Illinois Administrative Code
Title 14 - COMMERCE
Part 900 - PROGRAMS
Subpart B - PROGRAMS
Section 900.170 - Loan Repayment

Universal Citation: 14 IL Admin Code ยง 900.170

Current through Register Vol. 48, No. 12, March 22, 2024

a) The financial intermediary shall be responsible for all servicing of its on-loan including, without limitation, notifying the eligible exporter of payments due, receiving all on-loan repayments, processing, crediting, and remitting such repayments, and enforcing any and all rights and remedies applicable thereto.

b) The financial intermediary shall, within 3 business days of its receipt from the eligible exporter of collected funds constituting payment of any obligation under an on-loan, pay to the Authority, as payments against the financial intermediary's obligations to the Authority under a guaranteed participating loan, a portion thereof as set forth in Section 900.118(g) of this Part.

c) If default in any of the terms of an on-loan occurs based upon any risk defined under the policy of comprehensive export credit insurance, the financial intermediary may make claim to the Authority and request that it be excused from payment or to recover a payment made by the financial intermediary to the Authority.

d) The financial intermediary's obligation to pay under the guaranteed participating loan agreement associated with the claim will be excused to the extent of, a payment of a claim from the insurer to the Authority.

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