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01-29-1998
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01-29-1998
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8/8/2018 5:29:06 AM
Creation date
8/8/2018 5:28:03 AM
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MV EDC
EDC Document Type
Council Packets
Date
1/29/1998
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The granting of this participation shall be upon the following terms: <br /> 1. The EDA shall share with the Bank, in proportion to the EDA's participation <br /> hereunder, in any payments received from the Debtor unless an Event of Termination <br /> (hereinafter defined) has occurred. The EDA shall be secured by any collateral set forth in <br /> the provisions of the loan documents for the Indebtedness (the "Loan Documents"). <br /> However, the interest of the EDA shall be subordinate and inferior to the interests of the <br /> Bank, as herein provided. <br /> 2. The EDA hereby acknowledges its consent to the Loan Documents, copies <br /> of which are attached to this Agreement, and to all financing statements, certificates, filing <br /> and other instruments, agreements or writings issued or presented, and to all other actions <br /> taken, in connection therewith. <br /> 3. At the time of execution and delivery of the Agreement, the EDA shall pay to • <br /> the Bank (in immediately available funds) the EDA's proportionate share of all amounts <br /> heretofore advanced by the Bank to the Debtor on the Indebtedness, and similarly for any <br /> future disbursements made by the Bank thereon. There shall be no more than three <br /> disbursements. <br /> 4. The Bank shall administer, manage and service the Indebtedness under the <br /> Loan Documents. The Bank may waive the performance of obligations of the Debtor or <br /> excuse the nonoccurrence of conditions of Debtor without approval of EDA. The Bank shall <br /> without approval of EDA exercise collection rights with respect to any collateral; foreclose <br /> against any collateral or accept a transfer in lieu of foreclosure; collect and receive any and <br /> all payments, collections and proceeds of collateral made or delivered by or for the account <br /> 2 <br /> • <br />
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