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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 /> 1. 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 thesAient of, default by MVIC, <br /> under its payment obligations to either DWCD or the CWC:j 4 WC b" • ; ,' CB will divide <br /> the available MVIC "Pledged Revenues"on a pro-rata basis,+a on I s ib, is due <br /> DWCD and CWCB for the year of any MVIC default. tip <br /> 2. MVIC agrees that the phrase"the proceeds of annual and special ass 9in the <br /> D/M and T/HC Contracts for the purpose of securing payments only to DWCD, inc udes <br /> MVIC's account fees owed MVIC by MVIC's shareholders. <br /> 2 <br />