Unguaranteed Interest definition

Unguaranteed Interest the portion of each SBA Lender Loan not guaranteed by SBA.

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Unguaranteed Interest. The sum of (i) that portion of an SBA Loan not guaranteed by the SBA pursuant to the SBA Rules and Regulations and not constituting the Premium Protection Fee, the FTA's Fee, the Servicing Fee, and, with respect to the Additional Fee SBA Loans, the Additional Fee, and (ii) the Excess Spread.

Unguaranteed Interest will equal as to any SBA Loan, all payments and other recoveries on such SBA Loan not constituting the Guaranteed Interest therein. The interest accruing on the guaranteed portion of the principal balance of each SBA Loan in excess of the sum of the interest payable to the related holder of the Guaranteed Interest net of certain fees is hereinafter referred to as the "Excess Spread." Prior to the delivery of the Offered Certificates by the Sellers, and the public offering thereof by the Underwriters, the Sellers and the Representative, as representative of the Underwriters, shall enter into an agreement substantially in the form of Exhibit A hereto (the "Pricing Agreement"). The Pricing Agreement shall be between the Sellers and the Representative, as representative of the Underwriters, and shall specify such applicable information as is indicated in, and be in substantially the form of, Exhibit A hereto. The offering of the Offered Certificates will be governed by this Agreement, as supplemented by the Pricing Agreement. From and after the date of the execution and delivery of the Pricing Agreement, this Agreement shall be deemed to incorporate the Pricing Agreement. The Sellers, the Servicer, the Trustee and the SBA will enter into a Multi-Party Agreement, dated February 28, 1999 (the "Multi-Party Agreement"), which will set forth the relationship of the parties with respect to the SBA Loans and the proceeds thereof and the consent of the SBA to the transactions contemplated by the Pooling and Servicing Agreement. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Pooling and Servicing Agreement. The Sellers understand that the Underwriters propose to make a public offering of the Offered Certificates as soon as the Underwriters deem advisable after the Pricing Agreement has been executed and delivered.

Examples of Unguaranteed Interest in a sentence

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.
The Certificateholders shall be entitled to a full month's interest on the principal portion of the Unguaranteed Interest of each SBA Loan at the then applicable Class A or Class B Remittance Rate, as the case may be.
The transfer by the Seller of the Unguaranteed Interest of the Subsequent SBA Loans set forth on the SBA Loan Schedule to the Trustee shall be absolute and shall be intended by all parties hereto to be treated as a sale by the Seller.
SBA acknowledges that it has no interest in the Unguaranteed Interest, the Servicing Fee or the Premium Protection Fee.
The collateral for an SBA Lender Loan secures the Guaranteed Interest and the Unguaranteed Interest pari passu and all recoveries from insurance, guarantees or any other source will be shared pro rata.
The Seller shall be responsible for maintaining, and shall maintain, a complete set of books and records for each SBA Loan which shall be clearly marked to reflect the ownership of the Unguaranteed Interest in each SBA Loan by the Trustee for the benefit of the SBA and the Certificateholders, as its interests may appear.
If SBA purchases the Guaranteed Interest in any SBA Lender Loan, any recoveries from the SBA Lender Loan Debtor or the collateral securing the SBA Lender Loan will be distributed pro rata to SBA as holder of the Guaranteed Interest and to the Trustee as holder of the Unguaranteed Interest.
The collateral for an SBA Lender Loan secures the Guaranteed Interest and the Unguaranteed Interest pari passu.
The sale of the Unguaranteed Interest of each SBA Loan shall be reflected on the Seller's balance sheets and other financial statements as a sale of assets by the Seller and the Seller shall respond to any third-party inquiry that such transfer is so reflected as a sale.
If SBA purchases the Guaranteed Interest in any SBA Lender Loan, any recoveries from the SBA Lender Loan Debtor or the collateral underlying the SBA Lender Loan will be distributed pro rata to SBA as holder of the Guaranteed Interest and to Trustee as holder of the Unguaranteed Interest.

More Definitions of Unguaranteed Interest

Unguaranteed Interest has the meaning assigned to such term in the Recitals.

Unguaranteed Interest means the interest of TMSIC or MSNY, as applicable, in and to that portion of any Loan in the Loan Pool which does not constitute a Guaranteed Interest or the Premium Protection Fee in such Loan and includes any such interest transferred by TMSIC or MSNY, as applicable, under the Pooling and Servicing Agreement. All other terms defined in the preamble or the recitals hereto shall have the respective meanings therein ascribed to them.

Unguaranteed Interest. That portion of an SBA Loan not guaranteed by the SBA pursuant to the SBA Rules and Regulations and not constituting part of the Premium Protection Fee.

Unguaranteed Interest of each SBA Loan means all payments and other recoveries on such SBA Loan not constituting payments with respect to the Guaranteed Interest, the FTA’s Fee, the Additional Fee, Excess Spread or the Required Holdback Amount for such SBA Loan, each as defined in the Transfer and Servicing Agreements;

Unguaranteed Interest means the portion of each SBA Loan that is not a Guaranteed Interest.