Recovery by Lender Subsequent to Claim Sample Clauses

Recovery by Lender Subsequent to Claim. If after payment of a Claim to the Lender by the MSF, the Lender recovers from a Borrower any amount for which payment of the Claim was made, the Lender shall promptly pay into the Reserve Fund the amount recovered (a) less Lender’s reasonable and customary out-of-pocket expenses and (b) less the amount of recovery in excess of the principal amount of the original amount of Loan as an Enrolled, plus so much of up to ninety (90) calendar days accrued and unpaid interest made part of the Claim. The Lender shall provide in writing, an itemized accounting to the Loan Manager of all such recovery, and deductions, and evidence of its ultimate payment into the Reserve Fund commensurate with its payment into the Reserve Fund.
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Recovery by Lender Subsequent to Claim a) If after payment of a Claim by the VSBFA, the Lender recovers from a Borrower any amount for which payment of the Claim was made, the Lender shall promptly pay to the VSBFA for deposit in the Reserve Fund an amount recovered equal to the payment received from the VSBFA for the Claim, less the Lender’s customary and reasonable out-of-pocket expenses. The Lender shall retain documentation in its files evidencing those expenses. Notwithstanding anything to the contrary herein, Lender shall be required to make the foregoing payment solely to the extent that the amount recovered by Lender from the Borrower for an Enrolled Loan for which Lender made a Claim, when added to the payments received by Lender under such Claim, exceeds Lender’s loss on such Enrolled Loan. b) For the purposes of this Section and Section 5.4, the Lender’s loss on an Enrolled Loan may include loss of principal up to the enrolled amount and up to 90 days accrued but unpaid interest on the enrolled principal balance, plus an amount which represents Lender’s documented customary and reasonable out-of-pocket expenses incurred in pursuing its collection efforts with respect to the enrolled portion of any loan, including preservation of any collateral. c) The Lender’s recovery of any amount written-off in connection with any loan that is not an Enrolled Loan made to a borrower, whether or not such borrower is participating in the Program, shall not be paid to the VSBFA for deposit in the Reserve Fund.
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Recovery by Lender Subsequent to Claim. If subsequent to payment of a Claim by MBDC the Lender shall recover any amount with respect to the loan for which payment of the Claim was made, the Lender shall promptly pay to MBDC for deposit in the Reserve Fund such amount as is recovered, less any out-of-pocket expenses incurred in connection with such recovery, but in any event only to the extent that such net recovery exceeds the Lender’s loss on such loan after taking into account payment of such Claim and any prior net recoveries with respect to such loan. The Lender shall retain documentation in its file evidencing any such out-of- pocket recovery expenses. For the purposes of this Section and Section 5.6, the Lender’s loss on an Enrolled Loan shall include any losses on the loan involving principal, not more than six months accrued interest thereon, and documented out-of-pocket collection expenses, including expenses attributable to principal amounts in excess of the amount covered under the Program or the principal amount included in the Claim.
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Recovery by Lender Subsequent to Claim. If, subsequent to the payment of a Claim by the Department, the Lender recovers from a Borrower or for the Borrower's account any amount for which payment of a Claim was made, the following shall apply: (a) If the recovered amount, when added to the Claim previously paid by the Department in connection with an Enrolled Loan, exceeds the Lender's loss on that Enrolled Loan, the Lender must notify the Department, and promptly pay into the Reserve Fund Account the amount of the excess. (b) For purposes of this Section and Section 5.6 of this Agreement, the Lender's loss on an Enrolled Loan shall be the amount of the principal and accrued interest charged off by the Lender plus one-half (1/2) of the reasonable and documented out-of-pocket expenses incurred by the Lender in pursuing collection efforts.
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Recovery by Lender Subsequent to Claim. If after payment of a Claim by IBGC, the Lender recovers from a Borrower any amount for which payment of the Claim was made, the Lender shall promptly pay to IBGC for deposit in the Reserve Fund the amount recovered, less its out-of-pocket expenses. The Lender shall retain documentation in its files evidencing those expenses. The Lender shall only be required to pay to IBGC amounts in excess of the amount of recovery needed to fully cover the Lender’s loss on an Enrolled Loan.
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Recovery by Lender Subsequent to Claim. If after payment of a Claim by the MSF, the Lender recovers from a Borrower any amount for which payment of the Claim was made, the Lender shall promptly pay to the MSF for deposit in the Reserve Fund the amount recovered, less its out-of-pocket expenses. The Lender shall retain documentation in its files evidencing those expenses. The Lender shall only be required to pay to the MSF amounts in excess of the amount of recovery needed to fully cover the Lender’s loss on an Enrolled Loan. For the purposes of this Section and Section 5.6, the Lender’s loss on an Enrolled Loan may include loss of principal up to the enrolled amount and up to 90 days accrued interest on the enrolled principal balance.
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Recovery by Lender Subsequent to Claim. (a) If subsequent to payment of all or part of a Claim by the Program Manager the Lender recovers any amount due on the Loan, the Lender shall within ten (10) Business Days both notify the Program Manager in writing and deposit in the GCCR Account (or if the account has been closed for any reason, shall directly pay to the Program Manager) such amount recovered, less (a) any amount of the Lender’s loss on the Loan not covered by the Claim paid, and (b) reasonable out-of-pocket expenses incurred. The Lender shall retain documentation in its files evidencing any such expenses which may be reviewed by the Program Manager upon request. (b) In the event of any such recovery, the Lender shall no later than ten (10) Business Days after such recovery, provide the Program Manager with a written statement containing the following information: the name of the borrower; the amount recovered; the date the Claim was filed; the date the Claim was paid; the amount of the Lender’s loss not covered by the paid Claim; the recovery costs incurred by the Lender; and the date the recovered funds were deposited into its GCCR Account. The Lender shall attach a copy of the deposit slip showing that the recovered funds were deposited into the GCCR Account to the written statement.
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Recovery by Lender Subsequent to Claim. If after payment of a Claim by the Center, the Lender recovers from a Borrower any amount for which payment of the Claim was made, the Lender shall promptly pay to the Center for deposit in the Reserve Fund the amount recovered, less its out-of-pocket expenses. The Lender shall retain documentation in its files evidencing those expenses. The Lender shall only be required to pay to the Center amounts in excess of the amount of recovery needed to fully cover the Lender’s loss on an Enrolled Loan.
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Related to Recovery by Lender Subsequent to Claim

  • CONDITIONS PRECEDENT TO SELLER'S OBLIGATION TO CLOSE Sellers' obligation to sell the Shares and to take the other actions required to be taken by Sellers at the Closing is subject to the satisfaction, at or prior to the Closing, of each of the following conditions (any of which may be waived by Sellers, in whole or in part):

  • CONDITIONS PRECEDENT TO BUYER'S OBLIGATION TO CLOSE Buyer's obligation to purchase the Shares and to take the other actions required to be taken by Buyer at the Closing is subject to the satisfaction, at or prior to the Closing, of each of the following conditions (any of which may be waived by Buyer, in whole or in part):

  • Conditions Precedent to Obligations to Consummate 9.1 Conditions to Obligations of Each Party. The respective obligations of each Party to perform this Agreement and to consummate the Merger are subject to the satisfaction of the following conditions, unless waived by both Parties pursuant to Section 11.6 of this Agreement:

  • CONDITIONS PRECEDENT TO PURCHASER'S OBLIGATION TO CLOSE Purchaser's obligation to purchase the Shares and to take the other actions required to be taken by Purchaser at the Closing is subject to the satisfaction, at or prior to the Closing, of each of the following conditions (any of which may be waived by Purchaser, in whole or in part):

  • Conditions Precedent to Closing Date The occurrence of the Closing Date and the obligation of each Lender to make any Advance hereunder on the Closing Date shall be subject to the conditions precedent that the Administrative Agent shall have received on or before the Closing Date the following, each in form and substance reasonably satisfactory to the Administrative Agent, or, as applicable, the events set forth below shall have occurred (or such applicable conditions precedent have been waived by the Administrative Agent): (a) each of the Facility Documents (other than the Collateral Administration and Agency Fee Letter) duly executed and delivered by the parties thereto, which shall each be in full force and effect; (b) true and complete copies certified by a Responsible Officer of the Borrower of all Governmental Authorizations, Private Authorizations and Governmental Filings, if any, required in connection with the transactions contemplated by this Agreement and the other Facility Documents; (c) each of the representations and warranties of the Borrower, the Collateral Manager and the Equityholder contained in the Facility Documents shall be true and correct as of the Closing Date (except to the extent such representations and warranties expressly relate to any earlier date, in which case such representations and warranties shall be true and correct as of such earlier date); (d) one or more certificates of a Responsible Officer of each of the Borrower, the Equityholder and the Collateral Manager certifying (i) as to its Constituent Documents, (ii) as to its resolutions or other action of its general partner, board of directors or board of managers or members approving this Agreement and the other Facility Documents to which it is a party and the transactions contemplated hereby and thereby, (iii) that each of such Person’s representations and warranties made by such Person in the Facility Documents to which it is a party are true and correct as of the Closing Date (except to the extent such representations and warranties expressly relate to any earlier date, in which case such representations and warranties shall be true and correct as of such earlier date), (iv) that no Default or Event of Default has occurred and is continuing, and (v) as to the incumbency and specimen signature of each of its Responsible Officers authorized to execute the Facility Documents to which it is a party; (e) proper financing statements, in acceptable form for filing on the Closing Date, under the UCC with the Secretary of State of the State of Delaware and any other applicable filing office in any applicable jurisdiction that the Administrative Agent deems reasonably necessary or desirable in order to perfect the interests in the Collateral contemplated by this Agreement and such further instruments and such further actions that the Administrative Agent deems reasonably necessary or desirable in order to perfect the Collateral Agent’s first-priority security interest in the Collateral; (f) legal opinions (addressed to each of the Secured Parties) of (i) counsel to the Borrower, the Collateral Manager and the Equityholder, covering customary corporate matters (including opinions regarding no conflict with covered Laws and non-contravention with organizational documents and the status of the Borrower under the Investment Company Act), substantive non-consolidation of the Borrower with the Equityholder, the true sale nature of any transfers to the Borrower of Collateral Assets from the Equityholder, perfection of the Collateral Agent’s security interest in the Collateral and such other matters as the Administrative Agent and its counsel shall reasonably request and (ii) counsel to the Collateral Administrator, the Collateral Agent and the Custodian, covering corporate and enforceability matters, and such other matters as the Administrative Agent and its counsel shall reasonably request; (g) reserved; (h) all of the Covered Accounts shall have been established and shall be subject to the Account Control Agreement; (i) evidence reasonably satisfactory to it that (i) all fees and expenses due and owing to the Administrative Agent on or prior to the Closing Date have been received or will be received contemporaneously with the Closing Date; and (ii) the reasonable and documented fees and expenses of counsel to the Administrative Agent and the Lenders, of counsel to the Custodian and of counsel to the Collateral Agent, the Securities Intermediary and the Collateral Administrator in connection with the transactions contemplated hereby, shall have been paid by the Borrower; (j) evidence reasonably satisfactory to it that an amount equal to the Unfunded Reserve Required Amount with respect to the Collateral Assets to be acquired on the Closing Date shall have been deposited into the Unfunded Reserve Account; (k) a solvency certificate reasonably satisfactory to it from an authorized signatory of the Borrower and the Equityholder; (l) with respect to any Advance to be made on the Closing Date, the Lenders and the Administrative Agent shall have received a Notice of Borrowing with respect to such Advance demonstrating that immediately after the making of such initial Advance, the Borrowing Base Test shall be satisfied; (m) the Borrower shall have instructed all Obligors or, if applicable, the administrative agents, on the Collateral Assets (or, in the case of Participation Interests, the related seller of such Participation Interest) that all payments shall be made directly to the Collection Account and all Collections received by the Borrower or its Affiliates with respect to the Collateral shall be held in trust for the benefit of the Collateral Agent on behalf of the Secured Parties; and (n) sufficiently in advance of the Closing Date, (x) all documentation and other information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act and (y) if the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in relation to the Borrower.

  • Conditions Precedent to the Loan The obligation of the Lender to disburse the Initial Advance and to fund the Certificate of Deposit shall be subject to satisfaction of the following conditions, unless waived in writing by the Lender: (a) all legal matters and all Transaction Documents incident to the transactions contemplated hereby shall be reasonably satisfactory, in form and substance, to Lender's counsel; (b) the Lender shall have received (i) certificates by an authorized officer or representative of Borrower upon which the Lender may conclusively rely until superseded by similar certificates delivered to the Lender, certifying that (1) all requisite action taken in connection with the transactions contemplated hereby has been duly authorized and (2) the names, signatures, and authority of Borrower’s authorized signers executing the Loan Documents, and (ii) such other documents as the Lender may reasonably require to be executed by, or delivered on behalf of, Borrower; (c) the Lender shall have received the Note with all blanks appropriately completed, executed by an authorized signer for Borrower; (d) Borrower shall have maintained its financial condition in a manner satisfactory to the Lender (it being understood that Borrower has ceased operations, is currently without funds other than the Loan and that the Loan will not, unless the transactions contemplated by the Asset Purchase Agreement are consummated, satisfy all of Borrower’s known creditors’ claims), and no material adverse change shall have occurred in Borrower’s financial condition or prospects; (f) the Financing Statement shall be assigned of record to the Lender; and (g) the Lender shall have received written instructions from the Borrower with respect to disbursement of the proceeds of the Loan then disbursable hereunder.

  • Conditions Precedent to Seller’s Obligations The obligation of the Sellers to consummate the transfer of the Transferred Assets to the Buyer on the Closing Date is subject to the satisfaction (or waiver by the Sellers) as of the Closing of the following conditions: (a) Each of the representations and warranties made by the Buyer in this Agreement shall be true and correct in all respects as of the Closing Date as though such representations and warranties were made on and as of the Closing Date (except to the extent such representations and warranties relate to a specific date, in which case, such representations and warranties shall be true and correct in all respects as of such specific date), except for breaches or inaccuracies that would not reasonably be expected to have a material adverse effect on the Buyer or impair or delay the ability of the Buyer to consummate the transactions contemplated by this Agreement or the Closing Documents or otherwise perform its obligations under this Agreement or the Closing Documents; (b) The Buyer shall have performed or complied in all material respects with each obligation and covenant required by this Agreement to be performed or complied with by the Buyer on or before the Closing. (c) The Sellers shall have received all of the applicable documents required to be delivered by the Buyer under Article VI; (d) No order or injunction of any court or administrative agency of competent jurisdiction nor any statute, rule, regulation or executive order promulgated by any Governmental Authority of competent jurisdiction shall be in effect as of the Closing that restrains or prohibits the transfer of the Transferred Assets or the consummation of any other transaction contemplated hereby; and (e) No action, suit or other proceeding shall have been commenced against Buyer or any Seller that would reasonably be expected to prevent the Closing.

  • Conditions Precedent to the Seller’s Obligations The obligation of the Seller to consummate the transfer of the Asset as contemplated by this Agreement on the Closing Date is subject to the satisfaction (or waiver by the Seller) as of the Closing of the following conditions: (a) Each of the representations and warranties made by the Buyer in this Agreement shall be true and correct in all material respects when made and on and as of the Closing Date as though such representations and warranties were made on and as of the Closing Date. (b) The Buyer shall have performed or complied in all material respects with each obligation and covenant required by this Agreement to be performed or complied with by the Buyer on or before the Closing. (c) No order or injunction of any court or administrative agency of competent jurisdiction nor any statute, rule, regulation or executive order promulgated by any Governmental Authority of competent jurisdiction shall be in effect or threatened in writing as of the Closing which restrains or prohibits the transfer of the Asset or the consummation of any other transaction contemplated hereby. (d) The Buyer shall have made (or caused to have been made) all of the deliveries required to be made by the Buyer under SECTION 7.1. (e) The Seller shall have received evidence that the Franchise Agreement has been terminated. (f) Simultaneously with the execution of this Agreement, the Buyer or affiliates of Buyer (collectively, “Affiliate Buyers”) are entering into the Related Agreements with other sellers that are affiliates of Seller (collectively, “Other Sellers”). Except as otherwise set forth below, it shall be a condition precedent to the Seller’s obligation to close on the sale of the Asset, that (i) the closing date under the Related Agreements shall be the same as the Closing Date under this Agreement and (ii) the closing of the Related Agreements shall take place simultaneously with the Closing hereunder (i.e., the closing in this Agreement or any Related Agreement will have occurred when all of the conditions precedent to closing set forth in the applicable agreement have been met or waived by the appropriate party, including without limitation the Title Company’s receipt of the applicable deed or assignment of lease and its unconditional and irrevocable commitment to (x) record the deed or assignment of lease; and (y) issue the Title Policy effective as of such date, notwithstanding that such deed or assignment of lease may not have been recorded). If any of the Buyer or Affiliate Buyers defaults under this Agreement or any Related Agreement, as applicable, such default shall be deemed a default by the Buyer and the Affiliate Buyers under this Agreement and all of the Related Agreements. Notwithstanding the foregoing, in the event that any of the Seller or Other Sellers is in default under this Agreement or any other Related Agreement (any such agreement being a “Defaulted Agreement”), as applicable, and the respective parties thereto fail to close under such Defaulted Agreement, then, so long as the Acquisition Threshold is met, a closing under such Defaulted Agreement shall not be a condition precedent to the Seller’s obligation to close under this Agreement or any other Related Agreement (so long as the Acquisition Threshold is met); provided, however, in the event that the Acquisition Threshold is not met, then such defaults shall constitute a default under this Agreement and all other Related Agreements and the Buyer shall have the right to terminate this Agreement (and all other Related Agreements) and the Seller shall be deemed in breach hereof whereupon the Buyer shall have the remedies set forth in SECTION 11.2(c), except that the aggregate amount of out-of-pocket costs and expenses that the Buyer will be entitled to recover from the Seller for damages under this Agreement and the other Related Agreements shall in no event exceed Three Hundred Thousand Dollars ($300,000.00) under SECTION 11.2(c). Additionally, if any of the Buyer or Affiliate Buyers elects to terminate this Agreement or any Related Agreement, as applicable, under any provision of this Agreement or such Related Agreement that expressly gives the Buyer (or an Affiliate Buyer, as applicable) the right to terminate (other than as the result of the Seller’s default for which the preceding sentence in this clause (f) shall control), then any such notice to terminate under any such agreement shall be deemed an election to terminate this Agreement and all of the Related Agreements, it being the intention of the parties that except as otherwise set forth in this clause (f), there shall be no Closing under this Agreement unless there is a closing under the Related Agreements and vice versa.

  • Conditions Precedent to Closing The Local Church and Annual Conference acknowledge and agree that the obligations of the parties to effectuate the Closing on or about the Disaffiliation Date are expressly contingent and conditional on the following:

  • CONDITIONS PRECEDENT TO SELLER'S PERFORMANCE The obligations of Seller to sell and transfer the Assets under this Agreement are subject to the satisfaction, at or before the Closing, of all the following conditions:

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