page 90 and 91: "Recovery Amount" has the meaning p
Page 92 and 93: "Review Board" has the meaning prov
Page 94 and 95: (B) the aggregate amount ofReimburs
Page 98 and 99: such other actions as may be necess
Page 100 and 101: public health or safety, or of suff
Page 102 and 103: Day of each Calendar Quarter during
Page 104 and 105: (iv) except as otherwise provided h
Page 106: 550 17th Street, N.W. Washington, D
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