Security Agreement Page 4
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4.1
ORMS
ORM
(n) Debtor will execute and deliver such other and further instruments and
will do such other and further act as in the opinion of the Secured Party
may be necessary or desirable to carry out more effectually the purpos-
es of this instrument, including, without limiting the generality of the fore-
going:
i) prompt correction of any defect which may hereafter be discov-
ered in the title to the Collateral or in the execution and acknowl-
edgment of this instrument, the Note, or any other document used
in connection herewith; and
ii) prompt execution and delivery of all other documents or instru-
ments which in the opinion of the Secured Party are needed to
transfer effectually the Collateral or the proceeds or the Collateral to
the Secured Party.
(o) If the Debtor is a corporation, it is duly organized and validly existing
under the laws of the State of [State] and the execution of this
Agreement has been duly authorized and approved by the Board of
Directors of Debtor and, if required, by the shareholders of Debtor. If the
Debtor is a partnership, it is duly organized and validly existing under
the laws of the State of [State] and the execution of this Agreement has
been authorized and approved by all partners necessary to authorize
the same. Debtor has full power and authority to carry on its business as
now being conducted with full power and authority to enter into this
Agreement and effect the transactions contemplated to be effected by
and under the terms of this Agreement;(p)
There is no pending or
threatened litigation, claim for infringement, proceeding or investigation
by any governmental authority or any other person known to Debtor
against or otherwise affecting Debtor or any of its assets or its officers,
partners, directors or agents in their capacities as such, nor does the
Debtor know of any ground for any such litigation, infringement claims,
proceedings or investigations;
(q) No contract or organizational document prohibits any term or condition
of the security agreement;
(r) The execution and delivery of the security agreement will not violate any
law or agreement governing the Debtor or to which the Debtor is a party;
(s) All information and statements furnished in connection with the Note,
this Security Agreement and any other documents related to this
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