Common use of Notice to Borrowers Clause in Contracts

Notice to Borrowers. Buyer or, at Seller's option, Seller shall promptly after the Loan Sale Closing Date, but in no event later than thirty (30) calendar days after the Loan Sale Closing Date, at its own cost and expense, give notice of this transfer to all Borrowers or Loan servicers, in the case of Borrowers located in the United States, by fIrst class U.S. mail at their current or last known address of record or, in the case of Borrowers located in a Foreign Jurisdiction, in such manner as may be required under the laws of such jurisdiction in order to effectively give notice to such Borrowers of the transfer of the Loans. In the event there is no known address for a Borrower, no personal notice to that Borrower shall be necessary. Upon subsequently locating such Borrower, Buyer shall send such notice to such Borrower. Buyer shall be liable to Seller for any and all costs and expenses incurred by Seller as a result of Buyer's failure to comply with the provisions of this section. Such costs and expenses shall include, but not be limited to, salaries of Seller's personnel and other administrative expenses, the time expended by each of Seller's employees involved in the performance of said acts at the rate of the greater of $75.00 per hour per employee or the then prevailing hourly rate per employee charged by the Seller or the FDIC to perform such services, plus all associated travel, lodging and per diem costs. Seller shall, in its sole and absolute discretion, determine and assign the personnel necessary to perform said acts. Buyer also agrees to reimburse Seller for copies made in the course of performing said acts at the rate of 25 cents ($.25) per copy. Nothing in this section shall require Seller to provide Buyer with any information or service in this regard.

Notice to Borrowers. Buyer or, at Seller's ’s option, Seller shall will promptly after the Loan Sale Closing Date, but in no event later than thirty (30) 30 calendar days after the Loan Sale Closing Date, at its own Buyer’s cost and expense, give notice of this transfer to all Borrowers or Loan servicers, in the case of Borrowers located in the United States, by fIrst first class U.S. mail at their current or last known address of record or, in the case of Borrowers located in a Foreign Jurisdictionoutside of the United States, in such manner as may be required under the laws laws, rules and regulations of such the applicable jurisdiction in order to effectively give notice to such Borrowers of the transfer of the Loans. In the event there is no known address for a Borrower, no personal notice to that Borrower shall will be necessary. Upon subsequently locating such Borrower, Buyer shall Xxxxx will send such notice to such Borrower. Buyer shall will be liable to Seller for any and all costs and expenses incurred by Seller as a result of Buyer's Xxxxx’s failure to comply with the provisions of this sectionSection 5.16. Such costs and expenses shall include, but are not be limited to, salaries of Seller's ’s personnel and other administrative expenses, the time expended by each of Seller's ’s employees involved in the performance of said acts at the rate of the greater of $75.00 100 per hour per employee or the then prevailing hourly rate per employee charged by the Seller or the FDIC to perform such services, plus all associated travel, lodging and per diem costs. Seller shallmay, in its sole and absolute discretion, determine and assign the personnel necessary to perform said acts. Buyer Xxxxx also agrees to reimburse Seller for copies made in the course of performing said acts at the rate of 25 cents ($.25) per copy. Nothing in this section shall Section 5.16 will require Seller to provide Buyer with any information or service in this regard.

Notice to Borrowers. Buyer or, at Seller's option, Seller shall promptly after the Loan Sale Closing Date, but in no event later than thirty (30) calendar days after the Loan Sale Closing Date, at its own cost and expense, give notice of this transfer to all Borrowers or Loan servicers, in the case of Borrowers located in the United States, by fIrst first class U.S. mail at their current or last known address of record or, in the case of Borrowers located in a Foreign Jurisdiction, in such manner as may be required under the laws of such jurisdiction in order to effectively give notice to such Borrowers of the transfer of the Loans. In the event there is no known address for a Borrower, no personal notice to that Borrower shall be necessary. Upon subsequently locating such Borrower, Buyer shall send such notice to such Borrower. Buyer shall be liable to Seller for any and all costs and expenses incurred by Seller as a result of Buyer's failure to comply with the provisions of this section. Such costs and expenses shall include, but not be limited to, salaries of Seller's personnel and other administrative expenses, the time expended by each of Seller's employees involved in the performance of said acts at the rate of the greater of $75.00 per hour per employee or the then prevailing hourly rate per employee charged by the Seller or the FDIC to perform such services, plus all associated travel, lodging and per diem costs. Seller shall, in its sole and absolute discretion, determine and assign the personnel necessary to perform said acts. Buyer also agrees to reimburse Seller for copies made in the course of performing said acts at the rate of 25 cents ($.25) per copy. Nothing in this section shall require Seller to provide Buyer with any information or service in this regard.

Notice to Borrowers. Buyer or, at Seller's ’s option, Seller shall will promptly after the Loan Sale Closing Date, but in no event later than thirty (30) 30 calendar days after the Loan Sale Closing Date, at its own Buyer’s cost and expense, give notice of this transfer to all Borrowers or Loan servicers, in the case of Borrowers located in the United States, by fIrst first class U.S. mail at their current or last known address of record or, in the case of Borrowers located in a Foreign Jurisdictionoutside of the United States, in such manner as may be required under the laws laws, rules and regulations of such the applicable jurisdiction in order to effectively give notice to such Borrowers of the transfer of the Loans. In the event there is no known address for a Borrower, no personal notice to that Borrower shall will be necessary. Upon subsequently locating such Borrower, Buyer shall will send such notice to such Borrower. Buyer shall will be liable to Seller for any and all costs and expenses incurred by Seller as a result of Buyer's ’s failure to comply with the provisions of this sectionSection 5.16. Such costs and expenses shall include, but are not be limited to, salaries of Seller's ’s personnel and other administrative expenses, the time expended by each of Seller's ’s employees involved in the performance of said acts at the rate of the greater of $75.00 100 per hour per employee or the then prevailing hourly rate per employee charged by the Seller or the FDIC to perform such services, plus all associated travel, lodging and per diem costs. Seller shallmay, in its sole and absolute discretion, determine and assign the personnel necessary to perform said acts. Buyer also agrees to reimburse Seller for copies made in the course of performing said acts at the rate of 25 cents ($.25) per copy. Nothing in this section shall Section 5.16 will require Seller to provide Buyer with any information or service in this regard.