Defaulted Loans. The Borrower or the Services Provider (on behalf of the Borrower) may direct the Collateral Agent in writing to sell any Defaulted Loan at any time during or after the Reinvestment Period without restriction.
Defaulted Loans. The Borrower or the Collateral Manager may direct the Collateral Agent in writing to sell any Defaulted Loan at any time during or after the Reinvestment Period without restriction; provided that the sale of a Defaulted Loan to an Affiliate shall be at a price at least equal to its Market Value and such Market Value shall not be determined pursuant to clause (d) or (e) of the definition thereof.
Defaulted Loans. A failure to repay the loan in accordance with the loan terms where the terms satisfy § 72(p)(2) may be corrected by (i) a lump sum repayment equal to the additional repayments that the affected participant would have made to the plan if there had been no failure to repay the plan, plus interest accrued on the missed repayments, (ii) reamortizing the outstanding balance of the loan, including accrued interest, over the remaining payment schedule of the original term of the loan or the period remaining had the loan been amortized over the maximum period that complies with § 72(p)(2)(B), measured from the original date of the loan, or (iii) any combination of (i) or (ii).
Defaulted Loans. A Loan shall default upon the occurrence of any of the following: (a) the Borrower fails to make any payment when due, (b) the Borrower makes any statement or representation in connection with obtaining a Loan which is false, (c) the Borrower fails to keep any promise or agreement it made to the Lender in any promissory note evidencing a Loan, or (d) the CSO Contract related to such Loan is cancelled for any reason prior to the Lender receiving payment in full on such Loan. Pursuant to each CSO Contract, and regardless of whether the CSO Contract is cancelled, Cash America agrees to, and hereby does, unconditionally guaranty, on behalf of the Borrower, and for the benefit of Lender, the prompt payment of all amounts due under each Loan to Lender. In full satisfaction of such guaranty obligations, Cash America will, on the day a Loan defaults, purchase such Loan from Lender for an amount equal to the principal, interest and fees accrued and outstanding as of such date. All such purchased Loans will be assigned by Lender to Cash America without recourse pursuant to a Master Assignment of Promissory Notes to be executed by Cash America and Lender on even date herewith. Following such assignment, all amounts paid by Borrowers with respect to such purchased Loans (including the proceeds of any new Loans made to Borrowers by Lender for the purpose of refinancing such purchased Loans) shall be for the account of Cash America.
Defaulted Loans. Notwithstanding anything to the contrary in any Program Document, the Servicer shall sell on behalf of the Purchaser any Mortgage Loan that becomes a Defaulted Loan as soon as practicable after becoming a Defaulted Loan.
Defaulted Loans. A failure to repay the loan in accordance with the loan terms where the terms satisfy § 72(p)(2) may be corrected by (i) a lump sum repayment equal to the additional repayments that the affected participant would have made to the plan if there had been no failure to repay the plan, plus interest accrued on the missed repayments, (ii) reamortizing the outstanding balance of the loan, including accrued interest, over the remaining payment schedule of the original term of the loan, or (iii) any combination of (i) or (ii).
Defaulted Loans. Upon any Loan becoming a Defaulted Loan, (i) with respect to a monetary default, the Servicer shall promptly notify the Seller, the Buyer and the Sub-Servicer and (ii) with respect to a monetary (with respect to the Initial Loan and any Permitted Escrow Loan) or non-monetary default, the Sub-Servicer shall promptly notify the Seller, the Buyer and the Servicer. Within thirty (30) days after receipt of notice that a Loan has become a Defaulted Loan, the Sub-Servicer shall send a summary of the status of such Defaulted Loan and any negotiations with the applicable Borrower to the Seller, the Buyer and the Servicer, together with the Sub-Servicer’s proposed course of action with respect to such Defaulted Loan. Without duplication of any of the approvals under the Master Contract, the Seller and the Buyer shall have the right to approve any proposed course of action; provided however, all such modifications, consents or waivers shall be subject to the terms and conditions provided in Section 3.07 herein. Any approval of such strategy by the Seller and the Buyer shall not, in and of itself for purposes of Section 3.07 or any other provision of this Agreement, satisfy any requirement for the consent of the Buyer or approval of actions of the Sub-Servicer or of a Material Modification and any failure to approve the proposed course of action shall not be deemed an approval of any such action; the Seller (except during the continuance of a Default) and the Buyer shall have consultation rights throughout the workout and/or foreclosure process. In addition, for so long as such Loan remains a Defaulted Loan, the Sub-Servicer shall send an updated summary of the status of such Defaulted Loan to each of the parties on each Remittance Date as to the status of such Defaulted Loan or the Sub-Servicer’s proposed course of action, which shall be approved by the Seller and the Buyer, with respect thereto since the date of delivery of the prior report delivered by the Sub-Servicer. If Seller is required to repurchase such Defaulted Loan as a result of it becoming an “Ineligible Asset” (as defined in the Master Contract), Servicer shall transfer such Loan to the Seller upon consummation of the repurchase obligation in the Master Contract and this Agreement shall be terminated with respect to such Loan. Servicer shall have no obligation to service the Defaulted Loan, except to collect any principal and interest payments.
Defaulted Loans. A Loan shall default upon the occurrence of any of the following:
(a) the Borrower fails to make any payment when due, (b) the Borrower makes any statement or representation in connection with obtaining a Loan which is false, (c) the Borrower fails to keep any promise or agreement it made to the Lender in any promissory note evidencing a Loan, or (d) the CSO Contract related to such Loan is cancelled for any reason prior to the Lender receiving payment in full on such Loan. Pursuant to each CSO Contract, and regardless of whether the CSO Contract is cancelled, CSO agrees to issue on behalf of each CSO-approved Borrower, and for the benefit of Lender, a LOC for the prompt payment of all amounts due to Lender under each Loan made under the Loan Program. The LOC shall be equal to the amount of principal and interest owed as of the Loan due date and fees accrued and outstanding as of the time Lender makes demand under the LOC, which shall be either (1) at the close of business on the day the Loan defaults, for defaults for which there is no cure period, or (2) immediately after (A) any applicable cure or collection period expires as provided in the Program Guidelines, (B) the Borrower does not renew, extend or repay in full the Loan and (C) the initiation of an electronic funds transfer on behalf of the Lender does not result in the Loan being paid in full. Each defaulted Loan paid in full by CSO under a LOC shall be marked as "satisfied", as provided in the Program Guidelines.
Defaulted Loans. (i) Immediately upon learning of the occurrence of any material default under any Loan (including, without limitation, any payment default or any default entitling the lender under the Loan to accelerate the indebtedness outstanding under the Loan), it shall inform Manager in writing, and (ii) within 30 days thereafter, shall propose in writing an updated Business Plan incorporating its recommendation regarding engagement of legal counsel, enforcement of rights and remedies, workout strategy and any other actions necessary to the ultimate resolution of the Loan, and in consultation with Servicer, Manager shall determine a resolution strategy which shall be incorporated into the updated Business Plan, and thereafter, Servicer shall use its commercially reasonable efforts to implement such approved resolution strategy.
Defaulted Loans. A Loan shall default upon the occurrence of any of the
(a) Borrower fails to make payments when due, (b) Borrower makes any statement or representation in connection with obtaining a Loan which is materially false or misleading when made, or (c) Borrower fails to keep any promise or agreement it made to Lender in any promissory note or other document evidencing or relating to a Loan. Originator agrees to repay an amount equal to any Monthly Fee previously earned for each defaulted Loan. Originator expressly agrees that Lender may deduct the amount of the Monthly Fee for each defaulted Loan as referred in Section 3(g). 7.
