SBA 504 Loan definition

SBA 504 Loan means any first lien mortgage loan which is originated in accordance with the SBA Rules and Regulations and pursuant to Title V of the Small Business Investment Act of 1958, as amended, codified at 15 U.S.C. 645 et. seq.
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SBA 504 Loan. A Business Loan originated by the Seller in conjunction with the SBA 504 Loan Program.
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SBA 504 Loan means the loan or debenture guaranty described in that certain Authorization for Debenture Guarantee issued by the Mid-Atlantic Business Finance Company and approved by the U.S. Small Business Administration on March 10, 2005, and accepted by the Borrower on April 21, 2005, as subsequently amended with the approval of the Bank (the "SBA Authorization"), in the gross principal amount of Eight Hundred Eighty-Six Thousand Dollars ($886,000). The SBA 504 Loan is administered under the U.S. Small Business Administration as provided in 13 CFR Section 120.800 et seq. (Subpart H), and all official rules promulgated in connection therewith (the "SBA Regulations").
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Examples of SBA 504 Loan in a sentence

  • The Third Party Lender and CDC will provide separate loans to the Borrower and Operating Company, if any (collectively “Borrower”), according to the terms in the Authorization for Debenture Guarantee (SBA 504 Loan), as amended (“Authorization”).

  • Applicant acknowledges BSF and SBA will require an appraisal of the real property securing the SBA 504 Loan.

  • To help the government fight the funding of terrorism and money laundering activities, Federal law requires BSF to obtain, verify, and record information that identifies each person who applies for a SBA 504 Loan.

  • What this means for you is when you apply for an SBA 504 Loan, we will ask for information to identify you, such as a copy of your driver’s license or other identification documents.

  • Upon sale of the 504 debenture, Applicant agrees to pay the following one‐time loan fees associated with the SBA 504 Loan.

  • Upon sale of the 504 debenture, SBC agrees to pay the following one-time loan fees associated with the SBA 504 Loan.

  • The failure of the Borrower to have the SBA 504 Loan closed and funded within ninety (90) days of the Completion Date.

  • The term "SBA 504 Loan" shall mean the loan or debenture guaranty described in that certain Authorization for Debenture Guarantee issued by the Mid-Atlantic Business Finance Company and approved by the U.S. Small Business Administration on March 10, 2005, and accepted by the Borrower on April 21, 2005, as subsequently amended with the approval of the Bank (the "SBA Authorization"), in the gross principal amount of Eight Hundred Eighty-Six Thousand Dollars ($886,000).

  • The SBA 504 Loan is administered under the U.S. Small Business Administration as provided in 13 CFR Section 120.800 et seq.

  • To help the government fight the funding of terrorism and money laundering activities, Federal law requires Big Sky EDC to obtain, verify, and record information that identifies each person who applies for a SBA 504 Loan.


More Definitions of SBA 504 Loan

SBA 504 Loan means a first or second lien loan originated pursuant to and in accordance with the SBAs 504 Loan Program. “SBA 504 Loan Program” shall mean the Development Company Loan Program set forth in Subpart H of Title 13 Code of Federal Regulations Part 120. “SBA SOP” shall mean the SBA Standard Operating Procedure 50 10 6, as may be amended, restated and/or updated from time to time. “SBL” shall mean Small Business Lending, LLC. “SEC” shall have the meaning specified in Section 23(a). “Second Lien Mortgage Loan” shall mean any Mortgage Loan secured by a second lien on the Mortgaged Property. “Securitization Takeout” shall mean a public or private transfer, sale or financing of one or more of the Purchased Loans by which Seller or one or more of its Affiliates directly or indirectly securitizes a pool of one or more of the Purchased Loans, including, without limitation, any such transaction involving the sale of Purchased Loans to a special purpose entity organized for the purpose of issuing asset-backed or mortgaged-backed or mortgage pass- through securities of any kind. “Seller” shall have the meaning set forth in the introductory statement. “Seller Parties” shall mean each of the Seller, the Servicer (but only if the Servicer is an Affiliate of the Seller), the Back-up Guarantor and the Guarantor. “Servicer” shall mean SBL and any other entity responsible for servicing or subservicing, as the case may be, of any of the Mortgage Loans subject to Transactions hereunder that has been approved by Buyer in writing, or, in each case, any successor or permitted assigns thereof; provided, the Buyer may (in its sole discretion) revoke a Servicer’s authorization to service or subservice a Mortgage Loan at any time following the occurrence and continuance of an Event of Default. “Servicer Acknowledgment” shall mean each acknowledgment (if any) executed in connection with the related Servicing Agreement by a Servicer in favor of the Buyer in form and substance reasonably acceptable to the Buyer. “Servicer Termination Event” shall mean any of the following: (i) Failure of any Servicer to perform its duties under the Servicing Agreement or Servicer Acknowledgment in any material respect; (ii) The suspension or termination of the Servicer as an approved servicer under any government program;
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Related to SBA 504 Loan

  • VA Loan means a Mortgage Loan which is subject of a VA Loan Guaranty Agreement as evidenced by a loan guaranty certificate, or a Mortgage Loan which is a vendor loan sold by the VA.

  • PPP Loan has the meaning set forth in Section 3.28.

  • SOFR Loan means a Loan that bears interest at a rate based on Term SOFR, other than pursuant to clause (c) of the definition of “Alternate Base Rate”.

  • Funding Loan means the Funding Loan in the original maximum principal amount of $ made by Funding Lender to Governmental Lender under the Funding Loan Agreement, the proceeds of which are used by the Governmental Lender to make the Borrower Loan.

  • Second Lien Loan A Mortgage Loan secured by a second lien Mortgage on the related Mortgaged Property.

  • RFR Loan means a Loan that bears interest at a rate based on the Adjusted Daily Simple SOFR.

  • DIP Loan means a Bank Loan, whether revolving or term, that is originated after the commencement of a case under Chapter 11 of the Bankruptcy Code by a Portfolio Company, which is a debtor in possession as described in Section 1107 of the Bankruptcy Code or a debtor as defined in Section 101(13) of the Bankruptcy Code in such case (a “Debtor”) organized under the laws of the United States or any state therein and domiciled in the United States, which satisfies the following criteria: (a) the DIP Loan is duly authorized by a final order of the applicable bankruptcy court or federal district court under the provisions of subsection (b), (c) or (d) of 11 U.S.C. Section 364; (b) the Debtor’s bankruptcy case is still pending as a case under the provisions of Chapter 11 of Title 11 of the Bankruptcy Code and has not been dismissed or converted to a case under the provisions of Chapter 7 of Title 11 of the Bankruptcy Code; (c) the Debtor’s obligations under such loan have not been (i) disallowed, in whole or in part, or (ii) subordinated, in whole or in part, to the claims or interests of any other Person under the provisions of 11 U.S.C. Section 510; (d) the DIP Loan is secured and the Liens granted by the applicable bankruptcy court or federal district court in relation to the Loan have not been subordinated or junior to, or pari passu with, in whole or in part, to the Liens of any other lender under the provisions of 11 U.S.C. Section 364(d) or otherwise; (e) the Debtor is not in default on its obligations under the loan; (f) neither the Debtor nor any party in interest has filed a Chapter 11 plan with the applicable federal bankruptcy or district court that, upon confirmation, would (i) disallow or subordinate the loan, in whole or in part, (ii) subordinate, in whole or in part, any Lien granted in connection with such loan, (iii) fail to provide for the repayment, in full and in cash, of the loan upon the effective date of such plan or (iv) otherwise impair, in any manner, the claim evidenced by the loan; (g) the DIP Loan is documented in a form that is commercially reasonable; and (h) the DIP Loan shall not provide for more than 50% (or a higher percentage with the consent of the Required Lenders) of the proceeds of such loan to be used to repay prepetition obligations owing to all or some of the same lender(s) in a “roll-up” or similar transaction. For the purposes of this definition, an order is a “final order” if the applicable period for filing a motion to reconsider or notice of appeal in respect of a permanent order authorizing the Debtor to obtain credit has lapsed and no such motion or notice has been filed with the applicable bankruptcy court or federal district court or the clerk thereof.

  • Acquisition Loan means a loan or other extension of credit, including an installment obligation to a “party in interest” (as defined in Section 3(14) of ERISA) incurred by the Trustee in connection with the purchase of Company Stock.

  • Co-op Loan A Mortgage Loan secured by the pledge of stock allocated to a dwelling unit in a residential cooperative housing corporation and a collateral assignment of the related Co-op Lease.

  • Canadian Loan means an extension of credit by a Canadian Lender to the Canadian Borrower under Article II in the form of a Committed Loan or a Swing Line Loan.

  • Delayed Draw Loan A Loan that requires one or more future advances to be made by the Borrower and which does not permit the re-borrowing of any amount previously repaid by the related Obligor; provided that, such Loan shall only be considered a Delayed Draw Loan for so long as any future funding obligations remain in effect and only with respect to any portion which constitutes a future funding obligation.

  • Buydown Loan A Mortgage Loan for which the Mortgage Interest Rate has been subsidized through a Buydown Fund provided at the time of origination of such Mortgage Loan.

  • Sub-loan means a loan made or proposed to be made by the Borrower out of the proceeds of the Loan to a Private Enterprise for an Investment Project;

  • CD Loan means (i) a Committed Loan which bears interest at a CD Rate pursuant to the applicable Notice of Committed Borrowing or Notice of Interest Rate Election or (ii) an overdue amount which was a CD Loan immediately before it became overdue.

  • Borrower Loan means the mortgage loan made by the Governmental Lender to the Borrower pursuant to the Borrower Loan Agreement in the aggregate principal amount of the Borrower Loan Amount, as evidenced by the Borrower Notes.

  • First Lien Loan A Mortgage Loan secured by a first lien Mortgage on the related Mortgaged Property.

  • Group II Loans The Mortgage Loans designated on the Mortgage Loan Schedule as Group II Loans.

  • Second Lien Loans means “Loans” under and as defined in the Second Lien Credit Agreement.

  • Wet Loan means a wet-funded first or second lien Mortgage Loan which is underwritten in accordance with the Underwriting Guidelines and does not contain all the required Mortgage Loan Documents in the Mortgage File.

  • Group I Loans The Mortgage Loans designated on the Mortgage Loan Schedule as Group I Loans.

  • Collateral Loan means a Senior Secured Loan, a Senior Secured Bond, a First Lien/Last Out Loan or a Second Lien Loan or a Participation Interest in any Senior Secured Loan, First Lien/Last Out Loan or Second Lien Loan that as of the date of acquisition by the Borrower meets each of the following criteria: