APPOINTMENT OF SERVICING AGENT. a. The CDC appoints Xxxxx Fargo Bank, N.A. as its agent to: (1) Receive the proceeds from the sale of the Debenture, net of selling expenses, and, after distributing the proceeds as described in this Agreement, disburse the remaining funds to the Borrower. (2) Receive monthly payments from the Borrower, credit the payments within one business day of receipt, and retain the payments in a Master Reserve Account (“MRA”) until a semi- annual Debenture payment is due. (3) Make semi-annual Debenture payments to the Trustee. b. The Borrower consents to the appointment of Xxxxx Fargo Bank, N.A. as CSA. c. If SBA names a successor CSA under a new MSAA, the successor will have the duties and rights of Xxxxx Fargo Bank, N.A. under this Agreement. The Borrower and the CDC agree to accept the successor CSA.
Appears in 4 contracts
Samples: Servicing Agent Agreement, Servicing Agent Agreement, Servicing Agent Agreement
