Program Borrower definition

Program Borrower means a distinct Borrower whose Loan Repayments constitute Revenues hereunder.
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Program Borrower has the meaning ascribed to such term in the Promissory Note. In addition, in the Secured Party's opinion, all Program Borrowers substantially comply in all material respects with the Secured Party's current underwriting guidelines for loans to small business owners, and in no event will loans be made to Program Borrowers where (a) the Pledged Store has less than one year of seasoning, and (b) (i) the most recent annual revenue of the Borrower is less than $500,000 or (ii) the most recent annual Borrower Cash Flow is less than $100,000.
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Examples of Program Borrower in a sentence

  • The affiliation rules apply to private equity-owned businesses in the same manner as any other business subject to outside ownership or control.46 However, in addition to applying any applicable affiliation rules, all borrowers should carefully review the required certification on the Paycheck Protection Program Borrower Application Form (SBA Form 2483) stating that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”e.

  • What forms do I need and how do I submit an application for a PPP loan?76 The applicant must submit Paycheck Protection Program Borrower Application Form (SBA Form 2483), or lender’s equivalent form, and payroll documentation, as described above.

  • Confirm receipt of borrower certifications contained in Paycheck Protection Program Borrower Application Form (SBA Form 2483) issued by the Administration or lender’s equivalent form;b.

  • The First Interim Final Rule does not directly address bankrupt debtors’ inability toparticipate in the PPP, but it does refer to SBA Form 2483, the Paycheck Protection Program Borrower Application.

  • The obligations of the municipal Refunding Program Borrower (the “General Obligation Refunding Program Borrower”) to repay its Refunding Program I-Bank Loan is a direct and general obligation and ultimately payable from its general tax revenues.

  • The Refunding Program Borrower Service Agreements require that Refunding Program Participants pay certain deficiencies or other amounts (the “Refunding Program Annual Charges”), including the Refunding Program Participants’ share of debt service on the respective Refunding Program Borrower Bonds of the respective Special Obligation Refunding Program Borrower.

  • In addition, the Refunding Program Borrower Bonds of certain municipal Refunding Program Borrowers that have been assigned a credit rating that has been deemed unacceptably low by the I-Bank additionally may be secured pursuant to the provisions of the State’s Municipal Qualified Bond Act.

  • More specifically, on or before each Refunding Program Loan repayment due date, each such Applicable Refunding Program Borrower makes one payment to the Applicable Refunding Program Trustee, in an amount equal to the Applicable Refunding Program I-Bank Loan repayment, the I-Bank administrative fee payment, the Applicable Refunding Program Fund Loan repayment and, if applicable, the State administrative fee payment then due.

  • More specifically, on or before each Refunding Program Loan repayment due date, each such Applicable Refunding Program Borrower makes one payment to the Applicable Refunding Program Loan Servicer, in an amount equal to the Applicable Refunding Program I-Bank Loan repayment, the I-Bank administrative fee payment, the Applicable Refunding Program Fund Loan repayment and, if applicable, the State administrative fee payment then due.

  • Pursuant to the Refunding Program Borrower Service Agreements, any deficiency giving rise to a Refunding Program Annual Charge is calculated at the end of each fiscal year of the Special Obligation Refunding Program Borrower and is submitted to the Refunding Program Participants for payment as provided therein.

Related to Program Borrower

  • Co-Borrower shall have the meaning assigned to such term in the introductory paragraph of this Agreement.

  • Foreign Credit Party means a Credit Party which is not a Domestic Credit Party.

  • Lead Borrower has the meaning assigned to such term in the preamble of this Agreement.

  • Account Party has the meaning specified therefor in Section 2.11(h) of this Agreement.

  • Domestic Borrower means the Company and each Designated Borrower that is a Domestic Subsidiary.

  • Dutch Borrower means any Borrower that is organized under the laws of the Netherlands.

  • Funding Borrower shall have the meaning set forth in Section 20.12 hereof.

  • Domestic Credit Party means any Credit Party which is incorporated or organized under the laws of any State of the United States or the District of Columbia.

  • Canadian Borrower as defined in the preamble hereto.

  • U.S. Borrower means any Borrower that is a U.S. Person.

  • Parent Borrower as defined in the preamble hereto.

  • Borrower as defined in the preamble hereto.

  • Eligible borrower means owners or others having an interest in property situated within the downtown area of a participating city, community development corporations associated with a participating city, Iowa main street program organizations associated with a participating city, community-initiated development groups associated with a participating city, or other organization associated with a participating city for purposes of implementing the Iowa main street program.

  • Domestic Loan Party means any Loan Party organized under the laws of any state of the United States of America or the District of Columbia.

  • The Borrower has advised the Banks that the Borrower is currently working on a revised business plan which will include, among other things, a request to restructure the Obligations owing to the Banks on terms and conditions mutually agreed upon by the Borrower and the Banks. While the Borrower and the Banks have initiated discussions concerning the proposed restructuring of the Obligations, the Borrower acknowledges that the Banks have not agreed to any terms and conditions relating to any restructuring of the Obligations. In the meantime, however, the Borrower intends to continue to sell the remaining physician practice management groups operated by the Borrower and its Subsidiaries (collectively being referred to herein as the "PPM Businesses") and use a portion of the proceeds from the sale of the PPM Businesses to meet its reasonable and necessary operating expenses. To afford the Borrower an opportunity to proceed with the transactions described above, the Borrower has requested that (i) the Banks extend the temporary waiver period provided for in Sections 2.1 and 2.2 of that certain Seventh Amendment and Waiver to Credit Agreement dated as of December 10, 1999, among the Borrower, the Banks, and the Agent (the "Seventh Amendment") (as further amended, in part, by a December 30, 1999, letter agreement, a February 29, 2000, letter agreement, a March 24, 2000, letter agreement, an April 14, 2000, letter agreement, a May 5, 2000, letter agreement, a May 19, 2000, letter agreement, a June 1, 2000, letter agreement, a June 9, 2000, letter agreement, a June 16, 2000, letter agreement, a June 29, 2000, letter agreement, a July 21, 2000, letter agreement, an August 11, 2000, letter agreement, and a September 8, 2000, letter agreement, in each case between the Borrower, the Banks and the Agent) and, in addition, that the Banks temporarily waive any non-compliance by the Borrower as of December 31, 1999, as of March 31, 2000, as of June 30, 2000, and as of September 30, 2000, with Sections 8.8 (Total Funded Debt/Adjusted EBITDA Ratio), 8.10 (Interest Coverage Ratio), and 8.11 (Debt Service Coverage Ratio) of the Credit Agreement and the Borrower's non-compliance with Section 8.5(b) of the Credit Agreement with respect to the timely delivery of the Borrower's March 31, 2000, financial statements, in each case to October 13, 2000 (the "Waiver Termination Date"), (ii) Bank of Montreal extend the Bridge Loan Period from September 29, 2000, to the Waiver Termination Date, and (iii) amend the due date for the payment of principal, interest and unused commitment fees otherwise due on or before September 30, 2000, with respect to the Revolving Credit and the Term Loans (including such payments described in Sections 2.1 and 2.2 of the Seventh Amendment) to the Waiver Termination Date. By signing below, the Banks (including Bank of Montreal with respect to the Bridge Loan Commitment) hereby agree to extend the waiver period provided in Sections 2.1 and 2.2 of the Seventh Amendment from September 29, 2000, to the Waiver Termination Date, temporarily waive any non-compliance by the Borrower as of December 31, 1999, as of March 31, 2000, as of June 30, 2000, and as of September 30, 2000, with Sections 8.8 (Total Funded Debt/Adjusted EBITDA Ratio), 8.10 (Interest Coverage Ratio), and 8.11 (Debt Service Coverage Ratio) of the Credit Agreement and the Borrower's non-compliance with Section 8.5(b) of the Credit Agreement with respect to the timely delivery of the Borrower's March 31, 2000, financial statements through the period ending on the Waiver Termination Date, agree to extend the Bridge Loan Period to the Waiver Termination Date, and agree to amend the due date for the payment of principal, interest, and unused commitment fees otherwise due on or before September 30, 2000, with respect to the Revolving Credit and the Term Loans (including such payments described in Sections 2.1 and 2.2 of the Seventh Amendment) to the Waiver Termination Date, provided that:

  • Canadian Credit Party means Borrower and each other Credit Party that (i) is organized under the laws of Canada or any province or territory thereof, (ii) carries on business in Canada, or (iii) has any title or interest in or to material property in Canada.

  • Subsidiary Borrower mean each Subsidiary of the Company that shall become a Subsidiary Borrower pursuant to Section 2.19, so long as such Subsidiary shall remain a Subsidiary Borrower hereunder. As of the date hereof, there are no Subsidiary Borrowers party hereto.

  • Canadian Loan Party means any Loan Party incorporated or otherwise organized under the laws of Canada or any province or territory thereof.

  • Borrower Party Affiliate With respect to a borrower, a mortgagor, a manager of a Mortgaged Property or a restricted mezzanine holder, (a) any other person controlling or controlled by or under common control with such borrower, mortgagor, manager or restricted mezzanine holder, as applicable, (b) any other person owning, directly or indirectly, 25% or more of the beneficial interests in such borrower, mortgagor or manager, as applicable, or (c) any other person owning, directly or indirectly 25% or more of the beneficial interests in such restricted mezzanine holder. For the purposes of this definition, “control” when used with respect to any specified person means the power to direct the management and policies of such person, directly or indirectly, whether through ownership of voting securities, by contract or otherwise and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

  • Co-Borrowers has the meaning specified in the introductory paragraph to this Agreement.

  • Administrative Borrower has the meaning set forth in Section 17.9.

  • Purchasing Borrower Party means Holdings or any subsidiary of Holdings.

  • Subsidiary Loan Party means any Subsidiary that is not a Foreign Subsidiary or a Receivables Subsidiary.

  • U.S. Loan Party means any Loan Party that is organized under the laws of one of the states of the United States of America and that is not a CFC.

  • UK Borrower means any Borrower (i) that is organized or formed under the laws of the United Kingdom or (ii) payments from which under this Agreement or any Loan Document are subject to withholding Taxes imposed by the laws of the United Kingdom.