Examples of Lending Period in a sentence
During the Lending Period and after Lender has made Program Loans totaling $200,000 principal amount in the aggregate, within five (5) business days of receipt of the Monthly Loan Report, Michigan Saves will increase the Lender's Reserve Fund Balance by an amount equal to five percent (5.0%) of the principal amount of all new Program Loans made during that month and listed in the Monthly Loan Report (for those Program Loans in addition to the first $200,000 aggregate principal amount).
This Agreement shall continue in effect until the earlier of (i) the date by which each Program Loan made by the Lender during the Lending Period has been either repaid in full by the borrower or Lender has recovered its Eligible Losses (as defined in Section 5.1(a)) with respect to such Program Loan pursuant to this Agreement, or (ii) the date the Lender's Reserve Fund Balance has been paid to Lender in accordance with Section 4.2.
If a Program Loan made during the Lending Period has been repaid or prepaid, then the Lender's Reserve Fund Balance shall be reduced by five percent (5.0%) of the repayment amount of the Program Loan which has been repaid or prepaid (to the extent not previously included Aggregate Amortization Amount pursuant to Section 3.3(b)).
Michigan Saves shall have no obligation to make additional contributions to the Lender's Reserve Fund Balance for any loans originated after the expiration of the Lending Period or after the Lender's Remaining Allocation has been contributed to the Lender's Reserve Fund Balance.
Program Loans may be made during the period (the "Lending Period") beginning as of the date of this Agreement and ending on the earlier of (a) the date on which Michigan SAVES has contributed the Maximum Total Net Contribution (as defined in Section 3.5) to the Lender's Reserve Fund Balance (defined in Section 3.1) or (b) six months following the effective date of this Agreement or such later date as the parties may mutually agree to in writing.
Within fifteen days following the end of the Lending Period, Lender will provide Michigan Saves with a current Monthly Report.
If a Program Loan made during the Lending Period has been repaid or prepaid, then the Lender's Reserve Fund Balance shall be reduced by twenty percent (20.0%) of the repayment amount of the Program Loan which has been repaid or prepaid (to the extent not previously included Aggregate Amortization Amount pursuant to Section 3.4(b)).
The Lender's Reserve Fund Balance will be reset to an amount equal to fifty percent (50%) of the outstanding principal amount of all Program Loans listed in the Monthly Report as of the end of the Lending Period.
This Agreement shall continue in effect until the earlier of (i) the date by which each Program Loan made by the Lender during the Lending Period has been either repaid in full by the borrower or Lender has recovered its Eligible Losses (as defined in Section 5.1) with respect to such Program Loan pursuant to this Agreement, or (ii) the date the Lender's Reserve Fund Balance has been paid to Lender in accordance with Section 4.2.
After the Lending Period, Michigan SAVES shall have no obligation to make additional contributions to the Lender's Reserve Fund Balance other than the Initial Loan Loss Reserve Amount.