SBIC Clause Samples
The SBIC (Small Business Investment Company) clause defines the rights and obligations of parties when an investor in a company is an SBIC, a type of investment fund licensed by the U.S. Small Business Administration. This clause typically outlines compliance requirements with federal regulations, such as restrictions on the use of proceeds, reporting obligations, and limitations on certain business activities to maintain the company's eligibility for SBIC investment. Its core function is to ensure that both the company and its investors adhere to the specific legal and regulatory framework governing SBICs, thereby protecting the investment and maintaining compliance with federal law.
SBIC. The Buyer is a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958.
SBIC. Lender has received a license from the U.S. Small Business Administration (“SBA”) to extend loans as a small business investment company (“SBIC”) pursuant to the Small Business Investment Act of 1958, as amended, and the associated regulations (collectively, the “SBIC Act”). Portions of the loan to Borrower will be made under the SBA license and the SBIC Act. This letter outlines various responsibilities of Lender and Borrower associated with an SBA loan.
SBIC. BL is, and has been since the date of its incorporation, a qualified "7
(a) lender under the Small Business Administration Act and is in compliance with all conditions or requirements imposed by the SBA or any other applicable Governmental Authority with respect to its status thereof, including, without limitation, all conditions and requirements imposed under the Small Business Administration Act and the SBA Regulations promulgated thereunder.
SBIC. Borrower is, and has been since the date of its incorporation, a qualified SBIC. Borrower is in compliance with all conditions or requirements imposed by the SBA or any other applicable Governmental Authority with respect to its status as a SBIC including, without limitation, all conditions and requirements imposed under the SBI Act and the SBA Regulations promulgated thereunder.
SBIC. (a) If the Partnership becomes an SBIC, the Partnership shall not be required to take any action or refrain from any action that may be necessary for the Partnership to maintain its status as an SBIC if the General Partner, in its sole discretion, determines that it would be desirable for the Partnership to cease being an SBIC.
(b) In order to permit the Partnership to become an SBIC, the General Partner shall have the authority, without obtaining the approval of any Limited Partners, to amend this Agreement to the extent necessary to comply with any applicable SBIC Regulations or to obtain SBA approval of the Partnership's Application to become an SBIC, including any of the following matters: the dissolution and/or reorganization of the Partnership, the removal of the General Partner, the rights of any transferee of or successor to the General Partner and the indemnification of the General Partner. However, (i) the General Partner shall not have the authority to amend any of the Sections included in Article 3 herein or Section
SBIC. The Borrower is a duly licensed small business investment company authorized by the SBA under the SBIC Regulations. The Borrower is in good standing with the SBA and is not subject to any restriction, letter agreement, probation or other special condition respecting Borrower's eligibility, qualification or operation as a small business investment company.
SBIC