Document:

AMENDED AND RESTATED SECURITY AGREEMENT

 

Protea Biosciences, Inc., 955 Hartman Run Road, Suite 210, Morgantown, West Virginia 26507, herein called “Debtor,” and West Virginia Economic Development Authority, herein called “Secured Party,” agree as follows:

 

WHEREAS, Debtor and Secured Party executed and delivered a Security Agreement dated October 21, 2010 (the “Original Security Agreement”) to secure the obligations of Debtor under that Promissory Note dated October 21, 2010, executed by Debtor to the Secured Party, and that certain Loan Agreement dated October 21, 2010, between the Debtor and Secured Party (the “Loan Agreement”), in connection with a loan made by the Secured Party to the Debtor in the amount of $900,000 (the “WVEDA Loan”); and

 

WHEREAS, as contemplated by the aforesaid Loan Agreement, the West Virginia Infrastructure and Jobs Development Council has on the date hereof made a loan to Debtor in the amount of $900,000 (the “WVIJDC Loan”) to finance a portion of the costs of the Phase II Equipment described in the Loan Agreement; and

 

WHEREAS, the Debtor and Secured Party desire to amend and restate the Original Security Agreement to reflect the addition of the Phase II Equipment described in the Loan Agreement as part of the Collateral encumbered by the Original Security Agreement as amended hereby (the “Collateral”) and also to provide that the security interest granted by the Debtor in the Collateral to secure the WVIJDC Loan is on parity with the security interest therein granted by the Debtor to secure the WVEDA Loan.

 

NOW, THEREFORE, in consideration of the premises and other good and valuable considerations, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto agree that the Original Security Agreement is amended and restated to read as follows:

 

1.         Debtor hereby grants to Secured Party a first lien security interest in all equipment and machinery of Debtor described in Exhibit A hereto, and all replacements, additions and improvements thereto and proceeds thereof (the “Collateral”).

 

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Amended and Restated Security Agreement

  

 

  

 

2.         The security interest created by this Security Agreement shall become a first lien security interest position, shared on a parity, pursuant to that certain Intercreditor Agreement of even date herewith between Secured Party and the West Virginia Infrastructure and Jobs Development Council, with the security interest therein in favor of West Virginia Infrastructure and Jobs Development Council to secure West Virginia Infrastructure and Jobs Development Council in the repayment of a loan to Debtor in the original principal amount of $900,000.

 

3.         Debtor warrants and agrees that:

 

a.           Debtor shall pay Secured Party the sum of $900,000 evidenced by that certain Promissory Note dated as of October 21, 2010, and referred to in that certain Loan Agreement dated as of October 21, 2010, herewith between the parties hereto, together with the interest and other obligations described in said Promissory Note and Loan Agreement. This Security Agreement shall, in addition to securing said sums due to Secured Party, secure all future advances made by Secured Party, to, or for the account of Debtor, including advances for loans, repairs to or maintenance of the Collateral, and all reasonable costs and expenses incurred in the collection of any such indebtedness.

 

b.           The Collateral covered hereby will be used primarily in Debtor’s business located at the address mentioned above, unless Secured Party consents in writing to another use, and said Collateral will not be misused or abused, wasted or allowed to deteriorate, except for the ordinary wear and tear from its intended primary use.

 

c.           Until this Security Agreement is terminated, the Collateral will be insured against fire, theft, vandalism, malicious mischief, and other hazards in an amount and with policy or policies of insurance acceptable to Secured Party. Such casualty insurance policy or policies shall contain a “New York Standard Mortgage Clause,” or its equivalent. Further, until this Security Agreement is terminated, Debtor will maintain liability insurance in amounts and coverages satisfactory to Secured Party and, if Debtor’s county is designated as a flood prone area and the FIA map shows that Debtor’s property is located within a special flood hazard area, Debtor will purchase Federal Flood Insurance in amounts and coverages satisfactory to Secured Party. All aforesaid policies shall be payable to Secured Party, West Virginia Infrastructure and Jobs Development Council and Debtor, as their interests appear, and with the policy or policies, or copies thereof, deposited with Secured Party, and such policy or policies shall provide for not less than thirty (30) days written notice to Secured Party of the cancellation of such policy or policies.

 

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d.           The Collateral will not be sold, transferred or disposed of or be subjected to any unpaid charges, including taxes, or to any security interest, lien or other subsequent interest of a third person created or suffered by Debtor voluntarily or involuntarily, unless Secured Party consents in advance in writing to such charge, transfer, disposition, security interest, lien or other subsequent interest.

 

e.           Debtor hereby authorizes the Secured Party to file and, if determined by Secured Party to be necessary or convenient, Debtor will sign and execute alone or with Secured Party any Financing Statements, fixture filings, or other documents and Debtor agrees to procure any documents and pay all costs necessary to protect the security interests under this Security Agreement against the rights or interests of third parties.

 

f.           Debtor will reimburse Secured Party for any action, including without limitation attorney fees and expenses, to remedy a default which Secured Party elects pursuant to the terms hereof or under said Loan Agreement.

 

g.           Debtor represents and warrants to the Secured Party that the equipment and machinery described in Exhibit A shall at all times prior to the payment in full of the debt secured hereby remain as personal property and shall never constitute fixtures unless Secured Party consents otherwise in advance in writing.

 

4.         Until default hereunder, Debtor shall be entitled to the possession of the Collateral and to use and enjoy the same.

 

5.         Debtor shall be in default hereunder upon an Event of Default as set forth in said Loan Agreement or failure to pay any amount payable hereunder or under said Promissory Note or Loan Agreement within the time provided in said Promissory Note or Loan Agreement or upon failure to observe or perform any of Debtor’s other agreements contained herein.

 

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6.         Upon Debtor’s default, Secured Party may exercise its rights of enforcement under the Uniform Commercial Code in force in West Virginia, at the date of this Security Agreement and, in conjunction with, in addition to or in substitution for those rights, at the discretion of Secured Party, may enter upon Debtor’s premises to take possession of, assemble, and collect the Collateral or render it unusable, and may require Debtor to assemble the Collateral and make it available at a place designated by Secured Party which is mutually convenient to allow Secured Party to take possession of or dispose of the Collateral. Secured Party may waive any default or remedy any default in any reasonable manner without waiving the default remedy and without waiving any other prior or subsequent defaults. In the event of default by Debtor in its obligations to Secured Party and the repossession of the Collateral by Secured Party, such Secured Party may sell and transfer the entire interest in and full and complete title to the Collateral. Whenever notice is required by law to be sent by the Secured Party to the Debtor of any sale, lease or other disposition of the Collateral, ten (10) days’ written notice sent to the Debtor’s address set forth above will be reasonable.

 

7.         Debtor warrants that it has good title to the Collateral described herein; that the same is free and clear from all liens and encumbrances other than the aforesaid security interest in favor of Secured Party and the West Virginia Infrastructure and Jobs Development Council; and that Debtor has the right to convey the same to Secured Party as collateral.

 

8.         All the Collateral described herein is located in Monongalia County, West Virginia, and will remain in said County until said Promissory Note is paid in full.

 

9.         The only office of the Debtor is at 955 Hartman Run Road, Suite 210, Morgantown, West Virginia 26507.

 

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Amended and Restated Security Agreement

  

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Dated this 10th day of December, 2010.

 

	  	
PROTEA BIOSCIENCES, INC.

	  	  	 	  	 
	  	
By:

	 	/s/ Stephen Turner
	  	  	 	
Its: 

	CEO 
	  	  	 	  	 
	  	
WEST VIRGINIA ECONOMIC

	  	
DEVELOPMENT AUTHORITY

	  	  	 	  	 
	  	
By:

	 	/s/ David G. Warner  
	  	  	 	
Its:

	Executive Director 

 

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Amended and Restated Security Agreement

  

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EXHIBIT A

 

LIST OF EQUIPMENT AND MACHINERY

 

	
Vendor

	  	
Equipment

	  	  	  
	
AB Sciex

	  	
ABI 5500 QTRAP LC/MS/MS — Model # 5500, Serial # AU23751008. [Invoice # 400022349]

	  	  	  
	
AB Sciex

	  	
HPLC/API 4000 Mass Spec (2 Units) — Model # 4000, Serial Nos. J1030110 and J2480202. [Invoice # 400025969]

	  	  	  
	
Hitachi

	  	
Total Amino Acid Analyzer — Model # L-8900, Serial # 2145-003. [Invoice # 83015295]

	  	  	  
	
AB Sciex

	  	
Transformer (HPLC/API 4000 related equipment) — Serial Nos. 27860523 and 27860524. [Invoice # 400026283]

	  	  	  
	
Thermo Fisher

	  	
Watson LIMS Software [Invoice # 01-77694]

	  	  	  
	
Waters

	  	
Synapt G2 HDMS 8k with UPLC (Serial # UCA229)

	  	  	  
	
AB Sciex

	  	
Hotfixes (HPLC/API related equipment/software) [Invoice # 400026481]

	  	  	  
	
AB Sciex

	  	
Pump, auto sampler, etc. (Invoice 400027024)

	  	  	  
	  	  	
Pumps: Model #LC-20AD (Serial #L20104853838, #L20104853839, #L20104853845 & #L20104853846)

	  	  	  
	  	  	
Autosamplers: Model #SIL-20AC HT (Serial #L20354855845 & #L20354855847)

	  	  	  
	  	  	
Communication modules: Model #CBM-20A (Serial #L20234852691 & #L20234852713)

	  	  	  
	  	  	
Column ovens: Model #CTO-20AC (Serial #L20214750719 &#L20214750722)

	  	  	  
	  	  	
Degassers: Model #DGO-20A3 (Serial #SSI-3-1745 & #SSI-3-1766)

 

3383744.1

Amended and Restated Security Agreement

  

 

  

 

FIRST AMENDMENT TO LOAN AGREEMENT

 

This Amendment, is made and entered into on the 10th day of December, 2010, by and between PROTEA BIOSCIENCES, INC., a Delaware corporation (the “Company”) and the WEST VIRGINIA ECONOMIC DEVELOPMENT AUTHORITY, a West Virginia public corporation (the “WVEDA”).

 

WHEREAS, the Company and the WVEDA entered into that certain Loan Agreement dated October 21, 2010 (the “Loan Agreement”) whereby the Company obtained from the WVEDA a term loan in the original principal amount of $900,000 (the “Loan”); and

 

WHEREAS, the Company and the WVEDA have agreed to amend the Loan Agreement (i) to reduce the grace period provided in D.l.a. of the Loan Agreement from 30 days to 10 days to be consistent with the Loan Agreement relating to the loan made by the West Virginia Infrastructure and Jobs Development Council on the date hereof in the amount of $900,000; (ii) to add an additional Event of Default relating to defaults by the Company with respect to indebtedness other than the Loan; and (iii) to add a provision with respect to the imposition of a late fee on late payments made by the Company.

 

NOW, THEREFORE, WITNESSETH: That for valuable considerations, the mutual receipt and sufficiency of which are hereby acknowledged, the parties covenant and agree that the Loan Agreement shall be amended as follows:

 

1.         Paragraph D. 1 (a) of the Loan Agreement is amended to read as follows:

 

(a)       Failure by the Company to pay any amounts required to be paid under this Loan Agreement at the times specified herein and such failure shall continue for a period of ten (10) days after the same has become due;

 

2.         Paragraph D.l. of the Loan Agreement is amended to add a new subparagraph (g) as follows:

 

(g)       The Company shall fail to pay as and when due any installment of principal or interest due on, or shall otherwise be in default under, any indebtedness or other obligations owed to any creditor of the Company (including, without limitation, the WVIJDC, the WVEDA with respect to any other loan by the WVEDA to the Company whether made prior to or after the date hereof, or any other lender of creditor

 

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3.           In order to provide for the amendment set forth in 2. above, the “or” at the end of D. 1(e) is hereby deleted and the “.” at the end of D. 1(f) is hereby replaced with “; or”.

 

4.           Paragraph D.2. of the Loan Agreement is amended to add a new subparagraph (d) as follows:

 

(d)        Any payment due to the WVEDA under this Loan Agreement and not made within ten (10) days of its due date may be subject to a late payment charge equal to five percent (5%) of the monthly payment due. An additional five percent (5%) may be charged for each successive month the payment remains past due. All such late payment charges may be imposed by the WVEDA in its sole and absolute discretion, and shall apply individually to all payments due and there shall be no daily pro-rate adjustment. All late charges accrue to the benefit of the WVEDA and are in addition to, not in lieu of, the continuing accrual of interest.

 

Except as expressly modified or amended as provided herein, the Loan Agreement shall remain in full force and effect.

 

WITNESS the following signatures as of the date first written above.

	  	
PROTEA BIOSCIENCES, INC.

	  	  	 	  	 
	  	
By:

	 	/s/ Stephen Turner
	  	  	 	
Its:   

	CEO
	  	  	 	  	 
	  	
WEST VIRGINIA ECONOMIC

	  	
DEVELOPMENT AUTHORITY

	  	  	 	  	 
	  	
By:

	 	/s/ David A. Warner
	  	  	 	
David A. Warner

	  	  	 	
Its:   

	Executive Director 

 

3383916.1

  

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DEFINITIONS. In this Agreement, the following terms have the following meanings.

Accounting Terms. Accounting terms that are nor specifically defined will have their customary meanings under consistently applied generally accepted accounting principles.

Loan. Loan refers to all advances made under the terms of this Agreement.

Loan Documents. Loan Documents include this Agreement and all documents prepared pursuant to the terms of this Agreement including all present and future romissory notes (Notes), security instruments, guaranties, and supporting documentation as modified, amended or supplemented.

Property. Property is any collateral, real, personal or intangible, that secures Borrower's performance of the obligations of this Agreement.

ADVANCES. To the extent permitted by law, Borrower will indemnify Lender and hold Lender harmless for reliance on any request for advance that Lender reasonably believes to be genuine. Lender's records are conclusive evidence as to the number and amount of advances and the Loan's unpaid principal and interest. If any advance results in an overadvance (when the total amount of the Loan exceeds the principal balance) Borrower will pay the overadvance, as requested by Lender. Regarding Borrower's demand deposit accounts) with Lender, Lender may, at its option, consider presentation for payment of a check or other charge exceeding available funds as a request for an advance under this Agreement. Any such payment by Lender will constitute an advance on the Loan.

CONDITIONS. Borrower will satisfy all of the following conditions before Lender makes any advances under this Agreement. If this Agreement provides for discretionary advances, satisfaction of these conditions does not commit Lender to making advances.

 

No Default. There has not been a default under the Loan Documents nor would a default result from making the advance.

Information.   Borrower has provided   all required  documents,   information, certifications and warranties, all properly executed on forms acceptable to Lender.

Inspections. Borrower has accommodated, to Lender's satisfaction, all inspections.

Conditions and Covenants. Borrower has performed and complied with all conditions required for an advance and all covenants in the Loan Documents.

Warranties and Representations. The warranties and representations contained in this Agreement are true and correct at the time of making the advance.

Financial Statements. Borrower's most recently delivered financial statements and reports are current, complete, true and accurate in all material respects and fairly represent Borrower's financial condition.

Bankruptcy Proceedings. No proceeding under the United States Bankruptcy Code has been commenced by or against Borrower or any of Borrower's affiliates.

WARRANTIES AND REPRESENTATIONS. Borrower makes these warranties and representations which will continue as long as this Agreement is in effect.

Power. Borrower is duly organized, validly existing and in good standing in all jurisdictions in which Borrower operates. Borrower has the power and authority to enter into this transaction and to carry on its business or activity as it is now being conducted. All persons who are required by applicable law and the governing documents of Borrower have executed and delivered to Lender this Agreement and other Loan Documents.

Authority. The execution, delivery and performance of this Agreement and the obligation evidenced by the Loan Documents are within Borrower's duly authorized powers, has received all necessary governmental approval, will not violate any provision of law or order of court or governmental agency, and will not violate any agreement to which Borrower is a party or to which Borrower or Borrower's property is subject.

Name and Place of Business. Other than previously disclosed in writing to Lender, Borrower has not changed its name or principal place of business within the last ten years and has not used any other trade or fictitious name. Without Lender's prior written consent, Borrower will not use any other name and will preserve Borrower's existing name, trade names and franchises.

No Other Liens. Borrower owns or leases all property that is required for its business and except as disclosed, the property is free and clear of all liens, security interests, encumbrances and other adverse interests.

Compliance With Laws. Borrower is not violating any laws, regulations, rules, orders, judgments or decrees applicable to Borrower or its property, except as disclosed to Lender.

Financial Statements. Borrower represents and warrants that all financial statements Borrower provides fairly represent Borrower's financial condition for the stated periods, are current, complete, true and accurate in all material respects, include all direct or contingent liabilities, and that there has been no material adverse change in Borrower's financial condition, operations or business since the date the financial information was prepared.

COVENANTS. Until the Loan and all related debts, liabilities and obligations under the Loan Documents are paid and discharged. Borrower will comply with the following terms, unless Lender waives compliance in writing.

Inspection and Disclosure. Borrower will allow Lender or its agents to enter any of Borrower's premises during mutually agreed upon times, to do the following: (1) inspect, audit, review and obtain copies from Borrower's books, records, orders, receipts, and other business related data; (2) discuss Borrower's finances and business with anyone who claims to be Borrower's creditor; (3) inspect Borrower's Property, audit for the use and disposition of the Property's proceeds; or do whatever Lender decides is necessary to preserve and protect the Property and Lender's interest in the Property. As long as this Agreement is in effect, Borrower will direct all of Borrower's accountants and auditors to permit Lender to examine and make copies of Borrower's records in their possession, and to disclose to Lender any other information that they know about Borrower's financial condition and business operations. Lender may provide Lender's regulator with required information about Borrower's financial condition, operation and business or that of Borrower's parent, subsidiaries or affiliates.

Business Requirements. Borrower will preserve and maintain its present existence and good standing in jurisdictions where Borrower is organized and operates. Borrower will continue its business or activities as presently conducted, by obtaining licenses, permits and bonds where needed. Borrower will obtain Lender's prior written consent before ceasing business or engaging in any line of business that is materially different from its present business.

 

Compliance with Laws. Borrower will not violate any laws, regulations, rules, orders, judgments or decrees applicable to Borrower or Borrower's property, except for those which Borrower challenges in good faith through proper proceedings after providing adequate reserves to fully pay the claim and its appeal should Borrower lose. On request, Borrower will provide Lender with written evidence that Borrower has fully and timely paid taxes, assessments and other governmental charges levied or imposed on Borrower and its income, profits and property. Borrower will adequately provide for the payment of taxes, assessments and other charges that have accrued but are not yet due and payable.

 

New Organizations. Borrower will obtain Lender's written consent before organizing, merging into, or consolidating with an entity; acquiring all or substantially all of the assets of another; or materially changing legal structure, management, ownership or financial condition.

 

Other Liabilities. Borrower will not incur, assume or permit any debt evidenced by notes, bonds or similiar obligations except debt in existence on the date of this Agreement and fully disclosed to Lender; debt subordinated in payment to Lender on terms acceptable to Lender; accounts payable incurred in the ordinary course of business and paid under customary trade terms or contested in good faith with reserves satisfactory to Lender; or as otherwise agreed to by Lender.

 

Notice. Borrower will promptly notify Lender of any material change in financial condition, a default under the Loan Documents, or a default under any agreement with a third party which materially and adversely affects Borrower's property, operations or financial condition.

 

Dispose of No Assets. Without Lender's prior written consent, Borrower will not sell, lease, assign, or otherwise distribute all or substantially all of its assets.

Insurance. Borrower will obtain and maintain insurance with insurers in amounts and coverages that are acceptable to Lender and customary with industry practice. This may include without limitation credit insurance, insurance policies for public liability, fire, hazard and extended risk, workers compensation, and, at Lender's request, business interruption and/or rent loss insurance. Borrower may obtain insurance from anyone Borrower wants that is acceptable to Lender. Borrower's choice of insurance provider will not affect the credit decision or interest rate. At Lender's request, Borrower will deliver to Lender certified copies of all of these insurance policies, binders or certificates. Borrower will obtain and maintain a mortgagee or loss payee endorsement for Lender when these endorsements are available. Borrower will require all insurance policies to provide at least 10 days prior written notice to Lender of cancellation or modification. Borrower consents to Lender using or disclosing information relative to any contract of insurance required for the Loan for the purpose of replacing this insurance. Borrower also authorizes its insurer and Lender to exchange all relevant information related to any contract of insurance executed as required by any Loan Documents.

Property Maintenance. Borrower will keep property that is necessary or useful in its business in good working condition by making all needed repairs, replacements and improvements and by making payments due on the property.

DEFAULT. If the Loan is payable on demand, Lender may demand payment at any time whether or not any of the following events have occurred. Borrower will be in default if any one or more of the following occur. (1) Borrower fails to make a payment in full when due. (2) Borrower makes an assignment for the benefit of creditors or becomes insolvent, either because Borrower's liabilities exceed its assets or Borrower is unable to pay debts as they become due; or Borrower petitions for protection under any bankruptcy, insolvency or debtor relief laws, or is the subject of such a petition or action and fails to have the petition or action dismissed within a reasonable period of time. (3) Borrower fails to perform any condition or to keep any promise or covenant on this Agreement or any debt or agreement Borrower has with Lender. (4) A default occurs under the terms of any instrument evidencing or pertaining to this Agreement. (5) If Borrower is a producer of crops, Borrower fails to plant, cultivate and harvest crops in due season. (6) Any loan proceeds are used for a purpose that will contribute to excessive erosion of highly erodible land or to the conversion of wetlands to produce an agricultural commodity, as further explained by federal law. (7) Anything else happens that either significantly impairs the value of the Property or, unless controlled by the New Jersey Banking Law, causes Lender to reasonably believe that Lender will have difficulty collecting the Loan.

REMEDIES. After Borrower defaults, and after Lender gives any legally required notice and opportunity to cure, Lender may at its option use any and all remedies Lender has under state or federal law or in any of the Loan Documents, including, but not limited to, terminating any commitment or obligation to make additional advances or making all or any part of the amount owing immediately due. Lender may set-off any amount due and payable under the terms of the Loan against Borrower's right to receive money from Lender, unless prohibited by applicable law. Except as otherwise required by law, by choosing any one or more of these remedies Lender does not give up Lender's right to use any other remedy. Lender does not waive a default if Lender chooses not to use a remedy, and may later use any remedies if the default continues or occurs again.

COLLECTION EXPENSES AND ATTORNEYS' FEES. To the extent permitted by law, Borrower agrees to pay all expenses of collection, enforcement and protection of Lender's rights and remedies under this Agreement. Expenses include, but are not limited to, reasonable attorneys' fees including attorney fees as permitted by the United States Bankruptcy Code, court costs and other legal expenses. These expenses will bear interest from the date of payment until paid in full at the contract interest rate then in effect for the Loan. FL: Attorneys' fees will be 10 percent of the principal sum due or a larger amount as the court judges as reasonable and just. GA: Attorneys' fees will be 15 percent of the principal and interest owing.

GENERAL PROVISIONS. This Agreement is governed by the laws of the jurisdiction where Lender is located, the United States of America and to the extent required, by the laws of the jurisdiction where the Property is located.

Joint And Individual Liability And Successors. Each Borrower, individually, has the duty of fully performing the obligations on the Loan. Lender can sue all or any of the Borrowers upon breach of performance. The duties and benefits of this Loan will bind and benefit the successors and assigns of Borrower and Lender.

Amendment, Integration And Severability. The Loan Documents may not be amended or modified by oral agreement. Borrower agrees that any party signing this Agreement as Borrower is authorized to modify the terms of the Loan Documents. Borrower agrees that Lender may inform any party who guarantees this Loan of any Loan accommodations, renewals, extensions, modification, substitutions, or future advances. The Loan Documents are the complete and final expression of the understanding between Borrower and Lender. If any provision of the Loan Documents is unenforceable, then the unenforceable provision will be severed and the remaining provisions will be enforceable.

Waivers And Consent. Borrower, to the extent permitted by law, consents to certain actions Lender may take, and generally waives defenses that may be available based on these actions or based on the status of a party to the Loan. Lender may renew or extend payments on the Loan. Lender may release any borrower, endorser, guarantor, surety, or any other co-signer. Lender may release, substitute, or impair any Property securing the Loan. Lender's course of dealing, or Lender's forbearance from, or delay in, the exercise of any of Lender's rights, remedies, privileges, or right to insist upon Borrower's strict performance of any provisions contained in the Loan Documents, will not be construed as a waiver by Lender, unless the waiver is in writing and signed by Lender. Lender may participate or syndicate the Loan and share any information that Lender decides is necessary about Borrower and the Loan with the other participants.

Interpretation. Whenever used, the singular includes the plural and the plural includes the singular. The section headings are for convenience only and are not to be used to interpret or define the terms of this Agreement. Unless otherwise indicated, the terms of this Agreement shall be construed in accordance with the Uniform Commercial Code.

Notice. Unless otherwise required by law, any notice will be given by delivering it or mailing it by first class mail to the appropriate party's address listed in this Agreement, or to any other address designated in writing. Notice to one party will be deemed to be notice to all parties. Time is of the essence.

 

 © 1998 Bankers Systems, Inc., St. Cloud, MN Form COMM-AGREE 7/1/2004

 

  

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