Qualified Lenders definition
Examples of Qualified Lenders in a sentence
This Agreement shall not otherwise be terminable by any Party except upon the mutual agreement of the City, NTIFA, the Developer Parties and all Qualified Lenders.
The Borrower Representative may, at any time and from time to time with the consent of the Administrative Agent (which consent shall not be unreasonably withheld), and such Lender, designate one or more additional Canadian Facility Lenders (that are Canadian Qualified Lenders) or U.S. Facility Lenders, as applicable, to act as an issuing lender under the terms of this Agreement.
The Administrator expects to update the Guidelines on this point to clarify that, as dictated by the “PACE Charge Payment Schedule” provided by the lender pursuant to the Master Lender Agreement and the Collection Agreement (the “Payment Schedule”), Program Charges can commence at any time after a loan closes.It is expected that the Guidelines will also be amended to more precisely describe other parameters within which Qualified Lenders may provide construction financing under the Program.
This requirement was intended to help align the interests of Qualified Lenders and the City in ensuring that PACE projects financed under the Program are actually completed.
Once these form of Program agreements have been updated and published on the Program Website, it is expected that Qualified Lenders who enter into those agreements will generally be permitted to sell or otherwise transfer their Program loans (and assign their rights under the agreements with respect to such loans) to third-party entities without the prior consent of the Administrator.
By de- linking project completion from the start of loan repayment, there is some concern that Qualified Lenders’ interests in project completion will fall out of alignment with those of the City.To address this concern, the Administrator expects to require that Qualified Lenders must cause the projects they finance to be completed by a specified date-certain (the “Required Completion Date”).
While the CIT and the City do not require fully committed project debt as part of the Proposal, each Proposer is required to appoint one or more Qualified Lenders to confirm the assumed pricing for the anticipated forms of debt and perform due diligence to support such pricing assumptions.
In no event, however, shall the failure of Owner to obtain such a Non-Disturbance Agreement affect or modify any of the responsibilities of Operator toward Qualified Lenders which are contained elsewhere in this Article 6.
It is expected that the Guidelines and other applicable Program documents will be updated to incorporate these concepts and will also continue to require Qualified Lenders to deliver the “Certificate of Completion” contemplated in the Collection Agreement in connection with the completion of each project they finance.
Future versions of the RFQ may ask whether Qualified Lenders intend to offer C-PACE loans to prospective borrowers in environmental justice communities.