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LOAN AND SECURITY AGREEMENT <br />Page5of7 <br />14. The Borrower further represents to the Company and acknowledges that the following things are <br />true: <br />14.1 No financing statement, other than those financing statement(s) on file with the North Carolina <br />Secretary of State at the date of execution of this Agreement and described in Exhibit D, <br />covers the Collateral; there is no adverse lien or security interest in the Collateral; that <br />Borrower has the right to transfer a security interest in the Collateral; and that the Borrower <br />will defend the title to the Collateral and its proceeds against the claims of others <br />14.2 The Borrower’s correct address appears below its signature to this Agreement <br />14.3 The Company may act as attorney for Borrower in adjusting any insurance coverage and in <br />endorsing any insurance draft and may retain for the satisfaction of the Borrower’s obligation <br />any insurance proceeds and/or unearned premium on such insurance. <br />14.4 All information supplied and statements made by or in support of the Borrower in its <br />application for this credit are true and correct. <br />14.5 Any loss or destruction of the Collateral shall not release the Borrower from the payment and <br />performance of its obligations under this Agreement. <br />14.6 The Borrower has only one place of business in North Carolina and that place of business is <br />in Orange County. <br />14.7 If more than one Borrower executes this Agreement, their obligations under this Agreement <br />shall be joint and several. <br />PART FIVE-THE COMPANY’S POLICIES AND PROCEDURES <br />15. The Borrower has been given a copy of the Company’s Policies and Procedures, and has been <br />given an opportunity to review the policies and procedures and ask questions about them. The <br />Borrower will not use the loan proceeds for any purpose that the Company’s policies and <br />procedures say is an improper use of the loan proceeds. <br />16. If at any time the Borrower has any questions about whether a particular use of the loan proceeds <br />is permitted, or has any other questions about the policies and procedures or the terms of the loan <br />documents (or wants to request any changes or any permission to vary the terms), Borrower will <br />ask the Company for the desired information. The Borrower recognizes that it is the Borrower’s <br />responsibility to comply with the policies and procedures and the terms of the loan documents, and <br />it is not the Company’s responsibility to make sure the Borrower either understands the terms or <br />complies with the terms. The Company may take action against the Borrower if the Borrower fails <br />to comply with the policies and procedures and the terms of the loan documents. The Borrower is <br />entitled to rely on a waiver by the Company of a requirement of the policies and procedures and the <br />terms of the loan documents only if that waiver is in writing. <br />PART SIX – OTHER AGREEMENTS BETWEEN THE PARTIES <br />17.Communication – <br />17.1 Any communication required or permitted by this Agreement must be in writing. <br />17.2 Any communication under this Agreement shall be sufficiently given and deemed given when <br />delivered by hand or on the date shown as the date of delivery on a United States Postal <br />Service return receipt, if addressed as follows: <br />DocuSign Envelope ID: 13893DB1-E609-41AD-9B91-B891B8DC7CA8