LOAN DECISIONS Clause Samples

LOAN DECISIONS. The Borrower, independently and without the influence of the Creditor, and based on such documentation and information as it has deemed appropriate, conducted its own credit analysis and made its own decision in entering into this Agreement and the other Loan Documents to which it is or will be a party.

LOAN DECISIONS. Loan decisions will only be made at LRC meetings when a quorum is present; if there is no quorum, the loan will not be decided. A quorum shall consist of a simple majority of members. A LRC member must be present either in person or by telephone to be counted in the quorum. Members will be provided and will review the loan application and all supporting documents prior to LRC meetings. A simple majority vote will decide the issue. Proxy voting is not allowed. Documentation of the LRC’s decisions is maintained as minutes in the BCRLF records. Minutes from the previous meeting will be approved, corrected, or amended by vote of the LRC at the next meeting. Borrowers will be notified of the LRC’s decision within one week of the LRC meeting. For approved loans, a commitment letter outlining the general terms and conditions will be mailed to the borrower. A City of Cheyenne attorney will review the commitment letter prior to mailing, if needed. The commitment letter will explain collateral requirements, insurance coverage, and related documentation required.