PREMISES OF BORROWER OR
ANY OTHER PLACE OR PLACES WHERE THE COLLATERAL IS LOCATED AND KEPT, AND THROUGH
SELF-HELP AND WITHOUT JUDICIAL PROCESS, WITHOUT FIRST OBTAINING A FINAL JUDGMENT
OR GIVING BORROWER NOTICE AND OPPORTUNITY FOR A HEARING ON THE VALIDITY OF
BANK'S CLAIM, WITHOUT ANY PRE-SEIZURE HEARING AS A CONDITION TO REPOSSESSION
THROUGH COURT ACTION AND WITHOUT ANY OBLIGATION TO PAY RENT TO BORROWER, TO
REMOVE THE COLLATERAL THEREFROM TO THE PREMISES OF BANK OR OF ANY AGENT OF BANK,
FOR SUCH TIME AS BANK MAY DESIRE, IN ORDER EFFECTIVELY TO COLLECT OR LIQUIDATE
THE COLLATERAL;
(M)
TO REQUIRE BORROWER, UPON THE REQUEST OF BANK, TO
ASSEMBLE THE INVENTORY, EQUIPMENT AND ANY OTHER PROPERTY INCLUDED IN THE
COLLATERAL AND MAKE IT AVAILABLE TO BANK AT PLACES WHICH BANK SHALL SELECT,
WHETHER AT BORROWER'S PREMISES OR ELSEWHERE, AND TO MAKE AVAILABLE TO BANK ALL
OF BORROWER'S PREMISES AND FACILITIES FOR THE PURPOSE OF BANK'S TAKING
POSSESSION OF, REMOVING OR PUTTING THE INVENTORY AND SUCH OTHER GOODS IN SALABLE
FORM;
(N)
TO COLLECT, RECEIVE, APPROPRIATE, REPOSSESS
AND REALIZE UPON THE COLLATERAL, OR ANY PART THEREOF, AND TO SELL, LEASE,
ASSIGN, GIVE OPTION OR OPTIONS TO PURCHASE, OR SELL OR OTHERWISE DISPOSE OF AND
DELIVER THE COLLATERAL (OR CONTRACT TO DO SO), OR ANY PART THEREOF, IN ONE OR
MORE PARCELS, AT PUBLIC OR PRIVATE SALE OR SALES, AT ANY EXCHANGE BROKER'S BOARD
OR AT ANY OF BANK'S OFFICES OR ELSEWHERE, AT SUCH PRICES AS BANK MAY DEEM BEST,
FOR CASH OR ON CREDIT OR FOR FUTURE DELIVERY WITHOUT ASSUMPTION OF ANY CREDIT
RISK.
BANK SHALL HAVE THE RIGHT UPON ANY SUCH PUBLIC SALE OR SALES, AND TO THE
EXTENT PERMITTED BY LAW, TO PURCHASE THE WHOLE OR ANY PART OF THE COLLATERAL SO
SOLD, FREE OF ANY RIGHT OR EQUITY OF REDEMPTION, WHICH EQUITY OF REDEMPTION
BORROWER HEREBY RELEASES.
TO THE EXTENT PERMITTED BY APPLICABLE LAW, BORROWER
WAIVES ALL CLAIMS, DAMAGES, AND DEMANDS AGAINST BANK ARISING OUT OF THE
REPOSSESSION, RETENTION OR SALE OF THE COLLATERAL;
(O)
TO USE, AND TO PERMIT ANY PURCHASER OF ANY OF
THE COLLATERAL FROM BANK TO USE WITHOUT CHARGE, BORROWER'S LABELS, GENERAL
INTANGIBLES, AND ADVERTISING MATTER OR ANY PROPERTY OF A SIMILAR NATURE, AS IT
PERTAINS TO, OR IS INCLUDED IN, ANY OF THE COLLATERAL, IN
57
ADVERTISING FOR SALE, PREPARING FOR SALE AND SELLING ANY COLLATERAL, AND
FINISHING THE MANUFACTURE, PROCESSING, FABRICATION, PACKAGING AND DELIVERY OF
THE INVENTORY, AND BORROWER'S RIGHTS UNDER ALL LICENSES AND ALL FRANCHISE
AGREEMENTS SHALL INURE TO BANK'S BENEFIT;
(P)
TO SEND ANY WRITTEN NOTICE TO BORROWER
REQUIRED BY LAW OR THIS AGREEMENT IN THE MANNER SET FORTH IN THIS AGREEMENT; AND
ANY NOTICE SENT BY BANK IN SUCH MANNER AT LEAST TEN (10) BUSINESS DAYS (COUNTING
THE DATE OF SENDING) PRIOR TO THE DATE OF A PROPOSED DISPOSITION OF THE
COLLATERAL SHALL BE DEEMED TO BE REASONABLE NOTICE (PROVIDED, HOWEVER, THAT
NOTHING CONTAINED HEREIN SHALL BE DEEMED TO REQUIRE 10 DAYS' NOTICE IF, UNDER
THE APPLICABLE CIRCUMSTANCES, A