Common use of Prior to Submission of Claim Clause in Contracts

Prior to Submission of Claim. After Borrower’s default (as defined in the terms and conditions of the Loan documents, but prior to submitting any Claim against the Account, Lender shall undertake collection as further described in Section 2.2(q) of this Deposit Agreement. The Lender shall take control (via foreclosure, deed-in-lieu of foreclosure, possession or other similar action) of any and all collateral securing the Loan. All such collateral, other than the Account, is referred to as “Additional Collateral”. Lender shall sell or liquidate the Additional Collateral and apply the gross proceeds thereof to the Loan. If the proceeds from the sale or liquidation of all of the Additional Collateral are not sufficient to repay in full the amount due under the Loan and if Lender determines in a commercially reasonable manner, consistent with the Lender’s normal practice for managing its commercial loans, that all or any portion of the Loan is uncollectible then the Lender may submit a Claim in pursuant to Section 9.2., The Claim must be submitted to Development within one hundred twenty (120) days of the date Lender determines the Loan is uncollectible. The Claim shall be submitted in the form then required by Development. Lender may not submit more than one Claim for the Loan.

Prior to Submission of Claim. After Borrower’s default (( as defined in the terms and conditions of the Loan documents), but prior to submitting any Claim against the AccountAllocation, Lender shall undertake collection as further described in Section 2.2(q2.2(p) of this Deposit Enhancement Agreement. The Lender shall shall, however, first take control (via foreclosure, deed-in-lieu of foreclosure, possession or other similar action) of any and all collateral securing the Loan. All such collateral, other than the Account, collateral is referred to as the “Additional Collateral”. .” Lender shall sell or liquidate the Additional Collateral and apply the gross proceeds thereof to the Loan. If the proceeds from the sale or liquidation of all of the Additional Collateral are not sufficient to repay in full the amount due under the Loan and if Lender determines in a commercially reasonable manner, consistent with the Lender’s normal practice for managing its commercial loans, loans that all or any portion of the Loan is uncollectible then the Lender may submit a Claim in pursuant to Section 9.2., The 9.2.The Claim must be submitted to Development within one hundred twenty (120) days of the date Lender determines the Loan is uncollectible. The Claim shall be submitted in the form then required by Development. Lender may not submit more than one Claim for the Loan.