Examples of Qualified Lenders in a sentence
All Qualified Lenders must enter into a written agreement with the SFMTA, in a form approved by the SFMTA.
A Qualified Lender shall not assign, sell or otherwise transfer the Qualified Lender's rights under the loan agreement and ancillary documents with respect to more than 90% of the original loan balance without the express, written consent of the Director of Transportation.
The agreement shall include, at a minimum, the Qualified Lender's acknowledgement of the provisions of this Section, the Qualified Lender's agreement to be bound by these provisions, and the SFMTA's promise not to set the Medallion Transfer Price below the highest Medallion Transfer Price paid by a Medallion Holder to whom a Qualified Lender made a loan that is still outstanding.
To the extent that a Proposer can provide committed terms from Qualified Lender(s), its Financing Plan may be evaluated more favorably.
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.
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.
Currently, however, the form Program agreements (i.e., the Master Lender Agreement, the Collection Agreement and the Master Transfer and Remittance Agreement) do not allow Qualified Lenders to assign or transfer those agreements without the prior consent of the Administrator, and in some cases, the City.It is anticipated, however, that certain changes will be made to the form of Collection Agreement and the form of Master Transfer and Remittance Agreement to remove such restrictions.
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”).
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.