– 1: A summary report of the total covered losses for the quarter and the derivation of the FDIC portion of the covered loss (iii) No dispute may be submitted by either party to this Joint Loss Agreement to an audit committee unless that party has provided the other party with written notice of the dispute (“Notice of Dispute”). During the period of forty-five (45) days following notification of the Dispute, the parties to the Dispute will, in good faith, make every effort to resolve the Dispute by mutual agreement. As part of these bona foi efforts, the parties should consider using less formal dispute settlement techniques deemed appropriate by each party in its sole discretion. These techniques may include, but are not limited to, mediation, comparative conferencing and early neutral assessment. If the capital terms of the parties not defined in this Joint Loss Agreement are set out in the Purchase and Acquisition Agreement in addition to the terms set out above, certain additional loss sharing terms used in this Joint Loss Agreement are set out below. (d) Subject to section 3.7, the receiving institution shall not enter into contracts with third parties for the provision of services the cost of which would be eligible expenses or recovery costs if the receiving institution had provided those services itself, if the shared loss assets concerned were not subject to the loss-sharing provisions set out in section 2.1 of this Joint Loss Agreement. “new loans for shared losses” means loans that would otherwise be subject to loss sharing under this Joint Loss Agreement and that arose after 15 January 2010 and before the closure of the bank. – 2: A summary report on the commercial and other portfolio and the losses and recoveries covered – 3: A performance report on the outstanding assets of the commercial and other assets of the pool under loss share (vi) Payments made by the beneficiary in connection with this business loss agreement are administrative costs of the beneficiary. To the extent that the Recipient requires funds for loss-sharing payments in connection with this Joint Loss Agreement, the Recipient shall request funds under the Framework Loan and Security Agreement, as amended (“MLSA”), from the FDIC in its operations. The Recipient will not accept any changes to the MLSA that would prevent it from accessing the MLSA to fund loss-sharing payments. (c) Limitation of payment to loss sharing.
The payee shall not be required to make payments in accordance with this Section 2.1 for a debit of an asset at shared loss which the beneficiary or entity determines, on the basis of the audit criteria, should not have been made by the receiving institution; provided that (x) the recipient notifies the receiving institution of the reasons for the non-payment, (y) the recipient gives the receiving institution a reasonable opportunity to remedy that shortcoming and (z) (1) to the extent that it is curable, if cured, the recipient shall make the payment for properly executed debits and (2) it is not curable, The recipient must make a payment for all (or part of the imputations) that would have been payable as an imputation if the accepting institution had correctly made this charge. .