Pool Certificates are backed by the SBA guaranteed portions of loans comprising the Pool. An Individual Certificate is backed by the SBA guaranteed portion of a single loan. Any such loan must:
Be current as of the date the Pool is formed or the individual guaranteed portion of a loan is initially sold in the Secondary Market;
Be guaranteed under the Act; and
Meet such other standards as SBA may determine to be necessary for the successful operation of the Secondary Market program.
The loans that back a Pool must meet the SBA requirements in effect at the time the Pool is formed.
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