Common use of Loan Closings Clause in Contracts

Loan Closings. (a) The Participating Lender must promptly close all STLP loans in ac- cordance with the terms and conditions approved by DOT OSDBU in its Guar- xxxxx Agreement. The Participating Lender must report circumstances con- cerning any STLP loans not closed within a reasonable time period after DOT OSDBU approval. (b) The Participating Lender uses its own internal loan closing documents and must use standard banking prac- tices and procedures to ensure proper execution of the debt and perfection of the collateral. The Participating Lend- er must forward copies of all executed closing documents and filings to DOT OSDBU within the time period speci- fied in the cooperative agreement.