Common use of Unguaranteed Interest Clause in Contracts

Unguaranteed Interest. SBA acknowledges that it has no interest in the Unguaranteed Interest, Servicing Fee or the Premium Protection Fee. SBA further acknowledges that it has no interest in any collateral that secures any SBA Lender Loan or any Loan Document, except to the extent the collateral secures or a Loan Document relates to the Guaranteed Interest. The collateral for an SBA Lender Loan secures the Guaranteed Interest and the Unguaranteed Interest pari passu. If SBA receives any amount in respect of the Conveyed Interest, SBA will remit the sum to Trustee for the credit of the SBA Lender, provided that in no event will SBA have any obligation to pay any amount not owed by SBA under SBA Rules and Regulations. If SBA receives any amount in respect of the Servicing Fee or the Premium Protection Fee, SBA will remit the sum to the SBA Lender, or if SBA Lender is not the Servicer, the Servicer, provided that Trustee shall have given FTA 15 days prior written notice under this Agreement of the change in Servicer. This Agreement constitutes a notice of claims assignment for the full term of the Pooling and Servicing Agreement under the Federal Assignment of Claims Act of 1940, as amended, 31 U.S.C. Section 3727, with respect to any right to payment of any Unguaranteed Interest or the Servicing Fee or the Premium Protection Fee.

Unguaranteed Interest. SBA acknowledges that it has no interest in the Unguaranteed Interest, the Servicing Fee or the Premium Protection Fee. SBA further acknowledges that it has no interest in any collateral that secures any SBA Lender Loan or any Loan Document, except to the extent the collateral secures or a Loan Document relates to the Guaranteed Interest. The collateral for an SBA Lender Loan secures the Guaranteed Interest and the Unguaranteed Interest pari passupassu and all recoveries from insurance, guarantees or any other source will be shared pro rata. If SBA receives any amount in respect of the Conveyed Interest, SBA will remit the sum to Trustee for the credit of the SBA Lender, provided that in no event will SBA have any obligation to pay any amount not owed by SBA under SBA Rules and Regulations. If SBA receives any amount in respect of the Servicing Fee or the Premium Protection Fee, SBA will remit the sum to the SBA Lender, or for distribution to itself, or, if the SBA Lender is not the Servicer, the Servicer, provided that Trustee shall have given FTA and SBA 15 days prior written notice under this Agreement of the change in Servicer. This Agreement constitutes a notice of claims assignment for the full term of the Pooling and Servicing Agreement under the Federal Assignment of Claims Act of 1940, as amended, 31 U.S.C. Section 3727, with respect to any right to payment of any Unguaranteed Interest or the Servicing Fee or the Premium Protection Fee.