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SBA may require changes in, or supplements to, the documentation from time to time. All documents must be satisfactory to SBA in both form and substance. A fully executed original copy of the control and security agreements, as well as any applicable financing statements, must be provided to and retained by the lead SBA office. If any changes to the agreements are required in order to meet local legal requirements, or if significant numbers of local lenders are adverse to executing the agreements, SBA field counsel must work with the Office of General Counsel to make appropriate changes to the agreements. SBA created a Control Agreement and a Security Agreement that must be used in connection with the PCLP. When establishing a LLRF, a Premier CDC must coordinate with the SBA district office with oversight responsibility for the Premier CDC ( lead SBA office ) to execute and deliver the required documentation. The security interest in the Premier CDC s LLRF must be perfected pursuant to a control agreement between the Premier CDC, SBA and the applicable depository institution. The security interest in the Premier CDC s LLRF must be granted pursuant to a security agreement between the Premier CDC and SBA.
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The Premier Certified Development Company (Premier CDC) must grant SBA a first priority perfected security interest in its LLRF. The obligation extends to reimbursement for any loss to SBA on a loan funded by the issuance of a PCLP Debenture. The LLRF will be used to reimburse the SBA for 10 percent of any loss sustained by SBA as a result of a default in the payment of principal or interest on a PCLP debenture. 1 SBA Procedural Notice TO: All SBA Employees CONTROL NO.: SUBJECT: PCLP Control and Security Agreements Available EFFECTIVE: Introduction The legislation creating the Premier Certified Lenders Program (PCLP) requires participants to establish a Loan Loss Reserve Fund (LLRF).