Loan closing and conditions precedent to issuance of loan note guarantee.

CFR · 2024-01-01 · US · Title 7

(a) The lender must not close the guaranteed loan until all conditions of the conditional commitment are met. (b) Simultaneously with or immediately after the guaranteed loan closing, the lender must provide to the Agency the guarantee fee, and the following forms and documents: (1) An Agency-approved, “Guaranteed Loan Closing Report”; (2) A copy of each executed promissory note and collateral security documents; (3) A copy of the executed final loan agreement, which must include any additional requirements imposed by the Agency in the conditional commitment; (4) The original, executed Agency-approved guarantee form(s) for any required personal, partnership or corporate guarantees; (5) The borrower's loan closing balance sheet, if required; (6) For loans to public bodies, an opinion from recognized bond counsel regarding the adequacy of the preparation, issuance, and enforceability of the debt instruments; (7) Any other documents required to comply with applicable law or required by this part, the conditional commitment or the Agency; and (8) When requesting issuance of a loan note guarantee, the lender must certify to each condition identified in paragraphs (b)(8)(iii)(A) through (V) of this section, as applicable. (i) In making its certification, the lender can rely on certain written materials ( (ii) If the lender is unable to provide any of the certifications required under this section, the lender must provide an explanation satisfactory to the Agency. (iii) The lender m

official document · source cfr-2024 · id 7:§ 5001.452