Purchase by SBA. By making any written demand that SBA purchase the guaranteed portion of a loan, Lender will be deemed thereby to certify that the covered loan has been made, closed, serviced, and liquidated in compliance with the Paycheck Protection Program and PPP Loan Program Requirements. This Agreement will remain in full force and effect with respect to the covered loan after any purchase.
Purchase by SBA. (a) Written notices will be given to Seller and CSA when SBA is to purchase the Loan Interest 10 days prior to purchase.
(b) On the purchase date, SBA will arrange to have funds wired to CSA. CSA will forward funds received with the next scheduled pool payment. The payoff amount will include the outstanding principal balance of the Loan Interest in the SBA-guaranteed portion of the Pool plus interest through the date immediately preceding the date of SBA purchase, less any funds previously advanced. The CSA transcript of account will be used to determine the payment amount.
(c) Upon purchase of the Loan Interest by SBA pursuant to this paragraph, the rights and obligations of each Program Participant shall be governed by this Agreement. SBA shall be deemed a transferee of the Loan Interest in the SBA-guaranteed portion of a Pool and the final Pool Investor thereof with all the rights and privileges of such Pool Investor under this Agreement.
Purchase by SBA. Subject to the Loan Program Requirements, including, without limitation, 13 CFR 120.520, 120.522 and 120.524, Lender may demand in writing that SBA purchase the guaranteed portion of the outstanding balance of the loan if the borrower does not make payment when due of any installment of principal or interest on any note that is uncured for more than 60 days (or less, if SBA agrees), provided all business personal property securing the loan has been liquidated. SBA purchases of loans sold on the Secondary Market are also governed by the provisions of the Secondary Participation Guaranty Agreement (SBA Form 1086). By making written demand that SBA purchase the guaranteed portion of a loan, Lender will be deemed thereby to certify that the loan has been made, closed, serviced and liquidated in compliance with this Agreement and the Loan Program Requirements, and that this Agreement remains in full force and effect with respect to the loan after the purchase. Purchase by SBA will not waive any right of SBA arising from Lender’s negligence, misconduct, or violation of any provision of this Agreement or the Loan Program Requirements. After purchase by SBA, the Lender retains the unguaranteed portion of the outstanding balance of the loan and the Lender is obligated to continue to liquidate the loan unless otherwise directed by SBA.
Purchase by SBA. Lender may demand in writing that SBA purchase the guaranteed percentage of the outstanding balance of the loan if default by a borrower continues uncured for more than 60 days (or less, if SBA agrees) in making payment, when due, of any installment of principal or interest on any note. By making written demand that SBA purchase the guaranteed portion of a loan, Lender shall be deemed thereby to certify that the loan has been disbursed and serviced in compliance with this agreement and that this agreement remains in full force and effect with respect to the loan. Within 30 days after receipt of Lender's demand, together with a certified transcript of the loan account, and the assignment of the Loan Instruments, without recourse, SBA will pay to Lender the guaranteed percentage of the balance of the loan plus accrued interest. SBA will pay to Lender the guaranteed percentage of the balance of the loan plus accrued interest at the note rate, after adjustment for other charges, as appropriate: SBA will issue to Lender a certificate of interest* evidencing the percentage of loan retained by the Lender. If SBA consents that Lender may continue administration of the loan after SBA purchases the guaranteed percentage, Lender shall deliver to SBA at the time of purchase conformed copies of any of the Loan Instruments not previously furnished SBA and issue to SBA a certificate of interest* evidencing SBA's percentage of the loan. Purchase by SBA shall not waive any right of SBA arising from Lender's negligence, misconduct, or violation of any provision of this agreement.
Purchase by SBA. Subject to the CA Loan Program Requirements, including, without limitation, 13 CFR 120.520 and 120.524, Lender may demand in writing that SBA purchase the guaranteed percentage of the outstanding balance of the loan if default by a borrower in making payment when due of any installment of principal or interest on any note continues uncured for more than 60 days (or less, if SBA agrees). By making written demand that SBA purchase the guaranteed portion of a loan, Lender will be deemed thereby to certify that the loan has been made, closed, serviced and liquidated in compliance with this Agreement and the CA Loan Program Requirements, and that this Agreement remains in full force and effect with respect to the loan. Purchase by SBA will not waive any right of SBA arising from Lender’s negligence, misconduct, or violation of any provision of this Agreement or the CA Loan Program Requirements.
Purchase by SBA a. Written notices will be given to Xxxxxx and FTA when SBA is to purchase the Guaranteed Interest. Within five (5) business days of such notice, Lender will provide a transcript and final statement of account of the Guaranteed Interest to FTA. Failure by Xxxxxx or FTA to provide the transcript may result in a $100 penalty payable to SBA by the party failing to comply. FTA will reconcile the transcripts and the reconciliation will be final. Within ten (10) business days of final reconciliation of the account, SBA will provide ten
