Examples of Enrolled Loan in a sentence
If the Lender charges off all or part of an Enrolled Loan, the Lender may file a Claim with MBDC by submitting a completed claim form in the form attached hereto as Exhibit D, or such modified exhibit as may be specified by MBDC, bearing the execution signature of an authorized officer of the Lender.
Any terminations under this Section shall be prospective only, and shall not apply to any loans previously enrolled under the Program, except that if a previously Enrolled Loan is refinanced, the amount covered under the Program shall not be increased beyond the covered amount as previously enrolled.
In computing the aggregate outstanding balance of all Enrolled Loans, the balance of any Enrolled Loan shall in no event be considered to be greater than the amount of such Enrolled Loan that is enrolled in and covered under the Program.
Except upon the exercise of MBDC’s right of subrogation as set forth in Section 5.6, MBDC shall have no legal or equitable interest in any collateral, security, or other right of recovery in connection with any Enrolled Loan, and accordingly MBDC’s consent is not necessary for any amendment to the documents or agreements between the Lender and Borrower relating to such loan.
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.