Repurchase by lender Sample Clauses

Repurchase by lender. At any time during which the Loan is outstanding, the Lender shall have the unconditional right, within its sole and exclusive discretion, to repurchase the Participation in the Loan, upon written notice to the Department.

Repurchase by lender. A lender has the option to repurchase the unpaid guaranteed portion of the loan from a holder within 30 days of written ▇▇- ▇▇▇▇ by the holder when the borrower is in default not less than 60 days on principal or interest due on the loan; or when the lender has failed to remit to the holder its pro rata share of any payment made by the borrower within 30 days of the lender’s receipt thereof. The repurchase by the lender must be for an amount equal to the unpaid guaranteed portion of principal and ac- crued interest less the lender’s serv- icing fee. The holder must concur- rently send a copy of the demand letter to the Agency. The lender must accept an assignment without recourse from the holder upon repurchase. For those loans closed on or after August 2, 2016, the lender or the Agency will issue an interest termination letter to the hold- er(s) establishing the termination date for interest accrual if the default is not cured. The guarantee will not cover in- terest to any holder accruing after the greater of: 90 days from the date of the most recent delinquency effective date as reported by the lender or 30 days from the date of the interest termi- nation letter. If, in the opinion of the lender, repurchase of the guaranteed portion of the loan is necessary to ade- quately service the loan, the holder must sell the guaranteed portion of the loan to the lender for an amount equal to the unpaid principal and interest on such portion less the lender’s servicing fee. The lender must not repurchase from the holder for arbitrage or other purposes to further its own financial gain. Any repurchase must only be made after the lender obtains the Agency’s written approval. If the lend- er does not repurchase the guaranteed portion from the holder, the Agency may, at its option, purchase such guar- anteed portion for servicing purposes. The lender is encouraged to repurchase the loan to facilitate the accounting of funds, resolve any loan problems, and

Repurchase by lender. A lender has the option to repurchase the unpaid guaranteed portion of the loan from a holder within 30 days of written ▇▇- ▇▇▇▇ by the holder when the borrower is in default not less than 60 days on principal or interest due on the loan; or when the lender has failed to remit to the holder its pro rata share of any payment made by the borrower within 30 days of the lender’s receipt thereof. The repurchase by the lender must be for an amount equal to the unpaid guaranteed portion of principal and ac- crued interest less the lender’s serv- icing fee. The holder must concur- rently send a copy of the demand letter to the Agency. The lender must accept an assignment without recourse from the holder upon repurchase. For those loans closed on or after August 2, 2016, the lender or the Agency will issue an interest termination letter to the hold- er(s) establishing the termination date for interest accrual if the default is not cured. The guarantee will not cover in- terest to any holder accruing after the greater of: 90 days from the date of the most recent delinquency effective date as reported by the lender or 30 days from the date of the interest termi- nation letter. If, in the opinion of the lender, repurchase of the guaranteed portion of the loan is necessary to ade- quately service the loan, the holder must sell the guaranteed portion of the loan to the lender for an amount equal to the unpaid principal and interest on

Repurchase by lender. A lender has the option to repurchase the unpaid guaranteed portion of the loan from a holder within 30 days of written ▇▇- ▇▇▇▇ by the holder when the borrower is in default not less than 60 days on principal or interest due on the loan; or the lender has failed to remit to the holder its pro rata share of any pay- ment made by the borrower within 30 days of the lender’s receipt thereof. The repurchase by the lender will be for an amount equal to the unpaid guaranteed portion of principal and ac- crued interest less the lender’s serv- icing fee. The holder must concur- rently send a copy of the demand letter to the Agency. The guarantee will not cover the note interest to the holder on the guaranteed loan accruing after 90 days from the date of the demand let- ter to the lender requesting the repur- chase. The lender will accept an assign- ment without recourse from the holder upon repurchase. The lender is encour- aged to repurchase the loan to facili- ▇▇▇▇ the accounting of funds, resolve the problem, and prevent default, where and when reasonable. The lender will notify the holder and the Agency of its decision.

Repurchase by lender. A lender has the option to repurchase the unpaid guaranteed portion of the loan from a holder within 30 days of written ▇▇- ▇▇▇▇ by the holder when the borrower

Repurchase by lender. A lender has the option to repurchase the unpaid guaranteed portion of the loan from a holder within 30 days of written ▇▇- ▇▇▇▇ by the holder when the borrower is in default not less than 60 days on principal or interest due on the loan; or when the lender has failed to remit to the holder its pro rata share of any payment made by the borrower within 30 days of the lender’s receipt thereof. The repurchase by the lender must be for an amount equal to the unpaid guaranteed portion of principal and ac- crued interest less the lender’s serv- icing fee. The holder must concur- rently send a copy of the demand letter to the Agency. The lender must accept an assignment without recourse from the holder upon repurchase. For those loans closed on or after August 2, 2016, the lender or the Agency will issue an

Repurchase by lender. At any time during which the Loan is outstanding, the Lender shall have the unconditional right, within its sole and exclusive discretion, to repurchase a Participation in a Loan, upon written notice to USBGI.