Common use of Notice to Borrowers Clause in Contracts

Notice to Borrowers. Buyer or, at Seller’s option, Seller will promptly after the Loan Sale Closing Date, but in no event later than 30 calendar days after the Loan Sale Closing Date, at Buyer’s cost and expense, give notice of this transfer to all Borrowers or Loan servicers, in the case of Borrowers located in the United States, by first class U.S. mail at their current or last known address of record or, in the case of Borrowers located outside of the United States, in such manner as may be required under the laws, rules and regulations of the applicable jurisdiction in order to effectively give notice to such Borrowers of the transfer of the Loans. In the event there is no known address for a Borrower, no personal notice to that Borrower will be necessary. Upon subsequently locating such Borrower, Xxxxx will send such notice to such Borrower. Buyer will be liable to Seller for any and all costs and expenses incurred by Seller as a result of Xxxxx’s failure to comply with the provisions of this Section 5.16. Such costs and expenses include, but are not limited to, salaries of Seller’s personnel and other administrative expenses, the time expended by each of Seller’s employees involved in the performance of said acts at the rate of the greater of $100 per hour per employee or the then prevailing hourly rate per employee charged by Seller or FDIC to perform such services, plus all associated travel, lodging and per diem costs. Seller may, in its sole and absolute discretion, determine and assign the personnel necessary to perform said acts. Xxxxx also agrees to reimburse Seller for copies made in the course of performing said acts at the rate of 25 cents per copy. Nothing in this Section 5.16 will require Seller to provide Buyer with any information or service in this regard.

Notice to Borrowers. Buyer or, at Seller’s 's option, Seller will shall promptly after the Loan Sale Closing Date, but in no event later than 30 thirty (30) calendar days after the Loan Sale Closing Date, at Buyer’s its own cost and expense, give notice of this transfer to all Borrowers or Loan servicers, in the case of Borrowers located in the United States, by first fIrst class U.S. mail at their current or last known address of record or, in the case of Borrowers located outside of the United Statesin a Foreign Jurisdiction, in such manner as may be required under the laws, rules and regulations laws of the applicable such jurisdiction in order to effectively give notice to such Borrowers of the transfer of the Loans. In the event there is no known address for a Borrower, no personal notice to that Borrower will shall be necessary. Upon subsequently locating such Borrower, Xxxxx will Buyer shall send such notice to such Borrower. Buyer will shall be liable to Seller for any and all costs and expenses incurred by Seller as a result of Xxxxx’s Buyer's failure to comply with the provisions of this Section 5.16section. Such costs and expenses shall include, but are not be limited to, salaries of Seller’s 's personnel and other administrative expenses, the time expended by each of Seller’s 's employees involved in the performance of said acts at the rate of the greater of $100 75.00 per hour per employee or the then prevailing hourly rate per employee charged by the Seller or the FDIC to perform such services, plus all associated travel, lodging and per diem costs. Seller mayshall, in its sole and absolute discretion, determine and assign the personnel necessary to perform said acts. Xxxxx Buyer also agrees to reimburse Seller for copies made in the course of performing said acts at the rate of 25 cents ($.25) per copy. Nothing in this Section 5.16 will section shall require Seller to provide Buyer with any information or service in this regard.

Notice to Borrowers. Buyer or, at Seller’s option, Seller will promptly after the Loan Sale Closing Date, but in no event later than 30 calendar days after the Loan Sale Closing Date, at Buyer’s cost and expense, give notice of this transfer to all Borrowers or Loan servicers, in the case of Borrowers located in the United States, by first class U.S. mail at their current or last known address of record or, in the case of Borrowers located outside of the United States, in such manner as may be required under the laws, rules and regulations of the applicable jurisdiction in order to effectively give notice to such Borrowers of the transfer of the Loans. In the event there is no known address for a Borrower, no personal notice to that Borrower will be necessary. Upon subsequently locating such Borrower, Xxxxx Buyer will send such notice to such Borrower. Buyer will be liable to Seller for any and all costs and expenses incurred by Seller as a result of XxxxxBuyer’s failure to comply with the provisions of this Section 5.16. Such costs and expenses include, but are not limited to, salaries of Seller’s personnel and other administrative expenses, the time expended by each of Seller’s employees involved in the performance of said acts at the rate of the greater of $100 per hour per employee or the then prevailing hourly rate per employee charged by Seller or FDIC to perform such services, plus all associated travel, lodging and per diem costs. Seller may, in its sole and absolute discretion, determine and assign the personnel necessary to perform said acts. Xxxxx Buyer also agrees to reimburse Seller for copies made in the course of performing said acts at the rate of 25 cents per copy. Nothing in this Section 5.16 will require Seller to provide Buyer with any information or service in this regard.

Notice to Borrowers. Buyer or, at Seller’s 's option, Seller will shall promptly after the Loan Sale Closing Date, but in no event later than 30 thirty (30) calendar days after the Loan Sale Closing Date, at Buyer’s its own cost and expense, give notice of this transfer to all Borrowers or Loan servicers, in the case of Borrowers located in the United States, by first class U.S. mail at their current or last known address of record or, in the case of Borrowers located outside of the United Statesin a Foreign Jurisdiction, in such manner as may be required under the laws, rules and regulations laws of the applicable such jurisdiction in order to effectively give notice to such Borrowers of the transfer of the Loans. In the event there is no known address for a Borrower, no personal notice to that Borrower will shall be necessary. Upon subsequently locating such Borrower, Xxxxx will Buyer shall send such notice to such Borrower. Buyer will shall be liable to Seller for any and all costs and expenses incurred by Seller as a result of Xxxxx’s Buyer's failure to comply with the provisions of this Section 5.16section. Such costs and expenses shall include, but are not be limited to, salaries of Seller’s 's personnel and other administrative expenses, the time expended by each of Seller’s 's employees involved in the performance of said acts at the rate of the greater of $100 75.00 per hour per employee or the then prevailing hourly rate per employee charged by the Seller or the FDIC to perform such services, plus all associated travel, lodging and per diem costs. Seller mayshall, in its sole and absolute discretion, determine and assign the personnel necessary to perform said acts. Xxxxx Buyer also agrees to reimburse Seller for copies made in the course of performing said acts at the rate of 25 cents ($.25) per copy. Nothing in this Section 5.16 will section shall require Seller to provide Buyer with any information or service in this regard.