Common use of Administration of Loans Clause in Contracts

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. 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 sue 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. 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 an asset(s) that would have a significant adverse effect on the assets financial status 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. The Lender shall hold the Loan Documents and shall receive all payments of principal and interestinterest on the Loan. The Lender shall maintain accurate records of: (i) any and all disbursements of the loanLoan, (ii) each payment of principal and interest made by the Borrower for credit to the loanLoan, and (iii) all accrued interest on the loanLoan. The Lender shall not, without prior written consent of VSBFA (VSBFA agrees to use reasonable efforts 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.