SBA Loan. The Lender is not attempting to enroll any portion of an SBA guaranteed loan without obtaining the MSF’s express prior written consent.
SBA Loan. The Loan secured by this lien was made under a United States Small Business Administration (SBA) nationwide program which uses tax dollars to assist small business owners. If the United States is seeking to enforce this document, then under SBA regulations:
a) When SBA is the holder of the Note, this document and all documents evidencing or securing this Loan will be construed in accordance with federal law.
b) Lender or SBA may use local or state procedures for purposes such as filing papers, recording documents, giving notice, foreclosing liens, and other purposes. By using these procedures, SBA does not waive any federal immunity from local or state control, penalty, tax or liability. No Borrower or Guarantor may claim or assert against SBA any local or state law to deny any obligation of Borrower, or defeat any claim of SBA with respect to this Loan. Any clause in this document requiring arbitration is not enforceable when SBA is the holder of the Note secured by this instrument.
SBA Loan. No portion of the Loan shall represent any unguaranteed portion of an SBA-guaranteed loan without the MSF obtaining the express prior written consent of the US Department of Treasury.
SBA Loan. In the event that such SBA Loan is modified, such Borrower shall forward a copy of such modification to the Lender.
SBA Loan. From and after the date of the repayment of the -------- SBA Loan described in Section 5.17, the Borrower shall (i) cause all assets of BUCA (DT Milwaukee), Inc. subject to any Lien securing the SBA Loan to become subject to a first priority Lien thereon in favor of the Agent for itself and for the benefit of the Banks to secure the Obligations, pursuant to a Security Agreement (Guarantor) and related UCC financing statements for filing in such jurisdictions as the Agent shall request, all duly executed by BUCA (DT Milwaukee), Inc., and (ii) deliver to the Agent a duly executed amendment to the Pledge Agreement in respect of the capital stock of BUCA (DT Milwaukee), Inc., in form and substance reasonably satisfactory to the Agent, together with the stock certificates representing the Borrower's ownership of 100% of the shares of BUCA (DT Milwaukee), Inc. (together with stock powers related thereto).
SBA Loan. Sub or ADAC shall have assumed the SBA loan held by the Company, and the SBA shall have released the lien it holds on Shareholder's home with respect thereto.
SBA Loan. The Servicer shall give written notice to the Trustee that such substitution has taken place and shall amend the SBA Loan Schedule to reflect the removal of such Deleted SBA Loan from the terms of this Agreement and the substitution of the Qualified Substitute SBA Loan or Loans. Upon such substitution, such Qualified Substitute SBA Loan or Loans shall be subject to the terms of this Agreement in all respects, including Sections 2.04 and 2.05, and the Seller shall be deemed to have made with respect to such Qualified Substitute SBA Loan or Loans, as of the date of substitution, the covenants, representations and warranties set forth in Sections 3.01 and 3.
SBA Loan. Pursuant to Section 6 (c) of the Employment Agreement, VL shall continue to maintain the indemnity on the SBA Loan (as such term is defined in the Stock Purchase Agreement); provided however, such indemnity will not apply in the event that Employee, either directly or indirectly, causes a default to be called by Commerce Bank (or any successor) on such loan. Employee shall not be in default of this Agreement as a result of providing truthful testimony or information should there by an inquiry from Commerce Bank, or a court or administrative agency of competent jurisdiction regarding the SBA Loan. Notwithstanding the preceding, all inquiries shall be subject to the provisions of Paragraph 4 (i) below.
SBA Loan. The Company will continue to pay the monthly SBA loan payments in accordance with the loan agreements related to same and the Seller will support the continuation of the loan until it is paid in full by the Company.
SBA Loan. Within twenty (20) days following the execution of this Agreement, the Buyer shall make a short-term loan (the “Buyer Loan”) in the amount of $161,000 for the repayment of the Seller’s outstanding SBA Loan No. 2269347810 in the amount of $161,000 (the “SBA Loan”). The Seller shall provide the Buyer with a payoff letter from the SBA with respect to the SBA Loan, and the Buyer shall make such repayment directly to the SBA in accordance with the terms thereof. In exchange for the Buyer’s making of the Buyer Loan on behalf of the Seller, the Seller and the Stockholder shall execute and deliver to the Buyer a secured promissory note in the principal amount of $161,000 (the “Buyer Note”), which Buyer Note shall be secured by all the assets of the Seller and shall be due and payable on the Closing Date by deduction from the Purchase Price or, if the transactions contemplated under this Agreement do not close in accordance with the terms of this Agreement, then all amounts due under the Buyer Note shall be payable in six (6) equally monthly installments beginning October 1, 2022, and continuing on the first (1st) day of each month thereafter until fully paid. The Seller will request a release of lien from the SBA in connection with the repayment of the SBA Loan and shall provide such release of lien to the Buyer as a condition of Closing.
