Authorized Claim definition
Examples of Authorized Claim in a sentence
After the MSF has made a payment on an Authorized Claim, the Lender shall cause any recovery from or on behalf of a Borrower on the Delinquent Enrolled Loan which resulted in the MSF payment on the Authorized Claim to be reimbursed to the MSF as soon as practical after recovery, to the extent of the MSF payment, and the amount of any such reimbursement shall be deemed not to have been paid by the MSF for purposes of calculating whether the MSF Guarantee Cap has been reached.
The Settlement Administrator shall receive Claims and determine first, whether the Claim is an Authorized Claim, in whole or in part; and second, each Authorized Claimant’s pro rata share of the Net Cash Settlement Amount based upon each Authorized Claimant’s Recognized Loss amount (as set forth in the Plan of Allocation described in the Notice annexed hereto as Exhibit E, or in such other Plan of Allocation as the Court approves).
To request payment on an Authorized Claim, the Lender shall first deliver in electronic form to the Project Manager the completed Part I Claim Request of the Authorized Claim Form to the satisfaction of the Project Manager, signed by the Lender, in the form of Exhibit E (“Part I Claim Request”).
Upon payment in full of an Enrolled Loan (and full reimbursement to the MSF of any monies paid on the MSF Guarantee Obligation on an Authorized Claim arising out of the Enrolled Loan, if any), the Lender shall notify the Project Manager and sign and deliver in electronic form to the Project Manager a copy of the Loan Enrollment Form for the particular End Loan and noting ▇▇▇▇▇▇▇ ▇▇▇▇▇▇’s withdrawal of that End Loan as an Enrolled Loan.
Subject to the terms and conditions of this Agreement, through the end of the Term, the MSF guarantees to Lender to the extent set forth herein the payment of that portion of a Borrower’s Indebtedness arising out of a Delinquent Enrolled Loan which results in an Authorized Claim under this Agreement (“MSF Guarantee Obligation”).
Upon the written request by the Lender, and prior to any payment by the MSF on a particular Authorized Claim arising out of an Enrolled Loan, the particular End Loan shall be withdrawn as an Enrolled Loan.
Further, to the extent the MSF, or any other authority requires recoupment or other payment of any monies paid by the MSF to Lender that arose from an ineligible or otherwise improper Enrolled Loan or ineligible or otherwise improper Authorized Claim or payment thereon, Lender shall forthwith reimburse the MSF all amounts paid by the MSF thereon.
To request further payment from the MSF on an Authorized Claim, the Lender shall deliver in electronic form to the Project Manager the completed Part II Claim Request of the Authorized Claim Form (using the particular Authorized Claim Form used for the Part I Claim Request), to the satisfaction of the Project Manager, and signed by the Lender, included in the form of Exhibit E (“Part II Claim Request”).
Provided however, the Project Manager may amend the format and appearance of the Loan Enrollment Form and Authorized Claim Form from time to time for more efficient or convenient use as determined by the Project Manager, including for the purpose of promoting fillable electronic forms, or adding additional information, and in such case, the Project Manager shall provide Lender written notice and copies thereof.
As a condition to the effectiveness of the MSF Guarantee Obligation, ▇▇▇▇▇▇’s claim for any payment under the MSF Guarantee Obligation must be pursuant to an Authorized Claim under this Agreement.