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DocuSign Envelope ID: E51FEDB4-DE67-4E2D-A34B-153D3BEADB7E <br /> LOAN AND SECURITY AGREEMENT <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 (if <br /> applicable), covers the Collateral; there is no adverse lien or security interest in the Collateral; <br /> that Borrower has the right to transfer a security interest in the Collateral; and that the <br /> Borrower 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 /> Page 5 of 7 <br />