2005-06-22 CC Packet - Laserfiche WebLink

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Development Loan at the price set forth in the Loan Purchase Agreement, together with additional monies supplied to the Closing Agent pursuant to Section 7(b) to fund any discount from par. ( c) Closing Procedure. TCCCF will direct the Escrow Agent to wire transfer closing funds to the Closing Agent on the day of loan closing, provided that TCCCF has determined that all conditions to loan disbursement have been satisfied, other than those conditions the Closing Agent is to detennine have been satisfied pursuant to loan closing instructions provided to the Closing Agent by TCCCF. 9. Withdrawal of Member Funds. At any time after the third anniversary ofits first transfer to the Loan Fund Escrow, a Member may withdraw, without interest, the Member Funds, except for any amounts designated and held as a Credit Reserve (the "Unencumbered Amount"), upon 30 days advance written notice to TCCCF and to the Escrow Agent.lfthe requested withdrawal would reduce Member's Unencumbered Amount to less than $5,000, Member's entire Unencumbered Amount shall be returned to Member, without interest, and its participation in the Program shall thereupon be terminated. 10. Assionment of Interest and Income. Member hereby appropriates and assigns to TCCCF all income and revenue derived from Member Funds on deposit in the Loan Fund Escrow. lbis assigrunent and direction are irrevocable until the member's account no longer has a positive balance. 11. Investments Authorized. Member Funds on deposit in the Loan Fund Escrow shall be invested only in Permitted Investments as specified in the Loan Fund Escrow Agreement. 12. Escrow Agent Fees and Exoenses. The fees and expenses of the Escrow Agent shall be as provided in the Loan Fund Escrow Agreement, as such fees may be revised from time to time. 13. TCCCF Desi""~ted as Agent of Member. Member hereby irrevocably designates TCCCF as its agent during the term of this Agreement and any extensions thereof with respect to the following matters: (a) To take such steps as reasonably necessary to allow TCCCF to carry out the directions given by Member pursuant to this Agreement and the Loan Fund Escrow Agreement; (b) To provide directions to Escrow Agent with respect to the disbursement, administration, and investment of monies held in the Loan Fund Escrow within the limitations set forth in the Loan Fund Escrow Agreement; and (c) To establish and from time-to-time modify Escrow Agent's compensation and expense reimbursement as provided under the Loan Fund Escrow Agreement. 14. Term and Termination. Unless earlier terminated as provided herein, this Agreement shall be for an initial term that ends on the third anniversary date of Member's first deposit of monies into the Loan Fund Escrow, and shall automatically renew for successive terms of one year each. TCCCF reserves the right to terminate Member's participation at any time by action of TCCCF's Board of Directors. Member may terminate its participation at any time on thirty (30) days' written notice to TCCCF. However, such termination during the initial term shall be subject to the limitations on withdrawal of Member Funds set out in Section 9. 3 /SiP