Loan Closing Clause Samples
The Loan Closing clause defines the procedures and requirements for finalizing a loan transaction. It typically outlines the date, location, and conditions that must be met before the loan funds are disbursed, such as the execution of necessary documents and satisfaction of pre-closing obligations. This clause ensures that both parties understand the steps needed to complete the loan process, thereby reducing the risk of misunderstandings or delays at the final stage of the transaction.
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Loan Closing. The closing of the Construction Loan. Major Capital Event. One or more of the following: (i) sale of all or any part of, or any interest in, Company property (including the Project and the Property), exclusive of sales or other dispositions of tangible personal property in the ordinary course of business; (ii) placement and funding of any indebtedness of the Company secured by some or all of its assets with respect to borrowed money, excluding short term borrowing in the ordinary course of business; (iii) condemnation of all or any material part of, or any interest in, the Property through the exercise of the power of eminent domain; or (iv) any unrestored material loss of Company property or any part thereof or interest therein by casualty, failure of title or otherwise. Major Decision. As defined in Section 6.2(a).
Loan Closing. The lender may require the borrower to pay no more than actual closing costs incurred in connection with the making, closing, disbursing or extending of a reverse mortgage loan. A reverse mortgage loan agreement or extension agreement may provide for deferral of payment of any portion of actual closing costs. Deferred closing costs shall be added to the outstanding loan balance as provided in subdivision 1, clause (e). Unless the agreement provides for deferral, actual closing costs shall be paid by the borrower at the time of signing the agreement. Upon signing a reverse mortgage loan agreement or extension agreement the lender shall furnish to the borrower:
(a) A schedule showing the projected pattern of the outstanding loan balance over the period of the agreement;
(b) A statement indicating in detail the charges and fees the borrower has paid or is obligated to pay to the lender or to any other person in connection with the loan; and
(c) Any other information required by state or federal law.
Loan Closing. The Loan shall be closed and become effective as follows:
(a) The Governmental Agency will deliver each of the following items to the Authority:
(i) executed counterparts of this Loan Agreement;
(ii) the executed Governmental Agency Bond in the form attached hereto as Exhibit D.
(iii) copies of the resolutions or ordinances of the governing body of the Governmental Agency authorizing the execution and delivery of this Loan Agreement and the Governmental Agency Bond, certified by an Authorized Officer of the Governmental Agency;
(iv) an opinion of the Governmental Agency's counsel substantially in the form set forth in Exhibit E-1 hereto (such opinion or portions of such opinion may be given by one or more counsel); provided, however, that the Authority may in its discretion permit variances in such opinion from the form or substance of such Exhibit E-1 if such variances are not to the material detriment of the interests of the Authority; and
(v) such other certificates, documents, opinions and information as the Authority may require.
(b) Upon receipt of the foregoing documents, the Authority shall obligate the amount of the Loan Commitment set forth in Paragraph (4) of Exhibit B, and make the amount of the Loan available for the Project in accordance with the terms of this Loan Agreement.
Loan Closing. If the conditions precedent to the closing of the Loan are not complied with as of the Closing Date, Lender may terminate Lender’s obligation to fund the Loan by written notice to Borrower.
Loan Closing. The first date on which all or any part of the proceeds of the Line of Credit Loan are initially disbursed by the Lender to or for the benefit of Borrower.
Loan Closing. All loans guaranteed by the Agency shall be closed by attorneys, escrow companies, escrow departments of lending institutions, or other persons, or entities skilled and experienced in conducting loan closings. The lender shall:
a. Ensure funds for the particular loan or line of credit will be used only for the purposes authorized in Agency regulations and as contained in the conditional commitment;
b. Ensure that documents, including the mortgage and any security agreements, chattel mortgages or equivalent documents relating to it have been properly signed, are valid and contain terms enforceable by the lender;
c. Ensure that all security with appropriate lien priorities is obtained in accordance with the conditional commitment and Agency regulations;
d. Ensure that all closing documents required to be recorded are recorded accurately, in the appropriate offices, and in a timely and accurate manner;
e. Ensure that security interests are perfected in collateral according to applicable regulatory requirements and procedures;
f. Ensure that all required hazard insurance will be obtained in accordance with Agency regulations or is now in effect;
g. Collect all fees and costs due and payable by the borrower in the course of the loan transaction and disburse payment directly to the parties for services rendered;
h. Ensure that construction, relocation, repairs, or development are completed in accordance with applicable drawings and specifications;
i. Ensure the borrower has marketable title to security property now owned, and will obtain such title to any additional property to be acquired with loan funds, subject only to the instruments securing the loan to be guaranteed and any other exceptions set forth in Agency regulations;
j. Secure the entire loan equally with the same security and the same lien priority for both the guaranteed and unguaranteed portions of the loan, under the assurance that the unguaranteed portion of the loan will not be paid first nor given priority over the guaranteed portion of the loan;
k. Submit the required guarantee fee with the guaranteed loan closing report.
Loan Closing. All documents required by the provisions of the Loan Documents to be executed or delivered to the Administrative Agent on or before the Effective Date shall have been executed and shall have been delivered at the office of the Administrative Agent set forth in Section 11.2 on or before the Effective Date.
Loan Closing. “Loan Closing” or “Closing Date” means the date on which all or any part of the proceeds of the Loan are initially disbursed by Lender to or for the benefit of Borrower.
Loan Closing. (a) Subject to the terms and conditions of this Agreement, and the compliance with such terms and conditions by all parties, Lender agrees to lend to Borrower, and Borrower agrees to borrow from Lender, the aggregate sum of up to SIX MILLION DOLLARS ($6,000,000) which shall be disbursed at the Loan Closing as follows by the entities referred to below: Renaissance Capital Growth & Income III, Inc.: $3,000,000 Renaissance US Growth & Income Trust PLC: $3,000,000
(b) Each such disbursement is to be at such time and subject to the conditions as provided hereunder and such borrowing shall be evidenced by Borrower's duly executed Debenture (in one or more counterparts) in the aggregate sum of the Principal Amount advanced substantially in the form of Exhibit 2.01(b) attached hereto and made a part hereof, with appropriate insertion of names, dates and amounts. In the event of any differences in terms between the Agreement and the Debenture, the Debenture will be controlling; provided, however, that the holder of the Debenture shall be entitled to all the rights and benefits of the Lender provided in this Agreement.
(c) Unless otherwise mutually agreed, the Loan Closing shall be at the offices of Renaissance Capital Group, Inc. in Dallas, Texas.
(d) If, within 30 days of the date of this Agreement (i) Borrower has failed to comply with the conditions precedent to the Loan Closing as specified in Article III hereof (unless compliance with such conditions in whole or in part has been waived or modified by Lender in its sole discretion) or (ii) the Loan Closing has not occurred (unless the date of such Loan Closing has been mutually extended) then, in either such case, the obligations of Lender under this Agreement shall terminate, provided however that Borrower shall be obligated for payment of the commitment fees and Lender expenses as provided in Section 2.07 due and payable as of such date of termination.
Loan Closing. Subject to the terms and conditions of this Agreement, Lender agrees to close this Loan upon Borrower’s satisfaction of the requirements set forth in this Section 2.1.2 and Section 4.1 below (collectively “Closing Conditions”):
(a) Map(s). Lender’s receipt, review and approval of the Final Map approved for the Property and Project, which Final Map shall be recorded no later than the Closing Date; provided, however, that notwithstanding any provision of this Agreement to the contrary, Lender may agree to close the Loan prior to the recordation of the Final Map, but Lender shall have no obligation to disburse any Loan funds for the payment or reimbursement to Borrower of any Project costs allocated for the construction of the Home Improvements (expressly excluding Project costs allocated for the construction of the A&D Improvements) unless and until the Final Map for the Project is recorded with the County Recorder’s Office.