Direct lenders – Direct Vanqex http://directvanqex.com/ Sat, 25 Sep 2021 22:09:54 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://directvanqex.com/wp-content/uploads/2021/05/cropped-icon-32x32.png Direct lenders – Direct Vanqex http://directvanqex.com/ 32 32 Digitization of land registers: report on the status of implementation, the Center informs banks https://directvanqex.com/digitization-of-land-registers-report-on-the-status-of-implementation-the-center-informs-banks/ https://directvanqex.com/digitization-of-land-registers-report-on-the-status-of-implementation-the-center-informs-banks/#respond Sat, 25 Sep 2021 21:36:50 +0000 https://directvanqex.com/digitization-of-land-registers-report-on-the-status-of-implementation-the-center-informs-banks/ The government has asked the banks for the statute regarding the digitization of land registers and the creation of equitable mortgages online that would contribute to faster disbursement of agricultural loans.

The Ministry of Finance pushed states to digitize land registers and educate all districts with the aim of creating mortgage charges online. While several states have already implemented these measures, the central government is pushing for the online service to direct credit flows to districts that have not yet deployed it.

“States like Karnataka, Rajasthan, Kerala UP, Gujarat, Madhya Pradesh, Andhra Pradesh and Telangana have fully digitalized their land registers, allowing banks to create online bank charges on cadastres. This contributes to better credit delivery. But several states and districts in some states like Maharashtra have yet to fully implement it. We are in talks with the banks to implement this effectively to ensure a smooth flow of credit to farmers, ”a government official said.

In a circular sent to banks in January, the Ministry of Finance asked lenders to finalize “the terms of registration of loans / fees on a plot of land in order to facilitate the linking of land databases with banks and institutions. financial ”.

A senior banker at a public sector bank said the government had discussions with lenders in August, where it was stressed that the remaining districts should also be notified for the purpose of online invoicing on the plots of land. for the sanction of loans.

In districts that have not yet been notified for the creation of mortgage charges by banks, farmers have to turn to lenders in districts where this facility is available, resulting in delays in sanctions and loan disbursements. credit.

“In addition to contributing to the growth of credit in the agriculture and MSME sectors, the digitization of land registers and the creation of online bank fees also help reduce cases of fraud,” the banker said.

In the Union budget 2021-22, the government raised the agricultural credit target to Rs 16.5 lakh crore, from Rs 15 lakh crore in 2020-21, with more emphasis on loans to the ‘breeding, dairy products and fishing. During the year 2019-2020, compared to the total agricultural credit disbursement target of Rs 13.50 lakh crore, the actual disbursement was Rs 13.93 lakh crore, according to data from the Ministry of Finance.

According to the Reserve Bank of India guidelines on lending to priority sectors, banks must grant 40% of the ANBC (adjusted net nank credit) for the total advances in the priority sector. Priority sector advances represent 18 percent of the ANBC for the agricultural sector and 8 percent are reserved for small and marginal farmers.

To increase the flow of credit to the agricultural sector, the government provides an interest subsidy reducing the rate of short-term agricultural loans up to Rs 3 lakh to 7 percent. For farmers who repay on time, an additional 3 percent incentive is given, reducing their interest rate to 4 percent.

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Public PPP borrowers leverage the portal https://directvanqex.com/public-ppp-borrowers-leverage-the-portal/ https://directvanqex.com/public-ppp-borrowers-leverage-the-portal/#respond Sat, 25 Sep 2021 07:21:46 +0000 https://directvanqex.com/public-ppp-borrowers-leverage-the-portal/

In the first six weeks of operation, the U.S. Small Business Administration said more than one million paycheck protection program borrowers have requested direct remittance through a new portal.

Agency officials said the step highlights the effectiveness of the more streamlined process, introduced on August 4 to speed up approvals.

“Our innovative direct forgiveness portal is helping our PPP borrowers get back to doing what they do best – creating jobs and fueling our country’s economy,” SBA administrator Isabella Guzman said in a statement.

In Arkansas, the SBA has granted forgiveness on 41,121 loans, reaching nearly $ 3 billion, through June 30, according to agency records. The SBA has approved 77,073 paycheck protection loans in Arkansas for a total of $ 4.7 billion.

Arkansas forgiveness figures, however, do not include approvals that have been granted since the portal opened last month. “We’re on the right track with the national average and, with a straightforward pardon, I think we’re going to see those numbers increase quite significantly,” said Edward Haddock, SBA district director for Arkansas on Friday.

The direct remittance portal allows borrowers to bypass lender certification and enter paycheck protection program loan data and submit a request for approval. The portal uses a proprietary, artificial intelligence-based platform that is able to quickly determine if a loan is approved, Haddock said.

Previously, borrowers had to compile documents, submit them to their lender for review, and the bank would then conduct a more in-depth review before submitting the application to the SBA.

The Forgiveness Portal is simpler and more efficient, according to Haddock. “It has given the banks a great deal of relief from having to create their own PPP review process,” he said. “We automate the process on behalf of the bank so they don’t have to invest money in it.”

Banks must register and authorize their customers to use the direct forgiveness portal. The system is mainly used by small lenders who used a manual approval process or by banks with limited resources to invest in building a fully automated infrastructure.

According to Haddock, large institutions do not participate because they already have effective systems.

Arkansas Capital Corp. of Little Rock opted for its small business borrowers to submit applications directly.

“For us it was really about efficiency,” said Bert King, senior vice president. “SBA handles authentication and submission, which makes our job a lot easier. “

Arkansas Capital issued approximately 1,200 paycheck protection program loans in two rounds of funding in 2020 and this year.

The pardon approval is working well, King said, noting that the lender approved around 750 loans in the first program cycle in 2020 and 720 of them were granted pardons. “Our approval was 95% in the first round,” King said.

Simmons Bank has not opted for the portal, officials said on Friday. The bank already had a well-run system that paycheck protection program borrowers were accustomed to using, CFO Jay Brogdon said.

“It’s great that SBA has launched this portal, but by the time SBA made this portal available, we already had a portal available to our customers,” Brogdon said on Friday. “It’s very efficient and it’s basically the same, it’s just a Simmons portal. Our clients love it and our lenders love it.”

Customers are used to the existing system, Brogdon said. “It would have created a lot of confusion for our customers to replace an already functional portal with a new one,” he said.

Brogdon said Simmons was moving quickly to get approval for the pardon. Statistics up to June 30 show that Simmons issued $ 976 million in the first round of Paycheck Protection Program loans and that all but $ 141 million have been forgiven. Loan information provided by the bank shows a steady improvement in forgiveness approvals – $ 429 million in program loans were released from the first quarter to the second.

“When you extrapolate that to the third quarter, it won’t be much longer,” said Brogdon. Simmons will release new numbers after the current quarter ends on September 30. “I think we are a lot like the industry in terms of forgiveness trends.”

Lenders initially focused on securing forgiveness for the program’s first round of loans, as most are over a year old. The second round of loans was not closed until May 31, the latter part of the second quarter.

The SBA reports that lenders who choose to allow their borrowers to access the new portal have doubled from 600 when the portal opened to more than 1,400 today.

Paycheck Protection Program borrowers can for the first time complete a forgiveness application using a smartphone, the SBA said. The portal is available to eligible borrowers at directforgiveness.sba.gov.

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What government. The closure could mean for car buyers https://directvanqex.com/what-government-the-closure-could-mean-for-car-buyers/ https://directvanqex.com/what-government-the-closure-could-mean-for-car-buyers/#respond Fri, 24 Sep 2021 17:30:01 +0000 https://directvanqex.com/what-government-the-closure-could-mean-for-car-buyers/

A government shutdown could happen again soon, possibly over the next week. This happens when Congress runs out of money to pay its employees by the end of the fiscal year and, as a result, only essential government functions continue to operate (such as firefighters, police, military and others).

For citizens, this could mean a break from bankruptcy cases, problems with the distribution of unemployment checks and the dismissal of many employees.

Typically, when the government closes, government employees are put on leave and their pay suspended. According to The Washington Post, this could mean that many “essential” employees will continue to work, but will not be paid. Employees working without pay or on leave without pay can likely be forced to drain their savings to stay afloat.

Additionally, it could mean that consumers have difficulty obtaining passports, business loans, or immigration procedures. And without current income, new credit, such as a car loan, is unlikely to be an option while you are on leave or unemployed.

Typically, auto lenders do not approve auto loans for unemployed borrowers or those who have been on leave. Unemployment is considered temporary income that will not last for the life of a car loan, resulting in a loan denial letter in most cases.

Two of the most essential elements for car loan eligibility are employment history and income. However, some lenders may be more willing to work with an employee on leave because their income is simply suspended rather than gone altogether – but these situations are considered on a case-by-case basis.

Employees at risk of losing their income may need to consider delaying the purchase of a car until more concrete news of a government shutdown is released. Many lenders require proof of income dating back 30 days. Contract and 1099 employees will likely be asked to provide two to three years of recent tax returns and, therefore, might not be as affected by a government shutdown when it comes to buying a car.

To top it off, inventory is short for new and used cars, and prices are high. Incentives for new vehicles change monthly. Therefore, buying a new car deal right now may not be to your advantage, unless you are looking to buy in the next month.

The Washington Post points out that the last closure in 2018 “cost around $ 3 billion in economic activity”. This shutdown lasted 35 days. Since we are still in the midst of a pandemic, who knows the real economic impact of a government shutdown might be right now.

Explore The Biggest Deals On Cars, SUVs & Trucks This Month

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DFC and USAID Launch USD 55 Million Loan Funding Program as COVID-19 Aid for Sustainable Agricultural Development in India – India https://directvanqex.com/dfc-and-usaid-launch-usd-55-million-loan-funding-program-as-covid-19-aid-for-sustainable-agricultural-development-in-india-india/ https://directvanqex.com/dfc-and-usaid-launch-usd-55-million-loan-funding-program-as-covid-19-aid-for-sustainable-agricultural-development-in-india-india/#respond Fri, 24 Sep 2021 01:14:30 +0000 https://directvanqex.com/dfc-and-usaid-launch-usd-55-million-loan-funding-program-as-covid-19-aid-for-sustainable-agricultural-development-in-india-india/

Thursday 23 September 2021

Feast of the meeting
91 11 24198000

New Delhi: The American International Development Finance Corporation (DFC) and the United States Agency for International Development (USAID) today announced that they are jointly sponsoring a $ 55 million (approx. 400 crore Indian rupees) to address the economic impact of COVID -19 by supporting loans to farmer organizations, agro-tech companies and businesses engaged in clean energy solutions for the agricultural sector. The initiative will introduce and support clean technologies for smallholder farmers, especially women, that improve market linkages and increase incomes while having a positive impact on the environment.

Called the “India Covid Response Program for Agriculture Transition,” this eight-year program will reach over 200,000 smallholder farmers in India and is supported by direct grants from several international foundations and the UK’s Foreign, Commonwealth and Development Office. In addition, financial support will be complemented by technical assistance led by the Rabo Foundation to focus on areas of business management and help build stronger links with markets. Loans to agricultural producer organizations will be provided by three Indian lenders – Samunnati Financial, Maanaveeya and Avanti Finance.

“At USAID, we believe that providing farmers with access to cleaner, more affordable technology can improve community livelihoods and climate resilience. In addition, clean technologies offer a sustainable alternative to meet agricultural demand, combat food insecurity and improve nutritional outcomes. This support will address the health and economic needs of vulnerable farming communities severely affected by the COVID-19 pandemic, ”said Warren Harrity, Director of Program Support, USAID / India.

“Only by joining forces and creating valuable partnerships can we provide smallholder farmers with the space and opportunities they need to improve their livelihoods and adapt to the challenges of climate change. This not only supports farmers who receive direct support; it also benefits their local communities and the environment in India, ”said Pim Mol, CEO of the Rabo Foundation.

“We are happy to be part of this collective empowerment mission for the benefit of small farmers with a transition to more sustainable livelihoods. We strongly believe that aggregation can solve multiple problems facing smallholder farmers and this initiative can go a long way in scaling collectives by encouraging the participation of major capital providers, ”noted Manish Thakkar. of Avanti Finance.

Anil Kumar SG of Samunnati Financial said: “This initiative will offer personalized financial solutions to entities interested in adopting green and climate smart solutions.

“To counter the effects of COVID-19 on the agricultural sector, this timely project will act as a catalyst to make smallholder farmers more resilient to climate change while having a direct impact on the communities we serve,” said Dr. Gouri Sankar from Maanaveeya.

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Inclusive Energy announces that it has immediate investment capital available and ready to be deployed in the North American energy industry https://directvanqex.com/inclusive-energy-announces-that-it-has-immediate-investment-capital-available-and-ready-to-be-deployed-in-the-north-american-energy-industry/ https://directvanqex.com/inclusive-energy-announces-that-it-has-immediate-investment-capital-available-and-ready-to-be-deployed-in-the-north-american-energy-industry/#respond Thu, 23 Sep 2021 13:47:00 +0000 https://directvanqex.com/inclusive-energy-announces-that-it-has-immediate-investment-capital-available-and-ready-to-be-deployed-in-the-north-american-energy-industry/

Calgary, Alberta – (COMMERCIAL THREAD) – Inclusive Energy Ltd., a leader in the oil and gas services industry, is pleased to announce that it has significant private capital immediately available and ready to deploy as part of its ongoing initiative aimed at diversifying its investments in the North American energy sector. and natural resource industries, including upstream, midstream, infrastructure, petroleum services and renewable energy sectors. The equity fund is engaged by Inclusive Energy alongside its global partners with operations in nine other countries, including the UK, Switzerland, UAE, Pakistan and China.

Inclusive Energy actively seeks upstream investment opportunities and joint ventures with energy companies, projects and assets that offer strong financial returns and the potential for sustainable growth. As a financial partner, Inclusive Energy works alongside management to add value and advance their vision and growth strategy, while ensuring maximum return on investment and optimization of business assets.

Bilal Hydrie, President and CEO of Inclusive Energy, confirmed his enthusiasm to invest in the North American energy sector and that his company is open for business: “We firmly believe that the time has come to support and invest in the energy sector. We see a lot of upside in the cycle and have capital immediately available for investment opportunities. Traditional banks and lenders have essentially abandoned small power producers, leaving them financially stranded. With a shortage of capital in the energy markets, Inclusive can fill a market niche, add value, and help these businesses grow. We actively provide debt instruments and creative royalty structures and seek to further expand our participation in this space. ”

Mr. Hydrie also explained the benefits of energy companies aligning with Inclusive: “The creation of strategic partnerships adds to the strength of Inclusive’s position in the oil and gas services industry and is in line with its diversification into the North American energy and natural resources sector. industries. ”Further, he adds,“ there is a natural strategic alignment to forge partnerships with energy companies that will benefit from access to both financial resources and equipment. ”

Inclusive Energy offers a wide range of flexible, creative and profitable financing alternatives to help businesses or projects with capital needs. Inclusive can invest at the company level or through direct participation in assets / projects through joint ventures, farmers or royalty agreements.

The Inclusive Energy management team has decades of experience specializing in the financial, banking and energy sectors, focusing on resource development and value creation. Inclusive Energy is part of the Habib Group, a global leader in a wide range of industries ranging from banking and other financial services to the manufacturing of raw materials and biofuels.

About inclusive energy

Inclusive Energy’s private equity fund complements its existing oilfield services business, where the company has established itself as an industry leader, focused on providing the highest level of customer service, quality and value to its customers. Inclusive offers flexible payment options to industry on a large inventory of equipment including storage tanks, separation tanks, line heaters, drill mats, compressors, pump jacks and trailers .

Contact

For more information on Inclusive Energy and to explore potential investment and partnership opportunities or to keep up to date with the current equipment inventory and special offers, contact Inclusive Energy. www.inclusivenergy.com

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]]> https://directvanqex.com/inclusive-energy-announces-that-it-has-immediate-investment-capital-available-and-ready-to-be-deployed-in-the-north-american-energy-industry/feed/ 0 Liberal arts doctorate leaves borrowers with nearly $ 200,000 in student loan debt on $ 40,000 salary, study finds https://directvanqex.com/liberal-arts-doctorate-leaves-borrowers-with-nearly-200000-in-student-loan-debt-on-40000-salary-study-finds/ https://directvanqex.com/liberal-arts-doctorate-leaves-borrowers-with-nearly-200000-in-student-loan-debt-on-40000-salary-study-finds/#respond Wed, 22 Sep 2021 21:49:57 +0000 https://directvanqex.com/liberal-arts-doctorate-leaves-borrowers-with-nearly-200000-in-student-loan-debt-on-40000-salary-study-finds/

A post-secondary degree can leave borrowers with a six-figure student loan balance, but it’s important to remember that federal student aid is not “free money.” Read on to learn more about average student loan debt and how you can pay it off.

Future engineers, doctors, and lawyers must earn advanced post-secondary degrees that can cost hundreds of thousands of dollars. Although incurring student debt can pay in the form of higher income, it’s not always the case.

A doctorate in liberal arts has the lowest potential for profitability, according to a new study conducted by Dr. Andrew Gillen, economist at the Texas Public Policy Foundation. These graduates are responsible for paying almost $ 200,000 in student loan debt with a salary of just $ 40,000.

Dr Gillen compiled data from the Ministry of Education to estimate how many federal student loans graduates have accrued based on their field of study. Unsurprisingly, some of the largest debt balances were with post-secondary graduates in medical fields like dentistry ($ 138,857), medicine ($ 179,553).) and optometry ($ 178,870).

But among the study programs that almost guarantee a well-paying career, there are some other graduate degrees that come at a surprisingly high price point: alternative medicine ($ 230,103), dispute resolution ($ 135,844).) and the liberal arts ($ 199,115), for example.

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BIDEN ADMINISTRATION PROBLEMS “FINAL EXTENSION” OF STUDENT LOAN ABSENT PERIOD

While a college degree can open doors to more advanced fields, it’s important for students to understand the implications of a high amount of student loan debt. Extract six-figure debt because a degree in a relatively low-paying field can be “disastrous” for graduates, added Dr Gillen.

If you’re struggling to pay off high college debt, consider your student loan repayment options, such as private student loan refinancing. You can compare student loan refinance rates without affecting your credit score on Credible.

THE DEPARTMENT OF EDUCATION LAUNCHES AN INVESTIGATION TO REPAIR THE PSLF PROGRAM

What is the average debt of a student loan?

The average student loan debt per borrower depends on the type of degree they have. The average amount of debt that students incur to obtain a bachelor’s degree is $ 23,000, compared to $ 144,000 for a professional degree.

The overall cost of student debt also depends on the academic field. The most expensive program of study is a doctorate in pharmaceutical sciences, leaving graduates with a federal student loan debt worth $ 271,378. This career path is more likely to pay off, however, with a median salary of $ 119,806.

In contrast, a master’s degree in accounting leaves students with a student loan debt worth $ 28,341 on a salary of $ 60,311. A bachelor’s degree in computer science costs just $ 17,052 but pays off quickly with a median salary of $ 69,338.

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BIDEN ADMINISTRATION RELEASES ANOTHER $ 5.8B STUDENT LOAN DEBT

Dr Gillen said one of the most important lessons from the study is the high amount of debt borrowers owe for graduate degrees.

“At the undergraduate level, we have limits on how many students students can take out, but what they have done is largely a limitation of over-indebtedness at the undergraduate level,” he said. declared. “At the level of higher education, over-indebtedness is really worrying.

Federal student loan limits for undergraduates are $ 31,000 for dependent students and $ 57,500 for independent students. Corn PLUS loans for graduate students do not have the same borrowing limits, which makes it easier to be over-indebted when earning a post-secondary degree. Additionally, PLUS loans have the highest interest rate of any federal loan, at 6.28%.

WHAT TO DO IF YOUR STUDENT LOAN DEPARTMENT CLOSES

How To Reduce Student Loan Debt

Student loan expenses can be a costly burden on your budget, preventing you from reaching financial milestones like saving for retirement and to buy a house. But there are ways to pay off your student loan debt faster, and even save money while doing it. Here are some moves to consider.

TUITION FEES HAVE INCREASED BY 33% SINCE 2000: HOW TO DEAL WITH COTS GROWTH

Refinance when interest rates are low

Refinancing a student loan is when you take out a new student loan with better terms to pay off your current loans. Qualifying for a lower interest rate on a student loan can help reduce your monthly payments, get out of debt faster and save money over the life of the loan.

With student loan refinancing rates nearing all-time low, now is the time to refinance your student loan debt. Well Qualified Borrowers who refinanced to a shorter loan term using Credible have been able to pay off their debts years faster and save almost $ 17,000 over time.

If you have federal student loans, keep in mind that refinancing to a private lender means you’ll lose federal benefits like COVID-19 deferral, income-based repayment plans, and student loan exemption programs.

You can learn more about refinancing student loans and compare interest rates on Credible.

FAFSA APPLICATIONS FOR THE 2022-23 SCHOOL YEAR OPEN SOON

Sign up for automatic payments

Setting up direct deposit on your student loans ensures that you never miss a payment, but there is an added benefit to signing up for automatic payments. Many lenders offer an automatic payment discount in the form of a lower interest rate, which can help you save even more money while you pay off your debt.

98% OF REJECTED PUBLIC SERVICE LOAN WAIVER

Pay more than the minimum to reduce interest charges

Paying off your student loan is the minimum amount you owe, but you may be able to save thousands of dollars and pay off debt faster if you can afford to make more than the minimum payment. Use Credible Student Loan Repayment Calculator to see how faster repayment of your loans can save you money over the life of the loan.

AVOID THESE STUDENT LOAN MISTAKES BY LIVING OFF CAMPUS

Have a finance-related question, but don’t know who to ask? Email the Credible Money Expert at moneyexpert@credible.com and your question could be answered by Credible in our Money Expert column.

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Sharestates Welcomes New CFO Tina DelDonna to Head of Financial Operations https://directvanqex.com/sharestates-welcomes-new-cfo-tina-deldonna-to-head-of-financial-operations/ https://directvanqex.com/sharestates-welcomes-new-cfo-tina-deldonna-to-head-of-financial-operations/#respond Wed, 22 Sep 2021 14:00:00 +0000 https://directvanqex.com/sharestates-welcomes-new-cfo-tina-deldonna-to-head-of-financial-operations/

Ms. DelDonna’s specific expertise lies in the creation and operation of national platforms for real estate loans and services to businesses. This will be an asset for Sharestates as the company seeks to strengthen its position in the market. Ms. DelDonna has successfully developed cohesive teams in finance, accounting and treasury operations and looks forward to helping Sharestates continue to be a leading national mortgage lending platform.

Ms DelDonna added: “My expertise is well suited to working with Sharestates. Sharestates’ mission reflects the breadth of my experience over the past 20 years and I am excited to build a world class finance organization to support the future growth of Sharestates. “

Prior to joining Sharestates, Ms. DelDonna was Chief Operating Officer of Capital Crossing SBF, LLC (now Lendstream SBF, LLC), where she led the integration of financial operations and portfolio management as well as oversight of capital markets for securitization of small balances. Previously, she was an operating partner at Ares Capital Corporation where she was CEO of the holding company, Ciena Capital LLC, and led the $ 1.6 billion small business commercial real estate portfolio and its financial operations out of bankruptcy while rebuilding and turning around the organization. Ms. DelDonna also held senior positions with a private investor and mid-market mezzanine lender for 18 years.

About Sharestates
Sharestates is one of the fastest growing national private lenders focused on unoccupied residential and commercial properties. The company creates personalized loan solutions for investors and real estate developers. Sharestates has successfully funded over $ 3 billion in projects nationwide and has the widest loan programs available in the market with competitive prices.

Sharestates finances loans of $ 100,000 at $ 20 mm on residential (SFR 1-4), multi-family, mixed-use and commercial properties. Its loan programs include residential bridge, fix & flip, new construction, portfolio and lease loans. As a partner of its developers, Sharestates manages the servicing of all loans it makes through successful repayment to ensure that our developers’ needs are met throughout the loan life cycle.

Sharestates was founded by real estate veterans and its success is attributed to a strong management team, ease of use, sound underwriting practices and our relationship-driven lending strategy. Sharestates partners with direct borrowers and brokers.

Sharestates is one of the many related real estate businesses managed by the management team that exists to accelerate residential housing redevelopment. Collectively, the unique capability of each related business enables Sharestates to deliver an end-to-end solution to its customers. In doing so, it creates a more positive borrowing experience, better controls credit risk, and successfully monitors the loan throughout its lifecycle.

To find out more visit www.Sharestates.com.

CONTACT:
Justin peterson
Senior Vice President of Marketing
212-201-0750
[email protected]

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CODIAK BIOSCIENCES, INC. : Entering into a material definitive agreement, creating a direct financial obligation or an obligation under an off-balance sheet arrangement of a registrant (Form 8-K) https://directvanqex.com/codiak-biosciences-inc-entering-into-a-material-definitive-agreement-creating-a-direct-financial-obligation-or-an-obligation-under-an-off-balance-sheet-arrangement-of-a-registrant-form-8-k/ https://directvanqex.com/codiak-biosciences-inc-entering-into-a-material-definitive-agreement-creating-a-direct-financial-obligation-or-an-obligation-under-an-off-balance-sheet-arrangement-of-a-registrant-form-8-k/#respond Tue, 21 Sep 2021 20:04:05 +0000 https://directvanqex.com/codiak-biosciences-inc-entering-into-a-material-definitive-agreement-creating-a-direct-financial-obligation-or-an-obligation-under-an-off-balance-sheet-arrangement-of-a-registrant-form-8-k/

Article 1.01. The conclusion of an important definitive agreement.

At September 16, 2021, Codiak BioSciences, Inc. (the “Company”) entered into the Second Amendment (the “Second Amendment”) to the Loan and Guarantee Agreement, which amended said Loan and Guarantee Agreement, dated September 30, 2019, as amended in accordance with this First Amendment to the Loan and Guarantee Agreement, dated April 20, 2020, by and among the Company and each of its subsidiaries, the various banks and other institutions or financial entities which are sometimes parties thereto (the “Lenders”), and Hercules Capital, Inc., in its capacity as administrative agent and guarantee agent for itself and the Lenders (the “Loan Agreement”).

The second addendum makes certain modifications to the loan agreement, including, among others, (i) the increase in the time granted to the Company to draw on the commitments of the third and fourth loan tranches under the loan agreement of June 30, 2021
To December 15, 2021 and of December 15, 2021 until the expiration of the period in which interest payments only on borrowings under the Loan Agreement are required, respectively; (ii) the addition of a fifth tranche loan commitment under the Loan Agreement in the amount of $ 20 million through September 30, 2023, to the satisfaction of certain clinical milestones; (iii) lower the variable annual interest rate on borrowings under the Loan Agreement by the greater of (a) 9.00% plus the prime rate as set out in the the Wall Street newspaper
minus 5.25% and (b) 9.00% to the greater of (a) 8.25% plus the prime rate as indicated in the the Wall Street newspaper minus 3.25% and (b) 8.25%; (iv) extend the expiration of the period during which interest payments only on borrowings under the Loan Agreement are required from May 1, 2022 To October 1, 2023; (v) further extend the expiration of the period during which interest payments only on borrowings under the Loan Agreement are required to November 1, 2022 To
October 1, 2024 in the event that certain conditions set out in the second amendment are met; and (vi) extend the maturity date of term loans under the Loan Agreement of October 1, 2024 To October 1, 2025. After the entry into force of the Second Amendment, a total of $ 85 million, subject to the terms and conditions of the Loan Agreement, may be made available to the Company for borrowing, $ 25 million of which was funded before the date of the second amendment.

The above description of the Second Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Second Amendment, a copy of which will be filed as an attachment to the Company’s Quarterly Report on Form 10-Q for the quarter ending September 30, 2021 and will be incorporated herein by reference.

Article 2.03. Creation of a direct financial obligation or obligation under an off-balance sheet arrangement of a registrant.

The information provided in section 1.01 of this current report on Form 8-K is incorporated herein by reference.

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Evergrande is likely to default without direct assistance, says S&P https://directvanqex.com/evergrande-is-likely-to-default-without-direct-assistance-says-sp/ https://directvanqex.com/evergrande-is-likely-to-default-without-direct-assistance-says-sp/#respond Tue, 21 Sep 2021 01:45:28 +0000 https://directvanqex.com/evergrande-is-likely-to-default-without-direct-assistance-says-sp/

(Bloomberg) – The China Evergrande group is unlikely to receive direct government backing and is poised to default on upcoming debt payments, S&P Global Ratings said.

The ailing promoter’s problems could further undermine investor confidence in China’s real estate sector and more generally in bad-rated credit markets, according to an S&P report dated September 20.

“We believe that Beijing would only be forced to intervene if there was a large-scale contagion causing the failure of several major developers and posing systemic risks to the economy,” he said. “Evergrande would fail on its own probably wouldn’t lead to such a scenario.”

Contagion concerns have fueled a global liquidation as investors assess the policy tightening that has hit the real estate sector over the past year through the ‘three red lines’ effort to curb debt growth . Debate has intensified over whether the Chinese government could help Evergrande or other manufacturers, after it took months for plans to emerge for China Huarong Asset Management Co., one of the the main managers of troubled assets in the country.

The Evergrande saga reaches its climax. Chinese authorities have previously told major lenders not to expect interest payments on bank loans due this week. Interest also matures Thursday on two of the developer’s bonds.

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WATERS CORP / DE /: conclusion of a material definitive agreement, creation of a direct financial obligation or obligation under an off-balance sheet arrangement of a declarant, financial statements and supporting documents (Form 8-K) https://directvanqex.com/waters-corp-de-conclusion-of-a-material-definitive-agreement-creation-of-a-direct-financial-obligation-or-obligation-under-an-off-balance-sheet-arrangement-of-a-declarant-financial-statements-a/ https://directvanqex.com/waters-corp-de-conclusion-of-a-material-definitive-agreement-creation-of-a-direct-financial-obligation-or-obligation-under-an-off-balance-sheet-arrangement-of-a-declarant-financial-statements-a/#respond Mon, 20 Sep 2021 19:21:03 +0000 https://directvanqex.com/waters-corp-de-conclusion-of-a-material-definitive-agreement-creation-of-a-direct-financial-obligation-or-obligation-under-an-off-balance-sheet-arrangement-of-a-declarant-financial-statements-a/

Item 1.01 Conclusion of a Material Definitive Agreement

At September 17, 2021, Water company (the “Company”) and certain of its subsidiaries, as guarantors, have entered into an amendment and updating agreement, dated September 17, 2021 (the “Restatement Agreement”) with the lenders and issuing banks which are parties to it and JPMorgan Chase Bank, NA., as an administrative agent.

The restatement agreement amended and updated the Company’s existing credit agreement as of November 30, 2017, as modified previously on
February 12, 2019 (the “Credit Agreement” and as amended and updated by the Restatement Agreement, the “Amended and Updated Credit Agreement”). The obligations of the Company under the Amended and Restated Credit Agreement are not guaranteed and guaranteed by certain of the Company’s domestic subsidiaries. Amended and Restated Credit Agreement provides for a period of five years $ 1.8 billion
revolving credit, which includes a letter of credit sub-facility. The Company may, on one or more occasions, request that the revolving facility be increased or that term loans be issued for an amount of at least $ 25 million, provided that the total amount outstanding under the Amended and Restated Credit Agreement cannot exceed $ 2.0 billion. Existing lenders under the Amended and Restated Credit Agreement are not obligated to increase commitments, and the Company may seek additional lenders. Unless extended under the terms of the Agreement, the commitments under the Amended and Restated Credit Agreement expire on September 17, 2026.

The Company may borrow from time to time under the revolving credit facility in US dollars or in euros. The Company may borrow, prepay and re-borrow revolving loans. The interest rates applicable to loans under the Amended and Restated Credit Agreement are, at the option of the Company, equal to (i) if the loan is denominated in US dollars, the alternative base rate (which is an annual rate equal to more than (a) the prime rate, (b) the Federal Reserve Bank of New York rate plus 1/2 of 1% per annum and (c) the LIBO rate for a US dollar deposit with a maturity of one month plus 1% per annum) or the applicable LIBO rate for one, three or six months, or ( ii) if the loan is denominated in euros, the applicable one, three or six-month EURIBOR rate, in each case increased by an interest margin based on the Company’s leverage ratio or credit rating, if applicable, for the Company’s senior unsecured long-term debt debt, which can vary between 0 and 12.5 basis points for alternative base rate loans and between 80 and 112.5 basis points for loans at LIBO or EURIBOR rates. The facility fee on overdue amounts under the Amended and Restated Credit Agreement varies between 7.5 and 25 basis points per year, depending on the company’s leverage ratio or credit rating, if applicable, for the Company’s senior unsecured long-term debt. The amended and restated credit agreement also provides for transitions to alternative benchmarks.

The Amended and Restated Credit Agreement requires the Company to comply with an interest coverage ratio test of at least 3.50: 1, similar to the Credit Agreement, at the end of any fiscal quarter for any period of four consecutive fiscal quarters, and a leverage ratio test not exceeding 3.50: 1, similar to that of the credit agreement, at the end of each fiscal quarter. Following the completion of a significant acquisition, the Company may choose to increase the maximum leverage ratio to 4.00: 1.00 at the end and for the fiscal quarter in which such a significant acquisition took place and for each of the following three consecutive fiscal quarters. In addition, the Amended and Restated Credit Agreement includes covenants which are customary for senior credit facilities and are similar in nature to those previously contained in the Credit Agreement. The Amended and Restated Credit Agreement also contains certain customary representations and warranties, affirmative covenants and events of default, similar in nature to those previously contained in the Credit Agreement.

Certain parties to the Restatement Agreement, and affiliates of such parties, provide banking, investment banking and other financial services to the Company from time to time.

The foregoing descriptions of the Updating Agreement and the Amended and Restated Credit Agreement do not purport to be complete and are qualified in their entirety by reference to the full text of such documents, copies of which are filed as Exhibit 10.1 hereof (such exhibit consisting of the Restatement Agreement and, through its Annex I, the amended and updated Credit Agreement) and are incorporated herein by reference.




                                      -1-

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Item 2.03 Creation of a Direct Financial Obligation or an Obligation under a

Off-balance sheet disposition of a registrant

The information set out in section 1.01 of this current report on Form 8-K is incorporated by reference in this section 2.03.

Item 9.01 Financial statements and supporting documents




Exhibit 10.1      Amendment and Restatement Agreement, dated as of September 17,
                2021, by and among the Company, Waters Technologies Corporation, TA
                Instruments - Waters L.L.C., Waters Asia Limited, Environmental
                Resource Associates, Inc., the lenders party thereto, the issuing
                banks party thereto and JPMorgan Chase Bank, N.A., as
                administrative agent.

Exhibit 104     Cover Page Interactive Data File (embedded within the Inline XBRL
                document).




                                      -2-

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