Orange County NC Website
DocuSign Envelope ID:56COB206-26C6-403B-9D33-D169069A82E4 <br /> LOAN AND SECURITY AGREEMENT <br /> Borrower, or any other company, or to any officer, director, or employee of the <br /> Borrower, or of any such company; <br /> 13.4 For two years after the date of this Agreement, undertake additional debt financing <br /> without prior written consent of the Company, except that this provision shall not <br /> prohibit Borrower from (a) purchase money financing of ordinary and necessary <br /> equipment or (b) credit purchases of inventory. The Company's consent, when <br /> required under this provision, shall not be unreasonably withheld. <br /> 13.5 Permit or suffer to exist any other lien, security interest or encumbrance upon the <br /> Collateral, except for the existing security interest described in Exhibit D and the <br /> security interest created pursuant to this Agreement and any other agreements <br /> delivered by the Borrower pursuant to this Agreement. <br /> 13.6 Use the Collateral for any illegal purposes. <br /> 13.7 Assert a claim or defense held against the Company against any assignee of this <br /> Agreement <br /> 14. The Borrower further represents to the Company and acknowledges that the following <br /> things are true: <br /> 14.1 No financing statement, other than those financing statement(s) on file with the North <br /> Carolina Secretary of State at the date of execution of this Agreement and described in <br /> Exhibit D, covers the Collateral; there is no adverse lien or security interest in the <br /> Collateral; that Borrower has the right to transfer a security interest in the Collateral; <br /> and that the Borrower will defend the title to the Collateral and its proceeds against <br /> 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 <br /> and in endorsing any insurance draft and may retain for the satisfaction of the <br /> Borrower's obligation any insurance proceeds and/or unearned premium on such <br /> 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 <br /> payment and performance of its obligations under this Agreement. <br /> Page 6 of 9 <br />