13 C.F.R. § 120.513 What servicing actions require the prior written consent of SBA?
Title 13 - Business Credit and Assistance
Except as otherwise provided in a Supplemental Guarantee Agreement with the Lender, SBA must give its prior written consent before the Lender takes any of the following actions: (a) Alters substantially the terms or conditions of any Loan Instrument (for example, any increase in the principal amount or change in the interest rate, or action conferring a Preference on the Lender); (b) Releases collateral having a cumulative value in excess of 20 percent of the original loan amount; (c) Accelerates the maturity of the note; (d) Sues upon any Loan Instrument; (e) Compromises or waives any claim against any Borrower, guarantor, obligor or standby creditor arising out of any Loan Instrument; or (f) Increases the amount of any prior lien held by the Lender on the collateral securing the loan. SBA'S Purchase of a Guaranteed Portion
Title 13: Business Credit and Assistance
PART 120—BUSINESS LOANS
Subpart E—Loan Administration
§ 120.513 What servicing actions require the prior written consent of SBA?
