Full text
EXfflBIT A
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FORBEARANCE
m
the 6«.dayofJuly2018,
Vffgmia pubfo coiporation ("WVEDA"^- PAMTMwn?^?
AUTHORITy, a West
GROOT U^7D^hJ™^'^™ERA ENTERPRISES. LLC. fe™;f
garantors (coBectheV, Ae "Guaiamors" and
"SaSBa"): Ae ABowing
global MATRK CORPÔRATldN a
•
Bomjwer. Ae «Ohlanr.n.
Bmted feMty c<mpany;
V
MILVnJS^, i
ViiBinia; and RAYMOND C JONPC »
CttimraiwealA of
pan™ tRaiZS.
CoaanonwaalA of VâgâStS
For avoalancoof douta, Pa«heraT«inhgTnStSaSS^
REClTAf.<!
WVffiA to
'
"y
secuTdy operatbns ttaînmg fecifitv
^acqurethe
Mooriefœld, Hardy Coun^, West VÔBDim (the 'Trafnî^
^^refiBld Traming Center în
executed and delivered to WVEDA the foiimumo
Center* ), the Ob%irs previously
te amended, rostated „ Sî
^
^7
Dogunjems"):
collective^, the *^013 WVEnA
payabfe tt) Aa^idar'rf^A t
«V Ae Bormwer aod
ffiVEDOote");
A m the ongmal principal amouni of 55,000,000 (the '2013
B<»rowerand toOua^Xa't^S
"»™8 WVH)A, the
Ae Bomower to Joyce?*Mra°œ^!SB?
Augusl 21,2013, frtan
Ae Clerfc of the
^
«tr^r
Oeed of Tmst Book 277, et Page 158 (the "20U WWDA^r?
^ "
t?« of real ptt^ comprfeL «9 « a^a
[^''^fTprf), grafflfeg a Ben on a
Harty County, West Virginia (tte "r,;intarSn.rïtJl!!^.'????'. ", .«<»»&« District,
tmprovements thereon (which inchidës the TramîoD
n t
buildings, structures and
rente, inconte, teues anSiptofet^
Aeretc, and aB
and effective as of Aiigufl'21^20l3''h'v aîd'tîtf'
teted as of August 20,2013
WVEDA t....
^}h "y i'"'
Borrower and WVEDA (Ae 'lii
aï right, tïle and aiterest of Ae Borrower m aïrai^
* seciirity âiterest m
and fitture bases of aï or any pottien of Ae Trainmg
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West^^8feî'hDL"ofTniS
C<»™issicm of Hardy COuno-,
ofWVEDA;
2013, <hm, Oktel Mat,» Coipcaato
WVEDA;
^"8^ 2'- 2013. fiwi Pons MlMus LLC à, làw of
WV£DA. and
21. 2013. Hom James V. ParmlH a. ftvor of
WVEDA.
21. 2013. from Raymond C. Jones i, &v« of
•osedmr^wid, ^
'221iJVVffidJ=affl» and
Ç~n|^ fi«»ce a poS\h^ m a^
«»
Tiammg Center (the "Pratt Propeitv»'
Su
mchidirig, but not lîmîted to, a 6000 square fooi Ih/P fm»
at the Trainbig Center
an e^
armory conçim,
""«a and
PrevBusjy executed and deEveied to WVEDA the fo^^ hL ^"°™8 9»"^,, the Ob%ore
same may be amended. restated or modl&d tmm t-
® «locumenls and mslnanents (as the
Documents''^'
wVEDA Loan Documents» the «Loan
the order of
^
^ Bonrower and payable to
and together with the 20B wSn'S®^
(«l« "2014 WVEnA Mo,...
WVEDA and the ^rantors
^Rtyl r
^
"»®°8 the Bmrower.
Bonower to JoyS F. ^as^Tn.^T'fÔ?
^ated July 2. 201A fiom the
Clerk of the C^ty ColSiSTHal^.i^
&i the Office of the
Trust Book 282. at Page 818 fthe "2014 wvSna'iï^ ?
2.2014, âi Deed of
WVEDA Deed of TrmLtte "iKSrn!^^
««h ^
2<"3
}»«ldii«s. structures and aimrovements the^^ a?ftol^' â-
CoDatetalProperty.anda8
income. Issues and profits derived ftom the CkrBateral Proirty; *"
®"8 aB rents.
eflective as of jl 2.
^
'• 2014, and
A^eî
...
^
™
between Borrower and WVEDA rdw» '«^oïdi \u\/cnA i
/^fflaneffi and together wàh the 2013 WVEDA Lease Assigumem. the "t.ll
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portion of ihe Collatéral Prooertv aiSwhieh u/oc
®
of ail or
^
o^Ha^Coun..
WVEDA;
®"»I Matrix C«pt»atb„ h favor of
(fi)
Guarançr dated Ju|y 2, 2014, ftom Pons Milvins LLC m favor of
^
(7)
Gnaranor datad July 2. 2014, ftom James V. PunelB b fevor of WVEDA;
WVEDA.
Guarani dated July 2, 2014. ftom Raymond C. Jones m 6vts- of
C.
On May 2ft 2017, tfae Borrower and the WVEDA ent»nni
.
A
Borrower agieed to pay $M
the Loans ($40,000 per month totaO, to the WVEDA.
^
Bonw°"-s
s^.ssï.'z^'rsrïïï'
iïï ïïï
of its faL
®
C^r^^m
«o accrue ht^sTSl
$1.895^3 55
î'
Loan has an outstanding babnce of
^S^f «8&^^anf.k
and accnied and unpaid
31% ^Sl81
68
"
«®"» ^
n^a
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of 56
as
pnrsuaitt to whfch the Bonwer agreed to lease ite
tte
of $52^ 10 be paid dâ^^"
4-
/*- j
WVEDAto consent to the 2018 Lease flnrftAwafto^n
ZnHiTf^ ^
enforeing os nghis and temedes under the Loan
upon the ternis and condhxins stated in this Agreement.
K.
The paiîœs desre to set fcrth their agreements as provided bebw.
agreement
NOW, THEREFORE, in considération of the premises, and for oiher eood and vahiahia
Th..! TS: T
^
acknowbdged.
miending to be legally bound, agree as foltows:
uœ panes nereio,
1.
Récitals.
ami»«îîîli!®®T
T5
"® mcoiporated si this Agreement as fUfo set forth above
and areherety acknowledged by the Ob^ors and WVEDA to be tnie and accurate.
2.
Définitions.
Loan
«0 «tem in the
3*
Acknowtedflment of nefatifrc
„
Obli^ heret^ acknowledge and agree that the Default bas occuned and s
under the Loan Documents, and that WVEDA has the anmediate rêht to exercise aii
Kf^VTOA^L^^ rt'
the tenns and conditions
^
exereong ïs rights and remedès under the Loan
Documents durmg the Forbearance Petiod (as defined hereh).
Outatandmc Hahnr. Qwed Under Loan rWiim....
(a)
The ObBgors acknowtedge and agree that as of July & 2018. the total
amoM due and wmg to WVEDA under the 2013 WVEDA Loan Documents s $501073498
whœh consists of ^id prâicipal âi the amount of $4.472.705.66. together whh aecrued and
unpaid mterest m the amount of $538.049.32 (the -^2013 WVEDA t.oan lnd.h.«l.»^»t As of
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|MI8, teeres. continues to accrue under the 2013 WVEDA Note ât a per dien, «te of
aino^ due and Long to
^ JuiX ^ 2018, the total
whtch consfets of unpaid principal b ®e
^$1^,253.55,
Srtr.he"2m3
Wp^a
^
i«e«« continues to accrue under the 2014 WyEÎrNi::3,!^2of1»
-Forbearance Perwi
Sul^ct to the o^iess provisions of ths AgreeinfinL WVPHa ka«au.
from exercismg its remedfes under the Loan Do^ntriii^^t i^erely agi^s to forbear
Januaty 6, 2019; or (b) Sa occurrence of a Te^S E>^ « ïïï'
P ™'
Agreement(the 'îsbearançefeïy»).
Event. as defa»d sn Section 7 of tWs
-CondftÎQns of Fnrbearance.
eachof the foItowfl^g^ndàfeîJ°
^
satisfaction of
(®)
Pavments tn WVEDA.
JBonthly rental paymenifto
^
Frabearance Period aO
direcMy to WVEDA. WVEDA sheB apply the tentalS.St'fXB"' ^
applied to the 2013 WVEDA"t A^in'SS^. Pf^
'f
payments diaS be
înterBstispaidâfitftrAeiitoprmcgM!); and
"<««« unta such accnied
apidied to the 2014 WVEDA^Loan'h^^^.lr'^"'
®"'' PW®»"® shaO be
îMcrestipaidh fidl
interest unta such accrued
Ihfa Agteeinent) or «lèvent
à^fu^ à.
^
due aid tnvhe^faS^ÏSlIîr^^^
W
"8
Notes, and ôi addàîoii, the Obligors shaD pay aD of
b» coraiecdon witb the
setforth m Secthn 6(h) of thfe
^
^
«^9»enses as
0>)
Réduction nf DeBnouent Tavpc
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Whelher sucb laxes be in die nature of ptop-ny, wiihlKAfi®, êuMuie o- other
Actions by Other Crgditnrc
to exercise
of «te Bomwer shaU undeitake
pon'ectness of Représentations anrf
made in the récitais tothis Agreeme^^ ^ Forbearance Period, inchidmg those
(®)
No Defauhs Under Lnan Pocnmf^Titc
other ob%ations,
^rforni under and satisiy aU
applicable to them. Wàh respect toS
cAtaioI
m the Loan Documents
an Event of Defeuit under my of tbe
^
wanantfes.
under this Agreement
consutute a Termoiation Event
(0
NoDefàults Hereunder
■îîS'"
No Satea Transfer. Lease or EnciimKrance of Aggi>tc
penni, to exist
llSLTin
aT.S'i
TSfSe. pWge. or grc« „
Indebtedness to WVEDA fn^Furimn k h
^
assets vt^iûch secure ihe Borower's
fa sdvance by WVEDA m writfag Làig the FoAearlS^e^PeSA
("0
Fees and Expansés,
connecion widf
^
î"
thb Agreement
«egouation, préparation and exécution of
Coopération «/jth WVEDA and Third ParfFpc
aucttoneers or third pa^^that^WvSJ^v^ïï
aPP^isers, engmeers, anchitects,
p
tnat WVEDA may engage m connectron wiih ils collatéral^ and
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coBateral as WVED/^n^î')^^'' "«formation about ils financial status aiuVor WVEDA's
0)
-Other Indetoednegjg
-.anemiU
't"™' f
other
pat^-.
^
® » P^' wliether K> WVEDA or ajy tted
W Cmisent tn l>„M firon .SUiv
for or be the sul^
1"^
0'%»' shafl df fBe
•Banknmtov
^
the
(® file « be the ^
«l«f ««««d underthe Bantatç^^.
^itorai. or ssnibr lefief under any tresent^fttoT^IT*™'
rea<|iisliiieiit.
fcankniplcy, ôisolvency or other lefcf iSdebtois
hf^
jaw or act lefatng to
or decree entered by aiiy coiitt of
r-t-nt iuri^^ ^
'f.
jhtemem
party for ceofganimtxBi, coniDosàniL rearfai^^î^l
^ petaîon fSed ag9àisr such
WVEDA shaa therei^
Spadatu», dissobakin or shnasr leBef,
the Bankntptcy CotHr otS^ oT « ^
atay hjposed by sectta 362 of
othecwise avaHable to WVEDA as novided
^
remedies
othenjjeprovîdedbyhw. Tlie OWfem ttather
proceedHig to extend the exclusive peiiod to fîfe a Rbn
^ ^
bas been granted relief fiom the stay
TTife
accepted, imless WVEDA
Agreement
Pwbimi shall survive any teiminatbn of tiré
(0
Further Assurances,
and deliwred afl^h
tequest m order moie eflbctwely to canv out the
WVEDA may fiwn ttnte totime
iransactkas contemphted by the AgieemenL
and the
ag-ee to execute Ll&fcer^d^T^ »
^
WVEDA. the ObBgprs
siatements, deeds of trust, assîsnmpnfc nnH ftth
^
rerecord such financing
tânes and h, s^t ^
^ «« «-«k tâne «
actfcns as may be'mtpiJtrhw
^WV^^ ^ beUtken such other
cany oiathe mtent and purposes ofthis AgieemenL
WVEDA m order efibetively to
TefTOmation Evente
Defàuit under t^Ag^n^'^'"^
Event and an Event of
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set fbrth n Seetirai 6 above ôicbidàifc'wato
Conditions of Fcabearance as
Jts reniai payments directly to WVEDA;
' ^ ^®ilure
Panthera Trainmg to pay
vobntaiy or involuiitary
'Vneans ofeilher a
against any Ob^;
"'«"«ssitlp or insolvency praceedàig is commenced by or
omission
or
a deleiminatkm
VWEd!^
«"<'
aggregated with aD «her
that the same. when
a niaterial adwrse effeâ on thé prosKci fw
5®®'°'
the fin benefils confetred on WVEDA hy the Loan Documents aiS
tepossessed. o^'^conm'^4,irp^*,.S®i ^
"avied upcn. seiaed or
detenn&iatfon by WVEDA. m goSIfeàh but m fr«^niî^!i-
custodîan and a
material adverse effect on the prospect for WVEDA
®
henefas confetred on WVEDA by the Loan Docmnents and
««fa the fùll
«»ier the tcmfof an^lfTï^'
"
*•'
of any cimumstances whfch.
thereunde^ or "
Documents, constantes a deftult or an Evem of DefttS
change bas occSedin^f^^'Storf^'^^.*^^'^
®
a*®»»
Tennmatkwi of Forbearance Period.
shall termàmte
Period a«^dcaKy. and whhom notice,
the occutnmce of
^
"
O»
Forbear^e Period, the entire tumainirg balance under^ N^LTsIial
^ ^
nnmediateb' due and payable and WVFha chaii^ j
,
Ï»
®
be
respect and shafl be etS
Documents, al whboutflirther notice to any Ob%or.
'®hls and temedies under the Loan
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^epresentaffons. Warranths and Cnv^nant^
^
forbearance by WV^
"
tBIwesen(alaffls,warramiesaiidcoveiiaiitstoWVœ^ ^
®>''owrâg
Doeuniems are^lUJIy
m*'*!,-''' ""
Uie Loan
setoff or recoupment by the Ob%ors.
subjecc to any defense, coumercbim,
the Obl(gors?and ^EDA^SctSTgool^ari^^
fiiee(y entered iito
Obbgors acknowledge that ihey hâve had the onmiJÎa .
""S Agreement The
negotlation and exécution of this Agreement
'*'®" «««»«• «> partfcjale m the
not andwffl iJ
"V Ite OHigors does
«genteorrepre^tatfces to^ffiA fe <»• «ly of thefr
perfbnn the cbStions'ï:»®»^^
St^'
or defiaud ai,y ILitor rf^th^
"
""
in«o with the Inlem to hinder, dehy.
undertheLoan^un^l"S^^^^,3~^^«»j»^^ ^
» WVEDA
10.
^jssss^^ssgssssusiiis,*
evidenced by
S
"
"S"®"™ °f "» '«tebtedness
Agieement, the Notes and thriftêr
^P* "
«his
the OWigois heieby iwav and «nto STwM^ ï
^
«A"®®' »■«'
Documents, asmot^d l^tlTA^ê^nt ^ effectiveness of a« of the Loan
11'
Contmuatinn ofSectirttY
wvEDA. its
or powers that WVEDA may have unrier iht» i ««
^Pan* any i^ts
Indebtedness în case of nonfiilfillment of the ternis
^ recoveiy of the
Agreement or the terms. rfehts nowers anrf ^AWAna /
and covenants contamed in this
în connection wffli thé Agieement or otherwise AB°ri^^
" Docuironts, whether delivered
& cracm or oœerwise. AH nghts, powers and remédiés of WVEDA
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remédiés given to WVEDA by law
addition to aJl rghts, powers and
remédiés given to WVEDA by law.
12.
Reieaseanri WaK/^r
Jwrelv ackRowliK^ and stpuhte that they ha^^hi^
«f any kind whatsoeverTwJ^ra^L^^f
admmisiratian of the Loans h
®iu, the Loff
"» cmduct or
exécution and deliveiy of this Agreement or otherwîuk ti*« d"u
negotiation,
release and dischaige WVEDA and hs raedecessoK «
^^^^asois hereby folly and fbrever
officeT^nnhJ; .'ïlf
^tocMndte. affifetes.
(wlieitonoworhereioforeactâigmsnchcaiSrS^!S^fS^\^S!?îST ^
«qsesenlatwes
ail cbaiB, demands, Sabilides, <d>&ations actio» caiK*. «r ,?
Rebd^ees"), from aiy and
of whatsoever kmd or nature
"
suSs al bw or ô. eqtd^,
«
not nwreod, assemnl
tereaflor h^or may
"»»»
«r now or
respect of any actions, conduc^^un^nces w
Releasees, arismg «itofor m
Agreemem. In findieiaiice and not in Rntohn ^r
«» »
prior to the <fate of thb
Reieasors abo aeree not to sue Ar
l»ecednig sentence, the
«speci to any of the natteis conteS^SS
^
agree to hold each and aD of the Releasees liannkne« m
^
scRtence, and the Releasois
Rebnsotn m contrevetdk» o^tî!^J!^<!?2t„:^ «faty suh or presecatbn ty the
"•
îiiP QbIbatiOT toExlend Fiiom. PorhearenrA.-M„
agree to extenSIn^'S
"Wsnted and does not
Agreement ahall J
consthute aTateftoTvmr^r
^
14.
Ctovemgtg Tjiw
of the State of ^ISt V^"*
wah "te bws
10
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Noliees: Further Communicaljons: Amenriim-nre
'^2;
or requea r«|ured or pemiitted to be eiven hereuiider stan
bedeemedgrven
Iç-cettifiedmail retiimrece^requested,addressedasfoltaws:
If to Boirower:
If to Guarantors:
]f to Panthère
Traihnig:
PantheraEnteiprises, LLC
1900 Camjais Gommons Drive
Suhe iOO
Reston, VA 20191
Atteiitk>nr James V. Punell^ Manager
Gtobal Matrix Corporation
43787 Bent Creek Tenace
Leesbuig, VA 20176
Attention: Raymond C. Jones
PonsMiMits LLC
11654 Pbza America Drive, # 320
Reston, VA 20190
Attention: James V. PunelB
Raymond C. Jones
43787 Bent Creek Terrace
Leesburg, VA 20176
James V. Punelli
11654 Plaa America Drive, # 320
Reston, VA 20190
PanmeraTiaâiîng, LLC
246l(Dalby' s Lane
Cape Charles, VA 23310
Attention: Robert L. Starer, Managing Member
If to WVEDA:
West Virginia Economie Development Authoriiy
NorthGate Busmess Park
180 Associatbn Drive
Charteston, WV 25311-1217
Attention: Caren D. Wikher, Assocîate Dn*ector
11
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With a copy to:
Spibnan Thomas &
fiante, PLLC
P.O.Box 831
WheeEng, WV 26003-0873
Attentfon; Eric Gadd
in witiiig
reseÎMled, supplemented or modi&d except
Coraotete Agreemenf
ûUuîr dâcussio.T'or
"J"
Time of the Essepce.
FORBEARAN?e'®a}Jd''
™
CONDITIONS OF
ACaiEEMENT.
OBLIGATIONS OF THE OBUGORS UNDER THIS
18.
Severabtlfty,
unenforcoabfeXw^Vins^LÎTfiSÎZ^^
"
or
prcWtio., wiflrou. invabdarinn:
"• WAIVER Oy.T0RVTRfAI..
or coun«eiiclaiiii.*bro^t orl^ttoted
°
aucoesaon oraa8ign»^o/Mrr orî^h«aX'?«?hi^^^^ Agreemaa» or aoy of Iheir
otherLoan Documents, or tbe Indebtednes^ shaB te *''® Notes, aay oftbe
^ly. THE PARTIES EXPRESSLY WAIVE
and not Iqr a
ANY SUCH ACTION OH mOCEEDmo Thî^
™ ^
•"«* IN
provistan la a spécifie
actaowledge and ag.ee thatthis
•he parties wonid not enter into tbis Aeieement irihlc"*
"le parties and tbat
Agieement
Agreement If this provision were not a part of tbIs
20.
Assitmment.
the OWfeors a^dîh^fr^^
and inure to the benefit of WVEDA and
Obligors may not assign or transfer their riehts or
®ss®ns, except that the
written consent of WVEDA
This
Agreement wàhout the prior
dîscietbn.
wvtDA. This Agreement may be asstgned by WVEDA in às sole
12
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g-tiarantors' rpnsent anri
Agreemem anf
«> «^e tenm of this
WVEDApmuamtohis'orits
^
oblisatfcm (o
Joinder of Panthera 7»^?»?»^»
acknowMse
r'"f.
«" a<ftmative|y
pam
uader AeSSg UaseL
aB »on% «J,
23.
Counterparfc
an or^, and^afl
""«O
>»
an«M« Uie parties.
«^geiner, shall constitute but one and the same agreemem
[Reiminder ofPagelniemionaBy LeftBbnk; Sgnature PajesFoBow]
13
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rSIGNATDHE PAGE !
TOPORBEAIUNCEAGREEMENTI
wntten.
BORROWER:
PA1^^^^r,SES.U.C.F/K/A
a Delsware Innâed Jiability conqsai^
lames V. Punelli
Its: Manager
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laCNATURE PAGE 2 TO FOHBEARANCE AGREEMENTI
<blr awtorâed o&ers or
^
wntten.
GUARANTOR;
^^MAim CORPORATION, a Voginia
RaymonfeC, Joncs
Its: Président
15
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No.2:19-bk-00787 DOC52-4 Ried 11/02^19 Entered 11/02/1910:03:07 Page 52
[SIGNATURE PAGE 3 TO TORBEARANCE AGREEMENll
GUARANTOR:
^MILVIUS LLC. a Dehwa« lâaiad
ïames V. PuneiU
Its; Manager
16
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laCNATURE 1'AGE4 TOFORBEaRANCE AGREEMENn
or
as Ofa», day and year ta
GUARANTOR:
.Jones
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10:03:07 Page 54
(SIGNATURE PAGE S TO FORBEARANCE AGREEMENTJ
managers as ofihe day andyearriiït above wrtten.
GDARANTOR;
18
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ISIGNATURE PAGE 6 TO FORBEARANCE AGREEMENTI
™AINING. LLC. a-^ vâginâ
fimited lisbilày con^any
By:
RoSeit Lrstarer
Ils:
Managmg Member
èfou
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^"^^"^^"00787 Doc 52-4 Fllpri ii/n9/iD
«r *
_• «
Ried 11/0^19 Entered 11/02/1910:03:07 Page 56
(SIGNATURE PAGE 7 TO FORBEARANCE AGREEMENTJ
Iher
execuled dm Agteemem mdivtduiiSr or by
mer dujyauthornedofficeis or managers as ofdiedayandyearftslabovewrtten.
110)0886 (0019)6.0867}
LENDER:
WEST VIRGINIA ECONOMIC DEVELOPMENT
AUTHORITY,
aWesiVâginia public corporatfon
By;
C, (Ji
DavW A. Wamer
Its: Executive Dîrector
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