source:
  type: guide
  id: fnma-svc-a1-3-03
  authority: Fannie Mae Servicing Guide A1-3-03 — Repurchase Obligations Related to
    Bifurcated Mortgage Loans
  description: Fannie Mae Servicing Guide A1-3-03 — Repurchase Obligations Related
    to Bifurcated Mortgage Loans.
  coverage_tier: operative
obligations:
- id: fnma-svc-a1-3-03-full
  canonical_id: fnma-svc-a1-3-03-full
  section: Fannie Mae Servicing Guide A1-3-03 — Repurchase Obligations Related to
    Bifurcated Mortgage Loans
  type: do
  tags:
  - regulator-direct
  - fnma
  - servicing-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Servicing Guide A1-3-03 — Repurchase Obligations Related
      to Bifurcated Mortgage Loans
    source_class: fnma-guide
    source_url: https://singlefamily.fanniemae.com/media/document/pdf/servicing-guide
    snapshot_id: cf63a82bbb4adfba
    fetched_at: '2026-05-22T23:53:19Z'
    content_hash: sha256:89df66c43baad07f8a8dd9d224492fff7d15e8839edba02ad0e74c7e50fe5da3
    paragraph_quote: 'A1-3-03, Repurchase Obligations Related to Bifurcated Mortgage
      Loans (02/15/2017) Introduction This topic contains the following: Overview
      Issuance of Repurchase Request, Request for a Make Whole Payment, or Request
      for Indemniﬁcation Issuance of Repurchase Statement Remittance of Bifurcated
      Repurchase Price and Appeal Process Servicer’s Failure to Comply Hiring of Servicer
      Fannie Mae Custodial Collection Account Processing of Funds Following Remittance
      of the Bifurcated Repurchase Price Sharing of Information Documentation Retention
      Release of Records Conﬂict of Interest Disputes Between the Responsible Party
      and Servicer Overview A bifurcated mortgage loan is a mortgage loan or property
      for which the current servicer is not the responsible party for the selling
      representations and warranties and/or for the prior servicing responsibilities
      or liabilities. A bifurcated mortgage loan that has not been foreclosed upon
      is referred to as an active bifurcated mortgage loan. A bifurcated mortgage
      loan that has been through foreclosure or Mortgage Release but has not been
      sold by Fannie Mae is referred to as an acquired bifurcated property. Issuance
      of Repurchase Request, Request for a Make Whole Payment, or Request for Indemniﬁcation
      Subject to the origination defect remedies framework outlined in the Selling
      Guide and Servicing Defect Remedies Framework in A1-3-02, Fannie Mae-Initiated
      Repurchases, Indemniﬁcations, Make Whole Payment Requests and Deferred Payment
      Obligations, when Fannie Mae identiﬁes a selling or servicing defect on a bifurcated
      mortgage loan that results in Fannie Mae electing a repurchase, a make whole
      payment, or an indemniﬁcation payment as the remedy for the breach, Fannie Mae
      will issue the notice of servicing defect or a demand for a servicing remedy
      to the party Fannie Mae believes is the breaching responsible party. If the
      responsible party is not the current servicer, the responsible party is obligated
      to promptly notify the current servicer of Fannie Mae’s notice of servicing
      defect. The servicer of a bifurcated mortgage loan is responsible for cooperating
      with the responsible party to correct a servicing defect. As outlined in A2-1-01,
      General Servicer Duties and Responsibilities, the servicer must pay all out-of-pocket
      costs and expenses incurred in performing its servicing obligations, notably
      those related to property preservation and protection, enforcement of judicial
      proceedings, and handling of acquired properties. Published May 13, 2026 36
      If Fannie Mae declines to pre-approve or reimburse the servicer for such servicing
      advances because Fannie Mae believes that the unapproved costs and expenses
      are the result of a servicing violation, the servicer must still perform its
      servicing obligations and preserve and protect the security property, move to
      enforce the judicial proceedings, and manage and dispose of the acquired properties
      as required by the Lender Contract. If the servicer believes that it is not
      the party responsible for the servicing violation and that the servicing advances
      it incurred should be reimbursed by a prior servicer or other third party, the
      servicer may demand reimbursement from such third party pursuant to the terms
      of any agreement it may have with such prior servicer or other third party.
      If Fannie Mae requests an indemniﬁcation payment on a bifurcated mortgage loan,
      the responsible party must remit the indemniﬁcation funds directly to Fannie
      Mae. If Fannie Mae determines that the appropriate remedy is a repurchase or
      make whole payment on a bifurcated mortgage loan, the current servicer will
      be responsible for managing the repurchase of an active bifurcated mortgage
      loan or acquired bifurcated property, receiving the repurchase funds or make
      whole payments from the responsible party, and promptly remitting all funds
      to Fannie Mae in accordance with the Servicing Guide on this topic. The servicer
      that services a bifurcated mortgage loan must comply with all of the terms of
      the Servicing Guide, except as provided in this topic. The responsible party
      for a bifurcated mortgage loan that is subject to a demand for a servicing remedy
      can appeal by following the appeal process described in Servicer Responses to
      a Demand in A1-3-02, Fannie Mae- Initiated Repurchases, Indemniﬁcations, Make
      Whole Payment Requests and Deferred Payment Obligations. No additional time
      will be granted for the appeal or for the remittance of payments because the
      request involves a bifurcated mortgage loan. If the seller/servicer believes
      it is not the responsible party, it must promptly notify Fannie Mae that it
      disputes being the responsible party for the bifurcated mortgage loan. Fannie
      Mae’s determination of responsible party is ﬁnal. See E-3.2-14, Addressing Title
      Defects for Bifurcated Mortgage Loans for information on the servicer’s responsibilities
      related to title defects. Issuance of Repurchase Statement All servicers of
      bifurcated mortgage loans must establish and communicate a unique email address
      that is designated for responsible parties to use to request a repurchase statement.
      Make Whole Payment or Acquired Bifurcated Property Transactions: Prior to paying
      the bifurcated repurchase price, as deﬁned below, the responsible party must
      obtain a loss statement from Fannie Mae. The loss statement issued on a bifurcated
      mortgage loan is a statement of the partial amount due to Fannie Mae for a make
      whole payment or purchase of an acquired bifurcated property, since it does
      not include the servicer repurchase portion, as deﬁned below. The loss statement
      is obtained by accessing Fannie Mae’s Loan Quality Connect. If the loss statement
      is not available on Loan Quality Connect or the responsible party does not have
      Loan Quality Connect access, it may be obtained by submitting a request to the
      Centralized Repurchase Team (see F-4-02, List of Contacts). Published May 13,
      2026 37 The responsible party must promptly contact the servicer at its designated
      email address to request a statement of the full amount due to Fannie Mae (a
      repurchase statement). When it requests the repurchase statement from the servicer,
      the responsible party must provide the servicer with a copy of a current loss
      statement. Active Bifurcated Mortgage Loan Transactions: The servicer must calculate
      the bifurcated repurchase price for an active bifurcated mortgage loan from
      its books and records. The responsible party must promptly contact the servicer
      at its designated email address to request the repurchase statement. No loss
      statement will be available from Fannie Mae for an active bifurcated mortgage
      loan. The servicer must forward an accurate and complete repurchase statement
      for the bifurcated mortgage loan at issue to the responsible party within ten
      business days of Fannie Mae’s or the responsible party’s request, once the responsible
      party has indicated that it will pay the full amount due. It is the responsible
      party’s duty to notify the servicer that it has agreed to pay the full amount
      due. The current servicer is authorized and directed to issue the repurchase
      statement to sellers/servicers that are identiﬁed either by the seller/servicer
      or by Fannie Mae as the responsible party for an outstanding payment obligation
      on a bifurcated mortgage loan. Calculation of Bifurcated Repurchase Price for
      a Bifurcated Mortgage Loan: The sum of the “Fannie Mae repurchase portion” (deﬁned
      below) and the “Servicer repurchase portion” (deﬁned below), less credits for
      the “PMI payment credits” and “Fannie Mae payments” (each deﬁned below) will
      equal the “bifurcated repurchase price” for a bifurcated mortgage loan. The
      amount quoted by the servicer on the repurchase statement must equal the bifurcated
      repurchase price. The bifurcated repurchase price for a bifurcated mortgage
      loan is calculated in accordance with the steps outlined in the following table.
      Step Servicer Action 1 Determine the Fannie Mae repurchase portion, which is
      deﬁned as the sum of • the UPB, with adjustments for any active bifurcated mortgage
      loan as required in the Servicing Guide; • interest on an active bifurcated
      mortgage loan calculated in accordance with the Servicing Guide, plus delinquent
      interest, plus imputed interest on either an acquired bifurcated property or
      a make whole payment; and • expenses that Fannie Mae has incurred, including,
      without limitation, advances for which Fannie Mae has previously reimbursed
      the servicer, and any fees and costs that are otherwise due to Fannie Mae under
      the servicer’s and responsible party’s Lender Contract. 2 Determine the servicer
      repurchase portion, which is deﬁned as any and all fees and costs that the servicer
      has incurred in servicing the bifurcated mortgage loan that are eligible for
      reimbursement according to the terms of the Servicing Guide but which have not
      been reimbursed. These fees and costs may include, without limitation: • escrow
      advances for T&I, and • corporate advances for items such as property preservation
      fees, attorney fees, and costs. Published May 13, 2026 38 Step Servicer Action
      3 Add the Fannie Mae repurchase portion and the servicer repurchase portion.
      4 Subtract credits for PMI payment credits (as hereafter deﬁned) and for Fannie
      Mae payments (as deﬁned below). “Fannie Mae payments” are deﬁned as any amount
      that Fannie Mae or the servicer may have received from the sale of the acquired
      bifurcated property; any escrow proceeds, net rental, or other income; and a
      third party as compensation for amounts that are directly related to the risk
      of owning the relevant mortgage loan, such as certain compensatory fees or indemniﬁcation
      amounts that Fannie Mae, in its sole discretion, has assessed against and collected
      from a party other than the responsible party. Note: “Fannie Mae payments” do
      not include any loan level price adjustments or risk fees collected at delivery
      or post-delivery of the mortgage loan. “PMI payment credits” are deﬁned as the
      amount of any rescinded MIPs that were refunded by the primary MI company on
      a lender-paid or borrower-paid MI policy that were not due to the borrower as
      a result of the fact that they were paid to the borrower covering the time following
      payoﬀ of the mortgage loan (the “investor premium refunds”); any amounts received
      from borrowers following the rescission or cancellation of MI that the servicer
      collected under the terms of the mortgage loan from the borrower for MI payments
      which the servicer will hold as loss reserve payments; and any other payments
      that have been received by the servicer or Fannie Mae from the primary mortgage
      insurer, including any payments made on claims ﬁled. Fannie Mae will not pay
      the servicer a termination fee when there is a repurchase of an active bifurcated
      mortgage loan or acquired bifurcated property. The servicer must not assess
      late charges or other fees to the responsible party due to any possible delay
      by the responsible party in remitting the bifurcated repurchase price to the
      servicer. Credits on Repurchase Statements: The repurchase statement must include
      credits for “PMI payment credits,” and for any “Fannie Mae payments,” both as
      deﬁned above, that the servicer is aware of plus any credits Fannie Mae reports
      to the servicer that it has received via the loss statement or such other method
      as determined by Fannie Mae. Remittance of Bifurcated Repurchase Price and Appeal
      Process Active Bifurcated Mortgage Loan Repurchases: When the current servicer
      for an active bifurcated mortgage loan will continue to service the mortgage
      loan for the responsible party following the repurchase, the responsible party
      must pay the servicer the bifurcated repurchase price in suﬃcient time so that
      the servicer Published May 13, 2026 39 can remit the bifurcated repurchase price
      to Fannie Mae within 60 days of the repurchase request (or with its next scheduled
      remittance following the completion of the 60–day period) unless a proper appeal
      is made by the responsible party, or a proper impasse or management escalation
      or IDR process is pending, in which event payment will be due, if applicable.
      The appeal process for a repurchase request on an active bifurcated mortgage
      loan in which the servicing is not being transferred is described in Servicer
      Responses to a Demand in A1-3-02, Fannie Mae-Initiated Repurchases, Indemniﬁcations,
      Make Whole Payment Requests and Deferred Payment Obligations. When the current
      servicer will not continue to service the bifurcated mortgage loan following
      the repurchase, the responsible party must notify Fannie Mae as described in
      A2-7-03, Post-Delivery Servicing Transfers that there will be a servicing transfer
      on an active bifurcated mortgage loan. The responsible party must work with
      the new servicer to provide all necessary legal notices to the borrower. All
      servicing transfers due to the repurchase of an active bifurcated mortgage loan
      must occur at month end as quickly as reasonably possible following Fannie Mae’s
      repurchase request or reaﬃrmation of the repurchase request. When the bifurcated
      repurchase price is remitted by the responsible party to the servicer on an
      active bifurcated mortgage loan with a scheduled/scheduled or scheduled/actual
      remittance schedule, the responsible party is required to remit the bifurcated
      repurchase price to the servicer no less than two business days prior to the
      end of the month. Acquired Bifurcated Property Repurchases: A responsible party
      must pay the servicer the bifurcated repurchase price in suﬃcient time so that
      the servicer can remit the bifurcated repurchase price to Fannie Mae within
      60 days after the responsible party’s receipt of the repurchase request on an
      acquired bifurcated property, unless a proper appeal is made by the responsible
      party, or a proper impasse or management escalation or IDR process is pending,
      in which event payment will be due, if applicable. See Servicer Responses to
      a Demand in A1-3-02, Fannie Mae-Initiated Repurchases, Indemniﬁcations, Make
      Whole Payment Requests and Deferred Payment Obligations. For acquired bifurcated
      properties, the servicer must identify for the responsible party the days on
      which it will accept the remittance of the bifurcated repurchase price and transfer
      the acquired bifurcated property to the responsible party. These repurchase
      days must be scheduled to occur at least twice a month and no less than every
      15 days. Once a servicer has issued a repurchase statement on an acquired bifurcated
      property, the responsible party is required to remit the bifurcated repurchase
      price to the servicer on the date that is no less than two business days prior
      to the day in which the servicing of the acquired bifurcated property will change
      from the servicer servicing the acquired bifurcated property for Fannie Mae
      to the current or new servicer servicing the acquired bifurcated property on
      behalf of the responsible party or its successor or assigns. Make Whole Payment:
      A responsible party must pay the servicer for remittance to Fannie Mae the bifurcated
      repurchase price (which in this instance is equal to the make whole payment)
      within 60 days after receipt of the make whole payment request unless a proper
      appeal is made, or a proper impasse or management escalation or IDR process
      is pending, in which event payment will be due, if applicable. See Servicer
      Responses to a Demand in A1-3-02, Fannie Mae-Initiated Repurchases, Indemniﬁcations,
      Make Whole Payment Requests and Deferred Payment Obligations. Responsible Party
      and Servicer’s Obligation: The responsible party is also responsible for any
      interest that accrues as part of the bifurcated repurchase price if it elects
      to remit the bifurcated repurchase price to the servicer earlier than two business
      days prior to month end for an active bifurcated mortgage loan, or on the dates
      speciﬁed by the servicer for the transfer of the acquired bifurcated property.
      The servicer must take no longer than two business days from the date the servicer
      receives the bifurcated repurchase price from the responsible party to remit
      the Fannie Mae repurchase portion to Fannie Mae for an acquired bifurcated property
      Published May 13, 2026 40 or make whole payment. The eﬀective date of the repurchase
      is the date that the servicer receives the bifurcated repurchase price from
      the responsible party. Application of Bifurcated Repurchase Price: The servicer
      must ﬁrst retain the servicer repurchase portion (as described above) of the
      bifurcated repurchase price to reimburse itself for amounts due it by Fannie
      Mae that are reimbursable under the Lender Contract, but which have not been
      reimbursed. In the event the responsible party remits an amount less than the
      bifurcated repurchase price to the servicer, the servicer must deduct the servicer
      repurchase portion and remit any remaining funds to Fannie Mae as a partial
      payment of the Fannie Mae repurchase portion. Fannie Mae will seek the balance
      of the bifurcated repurchase price from the responsible party. The servicer
      must handle DPOs in accordance with A1-3-02, Fannie Mae-Initiated Repurchases,
      Indemniﬁcations, Make Whole Payment Requests and Deferred Payment Obligations.
      Servicer’s Failure to Comply In the event the servicer fails to issue the repurchase
      statement within ten business days of the responsible party’s request for the
      repurchase statement (provided that the responsible party has provided the servicer
      with a loss statement for an acquired bifurcated property or make whole payment),
      and/or the servicer exceeds the required time frame in remitting the bifurcated
      repurchase price to Fannie Mae, the servicer will be responsible for any delinquent
      or imputed interest assessed by Fannie Mae for the number of days the servicer
      exceeds the designated time frames, and for any additional fees or costs that
      may be incurred due to the delay. The servicer must add its own funds in the
      remittance of the Fannie Mae repurchase portion to Fannie Mae to make up for
      any interest, fees, or costs assessed due to its failure to comply with the
      designated time frames. Hiring of Servicer It is the obligation of the responsible
      party as the new owner of the bifurcated mortgage loan or acquired bifurcated
      property to either service the mortgage loan or bifurcated property itself following
      the eﬀective date of repurchase, or to hire an entity to service the mortgage
      loan. The current servicer is not permitted to service the active bifurcated
      mortgage loan or acquired bifurcated property for the responsible party under
      the terms of the Lender Contract following repurchase, as the servicing contract
      between Fannie Mae and the servicer for such mortgage loan terminates with the
      repurchase. The responsible party must at all times keep the best interests
      of the borrower in mind when transferring the servicing of a bifurcated mortgage
      loan. For example, this might include delaying the servicing transfer a month
      at its own expense in the event all steps necessary to assure a smooth transfer
      of the servicing have not been completed at the time the RESPA notices are required
      to be mailed to the borrower, if applicable. Promptly after asking the servicer
      for a repurchase statement for an active bifurcated mortgage loan or an acquired
      bifurcated property, the responsible party must advise the servicer of the name
      of the legal entity that will be servicing the active bifurcated mortgage loan
      or acquired bifurcated property following its payment of the amount due. This
      notiﬁcation must include the name of a contact at the new servicer that the
      current servicer can work with to properly complete the servicing transfer.
      Fannie Mae Custodial Collection Account Published May 13, 2026 41 The servicer
      must deposit the Fannie Mae repurchase portion in one or more P&I custodial
      accounts that it has established for Fannie Mae in accordance with A4-1-02,
      Establishing Custodial Bank Accounts. All funds related to the bifurcated repurchase
      price that are received for a bifurcated mortgage loan must be credited to the
      custodial account no later than one business day after they are received. Processing
      of Funds Following Remittance of the Bifurcated Repurchase Price In the event
      the servicer receives any PMI payment credits or DPO payments following its
      receipt and remittance of the bifurcated repurchase price from the responsible
      party, the servicer must promptly remit these funds directly to the responsible
      party within 15 business days of their receipt. The servicer must remit these
      custodial funds to the responsible party on behalf of Fannie Mae and must not
      reduce the amount of the PMI payment credits or DPO payments by any amounts
      the responsible party may owe the servicer outside of the Lender Contract. In
      the event Fannie Mae has, in its sole discretion, assessed any compensatory
      fees or made any demands for indemniﬁcation from a party other than the responsible
      party in connection with the mortgage loan and the amount assessed is considered
      an investor loss that would have reduced the bifurcated repurchase price if
      it had been paid prior to Fannie Mae’s receipt of the bifurcated repurchase
      price, Fannie Mae agrees to use reasonable eﬀorts to forward such amounts it
      has collected directly to the responsible party upon receipt. Fannie Mae is
      not obligated to pursue collection of such amounts following receipt of the
      bifurcated repurchase price. Sharing of Information The servicer and responsible
      party must cooperate with each other in promptly sharing information necessary
      to substantiate the amounts identiﬁed on the repurchase statement. The servicer
      must provide the responsible party with documentation reasonably necessary to
      support all amounts included on the repurchase statement within ten business
      days of the responsible party’s written request. If the repurchase or make whole
      payment request involving a bifurcated mortgage loan is based exclusively on
      a breach of a selling representation or warranty, the servicer is not authorized
      to share with the responsible party any of the servicing records including collection
      notes, other than data/documents needed to substantiate the bifurcated repurchase
      price. For example, payment histories to validate the LPI or copies of mortgage
      loan modiﬁcation documents needed to validate the mortgage loan modiﬁcation
      terms or preliminary servicing transfer data reasonably necessary to transfer
      servicing if the servicing is to be transferred may be shared. Once the parties
      have agreed to the servicing transfer date for an active bifurcated mortgage
      loan, the current servicer is authorized to provide the responsible party, or
      its designee, the information it needs to meet all time- critical deadlines
      such as the dates of scheduled mediation or litigation hearings, tax sales,
      foreclosure sale dates, etc., that are scheduled to take place shortly after
      the transfer date. Documentation Retention The servicer and the responsible
      party must maintain the original documents related to the origination and servicing
      of the mortgage loans. The fact that a bifurcated mortgage loan is involved
      does not change the servicer’s obligation as servicer to maintain the complete
      mortgage loan servicing ﬁle and all other documents related to the servicing
      of the bifurcated mortgage loan. Published May 13, 2026 42 The servicer and
      the responsible party must keep all of the individual mortgage loan records,
      including, but not limited to those identiﬁed in Post-Closing Loan File Document
      Checklist, (Form 1032); any and all servicing records for the time it serviced
      the bifurcated mortgage loan; the servicing records for the time any prior servicer
      serviced the bifurcated mortgage loan; and the servicing records for a bifurcated
      mortgage loan for at least four years from the date Fannie Mae is paid in full
      unless applicable law requires longer retention or Fannie Mae speciﬁes that
      the records must be retained for a longer period. The responsible party must
      make copies of the mortgage loan records available to Fannie Mae upon its request.
      The servicer and the responsible party must be able to retrieve and reproduce
      a complete, accurate, and clear copy of the individual mortgage loan ﬁle and
      servicing documentation in its original format for the time it may have serviced
      the bifurcated mortgage loan upon request by Fannie Mae, in accordance with
      the requirements of the Selling and Servicing Guides regarding retention and
      storage of records. Following the repurchase of the active bifurcated mortgage
      loan, the acquired bifurcated property, or the remittance of the make whole
      payment, the servicer and responsible party agree to make available to Fannie
      Mae or its designee at no cost to Fannie Mae, information, data, or documents
      related to the active bifurcated mortgage loan, the liquidation of the acquired
      bifurcated property, or the remittance of the make whole payment as may reasonably
      be requested or required by Fannie Mae any time prior to four years following
      the date Fannie Mae is paid in full. Release of Records Following Fannie Mae’s
      receipt of the bifurcated repurchase price, the responsible party is entitled
      to receive a copy of the records related to the origination and servicing of
      the bifurcated mortgage loan or the acquired bifurcated property, upon its request.
      The responsible party must advise the servicer which records, if any, it wishes
      to receive. The servicer must use commercially reasonable eﬀorts to deliver
      all requested records to the responsible party or its designee. Once Fannie
      Mae has received the bifurcated repurchase price for the active bifurcated mortgage
      loan or acquired bifurcated property, the current servicer will no longer be
      servicing the active bifurcated mortgage loan or acquired bifurcated property
      for Fannie Mae. The current servicer’s obligations to indemnify Fannie Mae,
      to maintain records, and to comply with the relevant terms of the Servicing
      Guide post-transfer will survive the repurchase or make whole payment. Conﬂict
      of Interest The servicer is not permitted to use its relationship as a servicer
      with Fannie Mae as an opportunity to collect from the responsible party any
      amounts that may be independently due the servicer from the responsible party.
      To the extent the servicer and the responsible party have separate contracts
      outstanding between them in which other fees are due the servicer, such as servicing
      release premiums, excess fee amounts, etc., those amounts must be separately
      billed by the servicer to the responsible party and must not be tied in any
      way to the bifurcated repurchase price due Fannie Mae. Any attempt by the servicer
      to combine the amounts due or to refuse to accept any payment that does not
      also include other amounts which may be due from the responsible party to the
      servicer outside of the Lender Contract, will violate the policy described in
      Selling Guide A3-4-01, Conﬁdentiality of Information. Published May 13, 2026
      43 Disputes Between the Responsible Party and Servicer Any disputes between
      the servicer and the responsible party about amounts due between them under
      separate contracts must not delay or interfere with the responsible party’s
      obligation to Fannie Mae to promptly repurchase the bifurcated mortgage loan,
      acquired bifurcated property, or remit the make whole payment. In the event
      the responsible party has a good faith dispute about the calculation of the
      bifurcated repurchase price, even after the servicer has provided documentation
      to support the amount due, the servicer and responsible party must work together
      to resolve the dispute and remit the bifurcated repurchase price within the
      time frame required in Remittance of Bifurcated Repurchase Price and Appeal
      Process. Recent Related Announcements There are no recently issued Announcements
      related to this topic.'
  judgment: false
