Previously the Borrower has constructed its feeder pig production facilities by using the proceeds from a sale of a block of seventeen (17) shares of its common stock, together with the proceeds of loans from CoBank, ACB, pursuant to the CoBank Loan Documentation (as hereinafter defined).
Previously the Guarantors and the Borrower had executed that certain Amended and Restated Master Security Agreement in favor of Lee Harrison Corbin, Attorney in-Fact for the Trust Under the Will of John Svenningsen (“the Trust”) dated as of May 18, 2005 (the “Prior Agreement”). The Trust has assigned all of its rights under the Original Agreement to the Lender such that the Lender now stands in place of the Trust thereunder. In connection with the Subsidiary Guaranty and the Agreement, the Lender and the Guarantors now wish to enter into this new Security Agreement (in addition to, and not in replacement of, the Prior Agreement) as provided herein.
Previously the Borrower has constructed its (i) feeder pig production facilities by using the proceeds from a sale of a block of seventeen (17) shares of its Class A common stock, and (ii) weaned pig production facilities by using the proceeds from a sale of a block of eighteen (18) or twenty-four (24) shares, respectively, of its Class B or Class C common stock, together with the proceeds of loans from CoBank, ACB, pursuant to the CoBank Loan Documentation (as hereinafter defined).
Previously. Mr. Duci worked for Data General Corp. where he was responsible for directing worldwide customer service engineering, technology, reliability and information management systems. He managed the consolidation and automation of multiple departments and processes, substantially reduced or avoided service costs, and achieved significant operational efficiencies.
Previously the Pledgor executed and delivered the Existing Security Agreement pursuant to which the Pledgor granted a security interest to the Lender Secured Parties in certain of the properties and assets of the Pledgor (other than the Collateral hereunder). Concurrently herewith the Pledgor is executing and delivering the Security Agreement pursuant to which the Pledgor is granting a security interest to the Note Investor Secured Parties in certain of the properties and assets of the Pledgor (other than the Collateral hereunder). Such security interests shall be governed by the terms of the Existing Security Agreement or the Security Agreement, as the case may be, and not by this Agreement.
Previously. Pledgor entered into that certain Amended and Restated Collateral Trust Agreement (as the same has been or may in the future be amended, restated, increased, modified or supplemented the "Collateral Trust Agreement") among Pledgor, Pledgee, Agent, Principal Life Insurance Company ("Principal") and Travelers Express Company, Inc. ("Travelers"), which establishes the respective rights of the parties thereto to repayment of loans and to Pledgor's assets which serve as collateral security for the extensions of credit contemplated by the Credit Agreement and for other extensions of credit to Pledgor by Principal pursuant to that certain Note Purchase Agreement dated November 15, 1996 ("Note Purchase Agreement") and by Travelers pursuant to that certain Money Order Agreement dated April 16, 1998 ("Money Order Agreement").
Previously the Borrower had paid the advance payment in other ways and paid the Equity Transfer Consideration to Shanghai Trustbridge and Ningbo Trustbridge in accordance with the Equity Transfer Agreement. The Lender will continue to provide loans according to the terms of the Agreement, and the Borrower has the right to settle down the advance payment with the Loan provided by the Borrower.