Common use of Lender's Covenants with Respect to the Loans Clause in Contracts

Lender's Covenants with Respect to the Loans. (A) The Lender hereby covenants with respect to each Loan that it shall not, without BDC’s prior written consent or approval: (i) consent to or accept any cancellation, termination, revision, or settlement of any Loan Document, or agree to any transfer or termination of any instrument now or hereafter assigned to it as security for the Loan; (ii) release, partially or fully, any collateral given as security for the Loan or any guarantor of the Loan; (iii) extend the maturity date of the Loan or the date of any interest or principal payment there under; (iv) reduce the amount of any payment of principal or the applicable Lender Rate; (v) increase the maximum amount of the Loan or the obligations of the Lender or BDC pursuant to any Loan Document; (vi) require the acceptance of a new note evidencing the Loan, in substitution for the Note; (vii) waive or consent to the modification of any Loan Document that would cause the Loan to no longer be in compliance with the requirements of Section 3; or (viii) consent to any amendment or modification to a Loan Document that would be, in the judgment of a prudent financial manager, material to the Loan. (B) In the event that Xxxxxx seeks BDC’s consent or approval for any of the matters enumerated above BDC shall make every effort to respond to the Lender's request within ten (10) business days after such request. Such response may be by telephone, to be confirmed in writing promptly thereafter. (C) Upon the occurrence of any default by the Borrower or guarantor under any of the Loan Documents, the Lender shall consult in good faith with BDC. 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 BDC.

Lender's Covenants with Respect to the Loans. (A) A. The Lender hereby covenants with respect to each Loan that it shall not, without BDCthe Rural Center’s prior written consent or approval: (i) i. consent to or accept any cancellation, termination, revision, or settlement of any Loan Document, or agree to any transfer or termination of any instrument now or hereafter assigned to it as security for the Loan; (ii) . release, partially or fully, any collateral given as security for the Loan or any guarantor of the Loan; (iii) . extend the maturity date of the Loan or the date of any interest or principal payment there under; (iv) . reduce the amount of any payment of principal or the applicable Lender Rate; (v) v. increase the maximum amount of the Loan or the obligations of the Lender or BDC the Rural Center pursuant to any Loan Document; (vi) . require the acceptance of a new note evidencing the Loan, in substitution for the Note; (vii) . waive or consent to the modification of any Loan Document that would cause the Loan to no longer be in compliance with the requirements of Section 3; or (viii) . consent to any amendment or modification to a Loan Document that would be, in the judgment of a prudent financial manager, material to the Loan. (B) B. In the event that Xxxxxx the Lender breaches any of the above enumerated covenants, it agrees that it shall purchase the Rural Center’s outstanding Participation as of the date of the breach. C. In the event that Lender seeks BDCthe Rural Center’s consent or approval for any of the matters enumerated above BDC the Rural Center shall make every effort to respond to the Lender's request within ten (10) business days after such request. Such response may be by telephone, to be confirmed in writing promptly thereafter. (C) D. Upon the occurrence of any default by the Borrower or guarantor under any of the Loan Documents, the Lender shall consult in good faith with BDCthe Rural Center. 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 BDCthe Rural Center. If, at any time during the continued occurrence of such a default, the Rural Center informs the Lender of its desire that the Lender commence foreclosure proceedings under the terms of the Loan Documents, the Lender shall either commence such proceedings or purchase the Rural Center’s Participation in accordance with Section 7 hereof.

Lender's Covenants with Respect to the Loans. (A) A. The Lender hereby covenants with respect to each Loan that it shall not, without BDCthe Rural Center’s prior written consent or approval: (i) i. consent to or accept any cancellation, termination, revision, or settlement of any Loan Document, or agree to any transfer or termination of any instrument now or hereafter assigned to it as security for the Loan; (ii) . release, partially or fully, any collateral given as security for the Loan or any guarantor of the Loan; (iii) . extend the maturity date of the Loan or the date of any interest or principal payment there under; (iv) . reduce the amount of any payment of principal or the applicable Lender Rate; (v) v. increase the maximum amount of the Loan or the obligations of the Lender or BDC the Rural Center pursuant to any Loan Document; (vi) . require the acceptance of a new note evidencing the Loan, in substitution for the Note; (vii) . waive or consent to the modification of any Loan Document that would cause the Loan to no longer be in compliance with the requirements of Section 3; or (viii) . consent to any amendment or modification to a Loan Document that would be, in the judgment of a prudent financial manager, material to the Loan. (B) B. In the event that the Lender breaches any of the above enumerated covenants, it agrees that it shall purchase the Rural Center’s outstanding Participation as of the date of the breach. C. In the event that Xxxxxx seeks BDCthe Rural Center’s consent or approval for any of the matters enumerated above BDC the Rural Center shall make every effort to respond to the Lender's request within ten (10) business days after such request. Such response may be by telephone, to be confirmed in writing promptly thereafter. (C) D. Upon the occurrence of any default by the Borrower or guarantor under any of the Loan Documents, the Lender shall consult in good faith with BDCthe Rural Center. 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 BDCthe Rural Center. If, at any time during the continued occurrence of such a default, the Rural Center informs the Lender of its desire that the Lender commence foreclosure proceedings under the terms of the Loan Documents, the Lender shall either commence such proceedings or purchase the Rural Center’s Participation in accordance with Section 7 hereof.

Lender's Covenants with Respect to the Loans. (A) The Lender hereby covenants with respect to each Loan that it shall not, without BDCthe GHFA EDFI’s prior written consent or approval: (i) : consent to or accept any cancellation, termination, revision, or settlement of any Loan Document, or agree to any transfer or termination of any instrument now or hereafter assigned to it as security for the Loan; (ii) ; release, partially or fully, any collateral given as security for the Loan or any guarantor of the Loan; (iii) ; extend the maturity date of the Loan or the date of any interest or principal payment there under; (iv) ; reduce the amount of any payment of principal or the applicable Lender Rate; (v) ; increase the maximum amount of the Loan or the obligations of the Lender or BDC the GHFA EDFI pursuant to any Loan Document; (vi) ; require the acceptance of a new note evidencing the Loan, in substitution for the Note; (vii) ; waive or consent to the modification of any Loan Document that would cause the Loan to no longer be in compliance with the requirements of Section Article 3; or (viii) or consent to any amendment or modification to a Loan Document that would be, in the judgment of a prudent financial manager, material to the Loan. (B) . In the event that Xxxxxx the Lender breaches any of the above enumerated covenants, it agrees that it shall purchase the GHFA EDFI’s outstanding Participation as of the date of the breach. In the event that Lender seeks BDCthe GHFA EDFI’s consent or approval for any of the matters enumerated above BDC above, the GHFA EDFI shall make every effort to respond to the Lender's request within ten (10) business days after such request, which will not be unreasonably withheld. Such response may be by telephone, to be confirmed in writing promptly thereafter. (C) . Upon the occurrence of any default by the Borrower or guarantor under any of the Loan Documents, the Lender shall consult in good faith with BDCthe GHFA EDFI. 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 BDCthe GHFA EDFI.

Lender's Covenants with Respect to the Loans. (A) The Lender hereby covenants with respect to each Loan that it shall not, without BDCthe Department’s prior written consent or approval: (i) consent to or accept any cancellation, termination, revision, or settlement of any Loan Document, or agree to any transfer or termination of any instrument now or hereafter assigned to it as security for the Loan; (ii) release, partially or fully, any collateral given as security for the Loan or any guarantor of the Loan; (iii) extend the maturity date of the Loan or the date of any interest or principal payment there under; (iv) reduce the amount of any payment of principal or the applicable Department Rate or the Lender Rate; (v) increase the maximum amount of the Loan or the obligations of the Lender or BDC the Department pursuant to any Loan Document; (vi) require the acceptance of a new note evidencing the Loan, in substitution for the Note; (vii) waive or consent to the modification of any Loan Document that would cause the Loan to no longer be in compliance with the requirements of Section 3; or (viii) consent to any amendment or modification to a Loan Document that would be, in the judgment of a prudent financial manager, material to the Loan. In the event that the Lender breaches any of the above enumerated covenants, it agrees that it shall purchase the Department’s outstanding Participation as of the date of the breach. (B) In the event that Xxxxxx Lender seeks BDCthe Department’s consent or approval for any of the matters enumerated above BDC above, the Department shall make every effort to respond to the Lender's request within ten twenty (1020) business days after such request. Such response may be by telephone, to be confirmed in writing promptly thereafter. If the Department does not so respond, the Department shall be deemed to have rejected such request. (C) Upon the occurrence of any default by the Borrower or guarantor under any of the Loan Documents, the Lender shall consult in good faith with BDCthe Department. 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 BDCthe Department. If, at any time during the continued occurrence of such a default, the Department informs the Lender of its desire that the Lender commence foreclosure proceedings under the terms of the Loan Documents, the Lender shall either commence such proceedings or purchase the Department’s Participation in accordance with Section 7 hereof.