Document:

exhibi102_120111.htm

Exhibit 10.2

 

 

	
DEBTOR NAME AND ADDRESS

MACC PEI LIQUIDATING TRUST

24040 CAMINO DEL AVION #A307

MONARCH BEACH, CA 92629

 

 

 

Type: o individual o partnership   ocorporation  o   TRUST   

State of organization/registration (if applicable):      DE    

oIf checked, refer to addendum for additional Debtors and signatures.

 

	
SECURED PARTY NAME AND ADDRESS

 

FARMERS & MERCHANTS SAVINGS BANK

200 1ST ST SW

CEDAR RAPIDS, IA 52404

 

COMMERCIAL SECURITY AGREEMENT

The date of this Commercial Security Agreement (Agreement) is 11-07-2011 .

	
  

	
SECURED DEBTS.  This Agreement will secure all sums advanced by Secured Party under the terms of this Agreement and the payment and performance of the following described Secured Debts that (check one)  Debtor  (Borrower) owes to Secured Party:

	
  

	
oSpecific Debts.  The following debts and all extensions, renewals, refinancings, modifications, and replacements (describe):

 

	
  

	
xAll Debts.  All present and future debts, even if this Agreement is not referenced, the debts are also secured by other collateral, or the future debt is unrelated to or of a different type than the current debt.  Nothing in this Agreement is a commitment to make future loans or advances.

 

SECURITY INTEREST.  To secure the payment and performance of the Secured Debts, Debtor gives Secured Party a security interest in all of the Property described in this Agreement that Debtor owns or has sufficient rights in which to transfer an interest, now or in the future, whatever the Property is or will be located, and all proceeds and products of the Property.  “Property” includes all parts, accessories, repairs, replacements, improvements, and accessions to the Property, any original evidence of title or ownership, and all obligations that support the payment of performance of the Property.  “Proceeds” includes anything acquired upon the sale, lease, license, exchange, or other disposition of the Property; any rights and claims arising from the Property; and any collections and distributions on account of the Property.  This Agreement remains in effect until terminated in writing, even if the Secured Debts are paid and Secured Party is no longer obligated to advance funds to Debtor or Borrower.

PROPERTY DESCRIPTION.  The Property is described as follows:

	
  x

	
Accounts and Other Rights to Payment:  All rights to payment, whether or not earned by performance, including, but not limited to, payment for property or services sold, leased, rented, licensed, or assigned.  This includes any rights and interests (including all liens) which Debtor may have by law or agreement against any account debtor or obligor of Debtor.

	
  x

	
Inventory:  All inventory held for ultimate sale or lease, or which has been or will be supplied under contracts of service, or which are raw materials, work in process, or materials used or consumed in Debtor’s business.

	
  x

	
Equipment:  All equipment including, but not limited to, machinery, vehicles, furniture, fixtures, manufacturing equipment, farm machinery and equipment, shop equipment, office and record keeping equipment, parts, and tools.  The Property includes any equipment described in a list or schedule Debtor gives to Secured Party, but such a list is not necessary to create a valid security interest in all of Debtor’s equipment.

	
  x

	
Instruments and Chattel Paper:  All instruments, including negotiable instruments and promissory notes and any other writings or records that evidence the right to payment of a monetary obligation, and tangible and electronic chattel paper.

	
  x

	
General Intangibles:  All general intangibles including, but not limited to, tax refunds, patents and applications for patents, copyrights, trademarks, trade secrets, goodwill, trade names, customer lists, permits and franchises, payment intangibles, computer programs and all supporting information provided in connection with a transaction relating to computer programs, and the right to use Debtor’s name.

	
  x

	
Documents:  All documents of title including, but not limited to, bills of lading, dock warrants and receipts, and warehouse receipts.

	
  x

	
Farm Products and Supplies:  All farm products including but not limited to, all poultry and livestock and their young, along with their produce, products, and replacements; all crops, annual or perennial, and all products of the crops; and all feed, seed, fertilizer, medicines, and other supplies used or produced in Debtor’s farming operations.

	
  x

	
Government Payments and Programs:  All payments, accounts, general intangibles, and benefits including, but not limited to, payments in kind, deficiency payments, letters of entitlement, warehouse receipts, storage payments, emergency assistance and diversion payments, production flexibility contracts, and conservation reserve payments under any preexisting, current, or future federal or state government program.      

	
x

	
Investment Property:  All investment property including, but not limited to, certificated securities, securities entitlements, securities accounts, commodity contracts, commodity accounts, and financial assets.

 

 

 

Page 1

  

  

  

	
  x

	
Deposit Accounts:  All deposit accounts including, but not limited to, demand, time, savings, passbook, and similar accounts.

	
  x

	
Specific Property Description:  The Property includes, but is not limited by, the following (if required, provide real estate description):

SEE ATTACHED STOCK ASSIGNMENTS & PROMISSORY NOTE ASSIGNMENTS

USE OF PROPERTY.  The Property will be used for o personal   obusiness   oagricultural    o purposes.

	
SIGNATURES.  Debtor agrees to the terms on pages 1 and 2 of this Agreement and acknowledges receipt of a copy of this Agreement.

	
DEBTOR

 

	
SECURED PARTY

	
MACC PEI LIQUIDATING TRUST

	
FARMERS & MERCHANTS SAVINGS BANK

 

	/s/ Kevin J. Gadawski, President	  	/s/ Randy W. Johnson
	NL Strategies, Inc., Managing Trustee	  	
RANDY W JOHNSON

	  	  	
SENIOR VICE PRESIDENT

	  	  	  
	  	  	  

 

	 	GENERAL PROVISIONS.  Each Debtor’s obligations under this Agreement are independent of the obligations of any other Debtor.  Secured Party may sue each Debtor individually or together with any other Debtor.  Secured Party may release any part of the Property and Debtor will remain obligated under this Agreement.  The duties and benefits of this Agreement will bind the successors and assigns of Debtor and Secured Party.  No modification of this Agreement is effective unless made in writing and signed by Debtor and Secured Party.  Whenever used, the plural includes the singular and the singular includes the plural.  Time is of the essence. 

APPLICABLE LAW.  This Agreement is governed by the laws of the state in which Secured Party is located.  In the event of a dispute, the exclusive forum, venue, and place of jurisdiction will be the state in which Secured Party is located unless otherwise required by law.  If any provision of this Agreement is unenforceable by law, the unenforceable provision will be severed and the remaining provisions will still be enforceable.

NAME AND LOCATION.  Debtor’s name indicated on page 1 is Debtor’s exact legal name.  If Debtor is an individual, Debtor’s address is Debtor’s principal residence.  If Debtor is not an individual, Debtor’s address is the location of Debtor’s chief executive offices or sole place of business.  If Debtor is an entity organized and registered under state law, Debtor has provided Debtor’s state of registration on page 1.  Debtor will provide verification of registration and location upon Secured Party’s request.  Debtor will provide Secured Party with at least 30 days’ notice prior to any change in Debtor’s name, address, or state or organization or registration.

WARRANTIES AND REPRESENTATIONS.  Debtor has the right, authority, and power to enter into this Agreement.  The execution and delivery of this Agreement will not violate any agreement governing Debtor or 

	 	
Debtor’s property, or to which Debtor is a party.  Debtor makes the following warranties and representations which continue as long as this Agreement is in effect:

    (1)   Debtor is duty organized and validly existing in  all jurisdictions

     in which Debtor does business;

    (2)    the execution and performance of the terms of this Agreement have

     been duly authorized, have received all necessary governmental

     approval, and will not violate any provision of law or order

    (3)    other than previously disclosed to Secured Party, Debtor has not

     changed Debtor’s name or principal place of business within the last

             10 years and has not used any other trade or fictitious name; and

    (4)    Debtor does not and will not sue any other name without 

     Secured Party’s prior written consent. 

Debtor owns all of the Property, and Secured Party’s claim to the Property is ahead of the claims of any other creditor, except as otherwise agreed and disclosed to Secured Party prior to any advance on the Secured Debtors.  The Property has not been used for any purpose that would violate any laws or subject the Property to forfeiture or seizure.

DUTIES TOWARD PROPERTY.  Debtor will protect the Property and Secured Party’s interest against any competing claim.  Except as otherwise agreed, Debtor will keep the Property in Debtor’s possession at the address indicated on page 1 of this Agreement.  Debtor will keep the Property in good repair and use the Property only for purposes specified on page 1.  Debtor will not use the Property violation of any law and will pay all taxes and assessments levied or assessed against the Property.  Secured Party has the right of reasonable access to inspect the Property, including the right to require Debtor to assemble and make the Property available to Secured Party.  Debtor will immediately notify Secured Party of any loss or damage to the Property.  Debtor will prepare and keep books, records, and accounts about the Property and 

	 
	 	 	 	 	 	 
	 	 	 	 	 	 

 

 

Page 2

 

  

  

  

 

 

	 	Debtor’s business, to which Debtor will allow Secured Party reasonable access.

Debtor will not sell, offer to sell, license, lease, or otherwise transfer or encumber the Property without Secured Party’s prior written consent.  Any disposition of the Property will violate Secured Party’s rights, unless the Property is inventory sold in the ordinary course of business at fair market value.  If the Property includes chattel paper or instruments, either as original collateral or as proceeds of the Property.  Debtor will record Secured Party’s interest on the face of the chattel paper or instruments. 

If the Property includes accounts, Debtor will not settle any account for less than the full value, dispose of the accounts by assignment, or make any material change in the terms of any account without Secured Party’s prior written consent.  Debtor will collect all accounts in the ordinary course of business, unless otherwise required by Secured Party.  Debtor will keep the proceeds of the accounts, and any goods returned to Debtor, in trust for Secured Party and will not commingle the proceeds or returned goods with any of Debtor’s other property.  Secured Party has the right to require Debtor to pay Secured Party the full price on any returned items.  Secured Party may require account debtors to make payments under the accounts directly to Secured Party.  Debtor will deliver the accounts to Secured Party at Secured Party’s request.  Debtor will give Secured Party all statements, reports, certificates, lists of account debtors (showing names, addresses, and amounts owing), invoices applicable to each account, and any other data pertaining to the accounts as Secured Party requests.

If the Property includes farm products, Debtor will provide Secured Party with a list of the buyers, commission merchants, and selling agents to or through whom Debtor may sell the farm products.  Secured Party may notify additional parties regarding Secured Party’s interest in Debtor’s farm products if Secured Party provides Debtor with the name and address of the additional party any time prior to such notification.  Debtor agrees to plant, cultivate, and harvest crops in due season.  Debtor will not use any loan proceeds 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 explained by federal law.

If Debtor pledges the Property to Secured Party (delivers the Property into the possession or control of Secured Party or a designated third party), Debtor will, upon receipt, deliver any proceeds and products of the Property to Secured Party.  Debtor will provide Secured Party with any notices, documents, financial statements, reports, and other information relating to the Property Debtor receives as the owner of the Property.

PERFECTION OF SECURITY INTEREST.  Debtor authorizes Secured Party to file a financing statement covering the Property.  Debtor will comply with, facilitate, and otherwise assist Secured Party in connection with obtaining possession or control over the Property for purposes of perfecting Secured Party’s interest under the Uniform Commercial Code

INSURANCE.  Debtor agrees to keep the Property insured against the risks reasonably associated with the Property until the Property is released from this Agreement.  Debtor 

	 	will maintain this insurance in the amounts Secured Party requires.  Debtor may choose the insurance company, subject to Secured Party’s approval, which will not be unreasonably withheld.  Debtor will have the insurance provider name Secured Party as loss payee on the insurance policy.  Debtor will give Secured Party and the insurance provider immediate notice of any loss.  Secured Party may apply the insurance proceeds toward the Secured Debts.  Secured Party may require additional security as a condition of permitting any insurance proceeds to be used to repair or replace the Property.  If Secured Party acquires the Property in damaged condition, Debtor’s rights to any insurance policies and proceeds will pass to Secured Party to the extent of the Secured Debts.  Debtor will immediately notify Secured Party of the cancellation or termination of insurance.  If Debtor fails to keep the Property insured, or fails to provide Secured Party with proof of insurance, Secured Party may obtain insurance to protect Secured Party’s interest in the Property.  The insurance may include coverages not originally required of Debtor, may be written by a company other than one Debtor would choose, and may be written at a higher rate than Debtor could obtain if Debtor purchased the insurance. 

AUTHORITY TO PERFORM.  Debtor authorizes Secured Party to do anything Secured Party deems reasonably necessary to protect the Property and Secured Party’s interest in the Property.  If Debtor fails to perform any of Debtor’s duties under this Agreement, Secured Party is authorized, without notice to Debtor, to perform the duties or cause them to be performed.  These authorizations include, but are not limited to, permission to pay for the repair, maintenance, and preservation of the Property and take any action to realize the value of the Property.  Secured Party’s authority to perform for Debtor does not create an obligation to perform, and Secured Party’s failure to perform will not preclude Secured Party from exercising any other rights under the law or this Agreement.

If Secured Party performs for Debtor, Secured Party will use reasonable care.  Reasonable care will not include any steps necessary to preserve rights against prior parties or any duty to take action in connection with the management of the Property.

If Secured Party comes into possession of the Property, Secured Party will preserve and protect the Property to the extent required by law.  Secured Party’s duty of care with respect to the Property will be satisfied if Secured Party exercise reasonable care in the safekeeping of the Property or in the selection of a third party in possession of the Property.

Secured Party may enforce the obligations of an account debtor or other person obligated on the Property.  Secured Party may exercise Debtor’s rights with respect to the account debtor’s or other person’s obligations to make payment or otherwise render performance to Debtor, and enforce any security interest that secures such obligations.

PURCHASE MONEY SECURITY INTEREST.  If the Property includes items purchased with the Secured Debts, will remain subject to Secured Party’s security interest until the Secured Debts are paid in full.  Payments on any non-purchase money loan also secured by this Agreement will not be applied to the purchase money loan.  Payments on 

	 
	 	 	 	 	 	 
	 	 	 	 	 	 

 

 

 

Page 3

 

  

  

  

 

 

	 	the purchase money loan will be applied first to the non-purchase money portion of the loan, if any, and then to the purchase money portion in the order in which the purchase money Property was acquired.  If the purchase money Property was acquired at the same time, payments will be applied in the order Secured Party selects.  No security interest will be terminated by application of this formula. 

DEFAULT.  Debtor will be in default if:

    (1)   Debtor (or Borrower, if not the same) fails to make a payment in full when due;

    (2)   Debtor fails to perform any condition or keep any covenant on this or any debt or agreement Debtor has with Secured Party;

    (3)  A default occurs under the terms of any instrument or agreement evidencing or pertaining to the Secured Debts;

    (4)   Anything else happens that either causes Secured Party to reasonably believe that Secured Party to reasonably believe that Secured Party will have difficulty in collecting the Secured Debts or significantly impairs the value of the Property.

 REMEDIES.  After Debtor defaults, and after Secured Party gives any legally required notice and opportunity to cure the default, Secured Party may at Secured Party’s option do any one or more of the following:

    (1)   Make all or any part of the Secured Debts immediately due and accrue interest at the highest post-maturity interest rate;

    (2)  Require Debtor to gather the Property and make it available to Secured Party in a reasonable fashion;

    (3)   Enter upon Debtor’s premises and take possession of all or any part of Debtor’s property to protect Secured Party’s interest, all without payment or compensation to Debtor;

    (4)   Use any remedy allowed by state or federal law, or provided in any agreement evidencing or pertaining to the Secured Debts.

If Secured Party repossesses the Property or enforces the obligations of an account debtor, Secured Party may keep or dispose of the Property as provided by law.  Secured Party will apply the proceeds of any collection or disposition first to Secured Party’s expenses of enforcement, which includes reasonable attorneys’ fees and legal expenses to the extent not prohibited by law, and then to the Secured Debts.  Debtor (or Borrower, if not the same) will be liable for the deficiency, if any.

By choosing any one or more of these remedies.  Secured Party does not give up the right to use any other remedy. Secured Party does not waive a default by not using a remedy.

WAIVER.  Debtor waives all claims for damages caused by Secured Party’s acts or omissions where Secured Party acts in good faith.

NOTICE AND ADDITIONAL DOCUMENTS.  Where notice is required.  Debtor agrees that 10 days prior written notice will be reasonable notice to Debtor under the Uniform Commercial Code.  Notice to one party is notice to all parties.  Debtor agrees to sign, deliver, and file any additional documents and certifications Secured Party considers necessary to perfect, continue, or preserve Debtor’s obligations under this Agreement and to confirm Secured Party’s lieu status on the Property.

 

	 	Debtor’s obligations under this Agreement and to confirm Secured Party’s lieu status on the Property.

	 

 

 

Page 4exhibit103_120111.htm

 

Exhibit 10.3

	 	 Trust Authorization	 

TRUST CERTIFICATIONS. The undersigned, NL STRATEGIES, INC., MANAGING TRUSTEE OF THE LIQUIDATING TRUST (Trustee) (NAME AND Address of Trustee), certify that: the undersigned is/are the current Trustee(s), designated to act on behalf of MACC PEI LIQUIDATING TRUST  (Name of Trust) dated  09-19-2011 and amendments, if any, dated         , Taxpayer Identification Number 45-6510799 (Trust), The Grantors of the Trust are.The beneficiaries of this Trust are (check one)

ýnamed in the Trust Documentation on file  ̈ are as follows:

ýRevocable   ̈ Irrevocable trust. Trust property should be titled as Trustee is authorized and directed to execute an original or a copy of this Authorization to Financial Institution, and anyone else requiring a copy.  This Trust is duly organized, validly existing and in good standing under the laws of, and is duly qualified, validly existing and in good standing in all jurisdictions where Trust operates or owns or leases property. Trust has the power and authority to provide this Authorization, to confer the powers granted in this Authorization and to carry on Trust’s activities as now being conducted.  If Trustee is unable or unwilling to serve as Trustee, then any of the following (in the order indicated)  may serve as a successor trustee  and will become the Trustee on providing  Financial Institution with  properly  authenticated signature or facsimile signature on documentation that is satisfactory to Financial Institution.

______________________________________                            ______________________________________________                                                      

Name and Address of 1st Successor Trustee                                     Name and Address of 2nd Successor Trustee

GENERAL AUTHORIZATIONS.  I certify Trust authorizes and agrees that: FARMERS & MERCHANTS, SAVINGS BANK (Financial Institution) is designated to provide Trust the financial accommodations indicated in this Authorization, subject to the Financial Institution’s rules from time to time.

SPECIFIC AUTHORIZATIONS.  Trustee is authorized to act on behalf of Trust in fulfilling the purposes of this Authorization:

Individual’s Name, Title, & if applicable,                                                                                                Signature or Facsimile Signature

 

Representative Entity’s Name and Relationship to Trust

 

(a)  NL STRATEGIES, INC., MANAGING TRUSTEE BY: KEVIN J.GADAWSKI           /s/ Kevin J. Gadawski                 

 

(b)   _______________________________________________________                    ____________________________________________________                                                         

(c)    _______________________________________________________                   ____________________________________________________                                                    

(d)    _______________________________________________________                                           ______________________________________________________                  

Trust has adopted any facsimile signatures indicated above. Financial Institution may rely on those facsimile signatures that  resemble the specimens within this Authorization or the specimens that Trust periodically  files with  Financial Institution, regardless of by whom  or by what  means the signatures  were affixed.

Trust authorizes and directs the designated Trustee to act, as indicated, on Trust’s behalf to: (Indicate a, b, c and/or d to exercise each specific power):

	
     a   

	
Open or close any share or deposit accounts in Trust’s name, including, without limitation, accounts such as share draft, checking, savings, certificates of deposit or term share accounts, escrow, demand deposit, reserve, and overdraft line-of-credit accounts. Number of signatures required  1

	
     a   

	
Enter  into  and execute any preauthorized electronic transfer agreements for automatic withdrawals, deposits or transfers initiated through an electronic ATM or point-of-sale terminal, telephone, computer or magnetic tape using  an access device like an ATM or debit card, a code or other  similar  means. 1

Number of signatures required 1

	      a   

 

	
Enter into and execute commercial wire transfer agreements that authorize transfers by telephone or other communication systems through the network chosen by Financial Institution. Number of signatures required 1

	
      a   

	
Endorse for cash, deposit, negotiation, collection or discount by Financial Institution any and all checks, drafts, certificates of deposit and other instruments or orders for the payment of money owned or held by Trust. Number of signatures required 1

	
      a   

	
Sign checks or orders for the payment of money, withdraw or transfer funds on deposit with Financial Institution. If Trust authorizes and Financial Institution accepts this power with a multiple signature1

 

 

 

 

  

  

  

	
  

	
limitation, Trust agrees to waive the  multiple signatures requirement for  any  withdrawal in a format that  does not allow Financial Institution an opportunity to examine signatures. Number  of  signatures required 1

	
      a   

	
Enter  into  and execute a written night depository agreement, a lock-box  agreement or a safe deposit box  lease agreement. Number of  signatures required

	
      a   

	
Borrow money  or obtain other  credit or financial accommodation from  Financial Institution on behalf  of  and in the  name  of Trust  on the  terms  agreed  to  with Financial Institution. The designated Trustee may  execute and endorse promissory notes, acceptances or other  evidences of  indebtedness. 0 If  checked, the  maximum outstanding credit limit for  all this  credit and financial accommodation to Trust  from Financial Institution must not  exceed $

	
 

	
Number of  signatures required 1

	
      a   

	
Grant a security interest, lien or other encumbrance to  Financial Institution in any or all real or personal property that  Trust  now  owns or may acquire in the  future for  the payment or performance of:

   ̈Specific Debts.  The  debts,  liabilities and obligations, and their  renewals,

    extensions, refinancing and modifications, evidenced by (describe):

  xAll Debts.  All debts, liabilities and obligations of  every  type  and description owed now  or in the  future by Trust  to Financial Institution.

     Number of signatures required 1

 

N/A      KJG   Guaranty the payment and performance of debts, liabilities and obligations owed to Financial Institution or its successors and assigns by

(Borrower):

	
  

	
 ̈Specific Debts.  The  debts,  liabilities and obligations, and their  renewals,  extensions, refinancing and modifications, evidenced by (describe):

	
  

	
 ̈All Debts. All debts, liabilities and obligations, and  their  renewals, extensions, refinancing and modifications, that  Borrower owes  now  or in the  future to Financial Institution, to  the  extent allowed by law.

           Number  of  signatures required 

	       a   	
The designated Trustee may  also  grant  a security interest, lien or other  encumbrance to Financial Institution  in any or all real or personal property that  Trust  now  owns or may  acquire  in the  future for  the  payment or performance of  this guaranty.

Number of  signatures required 1

	
       a   

	
Receive  and acknowledge receipt for  funds,  whether payable to the order  of  Trust or Trustee, without additional certification as to  the  use of  the proceeds. 

Number of  signatures required 1

	
       a   

	
Periodically amend, restructure, renew, extend, modify, substitute or terminate any agreements or arrangements with Financial Institution that relate to this Authorization.

	
      a     

	
Number of  signatures required 1

Execute other agreements that Financial Institution may require, and perform or cause to be performed anyfurther action necessary to carry out the purposes of this Authorization.

Number of signatures required

	
           

	
Other (specify):

Number of signatures required

       

ADDITIONAL TRUST CERTIFICATIONS.  Financial Institution can  determine whether a Trustee is unable or unwilling to  serve  as Trustee for  this  Authorization by relying on any of  the  following: (a) a certified death certificate of Trustee; (b) a writing signed  by  Trustee or Trustee’s attorney in fact, conservator or guardian stating that Trustee is unable or unwilling to  act  as Trustee; or (c) a writing signed  by a licensed physician stating that Trustee is unable to act as Trustee.

Trust has the power and authority to adopt and provide this Authorization and to confer the powers granted in this  Authorization; the designated Trustee has the  power and authority to exercise the actions specified in this Authorization; and Trust properly adopted these authorizations and appointed the Trustees to act on its behalf. Except as specifically disclosed in this Authorization, transactions entered into under this Authorization require no consent or action by any person other  than  the Trustee. I certify that Trust authorizes and agrees to indemnify Financial Institution for any amounts that Financial Institution pays  in any proceeding about the disbursement of Trust account funds to me or as I otherwise direct. I agree to reimburse Financial Institution for any transfers made at my direction, in whatever capacity or name, that are subsequently determined to be improper or unauthorized by this Trust. Trust will indemnify and I will reimburse Financial Institution for any damages Financial Institution has paid or owes other claimants on Trust account funds, and attorneys’ fees and costs Financial Institution incurred to  resolve any proceeding about  the  disbursement of Trust account funds. I certify that Trust agrees that Financial Institution is not acting as Trustee for the Trust. Financial Institution has assumed no obligation, other than that imposed by law, to  assure  that Trust assets are properly applied when paid to me or properly delivered at my direction.  At Financial Institution’s  request, I will provide Financial Institution with a copy of the Trust documentation and Financial Institution may retain this copy. Financial

  

  

  

Institution’s retention of  Trust  documentation is not a representation as to the Trust’s legality nor does Financial Institution  assume  any obligation to monitor or enforce the  Trust’s terms.

ADDITIONAL GENERAL AUTHORIZATIONS.  All prior transactions obligating Trust to Financial Institution by or on behalf of Trust are ratified by execution of this Authorization. Any Trustee, while acting on behalf of Trust, is authorized, subject to any expressed restrictions, to make all other arrangements with Financial Institution which are necessary for the effective exercise of the powers indicated within this Authorization. The signatures of the Trustees are conclusive evidence of their authority to act on behalf of Trust. Unless otherwise agreed to in writing, this Authorization replaces any earlier related Authorization and will remain effective until Financial Institution receives and records an express written notice of its revocation, modification or replacement. Any revocation, modification or replacement of this Authorization must be accompanied by documentation, satisfactory to Financial Institution, establishing the authority for  the change. Trust agrees not to combine proceeds from collateral securing any debts owed  to Financial Institution with unrelated funds.

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 Authorization.

SIGNATURES. By signing, Trustee certifies and agrees  to the terms contained in this  Authorization (including these  on page  3) on behalf  of  Trust on 11-07-2011  Trustee certifies that the Trust has not been revoked, modified, or amended  in any manner  that would cause  the representations contained in this Authorization to be incorrect. Trustee also acknowledges receipt of a copy  of this Authorization.

Pennsylvania. The designation of a Trustee does not create a power of attorney; therefore, Trustees are not subject to the  provisions of 20 Pa.C.S.A. Section 5601 et seq. (Chapter 56; Decedents, Estates and Fiduciaries Code) unless subject to 20 Pa.C.S.A. through a separate  power of attorney. Any provision that assigns Financial Institution rights to act on behalf of any person or entity is not subject to the provisions of  20 Pa.C.S.A. Section 5601 et seq. ( Chapter 56; Decedents, Estates and Fiduciaries Code).

TRUSTEE:

 

	By:	/s/ Kevin J. Gadawski, President	 By:	 	 
	 	Trustee’s Name NL STRATEGIES, INC., MANAGING TRUSTEE	 	Trustee’s Name	 
	 	 	 	 	 
	By:	 	 By:	 	 
	 	Trustee's Name	 	Trustee's Name	 

 

	
FOR FINANCIAL INSTITUTION USE ONLY

Acct/Loan #                                                                                                 Authorization and agreement completed and effective

            By   RWJ

For the financial Institution.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}]]