Premier Certified Lenders Program Security Agreement - U. S. Small Business Administration
(b) The Collateral is not subject to any liens, security interests, claims or
encumbrances other than the Security Interest granted to SBA and the rights
of a bank permitted under any control agreement entered into by Premier
CDC, SBA, and such bank;
(c) Premier CDC has the power and authority to execute, deliver and perform this
Agreement;
(d) Premier CDC has taken all necessary action to authorize the execution,
delivery and performance of this Agreement and has duly executed and
delivered this Agreement;
(e) This Agreement is Premier CDC’s valid and legally binding obligation,
enforceable against Premier CDC in accordance with its terms;
(f) The execution, delivery and performance of this Agreement does not and will
not violate the terms of any of Premier CDC’s governing documents, result in
the breach of any of Premier CDC’s material agreements or result in the
violation of any law, rule, regulation, order, judgment or decree to which
Premier CDC or its property is subject;
(g) This Agreement is effective to create a valid security interest in the Collateral,
prior to all security interests, liens or claims of any other persons or entities
other than claims of a bank permitted pursuant to a control agreement entered
into by Premier CDC, SBA and such bank;
(h) Premier CDC’s exact legal name is set forth at the beginning of this
Agreement; [and, if applicable, it is a corporation or limited liability company
duly organized and validly existing under the laws of
___________________].
6.
PREMIER CDC’S AGREEMENT AND RIGHTS:
Premier CDC agrees that:
(a) Premier CDC will cooperate with SBA in obtaining control with respect to the
Collateral by executing a control agreement between a bank, the Premier CDC
and SBA for each deposit account comprising the Premier CDC’s LLRF;
(b) The only property that will be credited to the Collateral will be funds which
are not instruments, and which are (i) eligible for federal deposit insurance,
and (ii) segregated from all other funds or property of Premier CDC which do
not constitute the LLRF;
(c) Premier CDC will not instruct the Bank to issue any instruments in connection
with the LLRF;
SBA Form 2229 (4/03)
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