Common use of Issuance of MCC Clause in Contracts

Issuance of MCC. (a) Within 15 days after the Loan Closing Date the Lender shall deliver to the Division, with respect to each Loan for which an MCC is to be issued, the Submission Package. If such Submission Package is not received within such 15 day period, in the sole discretion of the Division, then the Lender shall pay to the Division upon the delivery of such Submission Package thereto a Late Submission Fee equal to $75 for each such occurrence or the MCC Commitment and the MCC relating to such Submission Package shall be deemed revoked and invalid. Upon the submission of the Submission Package to the Division, the Lender shall submit to the Division all additional documents required by the Division. The Lender shall pay all costs of preparing and furnishing to the Division the Submission Package including copies of the respective documents and instruments described in the Exhibits hereto, and may recover such costs from the Applicant or the Seller to the extent permitted by Section 3.03(c) hereof. (b) The Division shall review such documents with respect to each MCC and shall approve or disapprove such Loan for issuance of an MCC. For any Loan with respect to which the Submission Package is deemed to be defective, or for any Applicant that is otherwise not eligible for issuance of an MCC in accordance with the terms of the Code and the Program Documents, the Division may return the Submission Package, with all documents submitted in accordance with this Section 3.05, to the Lender to be cured, if possible, or the Division, in its sole discretion, may hold such Submission Package pending correction of the defect as specified in a notice or other communication to the Lender. In order for an MCC to be issued hereunder, such Submission Package must be resubmitted in accordance with the procedures of this Section 3.05. The examination of a Submission Package by the Division hereunder shall not constitute a waiver of any warranty, representation, or covenant by the Lender, the Applicant, or any other party connected with the MCC, with respect to such MCC. (c) For each Submission Package submitted by a Lender that is in compliance with all of the terms and conditions of this Agreement, for which the Submission Package has been prepared and presented to the Division in the form and manner required by this Section 3.05, for which sufficient MCC Division is available, and for which all of the other conditions hereof have been satisfied, the Division shall issue an MCC in accordance with the Program Manual. (d) Each Lender shall also provide to the Division such other reports or information regarding the Loans made in connection with the issuance of an MCC or the Applicants by such Lender as may be reasonably requested by any of them.

Issuance of MCC. (a) Within 15 fifteen (15) days after the Loan respective Closing Date the Lender shall deliver to the DivisionAdministrator, with respect to each Loan for which an MCC is to be issued, the Submission Package. If such Submission Package is not received within such 15 day period, in the sole discretion of the Division, then the Lender shall pay to the Division upon the delivery of such Submission Package thereto a Late Submission Fee equal to $75 for each such occurrence or the MCC Commitment and the MCC relating to such Submission Package shall be deemed revoked and invalid. Upon the submission of the Submission Package to the DivisionAdministrator, the Lender shall submit to the Division Administrator all additional documents required by the DivisionAdministrator. The Lender shall pay all costs of preparing and furnishing to the Division Administrator the Submission Package including original and certified copies of the respective documents and instruments described in the Exhibits hereto, and may recover such costs from the Applicant or the Seller to the extent permitted by Section 3.03(c) hereof. (b) The Division Administrator shall review such documents with respect to each MCC and shall approve or disapprove such Loan for issuance of an MCC. For any Loan with respect to which the Submission Package is deemed to be defective, or for any Applicant that is otherwise not eligible for issuance of an MCC in accordance with the terms of the Code and the Program Documents, the Division Administrator may return the Submission Package, with all documents submitted in accordance with this Section 3.05, to the Lender to be cured, if possible, or the DivisionAdministrator, in its sole discretion, may hold such Submission Package pending correction of the defect as specified in a notice or other communication to the Lender. In order for an MCC to be issued hereunder, such Submission Package must be resubmitted in accordance with the procedures of this Section 3.05. The examination of a Submission Package by the Division Administrator hereunder shall not constitute a waiver of any warranty, representation, or covenant by the Lender, the Applicant, or any other party connected with the MCC, with respect to such MCC. (c) For each Submission Package submitted by a Lender that is in compliance with all of the terms and conditions of this Agreement, for which the Submission Package has been prepared and presented to the Division Administrator in the form and manner required by this Section 3.05, for which sufficient MCC Division authority is available, and for which all of the other conditions hereof have been satisfied, the Division Administrator shall issue an MCC in accordance with the Program Manual. (d) Each Lender shall also provide to the Division Corporation or the Administrator such other reports or information regarding the Loans made in connection with the issuance of an MCC or the Applicants by such Lender as may be reasonably requested by any of them.

Issuance of MCC. (a) Within 15 days after the Loan respective Closing Date the Lender shall deliver to the DivisionAdministrator, with respect to each Loan for which an MCC is to be issued, the Submission Package. If such Submission Package is not received within such 15 day period, in the sole discretion of the Division, then the Lender shall pay to the Division upon the delivery of such Submission Package thereto a Late Submission Fee equal to $75 for each such occurrence or the MCC Commitment and the MCC relating to such Submission Package shall be deemed revoked and invalid. Upon the submission of the Submission Package to the Division, the Lender shall submit to the Division all additional documents required by the Division. The Lender shall pay all costs of preparing and furnishing to the Division the Submission Package including copies of the respective documents and instruments described in the Exhibits hereto, and may recover such costs from the Applicant or the Seller to the extent permitted by Section 3.03(c) hereof.be (b) The Division Administrator shall review such documents with respect to each MCC and shall approve or disapprove such Loan for issuance of an MCC. For any Loan with respect to which the Submission Package is deemed to be defective, or for any Applicant that is otherwise not eligible for issuance of an MCC in accordance with the terms of the Code and the Program Documents, the Division Administrator may return the Submission Package, with all documents submitted in accordance with this Section 3.05, to the Lender to be cured, if possible, or the DivisionAdministrator, in its sole discretion, may hold such Submission Package pending correction of the defect as specified in a notice or other communication to the Lender. In order for an MCC to be issued hereunder, such Submission Package must be resubmitted in accordance with the procedures of this Section 3.05. The examination of a Submission Package by the Division Administrator hereunder shall not constitute a waiver of any warranty, representation, or covenant by the Lender, the Applicant, or any other party connected with the MCC, with respect to such MCC. (c) For each Submission Package submitted by a Lender that is in compliance with all of the terms and conditions of this Agreement, for which the Submission Package has been prepared and presented to the Division Administrator in the form and manner required by this Section 3.05, for which sufficient MCC Division authority is available, and for which all of the other conditions hereof have been satisfied, the Division Administrator shall issue an MCC in accordance with the Program Manual. (d) Each Lender shall also provide to the Division Authority or the Administrator such other reports or information regarding the Loans made in connection with the issuance of an MCC or the Applicants by such Lender as may be reasonably requested by any of them.

Issuance of MCC. (a) Within 15 days after the Loan Closing Date the Lender shall deliver to the Division, with respect to each Loan for which an MCC is to be issued, the Submission Package. If such Submission Package is not received within such 15 day period, in the sole discretion of the Division, then the Lender shall pay to the Division upon the delivery of such Submission Package thereto a Late Submission Fee equal to $75 for each such occurrence or the MCC Commitment and the MCC relating to such Submission Package shall be deemed revoked and invalid. Upon the submission of the Submission Package to the Division, the Lender shall submit to the Division all additional documents required by the Division. The Lender shall pay all costs of preparing and furnishing to the Division the Submission Package including copies of the respective documents and instruments described in the Exhibits hereto, and may recover such costs from the Applicant or the Seller to the extent permitted by Section 3.03(c) hereof. (b) . The Division shall review such documents with respect to each MCC and shall approve or disapprove such Loan for issuance of an MCC. For any Loan with respect to which the Submission Package is deemed to be defective, or for any Applicant that is otherwise not eligible for issuance of an MCC in accordance with the terms of the Code and the Program Documents, the Division may return the Submission Package, with all documents submitted in accordance with this Section 3.05, to the Lender to be cured, if possible, or the Division, in its sole discretion, may hold such Submission Package pending correction of the defect as specified in a notice or other communication to the Lender. In order for an MCC to be issued hereunder, such Submission Package must be resubmitted in accordance with the procedures of this Section 3.05. The examination of a Submission Package by the Division hereunder shall not constitute a waiver of any warranty, representation, or covenant by the Lender, the Applicant, or any other party connected with the MCC, with respect to such MCC. (c) . For each Submission Package submitted by a Lender that is in compliance with all of the terms and conditions of this Agreement, for which the Submission Package has been prepared and presented to the Division in the form and manner required by this Section 3.05, for which sufficient MCC Division is available, and for which all of the other conditions hereof have been satisfied, the Division shall issue an MCC in accordance with the Program Manual. (d) . Each Lender shall also provide to the Division such other reports or information regarding the Loans made in connection with the issuance of an MCC or the Applicants by such Lender as may be reasonably requested by any of them.

Issuance of MCC. (a) Within 15 days after the Loan respective Closing Date the Lender shall deliver to the DivisionAdministrator, with respect to each Loan for which an MCC is to be issued, the Submission Package. If such Submission Package is not received within such 15 day period, in the sole discretion of the Division, then the Lender shall pay to the Division upon the delivery of such Submission Package thereto a Late Submission Fee equal to $75 for each such occurrence or the MCC Commitment and the MCC relating to such Submission Package shall be deemed revoked and invalid. Upon the submission of the Submission Package to the DivisionAdministrator, the Lender shall submit to the Division Administrator all additional documents required by the DivisionAdministrator. The Lender shall pay all costs of preparing and furnishing to the Division Administrator the Submission Package including original and certified copies of the respective documents and instruments described in the Exhibits hereto, and may recover such costs from the Applicant or the Seller to the extent permitted by Section 3.03(c) hereof. (b) The Division Administrator shall review such documents with respect to each MCC and shall approve or disapprove such Loan for issuance of an MCC. For any Loan with respect to which the Submission Package is deemed to be defective, or for any Applicant that is otherwise not eligible for issuance of an MCC in accordance with the terms of the Code and the Program Documents, the Division Administrator may return the Submission Package, with all documents submitted in accordance with this Section 3.05, to the Lender to be cured, if possible, or the DivisionAdministrator, in its sole discretion, may hold such Submission Package pending correction of the defect as specified in a notice or other communication to the Lender. In order for an MCC to be issued hereunder, such Submission Package must be resubmitted in accordance with the procedures of this Section 3.05. The examination of a Submission Package by the Division Administrator hereunder shall not constitute a waiver of any warranty, representation, or covenant by the Lender, the Applicant, or any other party connected with the MCC, with respect to such MCC. (c) For each Submission Package submitted by a Lender that is in compliance with all of the terms and conditions of this Agreement, for which the Submission Package has been prepared and presented to the Division Administrator in the form and manner required by this Section 3.05, for which sufficient MCC Division authority is available, and for which all of the other conditions hereof have been satisfied, the Division Administrator shall issue an MCC in accordance with the Program Manual. (d) Each Lender shall also provide to the Division Corporation or the Administrator such other reports or information regarding the Loans made in connection with the issuance of an MCC or the Applicants by such Lender as may be reasonably requested by any of them.