<SEC-DOCUMENT>0001030469-14-000038.txt : 20150106
<SEC-HEADER>0001030469-14-000038.hdr.sgml : 20150106
<ACCEPTANCE-DATETIME>20141002142202
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001030469-14-000038
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20141002

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OFG BANCORP
		CENTRAL INDEX KEY:			0001030469
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				660538893
		STATE OF INCORPORATION:			PR
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		254 MU?OZ RIVERA AVENUE
		CITY:			SAN JUAN
		STATE:			PR
		ZIP:			00918
		BUSINESS PHONE:		7877716800

	MAIL ADDRESS:	
		STREET 1:		254 MU?OZ RIVERA AVENUE
		CITY:			SAN JUAN
		STATE:			PR
		ZIP:			00918

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ORIENTAL FINANCIAL GROUP INC
		DATE OF NAME CHANGE:	19970110
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:5.0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">October 2, 2014</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Gus Rodriguez</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Accounting Branch
Chief</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Division of
Corporation Finance</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Securities and
Exchange Commission</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">100 F Street</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Washington, DC
20549</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Re:&#160;&#160;&#160;&#160;&#160;&#160; OFG Bancorp</font></p>

<p style="margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Form 10-K for Fiscal Year Ended
December 31, 2013</font></p>

<p style="margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Filed March 3, 2014</font></p>

<p style="margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">File No. 001-12647</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Dear Mr.
Rodriguez:</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">We are responding to your letter,
dated September 22, 2014, relating to the filing referenced above of OFG
Bancorp (the &#8220;Company&#8221;). Each of your comments is set forth below, together
with our corresponding response. For ease of reference, we have repeated each
of your questions or comments, in bold face, immediately prior to our related
response.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.25in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Form 10-K for the Year Ended
December 31, 2013</font></u></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;text-decoration:none;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Item 7. Management&#8217;s Discussion
and Analysis of Financial Condition and Results of Operations</font></u></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;text-decoration:none;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">General</font></u></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;text-decoration:none;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">1.</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">Please
include a discussion of the segment operating results as identified in Note 23
in future filings. Refer to Item 303(a)(3) of Regulation S-K.</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">We acknowledge the Staff&#8217;s
comments and confirm that in future filings we will include a discussion of the
segment operating results as identified in Note 23.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>





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<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-decoration:none;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Table 2 &#8211; Non-Interest Income
Summary</font></u></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Comparison of the years ended
December 31, 2013 and 2012, page 51</font></u></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">2.</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">You
disclose that the higher FDIC loss sharing expense in 2013 compared to prior
year periods was primarily attributable to reduced projected losses expected to
be collected from the FDIC and the improved accretable yield on covered loans.
Please tell us and revise future filings to disclose the underlying factors that
led to your revision of the projected losses from the FDIC and the improved
accretable yield on covered loans. Additionally, please more fully quantify and
explain how material annual changes in individual components of FDIC loss
sharing expense, net, impacted the overall annual net change in this account in
future filings.</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">The FDIC loss sharing
expense bears an inverse relationship with a change in the yield of covered
pools in accordance with ASC 310-30. ASC 310-30 dictates that such pools should
be subject to increases in their yield when the present value of the expected
cash flows is higher than the pool&#8217;s carrying balance. When the increases in
cash flow expectations are driven by reductions in the expected credit losses,
the Bank recognizes that such losses are no longer expected to be collected
from the FDIC. Accordingly, the Bank reduces the FDIC indemnification asset by
amortizing the reduction in expected collections throughout the remaining life
of the underlying pools. This amortization is recognized in the FDIC loss
sharing expense.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">The underlying
factors that caused an increase in the expected cash flows and resulting
reduction in projected losses are derived from the pool-level cash flow
forecasts. Credit loss assumptions used to develop each pool-level cash flow
forecast are based on the behavior of defaults, recoveries and losses of the
corresponding pool of covered loans. The Company developed such credit loss
assumptions based on a third-party&#8217;s market valuations, which analyzed loan-level
migration, pool-level historical performance, and individual appraisal and
workout strategies for large heterogeneous loans. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">As disclosed in the
Management&#8217;s Discussion and Analysis of Financial Condition and Results of
Operations, page 37 of the Form 10K for the year ended December 31, 2013,
credit losses recorded in the covered loan portfolio were lower than expected,
which resulted in higher than expected cash flows, yield and cost recoveries. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">As requested, we will
revise future filings to include the foregoing discussion and to</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;"> </font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">more
fully quantify and explain how material annual changes in individual components
of FDIC loss sharing expense, net, impacted the overall annual net change in
this account.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;text-decoration:none;">&nbsp;</font></p>





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<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-decoration:none;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Notes to Consolidated Financial
Statements</font></u></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Note 10. FDIC Loss Share Asset
and True-Up Payment Obligation, page 153</font></u></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">3.</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">Please
consider presenting a roll forward of the Clawback liability in future filings
for each period presented with commentary to allow an investor to understand
the significant drivers of the changes, including how they are reflected in
specific Consolidated Statements of Operations line items, as appropriate.</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">We acknowledge the Staff&#8217;s
comments and confirm that in future filings we will present a roll forward of
the Clawback liability for each period presented with commentary explaining the
significant drivers of the changes, including how they are reflected in
specific line items of the Consolidated Statements of Operations, as
appropriate.</font></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Note 22. Fair Value of Financial
Instruments, page 183</font></u></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">4.</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">Please
revise future filings to include quantitative information for Foreclosed real
estate measured at fair value on a non-recurring basis as required by ASC
820-10-50-2.bbb.</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">We acknowledge the Staff&#8217;s
comments and confirm that in future filings we will include quantitative
information for Foreclosed real estate measured at fair value on a
non-recurring basis.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Note 24. OFG Bancorp (Holding
Company Only) Financial Information, page 193</font></u></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">5.</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">You
classified dividends received from your banking and non-banking subsidiaries of
$15.6 million in 2013, $385 million in 2012 and $87 million in 2011 as cash
flows from investing activities. Please tell us why you classified these cash
inflows to the parent company as investing cash flows as opposed to operating
cash flows. Please refer to ASC 230-10-45-16(b) for specific guidance on how to
classify dividends received on a statement of cash flows.</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">The dividends received by the
Company from its wholly owned banking and non-banking subsidiaries are accounted
under the equity method. Under the equity method, the Company recognizes its
share of the earnings or losses of its investment in the wholly owned
subsidiaries in the periods for which they are reported by the subsidiaries in
their financial statements, rather than in the period in which the subsidiaries
declare a dividend. In accordance with ASC 323-10-35-4, the Company adjusts the
carrying amount of its investment in the subsidiaries for its share of the
earnings or losses of the subsidiaries after the date of investment and reports
the recognized earnings or losses in income. Pursuant to ASC 323-10-35-17,
dividends received from its subsidiaries reduce the carrying amount of the
investment. Therefore, the dividends received by the Company were included in
the statement of cash flows as cash flows from investing activities in
accordance with ASC 230-10-45-12(b).</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">As requested, we hereby
acknowledge that:</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">The Company is responsible for the adequacy and accuracy of the
disclosure in the filing</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">Staff comments or changes to disclosure in response to staff
comments do not foreclose the Commission from taking any action with respect to
the filing; and</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">The Company may not assert staff comments as a defense in any
proceeding initiated by the Commission or any person under the federal
securities laws of the United States.</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;Please do
not hesitate to contact the undersigned if you have any questions or if you
require additional information regarding this matter.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:4.25in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Respectfully
submitted,</font></p>

<p style="margin-bottom:.0001pt;margin-left:4.25in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:4.25in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">/s/ Ganesh Kumar</font></p>

<p style="margin-bottom:.0001pt;margin-left:4.25in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Ganesh Kumar</font></p>

<p style="margin-bottom:.0001pt;margin-left:4.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Executive Vice President and CFO</font></p>

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