adjustment of debts or under any insolvency
law or other statute or law providing for the modification or adjustment of the
rights of creditors and, if instituted against the Debtor or Grantor, shall have
been consented to or acquiesced in by the Debtor or Grantor or shall remain
undismissed for 45 days, or an order for relief shall have been entered against
the Debtor or Grantor; or (h) dissolution, consolidation, or merger, or transfer
of a substantial part of the property of the Debtor or the Grantor.
Section 17.
Remedies on Default.
Upon the occurrence of an Event of
Default and at any time thereafter:
17(A)
THE SECURED PARTY MAY EXERCISE AND ENFORCE ANY AND ALL RIGHTS AND
REMEDIES AVAILABLE UPON DEFAULT TO A SECURED PARTY UNDER ARTICLE 9 OF THE
UNIFORM COMMERCIAL CODE AS IN EFFECT IN THE STATE OF MINNESOTA.
17(B)
THE SECURED PARTY SHALL HAVE THE RIGHT TO ENTER UPON AND INTO AND
TAKE POSSESSION OF ALL OR SUCH PART OR PARTS OF THE PROPERTIES OF THE GRANTOR,
INCLUDING LANDS, PLANTS, BUILDINGS, EQUIPMENT, INVENTORY AND OTHER PROPERTY AS
MAY BE NECESSARY OR APPROPRIATE IN THE JUDGMENT OF THE SECURED PARTY TO PERMIT
OR ENABLE THE SECURED PARTY TO
MANUFACTURE, PRODUCE, PROCESS, STORE OR SELL OR
COMPLETE THE
MANUFACTURE, PRODUCTION, PROCESSING, STORING OR SALE OF ALL OR ANY
PART OF THE COLLATERAL, AS THE SECURED PARTY MAY ELECT, AND TO USE
AND OPERATE
SAID PROPERTIES FOR SAID PURPOSES AND FOR SUCH LENGTH OF TIME AS THE SECURED
PARTY MAY DEEM NECESSARY OR APPROPRIATE FOR SAID PURPOSES WITHOUT THE PAYMENT OF
ANY COMPENSATION TO GRANTOR THEREFOR.
THE SECURED PARTY MAY REQUIRE THE GRANTOR
TO, AND THE GRANTOR HEREBY AGREES THAT IT WILL, AT ITS EXPENSE AND UPON REQUEST
OF THE SECURED PARTY FORTHWITH, ASSEMBLE ALL OR PART OF THE COLLATERAL AS
DIRECTED BY THE SECURED PARTY AND MAKE IT AVAILABLE TO THE SECURED PARTY AT A
PLACE OR PLACES TO BE DESIGNATED BY THE SECURED PARTY.
17(C)
ANY DISPOSITION OF COLLATERAL MAY BE IN ONE OR MORE PARCELS AT
PUBLIC OR PRIVATE SALE, AT ANY OF THE SECURED PARTY'S OFFICES OR ELSEWHERE, FOR
CASH, ON CREDIT, OR FOR FUTURE DELIVERY, AND UPON SUCH OTHER TERMS AS THE
SECURED PARTY MAY REASONABLY BELIEVE ARE COMMERCIALLY REASONABLE.
THE SECURED
PARTY SHALL NOT BE OBLIGATED TO DISPOSE OF COLLATERAL REGARDLESS OF NOTICE OF
SALE HAVING BEEN GIVEN, AND THE SECURED PARTY MAY ADJOURN ANY PUBLIC OR PRIVATE
SALE FROM TIME TO TIME BY ANNOUNCEMENT MADE AT THE TIME AND PLACE FIXED
THEREFOR, AND SUCH DISPOSITION MAY, WITHOUT FURTHER NOTICE, BE MADE AT THE TIME
AND PLACE TO WHICH IT WAS SO ADJOURNED.
17(D)
THE SECURED PARTY IS HEREBY GRANTED A LICENSE OR OTHER RIGHT TO USE,
WITHOUT CHARGE, ALL OF THE GRANTOR'S PROPERTY, INCLUDING, WITHOUT LIMITATION,
ALL OF THE GRANTOR'S LABELS, TRADEMARKS, COPYRIGHTS, PATENTS AND ADVERTISING
MATTER, OR ANY PROPERTY OF A SIMILAR NATURE, AS IT PERTAINS TO THE COLLATERAL,
IN COMPLETING PRODUCTION OF, ADVERTISING FOR SALE AND SELLING ANY COLLATERAL,