Underwriting Process Sample Clauses

Underwriting Process. Diamond Resorts will review each loan application, taking into account the following guidelines and requirements. a. The amount financed for any one loan may not exceed $50,000. Additional down payments will be required for new loans, including balances on existing loans being wrapped, that exceed the $50,000 loan cap. b. All new financed sales are subject to credit underwriting by DRFS. c. It is the responsibility of the sales site (Quality Assurance Officer or Sales manager) to advise the customer that the loan request is subject to underwriting approval. d. The credit underwriting will be authorized by personnel in the DRFS Contracts Department. (All persons authorized to make credit decisions on behalf of DRFS shall be granted this authority by the National Contracts Manager.) e. DRFS management or their designee will approve every financed sale before a loan is scheduled for escrow close. Such approval will include: 1. a complete and accurate contract that is in compliance with Diamond Resorts policy, and 2. a credit bureau report for all financed sales, including any transaction for existing owners; or 3. when a credit report is not available, a Credit Exception Form as described below Note: All exceptions will require documentation on a Credit Exception Form, which must accompany the document file and require signature approval by the VP Client Services, National Contracts Manager or the Director, Operations.

Underwriting Process. Diamond Resorts will review each loan application, taking into account the following guidelines and requirements. KL2 2787979.5 a. The amount financed for any one loan may not exceed $50,000. Additional down payments will be required for new loans, including balances on existing loans being wrapped, that exceed the $50,000 loan cap. b. All new financed sales are subject to credit underwriting by DRFS. c. It is the responsibility of the sales site (Quality Assurance Officer or Sales manager) to advise the customer that the loan request is subject to underwriting approval. d. The credit underwriting will be authorized by personnel in the DRFS Contracts Department. (All persons authorized to make credit decisions on behalf of DRFS shall be granted this authority by the Director, National Contracts and Credit.) e. DRFS management or their designee will approve every financed sale before a loan is scheduled for escrow close. Such approval will include: 1. a complete and accurate contract that is in compliance with Diamond Resorts policy, and 2. a credit bureau report for all financed sales, including any transaction for existing owners; or

Underwriting Process. The initial underwriting process begins when a deal is sourced and entered into the CapitalSource Deal Tracker (“DT”). The information gathered at this point includes, but is not limited to, financial statements, management profile, projections, need for financing, sponsor or buying group profile (if applicable). Once a deal is sourced, either a Development Officer or Investment Officer prepares a term sheet. See origination section for a discussion on term sheets. When the decision to issue a term sheet is made, Underwriting should be notified by entering the information on the DT so that the progress of the term sheet can be tracked. All term sheets, along with other pertinent deal flow information should be communicated to Underwriting such that appropriate staffing decisions and planning can be accomplished. Once a term sheet is executed by a potential customer, the Investment Officer and assigned Underwriting Officer should go through a planning process. This process will include setting the expectations for timing of delivery of a closing, and then working backwards, determine a date for approval, a date that the credit write-up needs to be completed, date the field exam needs to be completed, etc. Any scheduling of appraisals, outside research, background checks etc. should be determined, and responsible parties determined at that time. The majority of all new transactions will require a field examination. The scope will vary depending on whether there is a reliance on collateral, cashflow, or both. The scope of this fieldwork would be determined in the planning process. Obviously, as fieldwork is being performed, adjustments to the scope of the work are often necessary. The underwriter and Investment Officer must be kept appraised of the process so that any adjustments to the timing, structure, etc. can be considered and communicated back to the customer as necessary. Field examination work is to be summarized in a comprehensive document in a standard format as determined by CapitalAnalytics. This report is to be included in the credit package submitted to the credit committee for approval. The accumulation of the due diligence/underwriting process will be documented in the form of an underwriting report. An underwriter must prepare this document. This report has a standardized format as determined by CapitalAnalytics. The Investment Officer will prepare a separate credit memorandum with his/her analysis of the transaction. These documents have a s...

Underwriting Process. The underwriting process consists mainly of the commercialization process of the bonds. The issuer will play an important role throughout this process. Senior representatives of the issuer will generally assist with meetings with the underwriter and potential investors to promote the securities. The underwriter and the issuer will analyse the reaction of the investors during the roadshows and agree on the price, payable interest and quantity of securities and will execute the underwriting agreement. During the subscription period, the underwriters will execute different subscription agreements with investors, whereby the investors will agree to purchase a determined amount of securities. Generally, the subscriptions agreements are conditioned upon (i) the underwriting agreement relating to the offering being executed and having become unconditional, (ii) successful completion of the offering; and, (iii) the successful listing of the securities. As can be expected, this agreement is heavily negotiated, as it will distribute the risks of the allocation of the securities in the market. A balance has to be reached between the price and quantity of securities to be issued. If overestimated, the price of the securities could fall after the initial offering while, on the other hand, a bad estimation of price could also lead to the issuer “selling” its securities at a price lower than what the market is willing to pay (underselling). Closing will be deferred from signing, these are two stages in the completion of the execution of the agreement. At closing, the issuer will deliver the securities and the underwriter will pay the agreed price (if that is what has been agreed, rather than just make best efforts or to acquire any unsold securities). The parties may agree on another mechanism by means of which the price of the securities is agreed before executing the agreement. This will be followed by a subscription period in which the underwriter will try to sell the securities to investors who will place orders for buying the securities effective at the end of the subscription period. In this case the underwriter will prior obtain quotation from other major players (sub-underwriters) to estimate the appetite of the market for the securities. The difference between these two processes is the allocation of risk regarding the success or not of the commercialization process. In the first mechanism, risk is mostly shared by the parties, as the price is determined at the ...

Underwriting Process. Section 2.01 —