COLLATERAL AND WAIVERS OF LIENS FROM LANDLORDS
AND MORTGAGEES OF ANY LOCATION WHERE ANY OF THE COLLATERAL MAY FROM TIME TO TIME
BE STORED OR LOCATED, AND (E) AT A SECURED PARTY MAJORITY INTEREST'S REQUEST,
WRITTEN GUARANTEES OF PAYMENT OF THE SECURED OBLIGATIONS IN REASONABLE AND
CUSTOMARY FORM. EACH GRANTOR ALSO HEREBY AUTHORIZES THE SECURED PARTIES TO FILE
ANY SUCH FINANCING OR CONTINUATION STATEMENT (INCLUDING "IN LIEU" CONTINUATION
STATEMENTS) WITHOUT THE SIGNATURE OF GRANTOR.
6.
RIGHTS AND REMEDIES UPON DEFAULT. UPON THE OCCURRENCE OF ANY EVENT OF
DEFAULT AND WHILE SUCH EVENT OF DEFAULT IS CONTINUING:
(A) UPON THE WRITTEN CONSENT OF A PURCHASER MAJORITY INTEREST, THE SECURED
PARTIES MAY EXERCISE IN ADDITION TO ALL OTHER RIGHTS AND REMEDIES GRANTED TO IT
UNDER THIS SECURITY AGREEMENT AND THE PURCHASE AGREEMENT ALL RIGHTS AND REMEDIES
OF A SECURED PARTY UNDER THE UCC. WITHOUT LIMITING THE GENERALITY OF THE
FOREGOING, EACH GRANTOR EXPRESSLY AGREES THAT IN ANY SUCH EVENT THE SECURED
PARTIES, WITHOUT DEMAND OF PERFORMANCE OR OTHER DEMAND, ADVERTISEMENT OR NOTICE
OF ANY KIND (EXCEPT THE NOTICE SPECIFIED BELOW OF TIME AND PLACE OF PUBLIC OR
PRIVATE SALE) TO OR UPON EITHER GRANTOR OR ANY OTHER PERSON, MAY (I) RECLAIM,
TAKE POSSESSION, RECOVER, STORE, MAINTAIN, FINISH, REPAIR, PREPARE FOR SALE OR
LEASE, SHOP, ADVERTISE FOR SALE OR LEASE AND SELL OR LEASE (IN THE MANNER
PROVIDED HEREIN) THE COLLATERAL, AND IN CONNECTION WITH THE LIQUIDATION OF THE
COLLATERAL AND COLLECTION OF THE ACCOUNTS RECEIVABLE PLEDGED AS COLLATERAL, USE
ANY TRADEMARK, COPYRIGHT, OR PROCESS USED OR OWNED BY EITHER GRANTOR AND (II)
FORTHWITH COLLECT, RECEIVE, APPROPRIATE AND REALIZE UPON THE COLLATERAL, OR ANY
PART THEREOF, AND MAY FORTHWITH SELL, LEASE, ASSIGN, GIVE AN OPTION OR OPTIONS
TO PURCHASE OR SELL OR OTHERWISE DISPOSE OF AND DELIVER SAID 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 OR BROKER'S BOARD OR AT ANY SECURED
PARTY'S OFFICES OR ELSEWHERE AT SUCH PRICES AS IT MAY DEEM COMMERCIALLY
REASONABLE, FOR CASH OR ON CREDIT OR FOR FUTURE DELIVERY WITHOUT ASSUMPTION OF
ANY CREDIT RISK. EACH GRANTOR FURTHER AGREES, AT A SECURED PARTY MAJORITY
INTEREST'S REQUEST, TO ASSEMBLE ITS COLLATERAL AND MAKE IT AVAILABLE TO THE
SECURED PARTIES AT PLACES WHICH THE SECURED PARTIES SHALL REASONABLY SELECT,
WHETHER AT A GRANTOR'S PREMISES OR ELSEWHERE. THE SECURED PARTIES SHALL APPLY
THE NET PROCEEDS OF ANY SUCH COLLECTION, RECOVERY, RECEIPT, APPROPRIATION,
REALIZATION OR SALE AS PROVIDED IN SECTION 6(E), BELOW, WITH BJT REMAINING
LIABLE FOR ANY DEFICIENCY REMAINING UNPAID AFTER SUCH APPLICATION. EACH GRANTOR
AGREES THAT THE SECURED PARTIES NEED NOT GIVE MORE THAN THIRTY (30) DAYS' NOTICE
OF THE TIME AND PLACE OF ANY PUBLIC SALE OR OF THE TIME AFTER WHICH A PRIVATE
SALE MAY TAKE PLACE AND THAT SUCH NOTICE IS REASONABLE NOTIFICATION OF SUCH
MATTERS.
(B) AS TO ANY COLLATERAL CONSTITUTING CERTIFICATED SECURITIES OR UNCERTIFICATED
SECURITIES, IF, AT ANY TIME WHEN SECURED PARTIES SHALL DETERMINE TO EXERCISE ITS