Common use of Administration of Loan Clause in Contracts

Administration of Loan. For each loan: (a) Lender shall hold the Loan Documents and shall receive all payments of principal, interest and other fees and charges. Lender shall maintain accurate records of: (i) any and all disbursements of the Loan, (ii) each payment of principal and interest made by Borrower for credit to the Loan, and (iii) all accrued interest on the Loan. (b) Lender shall immediately notify VSBFA in writing if there are any errors, omissions or mistakes with respect to any security interests, liens and/or guaranties or if the Loan has not been closed and disbursed in accordance with Lender’s loan commitment or VSBFA’s approval letter. Lender shall take all actions necessary and proper for administering and servicing the Loan in all respects consistent with all applicable laws and regulations and in a manner consistent with its normal lending practices. Lender shall take such usual and customary steps necessary to maintain perfected priority security interests in any collateral for the Loan, including, without limitation re-perfection of the security interest in the event of changes of in the collateral or Borrower. Failure of Lender to perfect liens and security interests or obtain guaranties required as conditions in VSBFA’s approval letter or Lender’s loan commitment, or failure of Lender to obtain written approval from VSBFA for repayment terms or a repayment schedule other than that originally approved by VSBFA, or failure of Lender to comply with the terms and conditions of this Agreement, shall release VSBFA from its obligations under this Agreement. (c) Upon notice to Lender, VSBFA may inspect the files of Lender relating to the Loan, during normal business hours of Lender. Lender agrees to retain all documents and instruments with respect to the Loan until one year from the date of loan payout or January 30, 2020, whichever is later, which shall be subject to inspection by VSBFA at reasonable times upon reasonable notice. (d) Lender will make available to the Inspector General of the U.S. Treasury all books and records related to the use of the funds provided by VSBFA, subject to the Right to Financial Privacy Act (12 U.S.C. § 3401 et seq.), (e) Lender shall not, without prior written consent of VSBFA, (VSBFA to provide written response to Lender within 10 business days of each notice or request from Lender.) (i) make or consent to any material amendment, extension or modification of or addition or supplement to the Note, or any of the terms or conditions of any of the Loan Documents; (ii) make or consent to any material compromise, release, waiver, consent, extension, indulgence or other action or inaction in respect of any of the terms of the Loan Documents or any guarantor or obligor or standby creditor; (iii) make or consent to any substitution or release or waiver, in whole or in part, of any security for the Loan Documents or any guaranty which may be held at any time by Lender; (iv) make or consent to any bankruptcy, insolvency, reorganization, arrangement, adjustment, composition, liquidation, or the like of Borrower or any guarantor; (v) make or consent to any sale, lease or transfer of an asset(s) that would have a significant adverse effect on the financial status of the Borrower or guarantor to any other person, firm or entity; (vi) make or consent to any act or omission on Lender’s part with respect to any of the Loan Documents or fail to file, record or otherwise perfect any of the same; (vii) approve or consent to (a) the merger or consolidation of Borrower with any other entity, or (b) any material change in Borrower’s organizational structure or identity; (viii) accelerate the maturity of the Note; or (ix) xxx upon any Loan Documents. (f) All servicing requirements with respect to the Loan shall be the responsibility of Lender, which shall follow accepted standards of loan servicing employed by prudent lenders generally. Upon the occurrence of any material default by the Borrower or guarantor under any of the Loan documents, the Lender shall consult in good faith with the VSBFA. Notwithstanding the foregoing, if such a default is caused by the nonpayment of principal or interest, by the bankruptcy of the Borrower or a guarantor, or by the occurrence of an event that would have a material adverse effect on the repayment of the Loan or the collateral securing the Loan (in the Lender’s reasonable judgment), the Lender shall not waive such default without the written consent of the VSBFA.

Administration of Loan. For each loan: (a) : Lender shall hold the Loan Documents and shall receive all payments of principal, interest and other fees and chargescharges with respect to a Loan. Lender shall maintain accurate records of: (i) any and all disbursements of the Loan, (ii) each payment of principal and interest made by Borrower for credit to the Loan, and (iii) all accrued interest on the Loan. (b) . Promptly upon obtaining knowledge or notice thereof, Lender shall immediately notify VSBFA in writing if there are of (i) any errors, omissions or mistakes with respect to any security interests, liens and/or guaranties or if (ii) the failure to close and disburse the Loan has not been closed and disbursed in accordance with Lender’s loan commitment or VSBFA’s approval letterApproval Letter. Lender shall take all actions necessary and proper for administering and servicing the Loan in all respects consistent with all applicable laws and regulations and in a manner consistent with its normal lending practices. Lender shall take such usual and customary steps necessary to maintain perfected priority security interests in any collateral for the Loan, including, without limitation re-perfection of the any security interest in the event of changes of in the collateral for the Loan or in Borrower’s legal organizational structure. Failure of Lender to perfect liens and security interests or obtain guaranties required as conditions in VSBFA’s approval letter Approval Letter or Lender’s loan commitment, or failure of Lender to obtain written approval from VSBFA for repayment terms or a repayment schedule other than that originally approved by VSBFA, or failure of Lender to comply with the terms and conditions of this Agreement, shall release VSBFA from its obligations under this Agreement. (c) . Upon notice to Lender, VSBFA may inspect the files of Lender relating to the Loan, Loan during normal business hours of Lender. Lender agrees to retain all documents and instruments with respect to the Loan until one year from the date of loan payout full payment of the Loan or January 30, 202020Click or tap here to enter text., whichever is later, which . None of the material terms and conditions of the Loan or Loan Documents shall be subject to inspection by VSBFA at reasonable times upon reasonable notice. (d) amended without the express prior written approval of VSBFA’s Executive Director; Lender will make available to the Inspector General of the U.S. Treasury all books and records related to the use of the funds provided by VSBFA, subject to the Right to Financial Privacy Act (12 U.S.C. § 3401 et seq.), (e) , Lender shall not, without prior written consent of VSBFA, VSBFA (VSBFA agrees to provide written response to Lender within 10 business days of each notice or request from Lender.) (i) ): make or consent to any material amendment, extension or modification of or addition or supplement to the Note, Note or any of the terms or conditions of any of the Loan Documents; (ii) ; make or consent to any material compromise, release, waiver, consent, extension, indulgence or other action or inaction in respect of any of the terms of the Loan Documents or any guarantor or obligor or standby creditor; (iii) ; make or consent to any substitution or release or waiver, in whole or in part, of any security for the Loan Documents or any guaranty which may be held at any time by Lender; (iv) ; make or consent to any bankruptcy, insolvency, reorganization, arrangement, adjustment, composition, liquidation, or assignment for the like benefit of creditors by or of Borrower or any guarantor; (v) ; make or consent to any sale, lease or transfer of an asset(s) that would have a significant adverse effect on the financial status of the Borrower or guarantor to any other person, firm or entity; (vi) ; make or consent to any act or omission on Lender’s part with respect to any of the Loan Documents or fail to file, record or otherwise perfect any of the same; (vii) ; approve or consent to (a) the merger or consolidation of Borrower with any other entity, or (b) any material change in Borrower’s organizational structure or identity; (viii) ; accelerate the maturity of the Note; or (ix) or xxx upon any of the Loan Documents. (f) . All servicing requirements with respect to the Loan shall be the responsibility of Lender, which shall follow accepted standards of loan servicing employed by prudent lenders generally. Upon the occurrence of any material default by the Borrower or guarantor under any of the Loan documentsDocuments, the Lender shall consult in good faith with the VSBFA. Notwithstanding the foregoing, if such a default is caused by the nonpayment of principal of or interestinterest on the Loan, by the bankruptcy of the Borrower or a guarantorany guarantor of the Loan, or by the occurrence of an event that would have a material adverse effect on the repayment of the Loan or the collateral securing the Loan (in the Lender’s reasonable judgment), the Lender shall not waive such default without the written consent of the VSBFA.

Administration of Loan. For each loan: (a) Lender shall hold the Loan Documents and shall receive all payments of principal, interest and other fees and charges. Lender shall maintain accurate records of: (i) any and all disbursements of the Loan, (ii) each payment of principal and interest made by Borrower for credit to the Loan, and (iii) all accrued interest on the Loan. (b) Lender shall immediately notify VSBFA in writing if there are any errors, omissions or mistakes with respect to any security interests, liens and/or guaranties or if the Loan has not been closed and disbursed in accordance with LenderXxxxxx’s loan commitment or VSBFA’s approval letter. Lender shall take all actions necessary and proper for administering and servicing the Loan in all respects consistent with all applicable laws and regulations and in a manner consistent with its normal lending practices. Lender shall take such usual and customary steps necessary to maintain perfected priority security interests in any collateral for the Loan, including, without limitation re-perfection of the security interest in the event of changes of in the collateral or Borrower. Failure of Lender to perfect liens and security interests or obtain guaranties required as conditions in VSBFA’s approval letter or LenderXxxxxx’s loan commitment, or failure of Lender to obtain written approval from VSBFA for repayment terms or a repayment schedule other than that originally approved by VSBFA, or failure of Lender to comply with the terms and conditions of this Agreement, shall release VSBFA from its obligations under this Agreement. (c) Upon notice to LenderXxxxxx, VSBFA may inspect the files of Lender relating to the Loan, during normal business hours of Lender. Lender Xxxxxx agrees to retain all documents and instruments with respect to the Loan until one year from the date of loan payout or January 30, 2020, whichever is later, which shall be subject to inspection by VSBFA at reasonable times upon reasonable notice. (d) Lender Xxxxxx will make available to the Inspector General of the U.S. Treasury all books and records related to the use of the funds provided by VSBFA, subject to the Right to Financial Privacy Act (12 U.S.C. § 3401 et seq.), (e) Lender shall not, without prior written consent of VSBFA, (VSBFA to provide written response to Lender within 10 business days of each notice or request from Lender.) (i) make or consent to any material amendment, extension or modification of or addition or supplement to the Note, or any of the terms or conditions of any of the Loan Documents; (ii) make or consent to any material compromise, release, waiver, consent, extension, indulgence or other action or inaction in respect of any of the terms of the Loan Documents or any guarantor or obligor or standby creditor; (iii) make or consent to any substitution or release or waiver, in whole or in part, of any security for the Loan Documents or any guaranty which may be held at any time by LenderXxxxxx; (iv) make or consent to any bankruptcy, insolvency, reorganization, arrangement, adjustment, composition, liquidation, or the like of Borrower or any guarantor; (v) make or consent to any sale, lease or transfer of an asset(s) that would have a significant adverse effect on the financial status of the Borrower or guarantor to any other person, firm or entity; (vi) make or consent to any act or omission on LenderXxxxxx’s part with respect to any of the Loan Documents or fail to file, record or otherwise perfect any of the same; (vii) approve or consent to (a) the merger or consolidation of Borrower with any other entity, or (b) any material change in Borrower’s organizational structure or identity; (viii) accelerate the maturity of the Note; or (ix) xxx sue upon any Loan Documents. (f) All servicing requirements with respect to the Loan shall be the responsibility of Lender, which shall follow accepted standards of loan servicing employed by prudent lenders generally. Upon the occurrence of any material default by the Borrower or guarantor under any of the Loan documents, the Lender shall consult in good faith with the VSBFA. Notwithstanding the foregoing, if such a default is caused by the nonpayment of principal or interest, by the bankruptcy of the Borrower or a guarantor, or by the occurrence of an event that would have a material adverse effect on the repayment of the Loan or the collateral securing the Loan (in the Lender’s reasonable judgment), the Lender shall not waive such default without the written consent of the VSBFA.