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<br />, <br />i <br /> <br />~.. <br /> <br />reasonable attorney fees. In the event of any bankruptcy or similar proceedings, costs of <br />collection shall include all costs and attorney fees incurred in connection with such <br />proceedings, including the fees of counsel for attendance at meetings of creditors' <br />committees or other committees. <br /> <br />6. Warranties. <br /> <br />a. The BORROWER warrants that, by acceptance of the loan money pursuant to the terms <br />of this contract and by the BORROWER'S representations herein, the BORROWER shall be <br />estopped from asserting for any reason that it is not authorized or obligated to repay the <br />loan money to the STATE as required by this contract, <br /> <br />b, The BORROWER warrants that it has full power and authority to enter into this contract. <br />The execution and delivery of this contract and the performance and observation of its <br />terms, conditions and obligations have been duly authorized by all necessary actions of <br />the BORROWER. <br /> <br />c, The BORROWER warrants that it has not employed or retained any company or person, <br />other than a bona fide employee working solely for the BORROWER, to solicit or secure this <br />contract and has not paid or agreed to pay any person, company, corporation, individual, <br />or firm, other than a bona fide employee, any fee, commission, percentage, gift, or other <br />consideration contingent upon or resulting from the award or the making of this contract. <br /> <br />d. The BORROWER warrants that the security identified in the Pledge of Revenues and <br />Collateral Provisions of this contract is not encumbered by any liens of any party other <br />than the STATE or in any other manner. <br /> <br />7. Pledge of revenues. The BORROWER agrees that the specific revenues to be pledged to <br />repay the STATE shall include, but not be limited to, assessments levied for that purpose as authorized <br />by resolutions of the BORROWER, revenues derived from handling fees paid to the BORROWER under the <br />1987 Agreement, and any other funds legally available to BORROWER to repay the STATE, <br />Furthermore, BORROWER agrees that <br /> <br />a. Revenues for this loan are to be kept separate. The BORROWER hereby pledges such <br />revenues to repay the STATE loan, agrees that these revenues shall be set aside and kept <br />in an account separate from other BORROWER revenues, and warrants that these revenues <br />shall not be used for any other purpose. <br /> <br />b. Establish security interest in the revenues, The BORROWER agrees that, in order to <br />provide a security interest to the STATE in the pledged revenues so that the STATE shall <br />have priority over all other competing claims for said revenues, it shall provide completed <br />and properly executed Uniform Commercial Code Security Agreement and Financing <br />Statements, hereinafter referred to as UCC DOCUMENTS, attached as APPENDIX Band <br />incorporated herein. <br /> <br />c. Assessments for repayment of the loan. The BORROWER shall, pursuant to its statutory <br />authority, articles of incorporation and by-laws, and as authorized by its resolutions, <br />annually seek from its shareholders sufficient assessments, and take all other necessary <br />actions consistent therewith to levy assessments sufficient to pay this contract loan in a <br />timely manner and as required by the terms and conditions of this contract, Should the <br />shareholders fail to set any such assessments, the BORROWER shall make adequate <br />assessments for the purpose of repaying its obligations under this contract pursuant to ~ <br /> <br />Tremont Mutual Ditch Company <br /> <br />Page 4 of 10 <br /> <br />Loan Contract <br />