Administration of Loans. The Lender shall hold the Loan Documents and shall receive all payments of principal and interest. The Lender shall maintain accurate records of: (i) any and all disbursements of the loan, (ii) each payment of principal and interest made by the Borrower for credit to the loan, and (iii) all accrued interest on the loan. The 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):
(a) make or consent to any 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; or
(b) make or consent to any 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; or
(c) 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; or
(d) make or consent to any bankruptcy, insolvency, reorganization, arrangement, adjustment, composition, liquidation, or the like of Borrower or any guarantor; or
(e) make or consent to any sale, lease or transfer of any or all of the assets of the Borrower or guarantor to any other person, firm or entity; or
(f) make or consent to any act or omission on the Lender’s part with respect to any of the Loan Documents or fail to file, record or otherwise perfect any of the same; or
(g) approve or consent to (i) the merger or consolidation of the Borrower with any other entity, or (ii) any material change in Borrower’s organizational structure or identity; or
(h) accelerate the maturity of the Note; or
(i) xxx upon any Loan Documents. All servicing requirements shall be the responsibility of the Lender, which shall follow accepted standards of loan servicing employed by prudent lenders generally.
Administration of Loans. Except as otherwise provided in this Section 8.2, Agent shall have the exclusive power and authority to (i) give all consents and approvals, issue waivers and amendments, enforce the Credit Documents (including, but not limited to, the power to enforce the Credit Documents in any relevant case under the Bankruptcy Code) and otherwise take all actions permitted of Agent under this Agreement or any other Credit Document, (ii) give all consents and approvals, issue waivers and amendments, enforce the Credit Documents (including, but not limited to, the power to enforce the Credit Documents in any relevant case under the Bankruptcy Code) and otherwise take all actions permitted of Lenders under this Agreement or any other Credit Document, excepting only those matters that the Credit Documents specifically reserve for the respective Lenders severally (such as the computation of LIBOR charges unique to the circumstances of a given Lender), (iii) receive all payments, notices and other deliveries and communications to be given Lenders or Agent under this Agreement or any other Credit Document, and (iv) to perform such actions as are incidental to any of the foregoing.
Administration of Loans. The Sponsor shall prescribe any such rules and procedures as from time to time it deems proper in order to administer these provisions and reserves the right to charge an administrative fee for processing and maintaining such loans. All other terms and conditions shall be administered pursuant to the Sponsor’s Loan Policy.
Administration of Loans. Except as expressly provided otherwise in this Article XII, the Administrator shall have the sole responsibility for all administrative tasks relating to loans made pursuant hereto including, but not limited to, the issuance of any appropriate notices or information returns required under the Code or other applicable law.
Administration of Loans. Except as otherwise provided herein, Lender shall hold the Loan Instruments and service the Loan, including processing all payments. Lender, however, shall not, without prior written consent of Authority: (a) make or consent to any substantial alteration in the terms of any Loan Instrument ("substantial" includes, but is not limited to, increases or decreases in the principal amount due under the Loan or in the interest rate for the Loan); (b) take any action that benefits or confers a preference on Lender or any other holder of the note; (c) make or consent to any release of collateral, except collateral that is routinely purchased and sold in the normal operation of the Applicant's business; (d) accelerate the maturity of any note; (e) sue or foreclose upon any Loan Instrument, except that partial or complete drawings upon any letter of credit pledged as security for any note or for the obligations of Applicant or any other party under any other Loan Instrument shall be permitted without the prior written consent of Authority if such letter of credit drafts are necessary to prevent the letter of credit from expiring without having been renewed or replaced; (f) waive any claim against any borrower, guarantor, obligor or standby creditor arising out of any Loan Instrument; or (g) resell or otherwise dispose of any collateral acquired at a foreclosure sale. Lender may make remedial adjustments in the terms and conditions of a Loan as may be authorized by the Authority. Lender represents and warrants to Authority that it has and will continue to have the ability to evaluate and service each Loan and to perform its obligations under the Loan Instruments, to make all required reports to Authority concerning the status of a Loan or the Applicant, and to undertake efforts to collect each Loan upon default.
Administration of Loans. Lender will hold the Loan Instruments and receive all payments of principal and interest unless Lender is required to transfer or assign the note to SBA or a third party at SBA’s direction. Lender must service and liquidate all loans made under the 7(a) Loan Program in accordance with the Loan Program Requirements. Except when SBA directs otherwise, all servicing actions will be the responsibility of the holder who must follow accepted standards of loan servicing employed by prudent lenders generally. Borrowers’ compliance with SBA’s non-discrimination regulations at 13 CFR Part 113, however, is subject to action solely by SBA.
Administration of Loans. The Administrator shall prescribe any such rules and procedures as from time to time it deems proper in order to administer the provisions under this section 8 and reserves the right to charge an administrative fee for processing and maintaining such loans. All other terms and conditions shall be administered pursuant to the Employer’s Loan Policy.
Administration of Loans. Lender shall hold the Loan Instruments and shall receive all payments of principal and interest until transfer of the note to SBA. Holder of the note (Lender or SBA) shall not, without prior written consent of the other: (a) make or consent to any substantial alteration in the terms of any Loan Instrument ("Substantial" includes but is not limited to, increases in principal amount or interest rate or any action that benefits or confers a preference on the holder); (b) make or consent to releases of collateral having a cumulative value, as reasonably determined by the holder of the note, which is more than 20 percent of the original loan amount; (c) accelerate the maturity of any note; (d) xxx upon any Loan Instrument; or (e) waive any claim against any borrower, guarantor, obligor or standby creditor arising out of any Loan Instrument. All servicing actions shall be the responsibility of the holder who shall follow accepted standards of loan servicing employed by prudent lenders generally, except that borrowers compliance with SBA's non-discrimination regulations (13 C.F.R., Part 113) shall be subject to action solely by SBA.
Administration of Loans. (a) The Committee in its sole discretion, is authorized, upon written request by an eligible Participant or Beneficiary, to approve a loan or loans to the Participant or Beneficiary from a Separate Investment Fund established by the Participant in accordance with Plan section 5.
Administration of Loans. The Contractor, as independent contractor, shall perform its services under this Agreement in accordance with the normal and usual standards of practice of prudent lenders, and shall have full power and authority, acting alone, to do or cause to be done any and all things in connection with such services which the Contractor may deem necessary or desirable and consistent with the terms of this Agreement and applicable law.
