Extract to table

All existing PNB liens — including UCC-1 financing statements filed with the Iowa Secretary of State and mortgages recorded in ten (10) county recording jurisdictions across Iowa and Illinois — must be released and terminated as a condition precedent to the closing of the Facility

EXISTING LIENS — RELEASE AND TERMINATION REQUIREMENTS As a condition precedent to the closing of the Facility and the establishment of HCB's first-priority liens on the collateral, all existing liens in favor of PNB must be released and terminated

Calderwood & Harkness must coordinate with PNB to obtain UCC-3 termination statements for both of the above-referenced filings

The UCC-3 termination statements must be filed with the Iowa Secretary of State at or prior to the closing of the Facility, and evidence of filing must be delivered to HCB as a closing condition

A payoff letter from PNB, specifying the exact payoff amount (including principal, accrued interest, fees, and any breakage or prepayment amounts), per diem interest, wire instructions, and the commitment by PNB to deliver executed UCC-3 termination statements and mortgage releases upon receipt of payoff funds, must be delivered to HCB as a closing condition

The exact legal name of Holdings must be confirmed by reference to the Delaware Secretary of State's records, Delaware SOS File No