PRINCIPAL CHARGEOFF REIMBURSEMENT Clause Samples
The Principal Chargeoff Reimbursement clause establishes the obligation for one party to reimburse another for principal amounts that have been charged off, typically due to borrower defaults or uncollectible debts. In practice, this clause specifies the conditions under which reimbursements must be made, such as the timing, calculation method, and documentation required to substantiate the chargeoff. Its core function is to allocate the financial risk of principal losses, ensuring that the party bearing the risk is compensated and that the financial interests of the parties are clearly defined in the event of loan defaults.
PRINCIPAL CHARGEOFF REIMBURSEMENT. A Principal Chargeoff Reimbursement in relation to the Standby Redraw Facility Principal pursuant to clause 9.2 of the Series Supplement increases the amount of the Standby Redraw Facility Principal immediately prior to such Principal Chargeoff Reimbursement with effect from the Distribution Date following the Determination Date upon which the Principal Chargeoff Reimbursement was determined.
PRINCIPAL CHARGEOFF REIMBURSEMENT. 11 7....PAYMENTS.............................................................................................11
PRINCIPAL CHARGEOFF REIMBURSEMENT. A Principal Chargeoff Reimbursement in relation to the Standby Redraw Facility Principal pursuant to clause 9.2 of the Series Supplement increases the amount of the Standby Redraw Facility Principal immediately prior to such Principal Chargeoff Reimbursement with effect from the Distribution Date following the Determination Date upon which the Principal Chargeoff Reimbursement was determined. --------------------------------------------------------------------------------