WHEREAS in order to refinance its outstanding indebtedness Nelson Acquisition

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Abigail Dean
10 years ago
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1 RESOLUTION 2005 WHEREAS pursuant to a Secured Promissory Note The City of Logansport IN Lender loaned to Nelson Acquisition LLC Debtor said Promissory Note being dated December 30th 2003 and WHEREAS Nelson Acquisition LLC executed a General Security Agreement securing said loan of said Security Agreement being dated December 30th 2003 and WHEREAS Nelson Acquisition LLC has secured refinancing from additional sources one of said sources being Eagle Creek Capital LLC Eagle Creek WHEREAS in order to refinance its outstanding indebtedness Nelson Acquisition LLC has requested that the City oflogansport subrogate said secured loan to the funding agreement with Eagle Creek Capital LLC THEREFORE it is hereby resolved by The City of Logansport as follows In consideration of Eagle Creek Capital LLC Eagle Creek entering into a Revolving Accounts Receivable Funding Agreement with Nelson Acquisition LLCdba Nelson Tube Company Debtor and for other valuable consideration the receipt and sufficiency ofwhich is hereby acknowledged The City of Logansport the Lender hereby subordinates to Eagle Creek any and all right title and interest Lender may have in any and all of Debtor s Assets whether said Assets are now existing or hereafter created the Collateral including without limitation the following Accounts Inventory and Equipment as those terms are defined in the Indiana Uniform Commercial Code in effect onthe date ofthis filing or as amended orrevised from time to time whether the foregoing are now owned or hereafter acquired and wherever located and the products and proceeds ofthe foregoing The Collateral specifically includes without limitation Debtor s rights to any and all returned or repossessed personal property from Account Debtors and also shall include all rights of replevin reclamation and stoppage in transit and all rights as a seller of goods

secured refinancing from additional sources one of said sources being Eagle Creek Capital LLC Eagle Creek WHEREAS in order to refinance its outstanding indebtedness Nelson Acquisition LLC has

3 The subordination and priorities established by this Agreement shall prevail irrespective of the time order manner or method of Creation attachment or perfection of the respective security interest and or liens held by Eagle Creek and the Lender Lender agrees that Eagle Creek may file appropriate UCC form in connection with the above PASSEDANDRESOLVED BY THE COMMONCOUNCIL OF THE CITYOF LOGANSPORT INDIANA this dayof 200 Nolan Skip Kuker City of Logansport Common Council Ruth Effen BlandClerk Treasurer Submitted to approved by and signed by me the Mayor of the City of Logansport Indiana thist day of A2 o 200 Michael E Fincher Mayor

connection with the above PASSEDANDRESOLVED BY THE COMMONCOUNCIL OF THE CITYOF LOGANSPORT INDIANA this dayof 200 Nolan Skip Kuker City of Logansport Common

5 THE CITY OF LOGANSPORT In consideration of Eagle Creek Capital LLC Eagle Creek entering into a Accounts Revolving Receivable Funding Agreement with Nelson Acquisition LLCdba Nelson Tube Company Debtor and for other valuable consideration the receipt and sufficiency of which is hereby acknowledged The City of Logansport the Lender hereby subordinates to Eagle Creek any and all right title and interest Lender may have in any and all of Debtor s Assets whether said Assets are now existing or hereafter created the Collateral including without limitation the following Accounts Inventory and Equipment as those terms are defined in the Indiana Uniform Commercial Code in effect on the date ofthis filing or as amended or revised from time to time whether the foregoing are now owned or hereafter acquired and wherever located and the products and proceeds ofthe foregoing The Collateral specifically includes without limitation Debtor s rights to any and all returned or repossessed personal property from Account Debtors and also shall include all rights of replevin reclamation and stoppage in transit and all rights as a seller of goods The subordination and priorities established by this Agreement shall prevail irrespective of the time order manner or method of creation attachment or perfection of the respective security interests and or liens held by Eagle Creek and the Lender Lender agrees that Eagle Creek may file appropriate UCC forms in connection with the above Sincerely Officer name and title Nelson The City of Logansport SUBORDINATION STANDARD doc

and interest Lender may have in any and all of Debtor s Assets whether said Assets are now existing or hereafter created the Collateral including without limitation the following Accounts Inventory

Chapter 32. 32-1 What Is a Secured Credit Transaction? 32-2 How Are Security Interests Perfected and Terminated?

Chapter 32. 32-1 What Is a Secured Credit Transaction? 32-2 How Are Security Interests Perfected and Terminated? Secured and Unsecured Credit Transactions 32-1 What Is a Secured Credit Transaction? 32-2 How Are Security Interests Perfected and Terminated? South-Western, a part of Cengage Learning Slide 1 32-1 What