Common use of Default Under Pooling and Servicing Agreement Clause in Contracts

Default Under Pooling and Servicing Agreement. The Trustee will give SBA prompt written notice of an Event of Default and prompt written notice of any termination of the Servicer as Servicer under the Pooling and Servicing Agreement. Upon an Event of Default and termination of the Servicer as Servicer in accordance with the terms of the Pooling and Servicing Agreement, Trustee may be substituted as Servicer so long as Trustee is then an approved SBA participating lender in good standing, operating under a current Small Business Administration Loan Guaranty Agreement (Deferred Participation) (Form 750). If Trustee does not meet that condition or is otherwise unable to act or if the SBA requests in writing, Trustee will appoint another Servicer in accordance with the Pooling and Servicing Agreement. Any successor Servicer must agree to be bound by the terms of this Agreement and must execute an agreement in the form of Exhibit 2. Any substitute Servicer will be entitled to receive the Servicing Fee and the Premium Protection Fee.

Default Under Pooling and Servicing Agreement. The Trustee will give SBA prompt written notice of an Event of Default and prompt written notice of any termination of the Servicer SBA Lender as Servicer under the Pooling and Servicing Agreement. Upon an Event of Default and termination of the Servicer SBA Lender as Servicer in accordance with the terms of the Pooling and Servicing Agreement, Trustee may be substituted as Servicer so long as Trustee is then an approved SBA participating lender in good standing, operating under a current Small Business Administration Loan Guaranty Agreement (Deferred Participation) (Form 750). If Trustee does not meet that condition or is otherwise unable to act or if the SBA requests in writing, Trustee will appoint another Servicer in accordance with the Pooling and Servicing Agreement. Any successor Servicer must agree to be bound by the terms of this Agreement and must execute an agreement in the form of Exhibit 2. Any substitute Servicer will be entitled to receive the Servicing Fee and the Premium Protection Fee.