Examples of Loan loss reserve account in a sentence
Agreements with PFIs include all lender assurances, permitted uses, restrictions, and monitoring and reporting requirements under SSBCI and parameters for the establishment, maintenance, and closure of the Loan Loss Reserve Account.
Once a PFI receives approval of a claim reimbursement, the approved amount of the claim reimbursement may be transferred from the Loan Loss Reserve Account.
PFIs may use the following schedule when determining premium contributions from SSBCI for each Qualified Loan: SEDI/VSBBorrower Once a PFI receives approval from NMFA on the request to enroll a loan (at which time the loan is deemed a Qualified Loan), the loan is considered enrolled and the PFI may transfer the appropriate SSBCI contribution for the Enrolled Loan from the Deposit Account to the Loan Loss Reserve Account.
Cash balances held in the Deposit Account and Loan Loss Reserve Account are to be invested in money market accounts at interest rates specified in Agreements.
All money in the Deposit Account and Loan Loss Reserve Account established under the Program is property of the State.
If the PFI recovers on a debt from a Borrower after receiving reimbursement for a claim, the PFI shall promptly repay into the Loan Loss Reserve Account the amount recovered, not to exceed the amount reimbursed.
The State is entitled to all interest income earned on the Deposit Account, and fifty percent (50%) of interest income earned on the Loan Loss Reserve Account.