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EXHIBIT 10.7
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NEGATIVE PLEDGE AGREEMENT
Associated with a $875,000.00 Carolina First
Bank Loan in favor of People's Community
Capital Corporation
dated May 19, 1997
The undersigned borrower hereby agrees to grant to Carolina First Bank a
NEGATIVE PLEDGE on certain assets in relation to a loan from Carolina First
Bank. This negative pledge represents an agreement on behalf of the Borrower
not to encumber, sell or otherwise liquidate said assets without the expressed
written consent of Carolina First Bank.
Borrower: People's Community CapitalCorporation
Negative Pledge Assets: All assets now owned or hereafter acquired,
including but not limited to two parcels
of commercial real estate known as a former
NationsBank building located at 0000 Xxxxxxx
Xx., Xxxxx, X.X. and a former NationsBank
building located at 000 Xxxxxxx Xxx., Xxxxx
Xxxxxxx, X.X.
This negative pledge is hereby agreed to on this 19 day of May, 1997 by:
Borrower:
People's Community Capital Corporation
By: /s/ Xxxx X. Xxxxxx
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Xxxx X. Xxxxxx, Its President
By: /s/ Xxxxx X. Xxxxxxxxx
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Xxxxx X. Xxxxxxxxx, Its Chairman
Carolina First Bank:
By: /s/ Xxxxx X. Xxxxxxxxxx
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Xxxxx X. Xxxxxxxxxx, Its Vice President
