GENERAL31747

• Permit No: M1977376
• IBM Index Class Name: General Documents
• Doc Name: SECURITY AGREEMENT
• Media Type: D
• Archive: No

(i) accelerate payment of all Obligations and
demand immediate payment thereof to Lender;
(ii) enter upon any premises on or in which any of
the Collateral may be located and, without resistance or
interference by Guarantors, take possession of the Collateral;
(iii) complete processing, manufacturing and repair
of all o= any portion of the Collateral;
(iv) require Guarantors, at their expense, to
assemble and make available to Lender any part or all of the
Collateral at any place and time designated by Lender; and
(v) remove any or all of the Collateral from any
premises on or in which the same may be located, for the purpose of
effecting the sale, foreclosure or other disposition thereof or for
any other lawful purpose;
(vi) appropriate, set off and apply to the payment
of any or all of the Obligations, any or all Collateral, in such
manner as Lender shall in Lender's discretion determine, and
enforce payment of any Collateral, settle, compromise or release in
whole or in part any amounts owing on the Collateral, prosecute any
action, suit or proceeding with respect to the Collateral, extend
the time of payment of any and all Collateral, make allowances and
adjustments with respect thereto, and issue credits in Lender's or
Guarantors' name; and
(vii) sell, assign, foreclose or otherwise dispose
of and deliver any or all of the Collateral, at public or private
sale, at broker's board, for cash, upon credit or otherwise, at
Lender's option and discretion, on or in any of Guarantors'
premises or premises of any other person, and Lender may bid or
become purchaser at any such sale, if public, free from any right
of redemption which is hereby expressly waived.
(b) In the event Lender seeks to take possession of all
or any portion of the Collateral by judicial process, each of
Guarantors irrevocably waives: (i) the posting of any bond, surety
or security with respect thereto which might otherwise be required,
(ii) any demand for possession prior to the commencement of any
suit or action to recover the Collateral, and (iii) any requirement
that Lender retain possession and not dispose of any Collateral
until after trial or final judgment.
(c) Guarantors agree that the giving of ten (10) days
notice by Lender to Guarantors' addresses set forth below,
designating the place and time of any public sale or of the time
after which any private sale or other intended disposition of the
Collateral is to be made, shall be deemed to be reasonable notice
thereof and Guarantors waive any other notice with respect thereto.
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