Common use of Claims by Lender to Reserve Fund Clause in Contracts

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 MBDC BDC by submitting a completed claim form in the form attached hereto as Exhibit D, or such modified exhibit as may be specified by MBDCBDC, 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. XxxxxxLender’s Claim may include in addition to the amount of principal and up to 6 months accrued interest charged off (in each case subject to the last sentence of this paragraph) off, an amount which represents its out-of-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 collateral so long as the total amount of principal and accrued interest included in the Claim shall does 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 BDC 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 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. XxxxxxLender’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.