Program Borrower definition

Program Borrower means a distinct Borrower whose Loan Repayments constitute Revenues hereunder.
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Program Borrower has the meaning ascribed to such term in the Promissory Note. In addition, in the Secured Party's opinion, all Program Borrowers substantially comply in all material respects with the Secured Party's current underwriting guidelines for loans to small business owners, and in no event will loans be made to Program Borrowers where (a) the Pledged Store has less than one year of seasoning, and (b) (i) the most recent annual revenue of the Borrower is less than $500,000 or (ii) the most recent annual Borrower Cash Flow is less than $100,000.
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Examples of Program Borrower in a sentence

  • Each such operations and maintenance program and any additional or revised operations and maintenance programs established for the Mortgaged Property pursuant to this Section 18 must be approved by Lender and shall be referred to herein as an "O&M Program." Borrower shall comply in a timely manner with, and cause all employees, agents, and contractors of Borrower and any other persons present on the Mortgaged Property to comply with each O&M Program.

  • State-aid subject to intercept by the I-Bank may include, to the extent permitted by federal law, federal moneys appropriated or apportioned by the State to the General Obligation Refunding Program Borrowers, the applicable municipal and county Refunding Program Participants that have entered into a Refunding Program Borrower Service Agreement, and the Government Borrower Guarantors.

  • More specifically, on or before each Refunding Program Loan repayment due date, each such Applicable Refunding Program Borrower makes one payment to the Applicable Refunding Program Trustee, in an amount equal to the Applicable Refunding Program I-Bank Loan repayment, the I-Bank administrative fee payment, the Applicable Refunding Program Fund Loan repayment and, if applicable, the State administrative fee payment then due.

  • Under the terms of its Refunding Program I-Bank Loan Agreement, the General Obligation Refunding Program Borrower (i) has covenanted to provide the resources to maintain its System in good repair and operating condition and (ii) irrevocably has pledged its full faith and credit and covenanted to exercise its unlimited taxing powers for the punctual payment of the principal of and interest on its Refunding Program I-Bank Loan and Refunding Program Borrower I-Bank Loan Bond.

  • For information regarding (i) the General Obligation Refunding Program Borrowers, with respect to State-intercept pursuant to the I-Bank Act, and (ii) the Special Obligation Refunding Program Borrowers, the Refunding Program I- Bank Loan repayments of which are secured by (A) the respective Refunding Program Borrower Service Agreements or (B) the Government Borrower Guaranties, as applicable, see Appendix B hereto - “REFUNDING PROGRAM BORROWERS”.

  • In addition, the Refunding Program Borrower Bonds of certain municipal Refunding Program Borrowers that have been assigned a credit rating that has been deemed unacceptably low by the I-Bank additionally may be secured pursuant to the provisions of the State’s Municipal Qualified Bond Act.

  • That rule referenced SBA Form 2483, the Paycheck Protection Program Borrower Application, which includes the exclusion of bankrupt debtors from PPP participation.Given this background, including the speed with which Congress adopted the CARES Act and wanted funds to be disbursed in the light of the pandemic, it is understandable that Congress did not spell out in the statute all requirements for PPP participation.

  • Upon the issuance by the I-Bank of its Bonds to be Refunded, each Applicable Refunding Program Borrower was required to deliver to the I-Bank a valid Refunding Program Borrower I-Bank Loan Bond evidencing and securing the repayment obligation of such Refunding Program Borrower with respect to its Refunding Program I-Bank Loan.

  • Pursuant to the Refunding Program Borrower Service Agreements, any deficiency giving rise to a Refunding Program Annual Charge is calculated at the end of each fiscal year of the Special Obligation Refunding Program Borrower and is submitted to the Refunding Program Participants for payment as provided therein.

  • More specifically, on or before each Refunding Program Loan repayment due date, each such Applicable Refunding Program Borrower makes one payment to the Applicable Refunding Program Loan Servicer, in an amount equal to the Applicable Refunding Program I-Bank Loan repayment, the I-Bank administrative fee payment, the Applicable Refunding Program Fund Loan repayment and, if applicable, the State administrative fee payment then due.

Related to Program Borrower

  • Co-Borrower shall have the meaning assigned to such term in the introductory paragraph of this Agreement.

  • Foreign Credit Party means a Credit Party which is not a Domestic Credit Party.

  • Lead Borrower has the meaning assigned to such term in the preamble of this Agreement.

  • Account Party has the meaning specified therefor in Section 2.11(h) of this Agreement.

  • Domestic Borrower means any Borrower organized under the laws of the United States of America or any state of the United States of America.

  • Dutch Borrower means any Borrower that is organized under the Laws of The Netherlands.

  • Funding Borrower shall have the meaning set forth in Section 20.12 hereof.

  • Domestic Credit Party means any Credit Party that is organized under the laws of any State of the United States or the District of Columbia.

  • Canadian Borrower as defined in the preamble hereto.

  • U.S. Borrower means any Borrower that is a U.S. Person.

  • Parent Borrower as defined in the preamble hereto.

  • means Borrower s forecasted consolidated and consolidating:

  • Borrower as defined in the preamble hereto.

  • Eligible Borrower means owners or others having an interest in property situated within the downtown area of a participating city, community development corporations associated with a participating city, Iowa main street program organizations associated with a participating city, community-initiated development groups associated with a participating city, or other organization associated with a participating city for purposes of implementing the Iowa main street program.

  • Domestic Loan Party means any Loan Party organized under the laws of any state of the United States of America or the District of Columbia.

  • The Borrower has advised the Banks that the Borrower has entered into an Agreement and Plan of Merger and Reorganization, dated as of February 10, 2000 (the "Merger Agreement"), among the Borrower, Opticare Health Systems, Inc. (the "Parent"), and OC Acquisition Corp., a wholly-owned subsidiary of the Parent ("Merger Sub"), pursuant to which the parties intend to merge Merger Sub with and into the Borrower subject to the terms and conditions thereof which include, among other things, restructuring the Obligations owing to the Banks on terms and conditions mutually agreed upon by the Borrower and the Banks. While the Borrower and the Banks have initiated discussions and due diligence concerning the Merger and any proposed restructuring of the Obligations, the Borrower acknowledges that the Banks have not consented to the Merger nor have the Banks agreed to any terms and conditions relating to any restructuring of the Obligations. In the meantime, however, the Borrower intends to continue to sell the remaining physician practice management groups operated by the Borrower and its Subsidiaries (collectively being referred to herein as the "PPM Businesses") and use a portion of the proceeds from the sale of the PPM Businesses to meet its reasonable and necessary operating expenses. To afford the Borrower an opportunity to proceed with the transactions described above, the Borrower has requested that (i) the Banks extend the temporary waiver period provided for in Sections 2.1 and 2.2 of that certain Seventh Amendment and Waiver to Credit Agreement dated as of December 10, 1999, among the Borrower, the Banks, and the Agent (the "Seventh Amendment") (as further amended, in part, by a December 30, 1999, letter agreement, a February 29, 2000, letter agreement, a March 24, 2000, letter agreement, and an April 14, 2000, letter agreement, and a May 5, 2000, letter agreement, in each case between the Borrower, the Banks and the Agent) and, in addition, that the Banks temporarily waive any non-compliance by the Borrower as of December 31, 1999, and as of March 31, 2000, with Sections 8.8 (Total Funded Debt/Adjusted EBITDA Ratio), 8.10 (Interest Coverage Ratio), and 8.11 (Debt Service Coverage Ratio) of the Credit Agreement and the Borrower's non-compliance with Section 8.5(b) of the Credit Agreement with respect to the timely delivery of the Borrower's March 31, 2000, financial statements, in each case to the earlier of June 2, 2000, or the termination of the Merger Agreement pursuant to its terms (the earlier of such dates being referred to herein as the "Waiver Termination Date"), (ii) Bank of Montreal extend the Bridge Loan Period from May 19, 2000, to the Waiver Termination Date, and (iii) postpone the due date for the payment of principal, interest and unused commitment fees otherwise due on or before May 19, 2000, to the Waiver Termination Date. By signing below, the Banks (including Bank of Montreal with respect to the Bridge Loan Commitment) hereby agree to extend the waiver period provided in Sections 2.1 and 2.2 of the Seventh Amendment from May 19, 2000, to the Waiver Termination Date, temporarily waive any non-compliance by the Borrower as of December 31, 1999, and March 31, 2000, with Sections 8.8 (Total Funded Debt/Adjusted EBITDA Ratio), 8.10 (Interest Coverage Ratio), and 8.11 (Debt Service Coverage Ratio) of the Credit Agreement and the Borrower's non-compliance with Section 8.5(b) of the Credit Agreement with respect to the timely delivery of the Borrower's March 31, 2000, financial statements through the period ending on the Waiver Termination Date, agree to extend the Bridge Loan Period to the Waiver Termination Date, and agree to postpone the due date for the payment of principal, interest, and unused commitment fees otherwise due on or before May 19, 2000, to the Waiver Termination Date, provided that:

  • Canadian Credit Party means the Canadian Borrower and each Canadian Subsidiary Guarantor.

  • Subsidiary Borrower means, individually and collectively, as the context requires, each Subsidiary that is or becomes a “Borrower” in accordance with Section 2.22; in each case, unless and until it becomes a “Terminated Subsidiary Borrower”.

  • Canadian Loan Party means any Loan Party organized under the laws of Canada or any province or territory thereof.

  • Borrower Party Affiliate means, with respect to the Mortgage Loan Borrower, a manager of the Mortgaged Property or an Accelerated Mezzanine Loan Lender, (a) any other Person controlling or controlled by or under common control with such Mortgage Loan Borrower, manager or Accelerated Mezzanine Loan Lender, as applicable, or (b) any other Person owning, directly or indirectly, 25% or more of the beneficial interests in such Mortgage Loan Borrower, manager or Accelerated Mezzanine Loan Lender, as applicable. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

  • Co-Borrowers means Wholly Owned Restricted Subsidiaries organized in any Applicable Jurisdiction from time to time designated by the Borrower to the Administrative Agent as “borrowers” with respect to Borrowings in accordance with Section 11.01, and “Co-Borrower” means any one of them.

  • Administrative Borrower has the meaning set forth in Section 17.9.

  • Purchasing Borrower Party means Holdings or any subsidiary of Holdings.

  • Subsidiary Loan Party means each Subsidiary of the Borrower that is a party to the Guarantee Agreement.

  • U.S. Loan Party means any Loan Party that is organized under the laws of one of the states of the United States and that is not a CFC.

  • UK Borrower means any Borrower (i) that is organized or formed under the laws of the United Kingdom or (ii) payments from which under this Agreement or any other Loan Document are subject to withholding Taxes imposed by the laws of the United Kingdom.