Common use of Collection and Enforcement Clause in Contracts

Collection and Enforcement. 18.1 The Lending Agent will: 18.1.1 monitor all payment obligations under the Loan Contract including payment of Default Interest; 18.1.2 take appropriate steps to contact the borrower for payment arrears; and 18.1.3 report any failure by the borrower to make a Scheduled Repayment or any other amount required to be paid under the Loan Contract. 18.2 In addition to the action required under 16.1, the Lending Agent may, on behalf of the Participating Lenders, take any and all recovery action that it considers to be reasonable in the circumstances to recover any losses, costs or damages of the Participating Lenders as a result of the failure by the Borrower to make a payment under the Loan Contract on time and in full or any other Event of Default (Enforcement Action). An Enforcement Action may include any or all of the following: 18.2.1 making a written demand for overdue payments and for payment of Default Interest; 18.2.2 appointing a debt collection agency on behalf of the Participating Lenders to recover any payments or other losses; 18.2.3 suspending or cancelling the Borrower's access to the Platform for future Loans; 18.2.4 enforcing any Security that is in place; and 18.2.5 filing and prosecuting court proceedings to recover any losses of the Participating Lenders. 18.3 The Lending Agent may deduct its Enforcement Costs from any amount recovered from a Borrower as a result of Enforcement Action taken in respect of a Loan. The Participating Lenders are not liable for Enforcement Costs to the extent they exceed the amount recovered from the Borrower.

Collection and Enforcement. 18.1 The Lending Agent will: 18.1.1 monitor all payment obligations under the Loan Contract including payment of Default Interest; 18.1.2 take appropriate steps to contact the borrower for payment arrears; and 18.1.3 report any failure by the borrower to make a Scheduled Repayment or any other amount required to be paid under the Loan Contract. 18.2 In addition to the action required under 16.1, the Lending Agent may, on behalf of the Participating Lenders, take any and all recovery action that it considers to be reasonable in the circumstances to recover any losses, costs or damages of the Participating Lenders as a result of the failure by the Borrower to make a payment under the Loan Contract on time and in full or any other Event of Default (Enforcement Action). An Enforcement Action may include any or all of the following: 18.2.1 making a written demand for overdue payments and for payment of Default InterestInterest ; 18.2.2 appointing a debt collection agency on behalf of the Participating Lenders to recover any payments or other losses; 18.2.3 suspending or cancelling the Borrower's access to the Platform for future Loans; 18.2.4 enforcing any Security that is in place; and 18.2.5 filing and prosecuting court proceedings to recover any losses of the Participating LendersLenders . 18.3 The Lending Agent may deduct its Enforcement Costs from any amount recovered from a Borrower as a result of Enforcement Action taken in respect of a Loan. The Participating Lenders are not liable for Enforcement Costs to the extent they exceed the amount recovered from the Borrower.