Fc term lenders liquidating


07-Aug-2016 23:36

fc term lenders liquidating-53

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If the specific franchise agreement is not on the Registry, then the franchise documents must be reviewed.Control includes any requirement that billing activities for the applicant be handled by either the franchisor/licensor/dealer/jobber or a third party chosen by the franchisor/licensor/dealer/jobber.If the Prior Loss or Delinquent Federal Debt is fully satisfied, the application can be processed without a waiver.The additional requirements for businesses owned by non-citizens with respect to management, pledge of collateral and at least 51% ownership by U. citizens or Lawful Permanent Residents also apply to foreign-owned businesses.If the franchise agreement on the Registry is the same as that submitted with the loan application, then the CDC prints the Certification of Franchise Documents.The Certification of No Change or Non-Material Change and the Certification of Material Change are no longer used.Third Party Loans may use interest rate swap contracts as long as six conditions are met: (1) the swap contract is an agreement between the borrower and lender/swap seller, and the SBA is not a party to it; (2) the SBA will not review swap contracts or provide guidelines on their use; (3) swap contracts may be used on new or existing Third Party Loans; (4) the swap contract does not have to be for the entire term of the Third Party Loan; (5) the SBA does not have a standard form of swap contract; and (6) any fees owed the swap counterparty as a result of default by the borrower will be subordinate to the SBA 504 loan as a “default charge.” In all cases the Franchise/License/Dealer/Jobber or similar agreement, including all amendments and/or addenda, must be executed by all parties prior to submission of the closing package to the SBA.

For example, a company may use a self-liquidating loan to pay for its inventory, which it intends to quickly sell.17, 2011, now only 85% or more of the proceeds of the debt to be refinanced must have been used for 504 eligible purposes (acquisition of land or equipment or construction).



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