If a default under the loan documents occurs and such default has not been cured within the timeframes established in the loan documents, the Applicant acknowledges that the Agency may, depending on the seriousness of the default, take any of the following actions:
To the greatest extent possible recover the maximum amount of loan funds.
De-obligate all funds that have not been advanced; and
Reallocate recovered funds to the extent possible as prescribed by the Office of Management and Budget.
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