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Security Agreement Page 2

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except that Applicant may withdraw such portion of the Collateral which consists of interest

earned. Applicant shall pay all taxes, assessments, or all other charges on the Collateral when

due.

DEFAULT. Any one or more of the following events shall be the cause for

Applicant’s default:

(a)

Any representation made by Applicant with is untrue or any warranty is

not fulfilled;

(b)

Applicant fails to perform its obligations as set forth in the statute or

rules that are applicable to the registration that it has applied for;

(c)

Applicant fails to pay any fine or assessment as determined by the

Secured Party; or

(d)

Applicant fails to perform its obligations as set forth in the Deposit

Account Control Agreement.

RIGHTS OF SECURED PARTY. In addition to any other rights and remedies it

may have, Secured Party may exercise any of the rights and remedies accorded a secured party by

the Utah Uniform Commercial Code, including but not limited to Utah Code Ann. §70A-9a-607.

NOTICES. Any notice under this Agreement shall be in writing and shall be

deemed delivered if mailed, postage prepaid, to a party at the addresses noted below or as may be

specified by written notice given after the date hereof.

SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon and

inure to the benefit of the heirs, executors, administrators, legal representatives, successors and

assigns of the parties.

AMENDMENTS. This Agreement may be amended or modified only in writing

signed by all parties hereto.

10.

ATTORNEY FEES AND COSTS. In the event that it becomes necessary for

either party to enforce the terms of this Agreement, the prevailing party shall be reimbursed its

costs and expenses, including a reasonable attorney’s fee.

11.

GOVERNING LAW. This Agreement shall be governed by and construed under

the laws of the State of Utah.

IN WITNESS WHEREOF, the parties have executed this Agreement on the dates set

forth below.

APPLICANT:

SECURED PARTY:

DIVISION OF CONSUMER PROTECTION

By:______________________________

_________________________________

Its:

PO Box 146704

Address:

Salt Lake City, Utah 84114-6704

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Security Agreement Page 2

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