Loan Settlement Terms Explained

Summary

If the borrower is not in breach of the agreement and the recovered amount from a legal claim is less than the loan balance, the lender will accept the recovered amount as full settlement. The lender will write off the remaining balance and will not pursue the borrower for additional funds. This applies to the amount actually received from damages, costs, or proceeds.

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What does this mean In the event that the Borrower is not in breach of this Agreement and the damages and/or costs are awarded in respect of the Legal Claim either by a court of competent jurisdiction or by way of Settlement with the Defendant and the amount paid to the Lender by the Solicitor pursuant to the Legal Claim or in settlement is insufficient to discharge the full amount of the Credit or the Balance of Credit plus accrued Interest and Fees the amount paid will be accepted by the Lender in full and final settlement of this Agreement and the Lender shall write off the balance owed and have no recourse against the Borrower for the remaining balance.
This means that if the Borrower is not in breach of the Agreement and the amount recovered from the Legal Claim or settlement is less than the amount owed, the Lender will accept the recovered amount as full payment. The Lender will then write off the remaining balance and will not pursue the Borrower for any additional funds.
Do you have any other questions regarding this agreement?
What does this mean In the event that the Damages and/or Costs or the Proceeds are insufficient to discharge the full amount of the Loan Balance, then this Undertaking applies equally to the amount of Damages and/or Costs or Proceeds actually received by
This means that if the damages, costs, or proceeds received are not enough to pay off the full loan balance, the terms of the undertaking will apply only to the amount actually received.
Do you have any other specific questions about this agreement?
So nothing more to pay
It seems like you are seeking clarification on the legal agreement terms. To confirm, are you asking if there will be nothing more to pay if the recovered amount is less than the loan balance?
correct
In summary, the agreements suggest that if the borrower is not in breach and the recovered amount from the legal claim is less than the loan balance, the lender will accept the recovered amount as full settlement and write off the rest.
Would you like assistance understanding any other specific terms in this agreement?