HomeMy WebLinkAbout0932 Aqreements have been or are given are hereinafter collectively
referred to as the "Purchasers".
2._ Borrower and the Other Weston Entities hereby assign,
transfer an~ set over unto Bank all of their right, title and
interest in and to the Additional Collateral and all the riqhts
and benefits therefrom as security for the full, timely and
faithful repayment by the Borrower arid the Other Weston F.nt it ies
.of the Loan and performance by Borrower and the Other Weston
Fntities of all of its obligations under the Loan Documents.
3. Until the occurrence of an Event of Default under the
Loan Documents, Borrower and the Other West~n Entities may retain,
use and enjoy the benefits of the Additional Collateral. After
the occurrence of an Event of Default as aforesaid, Bank may ~
enforce this Assignment by notifying Borrower and the Other - j
Weston E;ntities by registered ~or certified mai~ sent to the j
address hereinafter prescribed for sending notices. The affidavit {
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or written statement of an officer, agent or attorney of Bank ~
stating that there has been a default shall constitute conclusive
evidence thereof, and any of the Governmental Authorities,
, Contractors or Purchasers or any other person is a~thorized and
' directed to rely thereon.
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` 4. Borrower and the Other Weston Entities agree faithful~y
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to observe and perEorm all of the obligations and agreements ,
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E imposed ugon Borrower and the Other :~Ieston Gntities under the
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€ Licenses, Contracts and Sales Agreements. Erom and after the date
hereof, no Contract, License or Sales Agreement may be altered,
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~ a;~ended or cancelled, and no new Contract or Sales Agree,nent may
~ be entered into except in accordance witn the Loan Agreement.
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~ 5. Bank will not be deemed in any manner to have assumed any ~
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of the Additional Collateral, nor shall Bank be liable to Govern-
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?nQntal Authorities, Contractors or Purchasers by reason ef any de-
_ fault by any party under the Licenses, Contracts or S31es Aqree-
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3n~K',66 P!cE JJ~
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