IBGC definition
Examples of IBGC in a sentence
No member, officer, or employee of IBGC or of the Lender, including any person executing this Agreement, shall be liable personally under this Agreement, or subject to any personal Liability for any reason relating to the execution of this Agreement or the Program.
Section 7.1. If the annual reports filed under Section 6.1 indicate that, for the preceding year, the balance in the Reserve Fund account continuously exceeded fifty percent (50%) of the aggregate outstanding balance of all Enrolled Loans during that year, including unfunded portions of Enrolled Loans that are Lines of Credit, IBGC may make a withdrawal from the Reserve Fund account after providing a thirty (30) notice.
Upon making such payment pursuant to this subsection, IBGC shall be subrogated to the rights of the Lender in accordance with this Section.
This Agreement shall be for the exclusive benefit of the Lender and IBGC, and shall not be construed to give any person other than the parties hereto any legal or equitable right, remedy or claim under, or in respect to, this Agreement.
If the Lender charges off all or part of an Enrolled Loan, the Lender may file a Claim with IBGC by submitting a completed claim form attached as Exhibit 4, or as otherwise approved by IBGC, bearing the execution signature of an authorized officer of the Lender.
Upon execution of this Agreement, IBGC shall establish a Reserve Fund account in the name of IBGC for the purpose of receiving all required premium charges to be paid by the Lender and each Borrower, and transfers made by IBGC, pursuant to Section 5.1. See Appendix 1 for set-up instructions.
To the extent permitted by law, IBGC shall hold any information acquired pursuant to this Section confidential.
The Lender shall provide IBGC with such information regarding its participation in the Program as IBGC may reasonably require.
The Lender shall set the premium charges payable to the Reserve Fund by the Lender and the Borrower in connection with a loan being filed for enrollment with IBGC pursuant to Section 4.2. The total amount paid by the Borrower and Lender shall not be less than 3% of the enrolled amount of the loan, and shall not be greater than 7% of the enrolled amount of the loan.
If such assignment has been made, IBGC shall not be required to undertake any obligations of the Lender pursuant to its loan documents, except for any obligations directly related to the exercise by IBGC of its assigned rights of recovery in connection with the loan.