Common use of Claim Process Clause in Contracts

Claim Process. After reasonable efforts have been ex- hausted to collect on a delinquent debt, the Participating Lender may demand in writing that DOT OSDBU honor its loan guarantee, provided however that the maximum liability of DOT OSDBU shall not at any time exceed the guar- anteed amount. The borrower must be in default for no less than thirty (30) days, and the Participating Lender must have made written demand for payment from the borrower, in accord- ance with the guarantee agreement.

Claim Process. After reasonable efforts have been ex- hausted to collect on a delinquent debt, the Participating Lender may demand in writing that DOT OSDBU honor its loan guarantee, provided however that the maximum liability of DOT OSDBU shall not at any time exceed the guar- anteed amount. The borrower must be in default for no less than thirty (30) days, and the Participating Lender must have made written demand for payment from the borrower, in accord- ance with the guarantee agreement. Sec. 23.1 What are the objectives of this part?