Common use of FTA To Hold Original SBA Lender Notes; Possession of Loan Documents Clause in Contracts

FTA To Hold Original SBA Lender Notes; Possession of Loan Documents. (a) SBA Lender will deliver all original Notes relating to the Initial SBA Loans (as defined in the Pooling and Servicing Agreement) to FTA prior to the issuance of the Certificates and SBA Lender will deliver all original Notes relating to the Subsequent SBA Loans (as defined in the Pooling and Servicing Agreement) to FTA prior to each Subsequent Transfer of the Subsequent SBA Loans. Each Note will be endorsed by means of an allonge (an endorsement of the Note constituting a separate piece of paper) as follows: "Pay to the order of Marine Midland Bank, and its successors and assigns, as trustee under the Pooling and Servicing Agreement dated as of December 1, 1997, for the benefit of the United States Small Business Administration and the holders of Business Loan Center SBA Loan-Backed Certificates, Series 1997-1, Class A and Class B as their respective interests may appear, without recourse." Upon receiving the Note, FTA will deliver to SBA Lender and the Trustee a receipt for such Note in the form of Exhibit 1.

Appears in 3 contracts

Samples: Multi Party Agreement (BLC Financial Services Inc), Spread Account Agreement (BLC Financial Services Inc), Spread Account Agreement (BLC Financial Services Inc)

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FTA To Hold Original SBA Lender Notes; Possession of Loan Documents. (a) The SBA Lender will deliver all original Notes relating to the Initial SBA Loans (as defined in the Pooling and Servicing Agreement) to FTA prior to the issuance of the Certificates and the SBA Lender will deliver all original Notes relating to the Subsequent SBA Loans (as defined in the Pooling and Servicing Agreement) to FTA prior to each Subsequent Transfer of the Subsequent SBA Loans. Each Note will be endorsed by means of an allonge (an endorsement of the Note constituting a separate piece of paper) as follows: "Pay to the order of Marine Midland Bank, and its successors and assigns, as trustee under the Pooling and Servicing Agreement dated as of December 123, 19971998, for the benefit of the United States Small Business Administration and the holders of Business Loan Center SBA Loan-Backed Certificates, Series 19971998-1, Class A and Class B as their respective interests may appear, without recourse." Upon receiving the Note, FTA will deliver to SBA Lender and the Trustee a receipt for such Note in the form of Exhibit 1.

Appears in 2 contracts

Samples: Spread Account Agreement (BLC Financial Services Inc), Spread Account Agreement (BLC Financial Services Inc)

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FTA To Hold Original SBA Lender Notes; Possession of Loan Documents. (a) SBA Lender Lenders will deliver all original Notes relating to the Initial SBA Loans (as defined in the Pooling and Servicing Agreement) to FTA prior to the issuance of the Certificates and SBA Lender Lenders will deliver all original Notes relating to the Subsequent SBA Loans (as defined in the Pooling and Servicing Agreement) to FTA prior to each Subsequent Transfer of the Subsequent SBA Loans. Each Note will be endorsed by means of an allonge (an endorsement of the Note constituting a separate piece of paper) as follows: "Pay to the order of Marine Midland Bank, and its successors and assigns, as trustee under the Pooling and Servicing Agreement dated as of December 1February 28, 19971998, for the benefit of the United States Small Business Administration and the holders of Business The Money Store SBA Loan Center SBA Loan-Backed Certificates, Series 19971998-1, Class A and Class B as their respective interests may appear, without recourse." Upon receiving the Note, FTA will deliver to the SBA Lender Lenders and the Trustee a receipt for such Note in the form of Exhibit 1.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Money Store of New York Inc)

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