Agenda - Council - 08/12/2008 - Laserfiche WebLink

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e. Debtor (i) becomes the subject of a proceeding under any bankruptcy or insolvency law, (ii) has a receiver or liquidator appointed for any part of Debtor's business. or assets, (iii) makes an assignment. for the benefit of creditors, (iv) has any adverse change in financial condition or business operations that Secured Party believes may materially affect Debtor's ability to perform its obligations under this Security Agreement, or (v) becomes the subject of a civil or criminal action that Secured Party believes may materially affect Debtor's ability to perform its obligations under this Security Agreement. f. Debtor fails to comply with, or becomes subject to, any administrative or judicial proceeding under any federal, state or local (i) hazardous waste or environmental law, (ii) asset forfeiture or similar law which can result in the forfeiture of property, or (iii) other law, where noncompliance may have a significant effect on the Collateral. g. Secured Party receives a search report indicating that the Security Interest is not in the lien position required by Secured Party. h. Debtor fails to do anything else required by, or does anything prohibited by, this Security Agreement; Upon a default, Secured Party may, in its sole discretion, cure the default and any expenditures made for such purpose shall be added to the principal amount of the Note. . 11. Rights and Remedies Upon Default. After default, Secured Party shall have all the rights, including remedies, of a secured party under the Uniform Commercial Code, as the same may be amended from time to time. In addition, Secured Party may pursue any right or remedy available at law or in equity or otherwise to collect, enforce or satisfy any of the Obligations, including, but not limited to: a. Declaring all Obligations immediately due and payable, and requiring immediate payment of all amounts owing under the Note, including any. prepayment premium which Borrower and Co-Borrower would be required to pay. b. Reducing a claim to judgment, foreclosing, or otherwise enforcing the claim or Security Interest by any available judicial procedure, including any ancillary remedies such as attachment, levy and garnishment, and if the Collateral is documents, proceeding either as to the documents or as to the goods they cover. c. Taking possession of any Collateral not already in Secured Party's possession, without demand and without legal process. Debtor grants to Secured Party the right, for this purpose, to enter into or on any premises where Collateral may be located and to remove the Collateral. If the Collateral contains any accessions not covered by this Security Agreement at the time of possession, Debtor agrees Secured Party may take such accessions, provided that Secured Party makes reasonable efforts to return them to Debtor after possession. Upon Secured Party's demand, Debtor will assemble the Collateral and make it available to Secured Party at a place to be designated by Secured Party which is reasonably convenient to both parties, and Debtor will deliver to Secured Party. any and all certificates of title and other documents relating to the Collateral. Page 6 -95-