FINAL COLLECTION
IN THE CASE OF OTHER REMITTANCES AFTER DEPOSIT OF THE SAME INTO THE LENDER
DEPOSIT ACCOUNT.
3.
NOTE, RATE AND COMPUTATION OF INTEREST.
THE REVOLVING
CREDIT FACILITY IS EVIDENCED BY THE NOTE.
INTEREST ON THE NOTE SHALL ACCRUE AT
THE RATES SET FORTH THEREIN. THE PRINCIPAL OF AND INTEREST ON THE NOTE SHALL BE
DUE AND PAYABLE IN ACCORDANCE WITH THE RESPECTIVE TERMS AND CONDITIONS SET FORTH
IN THE NOTE AND IN THIS AGREEMENT.
4.
COLLATERAL.
(A)
SECURITY INTEREST.
EACH DEBTOR HAS ENTERED INTO THE SECURITY
AGREEMENT GRANTING LENDER, A SECURITY INTEREST IN, ALL OF SUCH DEBTOR'S RIGHT,
TITLE AND INTEREST IN THE COLLATERAL, WHETHER NOW OWNED BY SUCH DEBTOR OR
HEREAFTER ACQUIRED AND WHETHER NOW EXISTING OR HEREAFTER COMING INTO EXISTENCE.
IF ANY DEBTOR AT ANY TIME HOLDS OR ACQUIRES A COMMERCIAL TORT CLAIM, DEBTORS
SHALL NOTIFY LENDER IN WRITING WITHIN TEN (10) BUSINESS DAYS OF SUCH OCCURRENCE
WITH THE DETAILS THEREOF AND GRANT TO LENDER A SECURITY INTEREST THEREIN OR LIEN
THEREON AND IN THE PROCEEDS THEREOF, IN FORM AND SUBSTANCE REASONABLY
SATISFACTORY TO LENDER.
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(B)
ADDITIONAL DOCUMENTS.
TO SECURE FULL AND COMPLETE PAYMENT AND
PERFORMANCE OF THE INDEBTEDNESS, EACH DEBTOR SHALL EXECUTE AND CAUSE TO BE
EXECUTED SUCH FURTHER DOCUMENTS AND INSTRUMENTS, AS LENDER, IN ITS REASONABLE
DISCRETION, DEEMS NECESSARY OR DESIRABLE TO CREATE, EVIDENCE, PRESERVE, AND
PERFECT ITS LIENS AND SECURITY INTERESTS IN THE COLLATERAL. IN THE EVENT ANY OF
THE LOAN DOCUMENTS EVIDENCING OR SECURING THE INDEBTEDNESS MISREPRESENTS OR
INACCURATELY REFLECTS THE CORRECT TERMS AND/OR PROVISIONS OF THE INDEBTEDNESS,
EACH OBLIGOR SHALL UPON REQUEST BY LENDER AND IN ORDER TO CORRECT SUCH MISTAKE,
EXECUTE SUCH NEW DOCUMENTS OR INITIAL CORRECTED, ORIGINAL DOCUMENTS AS LENDER
MAY DEEM NECESSARY TO REMEDY SAID ERRORS OR MISTAKES. EACH OBLIGOR SHALL EXECUTE
SUCH OTHER DOCUMENTS AS LENDER SHALL DEEM REASONABLY NECESSARY TO CORRECT ANY
DEFECTS OR DEFICIENCIES IN THE LOAN DOCUMENTS.
(C)
SETOFF.
IF AN EVENT OF DEFAULT SHALL HAVE OCCURRED AND BE
CONTINUING, LENDER SHALL HAVE THE RIGHT TO SET OFF AND APPLY AGAINST THE
INDEBTEDNESS IN SUCH MANNER AS LENDER MAY DETERMINE, AT ANY TIME AND WITHOUT
NOTICE TO ANY DEBTOR, ANY AND ALL DEPOSITS (GENERAL OR SPECIAL, TIME OR DEMAND,
PROVISIONAL OR FINAL) OR OTHER SUMS AT ANY TIME CREDITED BY OR OWING FROM LENDER
TO ANY DEBTOR WHETHER OR NOT SUCH INDEBTEDNESS IS THEN DUE.
THE RIGHTS AND
REMEDIES OF LENDER HEREUNDER ARE IN ADDITION TO ANY OTHER RIGHTS AND REMEDIES
(INCLUDING, WITHOUT LIMITATION, OTHER RIGHTS OF SETOFF) WHICH LENDER MAY HAVE.
5.
CONDITIONS PRECEDENT.
(A)
INITIAL LOANS.
THE OBLIGATION OF LENDER TO MAKE THE INITIAL
LOAN UNDER THE REVOLVING CREDIT FACILITY IS SUBJECT TO THE CONDITION PRECEDENT
THAT LENDER SHALL HAVE RECEIVED ON OR BEFORE THE DAY OF SUCH LOAN ALL OF THE
FOLLOWING, EACH DATED (UNLESS OTHERWISE INDICATED) AS OF THE DATE HEREOF:
(I)
RESOLUTIONS.
RESOLUTIONS OF THE GOVERNING BODY OF EACH
OBLIGOR THAT IS NOT A NATURAL PERSON (EXCEPT FOR EACH INACTIVE DEBTOR), IN FORM
AND SUBSTANCE