Claims by Lender to Reserve Fund. If the Lender charges off all or part of an Enrolled Loan, the Lender may file a Claim with the VSBFA by submitting a completed claim form in the form attached as Exhibit 5 bearing the execution signature of an authorized officer of the Lender. Any Claim that is filed under this Agreement shall be filed within 120 days of the action of the Lender to charge off all or part of the Enrolled Loan. The Lender shall determine when and how much to charge off of an Enrolled Loan in a manner consistent with its normal method for making such determinations on business loans which are not Enrolled Loans. The Lender’s Claim may include the amount of principal charged off, plus up to ninety (90) days’ accrued interest, and an amount which represents Xxxxxx’s customary and reasonable out-of-pocket expenses incurred in pursuing its collection efforts, including preservation of any collateral. However, in the event that only a portion of the amount of the Enrolled Loan is enrolled in the Program, reimbursement of interest and out-of-pocket expenses will be limited to the ratio of the enrolled portion of the Enrolled Loan to the total amount of the Enrolled Loan. The Lender shall retain documentation in its files evidencing all expenses for which a Claim is filed. The amount of principal, accrued interest and out-of pocket expenses included in the Claim shall not exceed the principal amount covered under the Program upon enrollment.
Claims by Lender to Reserve Fund. If the Lender charges off all or part of an Enrolled Loan, the Lender may file a Claim with MBDC by submitting a completed claim form in the form attached hereto as Exhibit D, or such modified exhibit as may be specified by MBDC, bearing the execution signature of an authorized officer of the Lender. Any Claim that is filed hereunder shall be filed contemporaneously with the action of the Lender to charge off all or part of the loan. Xxxxxx’s Claim may include in addition to the amount of principal and accrued interest charged off (in each case subject to the last sentence of this paragraph) an amount which represents its out-of-pocket expenses incurred in pursuing its collection efforts, including preservation of collateral. The Lender shall retain documentation in its files evidencing all expenses for which a Claim is filed. The amount of principal and accrued interest included in the Claim shall not exceed the principal amount covered under the Program upon enrollment, plus not more than six months accrued interest thereon. With respect to each Enrolled Loan, the Lender shall determine when and how much of such loan to charge off in a manner consistent with its normal method for making such determinations on business loans that are not Enrolled Loans. If the Lender files two (2) or more Claims contemporaneously, and if there are insufficient funds in the Reserve Fund at that time to cover the entire amounts of such Claims, the Lender may designate the order of priority in which MBDC shall pay such claims in accordance with Section 5.4.
Claims by Lender to Reserve Fund. If the Lender charges off all or part of an Enrolled Loan, the Lender may file a Claim with the Center by submitting a completed claim form attached as Exhibit 4, or as otherwise approved by the Center, bearing the execution signature of an authorized officer of the Lender. Any Claim that is filed under this Agreement shall be filed contemporaneously with the action of the Lender to charge off all or part of the loan. Xxxxxx’s Claim may include the amount of principal charged off plus up to ninety days’ accrued interest, and up to one half (1/2) of the reasonable documented out-of-pocket expenses incurred in pursuing collection efforts, including the preservation of collateral. The amount of principal and accrued interest included in the Claim shall not exceed the principal amount covered under the Program upon enrollment, plus up to ninety days’ accrued interest attributable to such covered principal amount. The Lender may file more than one Claim in connection with a loan if the original Claim represented a partial charge-off of the loan or if the Lender incurs expenses in connection with a loan subsequent to the filing of a prior claim on that loan. The Lender shall determine when and how much to charge off on an Enrolled Loan in a manner consistent with its normal method for making such determinations on business loans which are not Enrolled Loans. If the Lender files two (2) or more Claims contemporaneously, and if there are insufficient funds in the Reserve Fund at that time to cover the entire amounts of those Claims, the Lender may designate the order of priority in which the Center shall pay the claims in accordance with Section 5.4.
Claims by Lender to Reserve Fund. If the Lender charges off all or part of an Enrolled Loan, the Lender may file a Claim with the MSF by submitting a completed claim form in the form attached as Exhibit 4, or as otherwise approved by the MSF, bearing the execution signature of an authorized officer of the Lender. Any Claim that is filed under this Agreement shall be filed contemporaneously with the action of the Lender to charge off all or part of the loan. Lender’s Claim may include the amount of principal charged off plus up to ninety days’ accrued interest. The amount of principal and accrued interest included in the Claim shall not exceed the principal amount covered under the Program upon enrollment, plus up to ninety days’ accrued interest attributable to such covered principal amount. The Lender shall determine when and how much to charge off on an Enrolled Loan in a manner consistent with its normal method for making such determinations on business loans which are not Enrolled Loans. If the Lender files two (2) or more Claims contemporaneously, and if there are insufficient funds in the Reserve Fund at that time to cover the entire amounts of those Claims, the Lender may designate the order of priority in which the MSF shall pay the claims in accordance with Section 5.4.
Claims by Lender to Reserve Fund. If the Lender charges off all or part of an Enrolled Loan, the Lender may file a Claim with the VSBFA by submitting a completed claim form in the form attached as Exhibit 5 bearing the execution signature of an authorized officer of the Lender. Any Claim that is filed under this Agreement shall be filed within 120 days of the action of the Lender to charge off all or part of the Enrolled Loan. The Lender shall determine when and how much to charge off of an Enrolled Loan in a manner consistent with its normal method for making such determinations on business loans which are not Enrolled Loans. The Lender’s Claim may include the amount of principal charged off, plus up to ninety (90) days’ accrued interest, and an amount which represents Lender’s customary and reasonable out-of-pocket expenses incurred in pursuing its collection efforts, including preservation of any collateral. Late fees charged by the Lender shall not be eligible for reimbursement and m ay not be included in the Lender’s claim amount. In the event that only a portion of the amount of the Enrolled Loan is enrolled in the Program, reimbursement of interest and out-of-pocket expenses will be limited to the ratio of the enrolled portion of the Enrolled Loan to the total amount of the Enrolled Loan. The Lender shall retain documentation in its files evidencing all expenses for which a Claim is filed. The amount of principal, accrued interest and out-of pocket expenses included in the Claim shall not exceed the principal amount covered under the Program upon enrollment.
