Loan Document Certifications Sample Clauses

Loan Document Certifications. (13 CFR § 307.11(a)(1)(ii))‌ Within 60 days before the initial disbursement of EDA funds, Recipient must provide in a form acceptable to EDA a certification signed by an authorized representative of Recipient that standard RLF loan documents reasonably necessary or advisable for lending are in place, and a certification from Recipient’s legal counsel that the standard RLF loan documents are adequate and comply with the terms and conditions of the RLF Award, RLF Plan, and applicable State and local law. Recipient is required to maintain and appropriately update standard RLF loan documents at all times for the duration of the RLF’s operation. The standard loan documents must include, at a minimum, the following: (i) Loan application; (ii) Loan agreement; (iii) Board of directors’ meeting minutes approving the RLF loan; (iv) Promissory note; (v) Security agreement(s); (vi) Deed of trust or mortgage (as applicable); (vii) Agreement of prior lien holder (as applicable); and (viii) Evidence demonstrating that credit is not otherwise available on terms and conditions that permit the completion or successful operation of the activity to be financed.