§ 120.892. Certifications of no adverse change.
158 words·~1 min read·
/us/cfr/t13/s§ 120.892·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Following completion of the Project, the following certifications must be made before the 504 loan closing:
(a)The interim lender must certify to the CDC that it has no knowledge of any unremedied substantial adverse change in the condition of the small business since the application to the interim lender;
(b)The Borrower (or Operating Company) must certify to the CDC that there has been no unremedied substantial adverse change in its financial condition or its ability to repay the 504 loan since the date of application, and must furnish interim financial statements, current within 120 days of closing; and
(c)The CDC must issue an opinion to the best of its knowledge that there has been no unremedied substantial adverse change in the Borrower's (or Operating Company's) ability to repay the 504 loan since its submission of the loan application to SBA. \[61 FR 3235, Jan. 31, 1996, as amended at 68 FR 57987, Oct. 7, 2003\]