Rural Center definition
Examples of Rural Center in a sentence
Upon receipt from the Lender of an Application for Participation with the applicable documents, the Rural Center, in its sole discretion, shall determine whether it will purchase a Participation interest in the loan.
Obligations of the Rural Center will cease immediately without penalty or further payment being required if the Allocated Funds for the Program are no longer available (whether they have all been otherwise utilized or the Rural Center no longer has access to them).
Except as may be required by law, including under the Freedom of Information Act, the Rural Center will endeavor to maintain the confidentiality of all information furnished to the Rural Center hereunder or in connection with any document relative to a Loan, except the Rural Center will have no obligation of confidentiality with respect to information that may be generally available to the public, or becomes generally available to the public through no fault of the Rural Center.
The Rural Center shall process the Participation Certificate and any other documents necessary to fund its Participation, and then simultaneously or as soon as practicable shall initiate the actions to cause delivery of its Participation Amount to the Lender.
If the Rural Center has more than one Participation Loan with the Lender, the Lender may make one ACH transfer combining payments into one remittance.
If the Lender receives, collects or applies in full an interest payment with respect to a Loan, the Lender will remit to the Rural Center its pro rata share.
The Lender shall promptly furnish to the Rural Center an executed copy of the Loan Documents and copies of all such documents pertaining to the Loan, including, without limitation, periodic financial information required to be delivered to the Lender which the Lender has in its possession from time to time.
A report listing Borrowers and outstanding balances of all Loans in which a Participation has been purchased by the Rural Center as of the end of that preceding calendar year.
Before any distribution to the Rural Center, with respect to any such application being made, the amount thereof shall be adjusted to the extent that any amount is owed by either party to the other, in accordance with the terms hereof.
Further, the Lender agrees that it will take no independent action, unless agreed to in advance and in writing by the Rural Center, that directly, or indirectly by nature of a proceeding or process, releases the Borrower or any guarantor or other responsible party or entity, in full or in partial satisfaction, from a continuing responsibility to repay the Loan and/or other applicable charges/fees in relation to debt collection activities, until all amounts due are paid in full.