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2020-681-E Economic Dev-OC Small Business Loan program assignment
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2020-681-E Economic Dev-OC Small Business Loan program assignment
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6 <br />make its own credit analysis and decision to enter into this Assignment and Assumption <br />and to purchase Assigned Interest and, on the basis of such documents and information, it <br />has made such analysis and decision independently and without reliance on the <br />Administrative Agent or any other Lender, and (vi) if it is a Foreign Lender, attached <br />hereto is any documentation required to be delivered by it pursuant to the terms of the <br />Loan Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it <br />will, based on such documents and information as it shall deem appropriate at the time, <br />continue to make its own credit decisions in taking or refraining from taking action under <br />the Loan Documents, independently and without reliance on the Assignor or any other <br />Lender, and (ii) it will perform in accordance with their terms all of the obligations that <br />are required to be performed by it as a Lender under the Loan Agreement and the other <br />Loan Documents. <br /> <br />2. Payments. From and after the Effective Date, the Borrowers shall make all <br />payments of principal, interest, fees and other amounts in respect of each Assigned <br />Interest to the Assignee whether such amounts have accrued prior to or on or after the <br />Effective Date. The Assignor and the Assignee shall make all appropriate adjustments in <br />payments made by the Borrowers for periods prior to the Effective Date or with respect to <br />the making of this assignment directly between themselves. Each of the Assignor and the <br />Assignee agrees that it will hold in trust for the other applicable party any interest, fees <br />and other amounts which it may receive to which such other party is entitled pursuant to <br />this clause, and pay to such other party any such amounts which it may receive promptly <br />upon receipt. <br /> <br />3. General Provisions. This Assignment and Assumption shall be binding upon, <br />and inure to the benefit of, the parties hereto and their respective successors and assigns. <br />This Assignment and Assumption may be executed in any number of counterparts, which <br />together shall constitute one instrument. Delivery of an executed counterpart of a <br />signature page of this Assignment and Assumption by facsimile or in electronic (i.e., <br />"pdf" or "tif") format shall be effective as delivery of a manually executed counterpart of <br />this Assignment and Assumption. This Assignment and Assumption and the other Loan <br />Documents and any claim, controversy, dispute or cause of action (whether in contract or <br />tort or otherwise) based upon, arising out of or relating to this Assignment and <br />Assumption and the transactions contemplated hereby and thereby shall be governed by, <br />and construed in accordance with, the law of the State of North Carolina. <br />DocuSign Envelope ID: FA7C7BDD-C4C7-4AE1-9759-C7AD25D46041DocuSign Envelope ID: 53BA0D94-F5D4-433A-AB42-FA145A19D922
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