Eligible Borrower Sample Clauses
The 'Eligible Borrower' clause defines the specific criteria that an individual or entity must meet to qualify for borrowing under an agreement. Typically, this clause outlines requirements such as legal capacity, creditworthiness, compliance with applicable laws, and sometimes geographic or industry restrictions. For example, it may specify that only corporations registered in a certain jurisdiction with a minimum credit rating can access the loan facility. The core function of this clause is to ensure that only qualified and reliable parties are permitted to borrow, thereby reducing the lender's risk and maintaining the integrity of the lending arrangement.
Eligible Borrower. Any policeman or fireman (see attached definition) included in the membership of the retirement system who at the time of application is employed by the State of New Jersey, county, municipality or other political subdivision with at least one year creditable service. Employee eligibility will be documented with the Verification of Employment (VOE). Employers will be required to sign an eligibility certification on the VOE.
A. Homebuyers who have not had an ownership interest in a principal residence at anytime during the three years prior to which the mortgage is executed.
B. In cases of divorce or separation, a spouse who does not retain title to the family house (non-‐occupant spouse) may be exempt from the first time Homebuyer requirement. Title to the marital home must transfer to the occupant spouse and a release of liability obtained.
C. Inherited residential property, disposed of prior to closing, does not constitute present homeownership.
Eligible Borrower. Borrower is an Eligible Borrower.
Eligible Borrower. Borrower represents and warrants to Lender that Borrower is an Eligible Borrower (as that term is defined under the Facility), and that the Borrower:
(i) is a Business (as defined in the Borrower Certification) that was established prior to March 13, 2020;
(ii) is not an Ineligible Business, as that term is described under 13 CFR 120.110(b)-(j) and (m)-(s), as modified by regulations implementing the Paycheck Protection Program (“PPP”) established by Section 1102 of the CARES Act on or before April 24, 2020;
(iii) when aggregated with its affiliates (in accordance with the Instructions to the Borrower Certification), either: (i) has 15,000 employees or fewer, or (ii) had 2019 annual revenues of $5,000,000,000.00 or less;
(iv) is created or organized in the United States or under the laws of the United States and has significant operations in and a majority of its employees based in the United States, consistent with Section 4003(c)(3)(C) of the CARES Act;
(v) does not and will not also participate in any other Main Street Lending Program loan or the Primary Market Corporate Credit Facility; and
(vi) has not received specific support pursuant to Subtitle A of Title IV of the CARES Act.
Eligible Borrower. The borrower must satisfy all of (a)-( d) below:
a) Be admitted to, or have graduated from, an ITT Technical Institute undergraduate or graduate program of study.
b) Be a U.S. Citizen or National, or a Permanent Resident. AND If there is a Co-signer, the Co-signer must be a U.S. Citizen or National, or a Permanent Resident.
c) Meet all credit requirements specified below in Section 3. OR Have a credit-worthy co-signer who meets all credit requirements specified below in Section 3.
d) Be the age of majority, as determined by individual state requirements for the primary borrower’s permanent residence, at the time of the loan application.
Eligible Borrower. Renovation Borrower must be an individual (for-profit or non-profit investors and local government agencies are not eligible borrowers). Required Appraisal Type Lender must obtain an “as-completed” full appraisal. Determination of Property Value • Property value for purposes of loan delivery and for determining LTV/CLTV/HCLTV shall be the lesser of: • the “as completed” appraised value; or • the sum of the sales price of the property as evidenced by the sales contract between ▇▇▇▇▇▇ Mae and the buyer/borrower (“Contract Sales Price”) and the total renovation costs (which include the renovation costs and all allowable fees and charges).
Eligible Borrower. Borrower is an eligible recipient of this Loan under the SBA Paycheck Protection Program of the CARES Act. Borrower certifies that the Average Monthly Payroll amount set forth in Borrower’s application made in connection with this Loan is true and correct. Borrower further certifies that Borrower is entitled to receive the amount of the Loan pursuant to the terms and conditions of the SBA Paycheck Protection Program. Borrower acknowledges and agrees that all rules and regulations applicable to the SBA Paycheck Protection Program, as such may be amended, apply to the Loan. Borrower agrees to deliver all certifications, documents, information and agreement the SBA or Lender may require in connection with the Paycheck Protection Program. Borrower understands that Lender is relying on Borrower’s certifications made in connection with this Loan and Borrower’s determination that Borrower is eligible to receive this Loan. Lender assumes no responsibility for determining Borrower’s eligibility or the loan amount. If it is later determined that Borrower is ineligible to receive this Loan or Borrower is not entitled to receive the loan amount, Borrower and its owners may be subject to penalties under the SBA Paycheck Protection Program. Borrower and its owners agree to hold Lender harmless for any certification made by Borrower or an owner in connection with this Loan that is determined to be incorrect or for any remedial action taken as a result of such certifications that are incorrect. Binding Effect. This Agreement, the Note, and all Related Documents are binding upon the signers thereof, as well as upon their successors, representatives and assigns, and are legally enforceable in accordance with their respective terms.
Eligible Borrower. 2.1.1 assumes all the rights and benefits contained in the Issuer/Borrower Facility Agreement and undertakes, upon it becoming a Borrower, to perform all the obligations expressed to be undertaken under the Issuer/Borrower Facility Agreement by a Borrower (including, the covenants set out in Clauses 15 (Financial Information), 16 (Financial Covenants)and 17 (Other Covenants of the Obligors);
2.1.2 agrees that it shall be bound by the Issuer/Borrower Facility Agreement (including the Guarantees) in all respects as if it had been an original party thereto as at the date of the Issuer/Borrower Facility Agreement; and
2.1.3 appoints the Initial Borrower as agent for the purposes set out in Clause 5 (Appointment of Initial Borrower as Agent) of the Issuer/Borrower Facility Agreement.
Eligible Borrower. The Borrower (a) is a Qualified Steel Company, as that term is defined in the 13 C.F.R. Part 400, for which (i) credit is not otherwise available to it under reasonable terms and conditions sufficient to meet its financing needs, as reflected in the financial and business plans of the Borrower; and (ii) the prospective earning power of the Borrower, together with the character and value of the Collateral, furnish reasonable prospects for repayment of the Term Loans; and (b) has experienced layoffs, production losses or financial losses between January 1, 1998, and January 31, 2000, which losses can be demonstrated as a comparison between employment, production, or net income existing on January 1, 1998 and January 31, 2000.
Eligible Borrower. The borrower must satisfy all of (a)-( d) below:
a) Be admitted to, or have graduated from, an ITT Technical Institute undergraduate or graduate program of study.
b) Be a U.S. Citizen or National, or a Permanent Resident. AND If there is a Co-signer, the Co-signer must be a U.S. Citizen or National, or a Permanent Resident. c) Meet all credit requirements specified below in Section 3. OR Have a credit-worthy co-signer who meets all credit requirements specified below in Section 3.
Eligible Borrower. The definition of "Eligible Borrower" in ------------------ Section 1.01 of the Credit Agreement is hereby amended by (i) inserting immediately after the word "means" in the first sentence thereof the phrase "(i) the Company and (ii)" and (ii) inserting immediately after the phrase "and in each case" in the first sentence thereof the phrase "described in this clause (ii)".