RELEASE
This RELEASE dated as of August 27, 1997 (the "RELEASE"), among Xxxxxx
Xxxxxxxxx (the "RELEASOR") and Sterling National Bank, a national banking
association formerly known as Sterling National Bank & Trust Company of New York
(the "RELEASEE").
WHEREAS, RELEASOR and RELEASEE entered into a certain Amended and Restated
Junior Participation Agreement dated as of February 7, 1996, as restated,
supplemented or otherwise modified from time to time (the "Junior Participation
Agreement") pursuant to which the RELEASOR acquired a junior participation
interest in certain loans and advances made and to be made by Releasee to
Business Loan Center, Business Loan Center, Inc. and BLC Financial Services Inc.
pursuant to a Revolving Credit Agreement dated December , 1994 and related
documents and amendments; and
WHEREAS, the RELEASEE and RELEASOR desire to settle all claims under the
Junior Participation Agreement;
NOW, THEREFORE, in consideration of the terms and considerations provided
herein, the RELEASOR and RELEASEE agree as follows:
In consideration of the sum of $4,694,285.06, received from RELEASEE,
receipt of which is hereby acknowledged, RELEASOR hereby waives, releases and
discharges the RELEASEE, its representatives, employees, agents, affiliates,
subsidiaries, successors and assigns, from and for all manner, actions, and
causes of action, suits, claims, debts, sums of money, claims for attorney's
fees, interest, expenses and costs, covenants, contracts, controversies,
agreements, promises, damages, claims and demands of any nature whatsoever, in
law or in equity, civil or criminal, which against the RELEASEE, the RELEASOR,
his heirs, executors, representatives, employees, agents, affiliates,
subsidiaries, successors and assigns, and all persons acting by, through, under
or in concert with any of them, ever had, now have or hereafter can, shall or
may, have for, upon, or by reason of any matter, cause or thing whatsoever, from
the beginning of the world to the day of the date of this RELEASE arising out of
or relating in any way, directly or indirectly, to the Junior Participation
Agreement. This RELEASE may not be changed, amended or modified orally.
IN WITNESS WHEREOF, the RELEASOR has hereunto set RELEASOR'S hand on this 27th
day of August, 1997
/s/ Xxxxxx Xxxxxxxxx
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Xxxxxx Xxxxxxxxx
STATE OF NEW YORK )
: ss.:
COUNTY OF NEW YORK )
On this 27th day of August, 1997, before me personally appeared Xxxxxx
Xxxxxxxxx, to me known, who being by me duly sworn, did depose and say that he
is the individual described in, and who executed the foregoing RELEASE, and duly
acknowledged to me that he executed the same.
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Notary Public
