Examples of Medallion Loan in a sentence
The Borrower will not amend, modify, waive or terminate any terms or conditions of the Loan Documents or, in any material respect, the Standard Form Medallion Loan Documentation without the written consent of the Agent (which consent shall not be unreasonably withheld in the case of an amendment curing an ambiguity or correcting any inconsistent provisions of the Purchase Agreement or any Approved Purchase Agreement), and shall perform its obligations thereunder.
Notwithstanding anything to the contrary contained herein or in any other Loan Document, upon the occurrence of an Affiliated Seller Purchase Termination Event with respect to any Affiliated Seller, each Medallion Loan sold by such Affiliated Seller under the applicable Affiliated Seller Loan Sale Agreement shall cease to be an Eligible Medallion Loan for all purposes under the Loan Documents, including without limitation for purposes of calculating the Borrowing Base.
Except as otherwise provided herein or in any other Loan Document, the Servicer shall not purport to sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Adverse Claim upon or with respect to, any Medallion Loan, any Collections related thereto or any other Collateral related thereto, or upon or with respect to any account to which any Collections of any Medallion Loan are sent, or assign any right to receive income in respect thereof.
Each Medallion Loan was underwritten in accordance with the Underwriting Guidelines and is being serviced in conformity with the Transferor’s standard underwriting, credit, collection, operating and reporting procedures and systems and otherwise in accordance with Accepted Servicing Practices and the Credit and Collection Policy.
The Borrower has previously delivered to the Agent correct and complete copies of all Standard Form Medallion Loan Documentation, none of which has been amended or otherwise modified and all of which represent the forms currently used by the Originators to originate Medallion Loans.
With respect to any Medallion Loan, the Borrower shall deliver to the Custodian the related Medallion Loan File in the manner set forth in Section 2 of the Custodial Agreement.
Such Medallion Loan has been underwritten in accordance with Seller’s customary lending policies and procedures.
Milestone payments are recognized as revenue when the performance obligations, as defined in the contract, are achieved.
The Servicer is authorized in its discretion to waive any prepayment charge, late payment charge or any other similar fees that may be collected in the ordinary course of servicing any Medallion Loan.
The Servicer is authorized to release Liens on Medallions granted pursuant to the Medallion Loan, (i) if the debt secured thereby has been fully paid and the proceeds of the repayment of such debt are deposited in the Collection Account in accordance with Section 4.01 hereof, and/or (ii) to liquidate such Medallions in accordance with its customary standards, policies and procedures, Accepted Servicing Practices and the Credit and Collection Policy.