Rules consolidating subsidiaries carbondating of god
Notwithstanding the foregoing, a Specified GSE or an entity established or guaranteed by a Specified GSE shall not constitute an issuing entity.
(5) Monetary default means a default in the payment of principal or interest when due following the expiration of any cure period.
(d) The bank's rights pursuant to the second sentence of section 10(d) of the Federal Home Loan Bank Act shall not be affected or diminished by any provisions of state law that may be applicable to a security interest in property of the member. 1430(e), footnote (1), or otherwise so that the aggregate of the outstanding principal on the advances secured by such collateral, the accrued but unpaid interest thereon and the prepayment fee applicable to such advances can be paid in full from the amounts realized from such collateral.
(e) The receiver for a borrower from a Federal Home Loan bank shall allow a claim for a prepayment fee by the Bank if, and only if: (1) The claim is made pursuant to a written contract that provides for a prepayment fee, provided, however, that such prepayment fee allowed by the receiver shall not exceed the present value of the loss attributable to the difference between the contract rate of the secured borrowing and the reinvestment rate then available to the Bank; and (2) The indebtedness owed to the Bank by such borrower is secured by sufficient collateral in which a perfected security interest in favor of the Bank exists or as to which the Bank's security interest is entitled to priority under section 306(d) of the Competitive Equality Banking Act of 1987 (CEBA) (12 U. For purposes of this paragraph (e)(2), the adequacy of such collateral shall be determined as of the date such prepayment fees shall be due and payable under the terms of the written contract providing therefor. (a) Unsecured claims against an association or the receiver that are proved to the satisfaction of the receiver shall have priority in the following order: (1) Administrative expenses of the receiver, including the costs, expenses, and debts of the receiver; (2) Administrative expenses of the association, that such expenses were incurred within thirty (30) days prior to the receiver's taking possession, and that such expenses shall be limited to reasonable expenses incurred for services actually provided by accountants, attorneys, appraisers, examiners, or management companies, or reasonable expenses incurred by employees which were authorized and reimbursable under a pre-existing expense reimbursement policy, that, in the opinion of the receiver, are of benefit to the receivership, and shall not include wages or salaries of employees of the association; (3) Claims for wages and salaries, including vacation and sick leave pay and contributions to employee benefit plans, earned prior to the appointment of the receiver by an employee of the association whom the receiver determines it is in the best interests of the receivership to engage or retain for a reasonable period of time; (4) If authorized by the receiver, claims for wages and salaries, including vacation and sick leave pay and contributions to employee benefits plans, earned prior to the appointment of the receiver, up to a maximum of three thousand dollars (,000) per person, by an employee of the association not engaged or retained pursuant to a determination by the receiver pursuant to the third category above; (5) Claims of governmental units for unpaid taxes, other than federal income taxes, except to the extent subordinated pursuant to applicable law; but no other claim of a governmental unit shall have a priority higher than that of a general creditor under paragraph (a)(6) of this section; (6) Claims for withdrawable accounts, including those of the Corporation as subrogee or transferee, and all other claims which have accrued and become unconditionally fixed on or before the date of default, whether liquidated or unliquidated, except as provided in paragraphs (a)(1) through (a)(5) of this section, provided, however, that if the association is chartered and was operated under the laws of a state that provided a priority for holders of withdrawable accounts over such other claims or general creditors, such priority within this paragraph (a)(6) shall be observed by the receiver; and provided further, that if deposits of a federal association are booked or registered at an office of such association that is located in a state that provides such priority with respect to state-chartered associations, such deposits in a federal association shall have priority over such other claims or general creditors, which shall be observed by the receiver; (7) Claims other than those that have accrued and become unconditionally fixed on or before the date of default, including claims for interest after the date of default on claims under paragraph (a)(6) of this section, that any claim based on an agreement for accelerated, stipulated, or liquidated damages, which claim did not accrue prior to the date of default, shall be considered as not having accrued and become unconditionally fixed on or before the date of default; (8) Claims of the United States for unpaid federal income taxes; (9) Claims that have been subordinated in whole or in part to general creditor claims, which shall be given the priority specified in the written instruments that evidence such claims; and (10) Claims by holders of nonwithdrawable accounts, including stock, which shall have priority within this paragraph (a)(10) in accordance with the terms of the written instruments that evidence such claims.
The term "servicer" does not include a trustee for the issuing entity or the holders of obligations that makes allocations or distributions to holders of the obligations if the trustee receives such allocations or distributions from a servicer and the trustee does not otherwise perform the functions of a servicer.
(10) Specified GSE means each of the following: (i) The Federal National Mortgage Association and any affiliate thereof; (ii) Federal Home Loan Mortgage Corporation and any affiliate thereof; (iii) The Government National Mortgage Association; and (iv) Any federal or state sponsored mortgage finance agency.
(11) Sponsor means a person or entity that organizes and initiates a securitization by transferring financial assets, either directly or indirectly, including through an affiliate, to an issuing entity, whether or not such person owns an interest in the issuing entity or owns any of the obligations issued by the issuing entity.
(12) Transfer means: (i) The conveyance of a financial asset or financial assets to an issuing entity or (ii) The creation of a security interest in such asset or assets for the benefit of the issuing entity. This section shall apply to securitizations that meet the following criteria. The documents creating the securitization must define the payment structure and capital structure of the transaction.
SOURCE: The provisions of this Part 360 appear at 55 Fed. 46496, November 5, 1990, except as otherwise noted. (a) Except as provided in section 13(c)(4)(G) of the FDI Act (12 U. (a) Notwithstanding any other provisions of federal or state law or any other provisions of these regulations, the receiver of a borrower from a Federal Home Loan bank shall recognize the priority of any security interest granted to a Federal Home Loan bank by any member of any Federal Home Loan bank or any affiliate of any such member, whether such security interest is in specifically designated assets or a blanket interest in all assets or categories of assets, over the claims and rights of any other party (including any receiver, conservator, trustee or similar party having rights of a lien creditor) other than claims and rights that (1) Would be entitled to priority under otherwise applicable law; and (2) Are held by actual bona fide purchasers for value or by actual secured parties that are secured by actual perfected security interests.If it does not load, please click the link below: https:// wait while we load the requested exhibit. 360.2 Federal Home Loan banks as secured creditors. 360.11 Records of failed insured depository institutions. 1821(d)(1), 1821(d)(10)(C), 1821(d)(11), 1821(e)(1), 1821(e)(8)(D)(i), 1823(c)(4), 1823(e)(2); Sec. (2) In the event that the receiver and the bank shall not, in good faith, be able to develop such a mutually agreeable plan, or, in the interim, the bank in good faith reasonably concludes that the value of such collateral is decreasing, because of interest rate or other market changes, at such a rate that to delay liquidation or other exercise of the bank's rights as a secured party for the development of a mutually agreeable plan could reasonably cause the value of such collateral to decrease to an amount that is insufficient to satisfy the bank's claim in full, the bank may, at any time thereafter if permitted to do so by the terms of the advances or other security agreement with such borrower or otherwise by applicable law, proceed to foreclose upon, sell, lease or otherwise dispose of such collateral (or any portion thereof), or otherwise exercise its rights as a secured party, provided that the bank acts in good faith and in a commercially reasonable manner and otherwise in accordance with applicable law.(6) Obligation means a debt or equity (or mixed) beneficial interest or security that is primarily serviced by the cash flows of one or more financial assets or financial asset pools, either fixed or revolving, that by their terms convert into cash within a finite time period, or upon the disposition of the underlying financial assets, and by any rights or other assets designed to assure the servicing or timely distributions of proceeds to the security holders issued by an issuing entity.
The term may include beneficial interests in a grantor trust, common law trust or similar issuing entity to the extent that such interests satisfy the criteria set forth in the preceding sentence, but does not include LLC interests, partnership interests, common or preferred equity, or similar instruments evidencing ownership of the issuing entity. 360.9 Large-bank deposit insurance determination modernization. 360.10 Resolution plans required for depository institutions with billion or more in total assets. (c) In the event that a receiver is appointed for any member of a Federal Home Loan bank, the following procedures shall apply: (1) The receiver and the bank shall immediately seek and develop a mutually agreeable plan for the payment of any advances made by the bank to such borrower or for the servicing, foreclosure upon and liquidation of the collateral securing any such advances, taking into account the nature and amount of such collateral, the markets in which such collateral is normally traded or sold and other relevant factors.