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LOAN AND SECURITY AGREEMENT Z
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THIS LOAN AND SECURITY AGREEMENT. made and entered into
thie 24th. day of September, 1975, by and between SUN BANK OF ST. LUCIE
COUNTY, a Florida b anking corporation. having its principal banking house
in Fort Pierce, St. Lucie County, Florida. hereinafter referred to as "Bank", and
INDIAN RIVER FOODS, INC. , a Florida corporation authorized to do business in
Florida, with its principat place of business located on Selvitz Road, in Fort Pierce,
Florida, said corporation being hereinafter referred to as "Borrower" .
WITNESSETH:
WHEREAS, Borrower ha~s applied to Bank for a loan or loans of money
to be secured by its accounts and contract rights, and
~'HEREAS, Bank has agreed to make said loan or loans provided that
certain conditions hereinafter outlined are fully complied with;
. NOW, THEREFORE, the parties hereto agree as follows:
- 1. As used herein: (a) "Account" means an imrnediate right to payment
for goods sold or for goods leased or for services rendered, or any of them, by
its operation or business, and includes a right to payment which has been earned
i under a contract right, "Qualified account" means an account which has been due
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j less than sixty (60) days on domestic sales, and due less than ninety (90) days on
international sales, provided however, that any accounts with respect~to which the
account debtors are officers, employezs, or agents of Borrower, or are firms,
persons or corporations controlled by or under control of or affiliated with
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Borrower and any inter-company accounts shall not be deer:ied qualified accounts;
(b) "Contract right" means a right of Borrower in its operation or business,
to payment under a contract not yet earned by performance (c) "Goods means
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~ all articles of tangible personal property, sold, supplied or otherwise disposed of,
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~ (d) "Purchaser" includes the buyer of goods from Borrower, the customer for
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whom services have been rendered or materials furnished by Borr we ,
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~ z party with whom Borrower has contracted; (e) "Borrower" includes the
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corporation executing this agreement "Security interest" means an interest
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_ in property which secures payment or performance of an obligation; (i) "Liability
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