Qualified Borrowers. In consideration of the Lenders’ agreement to advance funds to a Qualified Borrower that has joined the Credit Facility in accordance with Section 6.3 and to accept the Qualified Borrower Guaranties in support thereof, the Borrowers hereby authorize, empower, and direct the Administrative Agent, for the benefit of the Secured Parties, within the limits of the Available Commitment of the applicable Fund Group, to disburse directly to the Lenders, with notice to the Borrowers of the related Fund Group, in immediately available funds, an amount equal to the amount due and owing under any Qualified Borrower Promissory Note or any Qualified Borrower Guaranty, together with all interest, costs and expenses and fees due to the Lenders pursuant thereto, as a Borrowing hereunder, in the event the Administrative Agent shall have not received payment of such Obligations when due. The Administrative Agent will notify the Borrowers of the applicable Fund Group of any disbursement made to the Lenders pursuant to the terms hereof; provided that the failure to give such notice shall not affect the validity of the disbursement, and the Administrative Agent shall provide the Lenders with notice thereof. Any such disbursement made by the Administrative Agent to the Lenders shall be deemed to be a Reference Rate Loan pursuant to Section 2.3 in the amount so paid, and the Borrowers of the applicable Fund Group shall be deemed to have given to the Administrative Agent in accordance with the terms and conditions of Section 2.3, a Request for Borrowing with respect thereto; and such disbursements shall be made without regard to the minimum and multiple amounts specified in Section 2.4. The Administrative Agent may conclusively rely on the Lenders as to the amount of any such Obligations due to the Lenders, absent manifest error.
Qualified Borrowers. Notwithstanding anything herein or in any Loan Document to the contrary, (1) this Section 3.8 and Article 5 shall not apply to Qualified Borrowers, (2) the Obligations of any Qualified Borrower hereunder shall be several and limited only to the Loans and Letters of Credit made or issued on its behalf, (3) all Loans and Letters of Credit provided to a Qualified Borrower hereunder shall be guaranteed only by the applicable Borrower in accordance with the applicable Qualified Borrower Guaranty, and (4) such Borrower shall be jointly and severally liable with such Qualified Borrower for the full amount of the Loans and Letters of Credit and other Obligations of such Qualified Borrower.
Qualified Borrowers. Notwithstanding anything to the contrary contained herein, each of the Borrowers and the Guarantor and the Administrative Agent, on behalf of the Lenders, hereby agree that each Qualified Borrower is severally liable with respect to its obligations hereunder and under any Qualified Borrower Note.
Qualified Borrowers. All Washington County residents, residents of counties or cities with which Washington County has reciprocal borrowing agreements, and paying card holders.
Qualified Borrowers. The Borrower may, at any time or from time to time, request that one or more Qualified Borrowers be added to this Agreement by notifying the Administrative Agent thereof in substantially the form of Exhibit O hereto (including the jurisdiction of formation thereof), and the Administrative Agent shall promptly notify each Lender. Borrower shall, or shall cause such Qualified Borrower to, deliver all documents required to be delivered pursuant to Sections 6.1 and 6.2(d) with respect to a proposed Qualified Borrower, including, without limitation, copies of all Organizational Documents, good standing certificates (if applicable), and resolutions, each of which shall be in form and substance reasonably satisfactory to the Administrative Agent. Following the giving of any request pursuant to this Section 2.10, if the request for such Qualified Borrower obligates the Administrative Agent or any Lender to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, the Borrower shall, promptly upon the request of the Administrative Agent or any Lender, supply such documentation and other evidence as is reasonably requested by the Administrative Agent or any Lender in order for the Administrative Agent or such Lender to carry out and be satisfied it has complied with the results of all necessary “know your customer” or other similar checks under all applicable laws and regulations. Upon delivery of the documentation and information required above to the reasonable satisfaction of the Administrative Agent, the proposed Qualified Borrower shall become a Qualified Borrower under this Agreement and the Administrative Agent shall give written notice thereof to the Borrower and the Lenders (a “New Qualified Borrower Notice”). <
Qualified Borrowers. (a) The Borrower may, at any time or from time to time, upon not less than ten (10) Business Days’ notice in the case of a domestic Qualified Borrower or fifteen (15) Business Day’s notice in the case of a foreign Qualified Borrower, designate one or more Qualified Borrowers to be added to this Agreement by notifying the Administrative Agent thereof, and the Administrative Agent shall promptly notify each
Qualified Borrowers. In consideration of Lender’s agreement to make Loans and cause the issuance of Letters of Credit for the benefit of a Qualified Borrower that has joined the Credit Facility in accordance with Section 6.3, and to accept the Qualified Borrower Guaranties in support thereof, Initial Borrower hereby authorizes, empowers, and directs Lender to fund to such Qualified Borrower in immediately available funds, with notice to Borrowers, an amount equal to the amount due and owing under any Qualified Borrower Promissory Note or Qualified Borrower Guaranty, together with all interest, costs and expenses and fees due to Lender pursuant thereto, as a Borrowing by an Initial Borrower hereunder, in the event Lender shall have not received payment of such Obligations when due. Any such disbursement made by Lender shall be deemed to be a Reference Rate Loan pursuant to Section 2.3 in the amount so paid, and Borrowers shall be deemed to have given to Lender in accordance with the terms and conditions of Section 2.3, a Request for Borrowing with respect thereto, and such disbursements shall be made without regard to the minimum and multiple amounts specified in Section 2.4.
Qualified Borrowers. In consideration of the Lenders’ agreement to advance funds to a Qualified Borrower that has joined the Credit Facility in accordance with Section 6.3, to cause Letters of Credit to be issued for the account of a Qualified Borrower pursuant to Section 2.9, and to accept the Qualified Borrower Guaranties in support thereof, the applicable Borrower hereby authorizes, empowers, and directs the Administrative Agent, for the benefit of the Secured Parties, within the limits of the Available Commitment, to disburse directly to the Lenders, with notice to the applicable Borrower, in immediately available funds, an amount equal to the amount due and owing under the applicable Qualified Borrower Promissory Note or the applicable Qualified Borrower Guaranty, together with all interest, costs and expenses and fees due to the Lenders pursuant thereto, as a Borrowing hereunder, in the event the Administrative Agent shall have not received payment of such Obligations when due or any Event of Default specified in Sections 10.1(h) or 10.1
Qualified Borrowers. No Loans under the Program shall be issued to borrowers that do not meet the qualifications specifically detailed by the underwriting criteria and income verification requirements set forth in the Scope of Work.
Qualified Borrowers. Notwithstanding the foregoing or anything to the contrary in the Loan Documents, each Qualified Borrower shall only be liable for the Obligations incurred by and attributable to such Qualified Borrower; provided, for the avoidance of doubt, that such Obligations shall be guaranteed by the Borrowers pursuant to the applicable Qualified Borrower Guaranty, and such Qualified Borrower Guaranty shall be a joint and several obligation of each Fund.
