Ongoing Guarantee Fee [Business Credit and Assistance] Law and Legal Definition
According to 13 CFR 120.1700 [Title 13 -- Business Credit and Assistance; Chapter I -- Small Business Administration; Part 120 -- Business Loans; Subpart J--Establishment of SBA Secondary Market Guarantee Program for First Lien Position 504 Loan Pools], Ongoing Guarantee Fee refers to “an annual fee collected monthly and based on the percentage of the Pool Loan amount, pursuant to section 503(C)(3)(B)(ii) of the Recovery Act, to result in a cost of the loan guarantee of zero as determined under the Federal Credit Reform Act of 1990, as amended. The funds generated by the fee serve as a reserve to pay for program losses.”
Legal Definition list
- Ongoing Guarantee Fee [Business Credit and Assistance]
- Ongoing committee
- Onerous Trust
- Onerous Title
- Onerous Gift
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- Online Background Check
- Online Contact Information
- Online Copyright Infringement Liability Limitation Act
- Online Pharmacy
- Online Pricing
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