340.3—What are the restrictions on the sale of assets by the FDIC if the buyer wants to finance the purchase with a loan from the FDIC?
A person may not borrow money or accept credit from the FDIC in connection with the purchase of any assets from the FDIC or any failed institution if:
(a)
There has been a default with respect to one or more obligations totaling in excess of $1,000,000 owed by that person or its associated person; and
(b)
The person or its associated person made any fraudulent misrepresentations in connection with any such obligation(s).