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defined in that contract, as well as a first lien interest in MVIC's May Lateral Pipeline Project <br />( "CWCB Loan Contract 2). <br />C. In 2007, MVIC and CWCB executed Loan Contract C150251 under which MVIC <br />borrowed $2,979,826, at an interest rate of 2.25% annually from CWCB for 30 years. In addition <br />to other security MVIC pledged to CWCB as security for repayment a position of parity in <br />MVIC's "Pledged Revenues" ( "CWCB Loan Contract 1), as defined in that Contract. DWCD <br />agreed to the parity pledge by MVIC for the CWCB Loan Contract 1. <br />D. The parties desire to enter into a new parity agreement regarding CWCB Loan <br />Contract 2. <br />NOW, THEREFORE, DWCD, MVIC and CWCB hereby agree, subject to the terms and <br />conditions set forth below, as follows: <br />The CWCB's lien interest in MVIC's "Pledged Revenues," under CWCB Loan Contract <br />2, shall be on parity with DWCD's existing lien interest in MVIC's "annual and special <br />assessments collected from the landowners of [MVIC] ". In the event of a default by MVIC, <br />under its payment obligations to either DWCD or the CWCB, DWCD and the CWCB will divide <br />the available MVIC "Pledged Revenues" on a pro -rata basis, based on MVIC's payments due <br />DWCD and CWCB for the year of any MVIC default. <br />2. MVIC agrees that the phrase "the proceeds of annual and special assessments," in the <br />D/M and T/HC Contracts for the purpose of securing payments only to DWCD, includes <br />MVIC's account fees owed MVIC by MVIC's shareholders. <br />7 <br />