CAC Loan definition
Examples of CAC Loan in a sentence
The Administrative Agent and the Collateral Agent agree to take such actions as are reasonably requested by the Term Borrower and at the Term Borrower's expense to terminate the Liens and security interests created by the Parent Guarantee and Pledge Agreement and the CAC Loan Collateral Agreement, in each case to the extent terminating by their terms at such time, on the Restructuring Date.
Section 5.2 On a date to be selected by CAC and consented to by Green Tree, which consent shall not be unreasonably withheld, within eighteen (18) months of the date of this Agreement, Green Tree agrees to purchase the balance of the CAC Loan portfolio acquired by CAC prior to 1996 on the same terms and conditions set forth in the MLPA, excluding Carved-Out CAC Loans.
Except with respect to Trade-in Loans, CAC agrees that, notwithstanding anything else to the contrary contained herein, the Acquisition Premium on any Available CAC Loan which results from the refinancing of any Green Tree Loan shall be a zero percent (0%) of the outstanding principal balance of the new CAC Loan related thereto.
Green Tree also agrees that a CAC loan will constitute a conforming Manufactured Housing Retail Finance Contract not withstanding that CAC may charge additional fees, including interest surcharge, points or origination fees, in connection with the Available CAC Loan (the "Origination Fee"), provided such fees do not exceed the amount set forth in Exhibit X (item 12), subject to any limitations imposed by law, and CAC may retain such additional fees upon sale of the Available CAC Loan to Green Tree.
Section 4.10 CAC agrees that it will not refinance any Borrower under any CAC Loan transferred to Green Tree hereunder (a "Transferred CAC Loan"); provided that the foregoing restrictions shall not be deemed to apply with respect to the origination or purchase of a Consumer Loan by CAC from a Borrower under a Transferred CAC Loan if the new Consumer Loan is secured by different collateral (i.e., CAC may freely finance Borrowers trading in homes for new Cavalier Product) ("Trade-in Loans").
Section 4.8 Green Tree agrees to indemnify and hold harmless Cavalier from and against any and all losses, claims, damages, liabilities, costs and expenses (including reasonable attorneys' and experts' fee and expenses) to which CAC or any of its employees, directors, officers, accountants and affiliates may become subject arising from any act or omission of Green Tree in connection with its servicing of Transferred CAC Loans from and after the date of the transfer of such CAC Loan.
Section 3.6 Green Tree agrees that a CAC Loan will constitute a Conforming Manufactured Housing Retail Finance contract notwithstanding that such a loan may include in its principal balance the financed premiums for various Ancillary Products offered to borrowers by CAC or its affiliates, including QCI; provided that the amount of such financed premiums do not exceed the lesser of (i) ten percent (10%) of the entire principal balance of the loan, or (ii) Three Thousand Five Hundred Dollars ($3,500.00).
In the event a Transferred CAC Loan is prepaid and, as a result, Green Tree is liable under applicable law to rebate or refund any unearned prepaid finance charges collected by CAC to the consumer, then CAC agrees to reimburse Green Tree for such rebate.