Common use of Termination as an Enrolled Loan Clause in Contracts

Termination as an Enrolled Loan. If the outstanding balance of an Enrolled Loan that is not a line of credit is reduced to zero for a period exceeding 60 consecutive calendar days, that Enrolled Loan shall no longer be considered an Enrolled Loan. A line of credit terminates at its maturity date or when the lender no longer reports the line commitment as active on the quarterly report pursuant to Section 6.1.

Termination as an Enrolled Loan. If the outstanding balance of an Enrolled Loan that is not a line of credit is reduced to zero for a period exceeding 60 consecutive calendar days, that Enrolled Loan shall no longer be considered an Enrolled Loan. A line of credit terminates at its maturity date or when the lender no longer reports the line commitment as active on the quarterly Semi-Annual report pursuant to Section 6.1.