Required Procedures means the written policies, procedures and guidelines that Horizon utilizes in the origination (and Horizon Management utilizes in the servicing) of Notes Receivable Horizon owns, or sells to its subsidiaries, specifically including underwriting, documentation, portfolio management and financial policies, procedures and guidelines over collateral and financial analysis, business and asset valuation (including appraisal), auditing, collection activities, renewal, extension, modification, recognition, accrual, non-accrual and charge-off policies, and the use of the Approved Forms with respect to the origination, funding and servicing of Notes Receivable, all in the form delivered to Agent and approved by Agent on or prior to the Closing Date and attached to the Closing Certificate, as amended from time to time in accordance with the Sale and Servicing Agreement; provided, however, that no material change to the Approved Forms or the policies and procedures as in effect on the Closing Date shall be effective unless (a) Agent and Borrower have each received at least ten (10) Business Days prior written notice of such change and, (b) if either Agent in the exercise of its Permitted Discretion, or Borrower in its reasonable discretion, believes that such change could reasonably be expected to have a material adverse effect upon the quality or value of the Eligible Notes Receivable or the collectability of any Note Receivable or the Advances thereon, such change has the prior written approval of both Agent and Borrower; provided further, that (i) each of Agent and Borrower shall use reasonable efforts to notify Horizon of any objection it has to any such proposed change within ten (10) Business Days following its receipt of notice thereof from Horizon, but failure by Agent or Borrower to do so shall not be deemed to be a consent to or approval of such change, and (ii) if, after the expiration of such ten (10) Business Day period, Horizon has provided to each of Agent and Borrower a second written notice of such proposed change and received acknowledgment of Agent's and Borrower's receipt thereof, then each of Agent and Borrower shall be deemed to have consented to such proposed change unless either Agent or Borrower has notified Horizon of its objection thereto within twenty (20) days following its receipt of such second notice from Horizon.
Required Procedures means procedures, including credit and underwriting standards, loan to value ratio limitations and the use of Approved Forms with respect to the financing and servicing of SBA 7(a) Note Receivables as in effect on the Closing Date, together with such changes and modifications thereto from time to time as shall be required by SBA Rules and Regulations or as have been approved in writing by Lender, in Lender’s reasonable credit judgment.
Required Procedures. Has the meaning set forth in the Loan Agreement.
Examples of Required Procedures in a sentence
Required Procedures Sections 3.4, 3.5, 3.6, 3.7, 3.8 and 3.9 of this Article 3 apply to committees and their members.
Pursuant to this authority, the CPOs have issued mandatory procedures entitled “Competitive Sealed Proposals, Required Procedures and Guidance for Communications After Opening but Prior to Award” (eff.
Issued as Competitive Sealed Proposals, Required Procedures and Guidance for Communications After Opening but Prior to Award (eff.
See Competitive Sealed Proposals, Required Procedures and Guidance for Communications After Opening but Prior to Award (eff.
The Required Procedures, the SBA 7(a) Note Receivable Documents and all actions and transactions by Borrower in connection therewith will comply in all material respects with all Applicable Laws.
More Definitions of Required Procedures
Required Procedures means those procedures, including underwriting standards, as set forth on Exhibit R-1 attached hereto, to be followed by Borrower when financing Customer Loan Collateral from Customers, together with such changes and modifications thereto from time to time as are not prohibited under Section 7.10 of this Agreement.
Required Procedures means procedures with respect to the acquisition and servicing of Portfolio Loan Receivables, as attached to the Closing Certificate, together with such changes and modifications thereto from time to time as shall have been approved in writing by Lender, in Lender's sole and absolute discretion.
Required Procedures means the making of determinations in the exercise of reasonable (from the perspective of a secured lender) business judgment in good faith in accordance with customary businesses practices of the Borrower consistent with the Borrowers publicly disclosed underwriting and portfolio management practices and strategies.
Required Procedures means procedures, including credit and underwriting standards, loan to value ratio limitations and the use of Approved Forms with respect to the financing and servicing of SBA 7(a) Note Receivables as in effect on the Closing Date, together with such changes and modifications thereto from time to time as shall be required by SBA Rules and Regulations or as have been approved in writing by Administrative Agent, in Administrative Agent’s reasonable credit judgment. “Reserves” means such reserves against SBA 7(a) Loans, Availability, the Borrowing Base-Guaranteed, or the Borrowing Base-Non Guaranteed that Administrative Agent may, in its reasonable credit judgment, establish from time to time. Without limiting the generality of the foregoing, Reserves established to ensure the payment of accrued Interest Expenses or Indebtedness shall be deemed to be a reasonable exercise of Administrative Agent’s credit judgment. “Restricted Payments” means the declaration or payment of any dividend on, or any payment or other distribution on account of, or the purchase, redemption, retirement, or other acquisition (directly or indirectly) of, or the setting apart of assets for a sinking or other analogous fund for the purchase, redemption, retirement or other acquisition of, any class of Capital Stock of any Person, or the making of any distribution of cash, property or assets to the holders of shares of any Capital Stock of any Person. “Revolving Credit Maturity Date”means May 7, 2023. “SBA” means the United States Small Business Administration or any other federal agency administering the SBA Act. “SBA Act” means the Small Business Act of 1953, as the same may be amended from time to time. “SBA Lender’s License” means that authority given to a lender by the SBA to make SBA 7(a) Loans as permitted under the SBA Act, as amended and further authorized by the SBA in CFR Title 13 Part 120-470 and 471, as amended. “SBA Rules and Regulations” means the SBA Act, as amended, any other legislation binding on SBA relating to financial transactions, any “Loan Guaranty Agreement”, all rules and regulations promulgated from time to time under the SBA Act, and SBA Standard Operating Procedures and any Official Notices issued by the SBA, all as from time to time in effect. “SBA 7(a) Guaranteed Note Receivable”means that portion of any SBA 7(a) Note Receivable that is actually guaranteed by the SBA. “SBA 7(a) Loan Notes” means any promissory notes that at any time evidence SBA 7(a) Loans....
Required Procedures means the written policies, procedures and guidelines of Originator, specifically including underwriting, servicing policies and procedures, and renewal, extension, modification, non-accrual and charge-off policies and the use of the Approved Forms with respect to the origination, funding and servicing of Leases, as attached to the Closing Certificate, together with such changes and modifications thereto from time to time; provided, that Lender shall have approved, in writing, in its Permitted Discretion, any material changes and modifications that make the underwriting standards less restrictive, reduce the required creditworthiness of prospective Account Debtors, reduce any collateral requirements or otherwise adversely affect the rights of Borrower or Servicer or Borrower’s or Servicer’s ability to realize on Borrower Leases and related Collateral.
Required Procedures means procedures, including credit and underwriting standards, loan to value ratio limitations and the use of Approved Forms with respect to the financing and servicing of SBA 7(a) Note Receivables as in effect on the Closing Date, together with such changes and modifications thereto from time to time as shall be required by SBA Rules and Regulations or as have been approved in writing by Lender, in Lender's reasonable credit judgment."Reserves" means, with respect to the Borrowing Base, such other reserves against SBA 7(a) Loans or Availability that Lender may, in its reasonable credit judgment, establish from time to time. Without limiting the generality of the foregoing, Reserves established to ensure the payment of accrued Interest Expenses or Indebtedness shall be deemed to be a reasonable exercise of Lender's credit judgment. "SBA" means the United States Small Business Administration or any other federal agency administering the SBA Act."SBA Act" means the Small Business Act of 1953, as the same may be amended from time to time."SBA Lender's License" means that authority given to a lender by the SBA to make SBA 7(a) Loans as permitted under the SBA Act, as amended and further authorized by the SBA in CFR Title 13 Part 120-470 and 471, as amended. "SBA Rules and Regulations" means the SBA Act, as amended, any other legislation binding on SBA relating to financial transactions, any "Loan Guaranty Agreement", all rules and regulations promulgated from time to time under the SBA Act, and SBA Standard Operating Procedures and any Official Notices issued by the SBA, all as from time to time in effect."SBA 7(a) Guaranteed Note Receivable" means that portion of any SBA 7(a) Note Receivable that is actually guaranteed by the SBA. "SBA 7(a) Loan Notes" means any promissory notes that at any time evidence SBA 7(a) Loans."SBA 7(a) Loan Obligor" means any Person, other than the SBA, who is or may become obligated to Borrower under an SBA 7(a) Loan."SBA 7(a) Loans" means any loans made by Borrower (or its predecessors in interest) to small businesses and partially guaranteed by the SBA, all originated in accordance with the SBA Rules and Regulations and pursuant to the authorization contained in Section 7(a) of the SBA Act. "SBA 7(a) Non-Guaranteed Note Receivable" means that portion of any SBA 7(a) Note Receivable that is not guaranteed by the SBA."SBA 7(a) Note Receivable" means the obligation of an SBA 7(a) Loan Obligor to pay an SBA 7(a) Loan made by Borrower...
Required Procedures means operational procedures and procedures regarding the use of Approved Forms with respect to the financing and servicing of Premium Finance Agreements, as attached to the Closing Certificate, as may be changed or modified from time to time as permitted by Section 7.10 of this Agreement.