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.
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.
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.
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. 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, up to 90 days accrued interest on the enrolled principal balance, and up to one half (1/2) of the reasonable documented out-of-pocket expenses incurred by the Lender in pursuing collection efforts.
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.
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.
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:
