AGENT OR ATTORNEY OF ANY OTHER
PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER
INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
(B)
BINDING ARBITRATION.
UPON DEMAND OF ANY PARTY, WHETHER MADE
BEFORE OR AFTER INSTITUTION OF ANY JUDICIAL PROCEEDING, ANY DISPUTE, CLAIM OR
CONTROVERSY ARISING OUT OF, CONNECTED WITH OR RELATING TO THIS AGREEMENT OR ANY
OTHER LOAN DOCUMENT ("DISPUTES"), BETWEEN OR AMONG PARTIES HERETO AND TO THE
OTHER LOAN DOCUMENTS SHALL BE RESOLVED BY BINDING ARBITRATION AS PROVIDED
HEREIN.
INSTITUTION OF A JUDICIAL PROCEEDING BY A PARTY DOES NOT WAIVE THE
RIGHT OF THAT PARTY TO DEMAND ARBITRATION HEREUNDER.
DISPUTES MAY INCLUDE,
WITHOUT LIMITATION, TORT CLAIMS, COUNTERCLAIMS, CLAIMS BROUGHT AS CLASS ACTIONS,
CLAIMS ARISING FROM LOAN DOCUMENTS EXECUTED IN THE FUTURE, DISPUTES AS TO
WHETHER A MATTER IS SUBJECT TO ARBITRATION, OR CLAIMS CONCERNING ANY ASPECT OF
THE PAST, PRESENT OR FUTURE RELATIONSHIPS ARISING OUT OF OR CONNECTED WITH THE
LOAN DOCUMENTS.
ARBITRATION SHALL BE CONDUCTED UNDER AND GOVERNED BY THE
COMMERCIAL FINANCIAL DISPUTES ARBITRATION RULES (THE "ARBITRATION RULES") OF THE
AMERICAN ARBITRATION ASSOCIATION (THE "AAA") AND THE FEDERAL ARBITRATION ACT.
ALL ARBITRATION HEARINGS SHALL BE CONDUCTED IN CHARLOTTE, NORTH CAROLINA.
THE
EXPEDITED PROCEDURES SET FORTH IN RULE 51, ET SEQ. OF THE ARBITRATION
RULES SHALL BE APPLICABLE TO CLAIMS OF LESS THAN $1,000,000.
ALL APPLICABLE
STATUTES OF LIMITATIONS SHALL APPLY TO ANY DISPUTE.
A JUDGMENT UPON THE AWARD
MAY BE ENTERED IN ANY COURT HAVING JURISDICTION.
NOTWITHSTANDING ANYTHING
FOREGOING TO THE CONTRARY, ANY ARBITRATION PROCEEDING DEMANDED HEREUNDER SHALL
BEGIN WITHIN NINETY (90) DAYS AFTER SUCH DEMAND THEREOF AND SHALL BE CONCLUDED
WITHIN ONE HUNDRED TWENTY (120) DAYS AFTER SUCH DEMAND.
THESE TIME LIMITATIONS
MAY NOT BE EXTENDED UNLESS A PARTY HERETO SHOWS CAUSE FOR EXTENSION AND THEN
SUCH
65
EXTENSION SHALL NOT EXCEED A TOTAL OF SIXTY (60) DAYS.
THE PANEL FROM WHICH ALL
ARBITRATORS ARE SELECTED SHALL BE COMPRISED OF LICENSED ATTORNEYS SELECTED FROM
THE COMMERCIAL FINANCIAL DISPUTE ARBITRATION PANEL OF THE AAA.
THE SINGLE
ARBITRATOR SELECTED FOR EXPEDITED PROCEDURE SHALL BE A RETIRED JUDGE FROM THE
HIGHEST COURT OF GENERAL JURISDICTION, STATE OR FEDERAL, OF THE STATE WHERE THE
HEARING WILL BE CONDUCTED.
THE PARTIES HERETO DO NOT WAIVE ANY APPLICABLE
FEDERAL OR STATE SUBSTANTIVE LAW EXCEPT AS PROVIDED HEREIN.
NOTWITHSTANDING THE
FOREGOING, THIS PARAGRAPH SHALL NOT APPLY TO ANY HEDGING AGREEMENT.
(C)
PRESERVATION OF CERTAIN REMEDIES.
NOTWITHSTANDING THE PRECEDING
BINDING ARBITRATION PROVISIONS, THE PARTIES HERETO AND THE OTHER LOAN DOCUMENTS
PRESERVE, WITHOUT DIMINUTION, CERTAIN REMEDIES THAT SUCH PERSONS MAY EMPLOY OR
EXERCISE FREELY, EITHER ALONE, IN CONJUNCTION WITH OR DURING A DISPUTE.
EACH
SUCH PERSON SHALL HAVE AND HEREBY RESERVES THE RIGHT TO PROCEED IN ANY COURT OF
PROPER JURISDICTION OR BY SELF HELP TO EXERCISE OR PROSECUTE THE FOLLOWING
REMEDIES,