SBA Loans Sample Clauses
The SBA Loans clause outlines the terms and conditions related to loans that are backed or guaranteed by the U.S. Small Business Administration (SBA). It typically specifies the parties’ obligations regarding the application, maintenance, and compliance with SBA requirements, and may address issues such as documentation, eligibility, and use of loan proceeds. This clause ensures that both lender and borrower understand their responsibilities in securing and managing an SBA loan, thereby facilitating access to government-backed financing while minimizing the risk of non-compliance with federal regulations.
SBA Loans. Community shall have repurchased from Palomar all of the nonguaranteed portions of the SBA Loans pooled and sold to Palomar identified by Centennial for repurchase by Community at a price equal to the actual principle balance of the loans as of the repurchase date as reflected on Palomar's books less any reserves as of the repurchase date plus all accrued but unpaid interest.
SBA Loans. Any such substitution shall be accompanied by payment by the appropriate Seller of the Substitution Adjustment, if any. As to any Deleted SBA Loan for which the appropriate Seller substitutes a Qualified Substitute SBA Loan or Loans, the Servicer shall effect such substitution by delivering to the Trustee and the FTA a certification in the form attached hereto as Exhibit I, executed by a Servicing Officer, and shall also deliver to the Trustee and the FTA, as applicable, the documents constituting the Trustee's Document File for such Qualified Substitute SBA Loan or Loans.
SBA Loans. Schedule 1.1(l) Other Assigned Contracts Schedule 2.1(a) Service Agreements Schedule 8.3(a) Certain Customers1 Schedule 8.3(b) Certain Indirect Lending Program Dealers/Sellers Schedule 11.5 Appraised Value of Real Property2 Exhibit A Form of Draft Closing Statement Exhibit B Form of Warranty Deed Exhibit C Form of ▇▇▇▇ of Sale and Assignment Exhibit D Form of Assumption Certificate Exhibit E Form of Limited Power of Attorney Exhibit F Form of Closing Statement Exhibit G Form of Final Statement 1 To be provided by Seller at Closing pursuant to Section 8.3. 2 To be provided by Seller in accordance with Section 11.5. This Purchase and Assumption Agreement (the "Agreement") dated as of May 23, 2012, is by and between Independent Bank, a Michigan banking corporation (the "Seller"), and Chemical Bank, a Michigan banking corporation (the "Purchaser").
SBA Loans. (a) Borrower and each other Credit Party shall use the proceeds of the SBA Loans solely in accordance with the PPP rules and regulations.
(b) Borrower and each other Credit Party shall comply with all rules and regulations promulgated by the SBA or other applicable Governmental Authority with respect to the SBA Loans and shall, as promptly as practicable and using commercially reasonably efforts, to the extent permitted, apply for forgiveness of the SBA Loans in accordance with the CARES Act.
(c) Borrower shall provide the Administrative Agent with prompt notice of the closing and funding of any SBA Loan.
(d) Borrower shall promptly provide the Administrative Agent with copies of any SBA Loan Document, which shall be in a form reasonably acceptable to the Administrative Agent. Any amendments, restatements, supplements or modifications to any SBA Loan Document that would be adverse to the interests of the Administrative Agent or Lenders shall not be effected without the consent of the Required Lenders.
(e) Notwithstanding anything contrary to the herein, no Credit Party shall receive any credit under any baskets in this Agreement for any proceeds received in connection with the incurrence of any SBA Loans (including, for the avoidance of doubt, any such SBA Loans that have been forgiven by the SBA).
d. Section 9.1 of the Credit Agreement is hereby amended by (i) removing the “and” at the end of clause (k) thereof, (ii) replacing the “.” at the end of clause (l) thereof with “; and”, and (iii) adding a new Section 9.1(m) to read as follows:
SBA Loans. Shareholder shall cause to have released those certain liens (the "Release") on the inventory, equipment, accounts receivables, machinery, furniture and equipment securing obligations owed to the First National Bank of Wamego. Shareholder shall provide evidence of the Release in form and substance satisfactory to Purchaser and Waterlink.
SBA Loans. Notwithstanding anything to the contrary contained in the Credit Agreement or any of the Security Documents (including without limitation the Collateral Assignment and the Security Agreement), the Collateral shall not include loans ("SBA Guaranteed Loans") that are originated or held by AMRESCO Independence Funding, Inc. (or another Subsidiary of Borrower licensed to originate or hold SBA guaranteed loans, subject to Administrative Agent's prior written approval of any such other Subsidiary) for which the Small Business Administration (the "SBA") has issued or is to issue a guaranty for a portion of any such loan pursuant to an agreement between AMRESCO Independence Funding, Inc. (or such other Subsidiary licensed to originate or hold SBA guaranteed loans and so approved by Administrative Agent) and the SBA (an "SBA Lender Agreement"), the SBA loan customer lists, the servicing rights and other general intangibles related to such SBA Guaranteed Loans or the collection or servicing thereof (excluding deposit accounts not containing any payments on account of or other proceeds of SBA Guaranteed Loans or the collection or servicing thereof), and computer hardware and software related to and utilized in the servicing solely of such SBA Guaranteed Loans and other SBA Lender Agreement Assets (as hereinafter defined), or any proceeds or products of such SBA Guaranteed Loans or other items for which the applicable SBA Lender Agreement prohibits assignment thereof, including without limitation retained interests in SBA Guaranteed Loans or securitizations thereof, collection accounts and other cash deposit accounts related to such SBA Guaranteed Loans, and real property acquired by foreclosure of such SBA Guaranteed Loans (collectively "SBA Lender Agreement Assets"), and such SBA Guaranteed Loans and related SBA Lender Agreement Assets shall not be included in the definitions of Collateral or Assigned Loans. Administrative Agent and Lenders agree that all such SBA Guaranteed Loans and related SBA Lender Agreement Assets are and shall be deemed excluded as Collateral under the Loan Documents and shall not be covered by or subject to the Security Agreement or the Collateral Assignment or the financing statements executed by AMRESCO Independence Funding, Inc. or any such other Subsidiary that originates or holds SBA Guaranteed Loans as approved by Administrative Agent.
SBA Loans. 26 5.18 Termination of Simplified Employee Pension Plan........ 27
SBA Loans. Section 3.2(w)(vi) Regulation O Loans Section 3.2(w)(vii) Loan Matters Section 3.2(z) Insurance Section 3.2(gg) Related Party Transactions