Credit Guaranty Program Clause Samples

Credit Guaranty Program. With its Credit Guaranty Program (“CGP”) WSCN may extend guarantees to lenders to support loans to qualifying small businesses on a loan by loan basis. A guaranty may be a general obligation of WSCN or secured by a Certificate of Deposit or other assets of WSCN. WSCN may also participate in loans made by lenders, purchase loans, or make loans directly to qualifying small businesses on a loan by loan basis. A loan may be pari passu, senior or subordinate to other lenders. WSCN may adopt rules to guide the CGP. The Managers shall report these rules and any changes in the rules to the Council, as defined further herein.