Loan Approval. The Administrator, or the Trustee, if otherwise authorized by the Administrator and agreed to by the Trustee, is responsible for determining that a loan request conforms to the requirements described in this Section and granting such request.
Loan Approval. In the event BUYER after good faith effort is unable to obtain a commitment for the mortgage loan described above within days from the date of this Contract, the Xxxxxxx Money less unpaid charges incurred by Broker on BUYER’S behalf, shall be refunded to BUYER, subject however to the other provisions of this Contract relating to Xxxxxxx Money.
Loan Approval. The Investment Committee shall consist of one representative each of IHDA, the City of Chicago, Arc Chicago, LLC and each Private Lender Investor whose commitment to OIF is equal to at least $4 million. An investor may decline to have a voting representative on the Investment Committee by notice to the CIC. Investment Committee members are listed in attached Exhibit A. The Fund shall not make any investment unless a majority of the Investment Committee members approves such Investment. Notwithstanding the foregoing, (i) IHDA shall have the right to appoint a member of the Investment Committee only if IHDA enters into a refundable grant agreement with Government Investor on terms acceptable to CIC within six (6) months of the closing date for the Fund and for so long as IHDA satisfies its obligations under such refundable grant agreement when due, and (ii) no Member may participate on the Investment Committee if such Member is in default under the Fund agreement. As Manager, CIC shall have the sole and exclusive right to submit loan proposals to the Investment Committee. CIC will present loan proposals that in its determination have met the Opportunity Investment Fund General Criteria and policies as set from time to time by the Investment Committee. It shall be the exclusive prerogative of the OIF Investment Committee to set the objectives, policies, and eligibility criteria under which proposals for loans will be submitted for consideration to the Investment Committee. After a loan proposal has been submitted by CIC, the Investment Committee shall determine whether or not the loan meets the underwriting criteria of the Opportunity Investment Fund. The Investment Committee shall give due consideration to CIC’s underwriting of the loan evidenced in the submission of the loan proposal to the Investment Committee. The Investment Committee shall consider the security provided by the borrower and the likelihood of repayment on terms sufficient to repay the Opportunity Investment Fund. The committee shall consider criteria such as loan to value ratios, loan to cost ratios, borrower’s equity, debt service coverage, financial feasibility of the project, a guarantor’s financial strength, and the borrower’s financial strength, management capabilities and prior experience. The Investment Committee shall approve or disapprove loan proposals based upon such underwriting criteria. The Investment Committee can approve exceptions to underwriting criteria when, in its coll...
Loan Approval. 22 9.5 Loan Funding Limits, Account Sources and Funding Order... 22 9.6
Loan Approval. Lender will make all decisions and determinations with regard to Loan approvals and the acceptability of proposed Loans it receives from Dealer. Dealer represents and warrants that it will not obtain a Buyer's signature on any Note until Lender has received the credit application data requested by Lender, determined that the proposed Loan meets its credit standards, and notified Dealer that it approves the Loan. Notwithstanding the foregoing, Lender reserves the right to refuse to fund any Loan that does not comport to the terms of the Loan approval communicated to the Dealer by Lender.
Loan Approval. Nothing in this Agreement shall require SFG to accept, approve and/or fund any proposed loan presented by Xxxxxx. Approval shall be solely within SFG’s discretion. SFG shall have no duty to Broker under this agreement; the standards, practice and procedure regarding the acceptance and evaluation of Loan Packages shall be solely and absolutely within the province and control of SFG.
Loan Approval. If Buyer is to pay all or part of the purchase price by obtaining a new loan as specified in Section 3, this contract is conditional upon lender's approval of the new loan on or before February 20, 1997. If not so approved by said date, this contract shall terminate. [Text here has been manually crossed out]
Loan Approval. (a) EVRI shall pass all applications for Bank Loans through the Bank's proprietary scorecard and shall underwrite applications in accordance with the Bank loan standards, as initially set forth on Exhibit A (the "Loan Standards"). Bank may change the Loan Standards on thirty (30) days written notice, and, to the extent an application and Loan Application Package is received following the effective date of the change, it shall be subject to the new Loan Standards. EVRI shall perform requisite credit analysis and underwriting services on behalf of the Bank in connection with each application in accordance with the existing operation procedures and underwriting procedures in place at EVRI prior to EVRI's purchase by Buyer, as more particularly set forth on Exhibit B (the "Operations Procedures"). Bank may change the Operations Procedures at any time on thirty (30) days prior written notice to EVRI. EVRI's obligation to perform the Services may be performed by any employee, representative or agent of EVRI, as EVRI shall designate; provided, that the selection of any subcontractor is subject to the prior written consent of Bank.
Loan Approval. The Loan Administrator shall not take the purpose of the loan into account in approving or disapproving a loan application. The Loan Administrator shall approve or deny the loan application based on the same factors which commercial lenders in the business of making similar types of loans legally recognize for purposes of loan availability. The Loan Administrator may examine such factors as creditworthiness, financial need, adequacy of security and risk of loss to the Plan in the event of default. Based on these factors, Participants and beneficiaries other than active employees may be offered loans on different terms and conditions due to valid economic differences.
Loan Approval. If Buyer is to pay all or part of the purchase price by obtaining a new loan as specified in Section 3, this contract is conditional upon lender’s approval of the new loan on or before twenty one (21) calendar days after date of Seller’s signature. If not so approved by said date, this contract shall terminate.
