Security Agreement Page 6
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13154
F
F
4.1
ORMS
ORM
(g) The insolvency (however evidenced) or the commission of any act of
insolvency, by Debtor, or the making of an assignment to or for the ben-
efit of creditors of Debtor, or the appointment of a receiver, liquidator,
conservator or trustee of Debtor, or its property, or the filing of a volun-
tary petition or the commencement of any proceeding by Debtor for
relief under any bankruptcy, insolvency, reorganization, arrangement or
receivership laws, or any other law relating to the relief of debtors of any
state or of the United States, or the filing of any involuntary petition
(unless and until discharged or dismissed within 30 days after such fil-
ing) for the bankruptcy, insolvency, reorganization, arrangement or
receivership or the involuntary commencement of any similar proceed-
ing under the laws of any state or of the United States relating to the
relief of debtors, against Debtor; or
(h) If the Collateral suffers substantial damage or destruction, or if any of
the items of Collateral existing from time to time is lost or stolen, and is
not immediately repaired or replaced; or
(i)
If any material adverse change occurs in the financial condition, assets,
or management of the Debtor or any material adverse change occurs in
the Debtor’s ability to carry on its business as presently conducted or to
meet its obligations for the Indebtedness, on a timely basis, or
(j)
A good faith belief by the Secured Party that the obligations are inade-
quately secured or that the prospect of payment of performance of the
Indebtedness, this Security Agreement or any of the obligations thereby
is impaired.
In the event of default, the Secured Party, at its option, may declare the
entire unpaid principal of and the interest accrued on the Indebtedness secured
hereby to be forthwith due and payable, without any notice or demand of any
kind, both of which are hereby expressly waived.
8. Remedies of the Secured Party in Event of Default. Debtor agrees that
upon the occurrence of any default set forth above, the full amount remaining
unpaid on the Indebtedness secured hereby shall, at the option of Secured Party
and without notice, be and become due and payable forthwith, and Secured Party
shall then have the rights, options, duties and remedies of a secured party under,
and the Debtor shall have the rights and duties of a debtor under, the Uniform
Commercial Code of [State], including without limitation the right in Secured
Party to take possession of the Collateral and of anything found therein, and the
right without legal process to enter any premises where the Collateral may be
found. Debtor further agrees in any such case to assemble the Collateral and
6
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Business