Loan Assignments

Loan Assignments. A loan may be assigned and assumed by a different Borrower upon the transfer or conveyance of a Project, provided that, (a) the new Borrower assumes all of the obligations of the assigning Borrower under the Loan Agreement and all other applicable documents; (b) the new Borrower at the time of such assignment qualifies under existing provisions of the Act, federal laws, and program guidelines; and (c) the assignment and assumption is approved by the issuer of the letter of credit and MBFC.