SBA 504 Loan definition

SBA 504 Loan means any first lien mortgage loan which is originated in accordance with the SBA Rules and Regulations and pursuant to Title V of the Small Business Investment Act of 1958, as amended, codified at 15 U.S.C. 645 et. seq.

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SBA 504 Loan. A Business Loan originated by the Seller in conjunction with the SBA 504 Loan Program.

SBA 504 Loan means the loan or debenture guaranty described in that certain Authorization for Debenture Guarantee issued by the Mid-Atlantic Business Finance Company and approved by the U.S. Small Business Administration on March 10, 2005, and accepted by the Borrower on April 21, 2005, as subsequently amended with the approval of the Bank (the "SBA Authorization"), in the gross principal amount of Eight Hundred Eighty-Six Thousand Dollars ($886,000). The SBA 504 Loan is administered under the U.S. Small Business Administration as provided in 13 CFR Section 120.800 et seq. (Subpart H), and all official rules promulgated in connection therewith (the "SBA Regulations").

Examples of SBA 504 Loan in a sentence

• The Third Party Lender and CDC will provide separate loans to the Borrower and Operating Company, if any (collectively “Borrower”), according to the terms in the Authorization for Debenture Guarantee (SBA 504 Loan), as amended (“Authorization”).

• Applicant acknowledges BSF and SBA will require an appraisal of the real property securing the SBA 504 Loan.

• What this means for you is when you apply for an SBA 504 Loan, we will ask for information to identify you, such as a copy of your driver’s license or other identification documents.

• To help the government fight the funding of terrorism and money laundering activities, Federal law requires BSF to obtain, verify, and record information that identifies each person who applies for a SBA 504 Loan.

• The Servicer will use reasonable efforts consistent with the Servicing Standard, this Agreement, the SBA 504 Loan Program (as applicable) and the Loan Documents to exercise (on behalf of the Borrower and the Secured Parties) available remedies (which may include liquidating, foreclosing upon or repossessing, as applicable, or otherwise comparably converting the ownership of any related property) with respect to any Defaulted Loan.

• The Servicer will comply with the Servicing Standard, the SBA 504 Loan Program (as applicable), the Loan Documents and Applicable Law in realizing upon such related property, and employ practices and procedures, including reasonable efforts to collect all outstanding obligations of Obligors, consistent with the Servicing Standard and the Loan Documents.

• The term "SBA 504 Loan" shall mean the loan or debenture guaranty described in that certain Authorization for Debenture Guarantee issued by the Mid-Atlantic Business Finance Company and approved by the U.S. Small Business Administration on March 10, 2005, and accepted by the Borrower on April 21, 2005, as subsequently amended with the approval of the Bank (the "SBA Authorization"), in the gross principal amount of Eight Hundred Eighty-Six Thousand Dollars ($886,000).

• Borrower and Land Owner shall diligently pursue and perform all actions and satisfy all conditions required to comply with the SBA Regulations and necessary to obtain the SBA 504 Loan and a funding thereof within ninety (90) days of the Completion Date.

• The SBA 504 Loan is administered under the U.S. Small Business Administration as provided in 13 CFR Section 120.800 et seq.

• The Borrower and Land Owner shall notify the Bank immediately upon the occurrence of any event which will disqualify the Land Owner from receiving the SBA 504 Loan, or upon the occurrence of any circumstance which will likely cause the Land Owner to be disqualified from receiving the SBA 504 Loan.

More Definitions of SBA 504 Loan

SBA 504 Loan means a first or second lien loan originated pursuant to and in accordance with the SBAs 504 Loan Program. “SBA 504 Loan Program” shall mean the Development Company Loan Program set forth in Subpart H of Title 13 Code of Federal Regulations Part 120. “SBA SOP” shall mean the SBA Standard Operating Procedure 50 10 6, as may be amended, restated and/or updated from time to time. “SBL” shall mean Small Business Lending, LLC. “SEC” shall have the meaning specified in Section 23(a). “Second Lien Mortgage Loan” shall mean any Mortgage Loan secured by a second lien on the Mortgaged Property. “Securitization Takeout” shall mean a public or private transfer, sale or financing of one or more of the Purchased Loans by which Seller or one or more of its Affiliates directly or indirectly securitizes a pool of one or more of the Purchased Loans, including, without limitation, any such transaction involving the sale of Purchased Loans to a special purpose entity organized for the purpose of issuing asset-backed or mortgaged-backed or mortgage pass- through securities of any kind. “Seller” shall have the meaning set forth in the introductory statement. “Seller Parties” shall mean each of the Seller, the Servicer (but only if the Servicer is an Affiliate of the Seller), the Back-up Guarantor and the Guarantor. “Servicer” shall mean SBL and any other entity responsible for servicing or subservicing, as the case may be, of any of the Mortgage Loans subject to Transactions hereunder that has been approved by Buyer in writing, or, in each case, any successor or permitted assigns thereof; provided, the Buyer may (in its sole discretion) revoke a Servicer’s authorization to service or subservice a Mortgage Loan at any time following the occurrence and continuance of an Event of Default. “Servicer Acknowledgment” shall mean each acknowledgment (if any) executed in connection with the related Servicing Agreement by a Servicer in favor of the Buyer in form and substance reasonably acceptable to the Buyer. “Servicer Termination Event” shall mean any of the following: (i) Failure of any Servicer to perform its duties under the Servicing Agreement or Servicer Acknowledgment in any material respect; (ii) The suspension or termination of the Servicer as an approved servicer under any government program;