Loan Origination. A. The Lender agrees loan funds will be used for the purposes authorized in 7 C.F.R. part 4279 in accordance with the terms of Form RD 4279-3, “Conditional Commitment for Guarantee." For the Section 9006 program, the citation is 7 C.F.R., part 4280, subpart B.
B. The Lender certifies that none of its officers or directors, stockholders, or other owners (except stockholders in a Farm Credit Bank or other Farm Credit System (“FCS”) Institution with direct lending authority that have normal stock or share requirements for participation) has a substantial financial interest in the Borrower. The Lender certifies that neither the Borrower nor its officers or directors, stockholders or other owners has a substantial financial interest in the Lender. If the Borrower is a member of the board of directors or an officer of a Farm Credit Bank or other FCS Institution with direct lending authority, the Lender certifies that an FCS institution on the next highest level will independently process the loan request and will act as the Lender’s agent in servicing the account.
C. The Lender will certify to USDA, prior to issuance of the Loan Note Guarantee for each loan, that there has been neither any material adverse change in the borrower’s financial condition, nor any other material adverse change in the borrower, for any reason, during the period of time from the Agency’s issuance of the Conditional Commitment for Guarantee to issuance of the Loan Note Guarantee regardless of the case or causes of the change and whether the change or causes of the change were within the Lender’s or Xxxxxxxx’s control. The Lender’s certification must address all adverse changes of the Borrower, any parent, affiliate, or subsidiary of the Borrower, and guarantors.
X. Xxxxxx certifies that a loan agreement or loan instruments concurred in by USDA has been or will be signed with the Borrower.
X. Xxxxxx will submit the required guarantee fee with Form RD 1980-19, “Guaranteed Loan Closing Report” at the time Form RD 4279-5, “Loan Note Guarantee” is issued.
Loan Origination. The Company shall, and the PHH Member shall cause the Company to, operate in accordance with the provisions of this Article III.
Loan Origination. (a) On each day on which UNI receives Loan Applications from Loan Applicants that satisfy the eligibility criteria set forth in the Program Guidelines and that were approved by Bank for Loans, and who agreed to their Loan terms, UNI shall provide Bank a statement (each such statement, a “Funding Statement”) for origination of such Loans, containing, as applicable, (i) a list of all Loan Applicants who meet the eligibility criteria set forth in the Program Guidelines and was approved by Bank; (ii) the applicable Loan Proceeds to be disbursed by Bank for each Loan; (iii) all information necessary for the transfer of the Loan Proceeds to the corresponding Borrowers, including depository institution names, routing numbers and account number; and (iv) such other information as shall be reasonably requested by Bank.
(b) On each Funding Date, Bank shall originate each Loan listed on the related Funding Statement by the close of business on such day, or, if the Funding Statement is received after 12:00pm ET, or on the immediately following Business Day. Bank shall distribute via ACH transfer, wire or other electronic methods an amount equal to the Loan Proceeds for the applicable Loan to each of the Borrowers.
Loan Origination. (a) On (i) each day on which Platform Agent receives a Loan Application from a Loan Applicant that Platform Agent determines satisfies the eligibility criteria set forth in the Program Guidelines, and (ii) each Business Day on which any Loan is sold by Bank to Purchaser pursuant to the Loan Sale Agreement, Platform Agent shall provide to Bank a Funding Statement.
(b) On each Funding Date, Bank shall (1) confirm that each Loan listed on the related Funding Statement complies with the Program Guidelines, (2) originate each such Loan, (3) deliver to Platform Agent a Loan Origination Report related to such Funding Date and (4) by the close of business on such Funding Date, distribute via ACH transfer or wire the following amounts:
(i) to the related Merchant on behalf of the related Borrower, an amount equal to the Disbursed Proceeds for the applicable Loan; and
(ii) to Platform Agent, an amount equal to the applicable Platform Agent Facilitation Fee; provided that, upon mutual agreement by the parties, the Platform Agent Facilitation Fee may be distributed on a different cadence.
Loan Origination. All Insurance Premium Loans acquired by the Borrower (actually or beneficially through a participation) with proceeds from the Loan are originated in accordance with facts and assumptions identified in the Local Counsel Opinions, the requirements of this Agreement, the Collateral Value Policy, the Loan Documents, the Transactions Documents, all Requirements of Law (including those identified in the Local Counsel Opinions), and the investment procedures and criteria of the Originator and the Borrower consistent with past practices.
Loan Origination. “MANAGER” will generate potential borrowers, pre-qualify borrowers, complete all loan applications and documents, obtain all required supporting documents and information, process loan applications and submit a complete loan file in a timely and proper manner pursuant to “AMSTAR” and/or “AMSTAR’S” lender’s procedures.
Loan Origination. Each Loan complied at the time the Loan was originated in all material respects with all applicable requirements of applicable federal, state, and local laws and regulations thereunder.
Loan Origination. All Insurance Premium Loans are originated in accordance with the requirements of this Agreement, the Collateral Value Policy, the Contingent Collateral Value Policy, the Loan Documents, the Transactions Documents, all Requirements of Law and the investment procedures and criteria of the Originator and the Borrower consistent with past practices.
Loan Origination. Except as set forth on Schedule 4.24, each of the Loans satisfy the following criteria:
(i) Except for Loans for which the principal balance does not exceed $200,000 in the aggregate, were originated in the ordinary course of the Company’s business in accordance with and through the application of the Credit and Collection Policy the Company’s standard credit underwriting procedures;
(ii) were originated in compliance, in all material respects, with all Requirements of Law;
(iii) were originated by the Company without fraud or material misrepresentation on the part thereof; and
(iv) are not subject to any known right of rescission, set-off, counterclaim or defense, including the defense of usury.
Loan Origination. If, on any date:
21.28.1 the Non-Vault Performance Ratio is more than 125 per cent.; and
21.28.2 the Rolling Loss Ratio of Non-Vault Clients is greater than four per cent., then the Borrower and K2020 undertake that the new Consumer Loans originated from Non-Vault Clients shall not exceed 10 per cent. of the aggregate value of new Consumer Loans originated until:
21.28.3 the ratio of (i) Consumer Loans to Non-Vault Clients; to (ii) Consumer Loans, expressed as a percentage, is less than 25 per cent.; or
21.28.4 the ratios set out in Clause 21.28.1 or 21.28.2 have been achieved.
