Fillable SBA 2424 U (U.S. Small Business Administration)

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SBA 2424 U (U.S. Small Business Administration)

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SBA Form 2424 (2-2012)
1
U.S. Small Business Administration
Supplemental Loan Guaranty Agreement
SBA Express Program
___________________ (“Lender”) and the U.S. Small Business Administration
(“SBA”) enter into this Supplemental Loan Guarantee Agreement (“Agreement”) this __
day of __________, 20__, to establish the terms and conditions for Lender’s participation
in the SBA Express Program.
For valuable consideration, the parties to this Agreement agree as follows:
1. Agreement is Supplemental
This Agreement supplements the Loan Guarantee Agreement, SBA Form 750,
and, if applicable, SBA Form 750B (for short-term loans), between Lender and SBA. All
of the provisions of SBA Form 750, SBA Form 750B, if applicable, and all SBA Loan
Program Requirements, as defined in 13 CFR 120.10, all of which may be amended from
time to time, and all of which are incorporated by reference into this Agreement, remain
in effect, except as expressly modified by this Agreement.
2. Lender’s SBA Express Authority
a. Lender may issue an SBA guaranteed loan approved under the SBA Express
Program (“an SBA Express loan”) without prior SBA review and approval of the
processing and underwriting of the loan by executing an Authorization using
either the Standard 7(a) Authorization Boilerplate or the SBA Express
Authorization, provided:
i. All of Lender’s actions in processing and underwriting the SBA
Express loan, and the terms and conditions of the loan itself, comply with
SBA Loan Program Requirements; and
ii. SBA notifies Lender that SBA has assigned the SBA Express loan an
SBA loan number.
By executing the Authorization, Lender agrees to comply with all provisions contained
therein and all SBA Loan Program Requirements.
b. For all applications processed under the Lender’s SBA Express authority,
Lender hereby agrees to transmit the information required by SBA to request an
SBA loan number to the appropriate SBA processing center via SBA’s electronic
transmission system (E-Tran). SBA will endeavor to provide a loan number
within one business day of receipt of the electronic transmission.
SBA Form 2424 (2-2012)
2
3. Review of Lender
Lender hereby authorizes SBA to make periodic reviews/exams and audits of
Lender, including but not limited to, making copies of and extracts from, all files,
records, papers, or other information relating to SBA Express loans. In addition, Lender
acknowledges its obligation to make its files available for review in accordance with 13
CFR 120.1010. Lender agrees to pay any authorized and applicable fees SBA or its
contractor may charge for examinations and reviews and, if assessed by SBA, fees for
other lender oversight activities, as set forth in 13 CFR 120.1070. Lender hereby
authorizes all Federal, State and municipal authorities to furnish reports of examination,
records and other information relating to the condition and affairs of the Lender and any
desired information from reports, returns, files, and records of such authorities upon
SBA’s request. Lender agrees to abide by the confidentiality provisions in 13 CFR
120.1060 which shall include all supervisory information, including but not limited to
information related to an enforcement action. Lender must timely submit to SBA such
reports as SBA may from time to time in writing require.
4. Changes in Lender Structure or Operations
Lender must notify SBA in writing if its structure or operations relating in any
way to its participation in the SBA Express Program change significantly during the term
of this Agreement.
5. Right of Set Off
SBA may set off any amounts owed by Lender to SBA, including but not limited to
fees, repairs and denials, from any amounts owed by SBA to Lender, including but not
limited to guaranty purchase amounts.
6. Servicing and Liquidation
Lender will service and liquidate SBA loans in accordance with SBA Loan Program
Requirements, including without limitation, 13 CFR Part 120 – Subpart E. Lender agrees
to liquidate all SBA loans in its portfolio unless written instructions to the contrary are
received from SBA. Servicing and Liquidations will be conducted in a commercially
reasonable manner, consistent with prudent lending standards. Lender may request
purchase of a defaulted loan as set forth in SBA Loan Program Requirements, including
without limitation, 13 CFR 120.520 and 120.524. By submitting a request to SBA for
purchase of the guaranty (either for SBA payment of the guarantee to Lender or for SBA
payment of the guarantee to a purchaser of the guaranteed portion of the loan on the
secondary market under subpart F of 13 CFR Part 120), Lender will be deemed to certify
that it has complied with all SBA Loan Program Requirements in making, closing,
servicing and liquidating the loan.
SBA Form 2424 (2-2012)
3
7. Term of Agreement
The term of this Agreement will be [_________________________]
from the date hereof, unless both parties agree in writing to a renewal prior to the
expiration of such agreement. In addition, either party may terminate this agreement
upon not less than 10 days written notice by certified mail to the other party.
Termination will not affect the guaranty of any SBA Express loan previously authorized
by SBA, nor will termination by either party affect in any way the Lender’s continuing
obligation to comply with this Agreement and with all SBA Loan Program Requirements,
with respect to any SBA Express loan previously authorized by SBA. However, if this
Agreement is terminated by either Lender or SBA, Lender hereby agrees that SBA may
in its judgment and sole discretion transfer the SBA Express portfolio and/or the
servicing and liquidation of the SBA Express portfolio and related fees or income to SBA
or another entity approved by SBA.
8. Notices
The parties must transmit any notice under this Agreement in writing by personal
delivery or certified mail, postage prepaid, return receipt requested to:
SMALL BUSINESS ADMINISTRATION LENDER
Office of Credit Risk Management ______________________________
409 Third Street, SW, 8
th
Floor ______________________________
Washington, DC 20416 ______________________________
Attn: Lender Transaction Team ______________________________
or to any other person or address that either party designates by written notice to the
other. Notice will be effective on receipt or three days after mailing, whichever is first.
9. Interpretation of Agreement
a. This Agreement supersedes all earlier agreements and understandings, both
written and oral, regarding the subject matter in this Agreement.
b. All provisions in this Agreement are severable.
c. If any provision of this Agreement is found invalid or unenforceable, the other
provisions will not be affected.
d. Lender or SBA may choose not to insist on strict compliance with a provision of
this Agreement. This will not mean that Lender or SBA waives the provision.
e. Lender and SBA must agree in writing to any change in the Agreement.
SBA Form 2424 (2-2012)
4
f. Federal law will govern this Agreement.
g. Initially capitalized terms used but not defined in this agreement will have the
meanings given them in the SBA Loan Program Requirements.
10. Successors and Assigns
This Agreement does not apply to successors and assigns of Lender. Lender may
only assign or transfer its rights and obligations under this Agreement with prior written
consent from an SBA official who is authorized to approve such an assignment or
transfer.
IN WITNESS WHEREOF, the parties execute this Agreement as of the above
date.
ATTEST:
U.S. SMALL BUSINESS ADMINISTRATION _____________________________
LENDER
By: ________________________________ By:__________________________
(Authorized Signature) (Authorized Signature)
__________________________ __________________________
(Name and Title Printed) (Name Printed)
__________________________
(Title)
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Completed 18 July 2020

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