3.9. SR 07-15-2002 - Laserfiche WebLink

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Member to less than $25,000, the Member's entire deposit balance in the Loan Fund shall be refunded. All refunds are of principal only without interest. 6. Distribution of Interest and Income Derived from Loan Fund. Deposits made by Members in the Loan Fund are the property of the respective Members, subject to the Escrow Agreement and the Participation Agreement. Each Member pursuant to the Participation Agreement has assigned to MCCF all interest and income earned upon their respective deposits in the Loan Fund and each Member hereby directs the Escrow Agent to distribute monthly from the Loan Fund all interest and income earned upon their respective deposits held in the Loan Fund net of fees and expenses of Escrow Agent. The assignment contained in the Participation Agreement and this direction is irrevocable until such time as the deposit of a Member in the Loan Fund is refunded to such Member pursuant to this Agreement. 7. Investments Authorized. The Loan Fund shall be invested in U.S. Govern.merit Bonds, U.S. Insured Certificates of Deposit, U.S. Government Agency BOnds, and U.S. Government Money Market Funds pursuant to directions of MCCF as agent of Member. 8. Escrow Agent Fees and Expenses and Position of Escrow Agent. The Escrow Agent hereunder pursuant to the instructions contained in this Agreement is a depository only and is not a party to or bound by any agreement or undertaking that may be evidenced by or arise out of any of the items deposited with it pursuant to these instructions. Escrow Agent is not responsible or liable in any manner for the sufficiency, correctness, genuineness or validity of any of the items and undertakes no responsibility or liability for the form of execution of such items or the identity, authority, title or other rights of any person executing or depositing funds or documents hereunder. Escrow Agent fees and expenses during the term of this Agreement shall be determined by separate letter agreement from time to time between Escrow Agent, MCCF and MCCF as agent of Member. Fees and expenses of Escrow Agent shall be deducted from interest earned Upon the Loan Fund. 9. Liability of Escrow Ao~ent. The Escrow Agent shall not be liable for any error of judgment or for any act done or omitted by it in good faith or for anything that it may in good faith do or refrain from doing in connection with the foregoing instructions. No liability will be incurred by Escrow Agent if, in the event any dispute or question as to the construction of the directions, it acts in accordance with the opinion of its legal counsel. 10. Adverse Claims. In the event of any disageement or the presentation of adverse claims or demands in connection with or for any item affected by the instructions contained within this Ageement, Escrow Agent shall refuse to comply with any such claims or demands during the continuance of the disagreement and shall refrain from delivering any item affected. In so doing, Escrow Agent shall not become liable to MCCF or any Member or any other person, due to its 4