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REVCARE INC
·
8-K
Sep 12, 2:54 PM ET
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REVCARE INC 8-K
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4
(a) The Senior Lender’s right to receive payments under the New Senior Notes and any renewals, modifications or extensions thereof (including those which increase the loan amount or interest rate, extend the maturity date or change any of the terms and conditions of the Senior Notes);
(b) Rob and Barbara Perez’s right to receive payments under that certain Amended and Restated Secured Promissory Noted dated August 29, 2003, and any renewals, modifications or extensions thereof (including those which increase the loan amount or interest rate, extend the maturity date or change any of the terms and conditions thereof); and
(c) The right of any lender(s) to receive payments under any debt or convertible debt instruments issued by the Borrower, whether secured or unsecured, in an aggregate principal amount not to exceed $5,000,000, which may be issued by the Borrower at any time over the next four (4) years, with a maturity not to exceed eight (8) years from the date hereof.
The Subordinate Lenders and the Borrower acknowledge and agree that until payment in full of the Senior Indebtedness, (i) no payments shall be made to the Subordinate Lenders for any sums due with respect to the Subordinate Indebtedness other than payments made in accordance with Section 1.2, and in the event any such payments are made to the Subordinate Lenders, such payments shall be collected, enforced and received by the Subordinate Lenders as trustee for the Senior Lender (or such other senior lenders as may be applicable) and shall promptly be paid to the Senior Lender (or the applicable lender) for application against the Senior Indebtedness as the Senior Lender (or the applicable lender) may direct and (ii) the Subordinate Lenders may not take any action to enforce any security interest held by the Subordinate Lenders with respect to the Subordinate Indebtedness, it being acknowledged that as of the date hereof, all security interests held by the Subordinate Lenders have been terminated. The Subordinate Lenders shall note on their books and records and on the face of the Subordinate Notes that the Subordinate Notes are subject to the terms and conditions of this Agreement.
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