Electronic Loan File Clause Samples
The 'Electronic Loan File' clause defines the requirements and procedures for maintaining and transmitting loan documentation in electronic format. It typically specifies which documents must be included in the electronic file, the acceptable formats, and the security or access protocols for sharing these files between parties such as lenders, servicers, or investors. By standardizing the handling of digital loan records, this clause ensures efficient, secure, and consistent management of loan information, reducing the risk of lost paperwork and streamlining the loan processing workflow.
Electronic Loan File. On each Reporting Date and on any other date requested by the Administrative Agent in its sole discretion (upon no less than three (3) Business Days’ notice), the Borrower shall deliver to each Managing Agent and the Administrative Agent, an electronic file containing information on individual Loans and Obligors in form and content reasonably acceptable to the Administrative Agent.