Premier Certified Lenders Program Security Agreement - U. S. Small Business Administration
(d) Premier CDC will immediately notify SBA if the aggregate amount of all
Premier CDC’s funds on deposit with any bank at which all or part of the
LLRF is maintained which are eligible for federal deposit insurance (including
certificates of deposit and funds in deposit accounts other than the Collateral)
is more than the maximum amount eligible for federal deposit insurance;
(e) Without SBA’s prior written consent, Premier CDC will not attempt to
withdraw any funds from the Collateral or give any bank at which all or part
of the LLRF is maintained any instructions with respect to the Collateral;
(f) Without SBA’s prior written consent, Premier CDC will not enter into any
agreements relating to the Collateral (i) with a bank at which all or part of the
LLRF is maintained other than such bank’s customer agreement governing
deposit accounts, if any, and a Loan Loss Reserve Fund Deposit Account
Control Agreement, or (ii) any other person or entity;
(g) Premier CDC will not create or suffer to exist any security interests, liens,
claims or other encumbrances on the Collateral other than those in favor of
SBA and the rights of a bank permitted under a control agreement entered into
by Premier CDC, SBA and such bank;
(h) Premier CDC will maintain all Collateral in good condition, and pay promptly
all taxes, judgments, or charges of any kind levied or assessed thereon;
(i) Premier CDC will execute and will pay the filing and recording costs of any
records necessary to perfect, continue, amend, or terminate the Security
Interest, as demanded by SBA, and Premier CDC ratifies all previous such
filings, including financing statements;
(j) Premier CDC will not change it’s legal name, change or reorganize the type of
organization or form under which it does business or, if a corporation or
limited liability company, change its state of organization except upon prior
written approval of SBA; if such approval is given, Premier CDC agrees that
all records demanded by SBA in connection therewith shall be prepared and
filed at Premier CDC’s expense before any such change occurs;
(k) Premier CDC maintains records concerning the Collateral at the following
address:_______________________;
(l) Premier CDC waives any right it may have to require SBA to defend against
or pursue any third party for any obligation or claim arising from this
Agreement; and
(m) Premier CDC will enter into any additional agreements or modifications to
this Agreement which SBA deems necessary or desirable to ensure that SBA
SBA Form 2229 (4/03)
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