BEING PLEDGED TO LENDER UNDER THIS AGREEMENT AND THE SECURITY
AGREEMENT.
BORROWER SHALL SIMULTANEOUSLY DELIVER TO LENDER A COPY OF SUCH SBA
7(A) LOAN NOTES.
IF REQUESTED BY LENDER, EACH ORIGINAL SBA 7(A) LOAN NOTE SHALL
BEAR A LEGEND ON THE FIRST PAGE STATING "WELLS FARGO FOOTHILL, LLC HAS A
SECURITY INTEREST IN AN INTEREST IN THIS NOTE."
SUBJECT TO THE PROVISIONS OF
THE MULTI-PARTY AGREEMENT WITH RESPECT TO SBA'S RIGHTS AND DUTIES WITH RESPECT
TO THE NOTES, IF POSSESSION OF ANY ORIGINAL SBA 7(A) LOAN NOTE IS RELEASED BY
FTA TO BORROWER OR ANY OTHER PERSON ACTING ON BORROWER'S BEHALF PRIOR TO THE
TERMINATION OF LENDER'S LIEN THEREON, BORROWER SHALL TAKE, AND SHALL CAUSE ANY
SUCH THIRD-PARTY IN POSSESSION OF SUCH ORIGINAL SBA 7(A) LOAN NOTE TO TAKE, SUCH
STEPS NECESSARY OR REASONABLY REQUESTED BY LENDER TO MAINTAIN AT ALL TIMES THE
CONTINUOUS PERFECTION OF SUCH LIEN, AND IF SUCH SBA 7(A) LOAN NOTE IS IN THE
POSSESSION OF BORROWER, BORROWER SHALL HOLD SUCH SBA 7(A) LOAN NOTE IN TRUST FOR
LENDER.
ON OR BEFORE THE FIFTEENTH DAY OF EACH MONTH, BORROWER SHALL DELIVER TO
LENDER COPIES OF THE FOLLOWING ADDITIONAL NOTES RECEIVABLE DOCUMENTS, TO THE
EXTENT APPLICABLE, WITH RESPECT TO EACH NOTE RECEIVABLE FUNDED BY BORROWER
DURING THE PRIOR CALENDAR MONTH, WHETHER OR NOT REQUIRED TO BE DELIVERED TO FTA:
THE LOAN AGREEMENT; THE SECURITY
45
AGREEMENT; THE MORTGAGE OR DEED OF TRUST; PERSONAL GUARANTIES; AND TO THE EXTENT
REQUIRED BY SBA RULES AND REGULATIONS OR BORROWER'S UNDERWRITING STANDARDS, FOR
ANY NOTE RECEIVABLE SECURED BY REAL PROPERTY WHERE SUCH REAL PROPERTY IS PART OF
THE PRIMARY COLLATERAL FOR THE INDEBTEDNESS OWING TO BORROWER, (A) A COPY OF A
FULLY PAID MORTGAGEE'S POLICY OF TITLE INSURANCE ISSUED BY AN INSURER ACCEPTABLE
TO SBA AND EVIDENCING THAT BORROWER IS BENEFICIARY OF MORTGAGEE'S TITLE
INSURANCE INSURING BORROWER'S LIEN ON SUCH REAL PROPERTY AS A VALID AND
ENFORCEABLE LIEN IN AN AMOUNT NOT LESS THAN AMOUNT OF THE INDEBTEDNESS TO
BORROWER SECURED THEREBY, (B) AN ENVIRONMENTAL SITE ASSESSMENT REPORT WITH
RESPECT TO SUCH REAL PROPERTY PREPARED BY A CREDENTIALED ENVIRONMENTAL
CONSULTANT ACCEPTABLE TO SBA, (C) IF REQUESTED BY LENDER, A BOUNDARY SURVEY OF
SUCH REAL PROPERTY PREPARED BY A SURVEYOR ACCEPTABLE TO SBA, CERTIFIED TO
BORROWER, AND (D) SUCH OTHER INFORMATION, DOCUMENTATION, OPINIONS AND
CERTIFICATIONS WITH RESPECT TO SUCH REAL PROPERTY AS MAY BE REASONABLY REQUESTED
BY LENDER; PROVIDED, THAT LENDER MAY REQUIRE BORROWER TO DELIVER COPIES OF SUCH
NOTES RECEIVABLE DOCUMENTS ON A MORE FREQUENT BASIS OR TO DELIVER COPIES OF
OTHER NOTES RECEIVABLE DOCUMENTS.
BORROWER AND LENDER SHALL AT ALL TIMES COMPLY
WITH THE TERMS AND CONDITIONS OF THE MULTI-PARTY AGREEMENT AND THE LOAN GUARANTY
AGREEMENT.
5.16
SUBORDINATION AGREEMENT.
PRIOR TO INCURRING ANY
SUBORDINATED DEBT, BORROWER SHALL CAUSE TO BE DELIVERED TO LENDER A
SUBORDINATION AGREEMENT FROM EACH HOLDER OF SUCH SUBORDINATED DEBT.
6.
NEGATIVE COVENANTS
Without Lender's prior written consent, which Lender may or may not in its sole
discretion give, Borrower covenants that it shall not:
6.1