Lender responsibilities Clause Samples
The 'Lender responsibilities' clause defines the obligations and duties that the lender must fulfill under the agreement. Typically, this includes providing the agreed-upon funds to the borrower in a timely manner, maintaining accurate records of disbursements and repayments, and complying with relevant laws and regulations. For example, the lender may be required to notify the borrower of any changes to repayment terms or to provide statements upon request. This clause ensures that the lender's role is clearly outlined, promoting transparency and accountability in the lending relationship.
Lender responsibilities. The lender is responsible for servicing the entire loan in accordance with the lender’s loan agreement. The unguaranteed por- tion of the loan will not be paid first nor given any preference or priority over the guaranteed portion of the loan. The lender is responsible for tak- ing all servicing actions that a prudent lender would perform in servicing a portfolio of loans that are not ▇▇▇▇▇▇- ▇▇▇▇. This responsibility includes, but is not limited to, the collection of pay- ments; obtaining compliance with the covenants and provisions in the note, loan agreement, security instrument, or any supplemental agreements; ob- taining and analyzing financial state- ments; verifying the payment of taxes and insurance premiums; and main- taining liens on collateral. The lender must notify the Agency of any ▇▇▇▇▇- tion of the loan agreement with the borrower within 30 days of such ▇▇▇▇▇- tion.
Lender responsibilities. When a Loan Note Guarantee or Assignment Guarantee Agreement is lost, stolen, destroyed, mutilated, or defaced while in the custody of the lender or holder, the lender will coordinate the activi- ties of the party who seeks the replace- ment documents and will submit the required documents to the Agency for processing. The requirements for re- placement are as follows:
(1) A certificate of loss properly nota- rized which includes:
(i) Legal name and present address of either the lender or the holder who is requesting the replacement forms;
(ii) Legal name and address of the lender of record;
(iii) Capacity of person certifying;
(iv) Full identification of the Loan Note Guarantee or Assignment Guar- ▇▇▇▇▇ Agreement, including the name of the borrower, Agency case number, date of the Loan Note Guarantee, As- signment Guarantee Agreement, face amount of the evidence of debt pur- chased, date of evidence of debt, present balance of the loan, percent- ages of guarantee and, if Assignment Guarantee Agreement, the original named holder and the percentage of the guaranteed portion of the loan assigned to that holder. Any existing parts of the document to be replaced must be attached to the certificate;
(v) A full statement of circumstances of the loss, theft, or destruction of the Loan Note Guarantee or Assignment Guarantee Agreement; and
(vi) The holder shall present evidence demonstrating current ownership of the Loan Note Guarantee and Note or Assignment Guarantee Agreement. If the present holder is not the same as the original holder, a copy of the en- dorsement of each successive holder in the chain of transfer from the initial holder to present holder must be in- cluded. If copies of the endorsement cannot be obtained, best available records of transfer must be presented to the Agency (e.g., order confirma- tion, canceled checks).
(2) An indemnity bond acceptable to the Agency shall accompany the re- quest for replacement except when the holder is the United States, a Federal Reserve Bank, a Federal Government corporation, a State or Territory, or the District of Columbia.
(3) All indemnity bonds must be issued and payable to the United States of America. The bond shall be in an amount not less than the unpaid principal and interest. The bond shall hold the Government harmless against any claim or demand which might arise or against any damage, loss, costs, or expenses which might be sustained or incurred by reasons of the loss or re- placement of the instru...
Lender responsibilities. When a Loan Note Guarantee or Assignment Guarantee Agreement is lost, stolen, destroyed, mutilated, or defaced while in the custody of the lender or holder, the lender will coordinate the activi- ties of the party who seeks the replace- ment documents and will submit the required documents to the Agency for processing. The requirements for re- placement are as follows:
(1) A certificate of loss properly nota- rized which includes:
Lender responsibilities. The lender is responsible for:
(1) Monitoring the borrower’s compli- ance with the shared appreciation agreement;
(2) Notifying the borrower of the amount of recapture due; and,
(3) Beginning October 1, 1999, a notice of the agreement’s provisions not later than 12 months before the end of the agreement; and
(4) Reimbursing the Agency for its pro-rata share of recapture due.
Lender responsibilities. The lender is responsible for servicing the entire loan in accordance with the lender’s loan agreement. The unguaranteed por- tion of the loan will not be paid first nor given any preference or priority over the guaranteed portion of the loan. The lender is responsible for tak- ing all servicing actions that a prudent lender would perform in servicing a portfolio of loans that are not ▇▇▇▇▇▇- ▇▇▇▇. This responsibility includes, but is not limited to, the collection of pay- ments; obtaining compliance with the covenants and provisions in the note, loan agreement, security instrument,
Lender responsibilities. When a Loan Note Guarantee or Assignment Guarantee Agreement is lost, stolen, destroyed, mutilated, or defaced while in the custody of the lender or holder, the lender will coordinate the activi- ties of the party who seeks the replace- ment documents and will submit the required documents to the Agency for processing. The requirements for re- placement are as follows:
(1) A certificate of loss properly nota- rized which includes:
(i) Legal name and present address of either the lender or the holder who is requesting the replacement forms;
(ii) Legal name and address of the lender of record;
(iii) Capacity of person certifying;
(iv) Full identification of the Loan Note Guarantee or Assignment Guar- ▇▇▇▇▇ Agreement, including the name of the borrower, Agency case number, date of the Loan Note Guarantee, As- signment Guarantee Agreement, face amount of the evidence of debt pur-
Lender responsibilities. The lender must protect the guaranteed loan debt and all collateral securing the loan in bankruptcy proceedings. The lender’s responsibilities include, but are not limited to:
(1) Filing a proof of claim where re- quired and all the necessary papers and pleadings;
(2) Attending, and where necessary, participating in meetings of the credi- tors and court proceedings;
Lender responsibilities. The lender must protect the guaranteed loan debt and all collateral securing the loan in bankruptcy proceedings. The lender’s responsibilities include, but are not limited to:
(1) Filing a proof of claim where re- quired and all the necessary papers and pleadings;
(2) Attending, and where necessary, participating in meetings of the credi- tors and court proceedings;
(3) Protecting the collateral securing the guaranteed loan and resisting any adverse changes that may be made to the collateral;
(4) Seeking a dismissal of the bank- ruptcy proceeding when the operation as proposed by the borrower to the bankruptcy court is not feasible;
(5) When permitted by the bank- ruptcy code, requesting a modification of any plan of reorganization if it ap- pears additional recoveries are likely.
(6) Monitor confirmed plans under chapters 11, 12 and 13 of the bankruptcy code to determine borrower compli- ance. If the borrower fails to comply, the lender will seek a dismissal of the reorganization plan; and
(7) Keeping the Agency regularly in- formed in writing on all aspects of the proceedings.
(i) The lender will submit a default status report when the borrower de- faults and every 60 days until the de- fault is resolved or a final loss claim is paid.
(ii) The default status report will be used to inform the Agency of the bank- ruptcy filing, the reorganization plan confirmation date and effective date, when the reorganization plan is com- plete, and when the borrower is not in compliance with the reorganization plan.