THEREOF AT AN INTEREST RATE PER ANNUM EQUAL TO THE STATED RATE AS OF THE DATE OF
SUCH TERMINATION, PLUS (II) AN AMOUNT EQUAL TO TWO YEARS OF BASIC RENT AND
MINIMUM GUARANTEED WHARFAGE, PROVIDED THAT THE AMOUNT IN CLAUSE (I) SHALL BE
SUBTRACTED FORM THE AMOUNT IN CLAUSE (II).
(D)
THE COMMISSION SHALL ALSO BE ENTITLED TO EXERCISE ANY OTHER RIGHT
OR REMEDY AVAILABLE TO THE COMMISSION AT LAW OR IN EQUITY IN ADDITION TO OR AS
AN ALTERNATIVE TO ANY OF THE OTHER RIGHTS AND REMEDIES OF THE COMMISSION HEREIN
SPECIFIED UPON THE OCCASION OF ANY EVENT OF DEFAULT.
33
Lessee shall be liable for the cost of seizure and repossession of the Leased
Premises and reasonable attorneys' fees incurred as a result of, or to complete,
the seizure and repossession of the Leased Premises.
SECTION 11.03.
SECURITY INTEREST.
(A)
LESSEE HEREBY GRANTS AND TRANSFERS TO THE COMMISSION A SECURITY
INTEREST IN ALL INVENTORY, EQUIPMENT AND FIXTURES NOW OR HEREAFTER LOCATED ON
THE LEASED PREMISES OR AT ANYTIME USED IN CONNECTION WITH LESSEE'S BUSINESS
CARRIED OUT ON THE LEASED PREMISES TO SECURE THE PERFORMANCE BY LESSEE OF
LESSEE'S OBLIGATIONS UNDER THIS LEASE (THE "COLLATERAL").
LESSEE REPRESENTS AND
WARRANTS TO THE COMMISSION THAT (I) SUCH SECURITY INTEREST WILL GRANT TO THE
COMMISSION A FIRST LIEN PRIORITY SECURITY INTEREST IN THE COLLATERAL AND THAT NO
OTHER PERSON OR ENTITY HOLDS A SECURITY INTEREST IN SUCH COLLATERAL; AND (II)
LESSEE WILL BE THE OWNER OF ALL COLLATERAL.
LESSEE HEREBY AUTHORIZES THE
COMMISSION TO EXECUTE AND FILE FINANCING STATEMENTS SIGNED ONLY BY A
REPRESENTATIVE OF THE COMMISSION COVERING THE SECURITY INTEREST GRANTED HEREBY.
(B)
IF AN EVENT OF DEFAULT SHALL HAVE OCCURRED AND BE CONTINUING, THE
COMMISSION, AT ITS OPTION, SUBJECT TO APPLICABLE LAW, SHALL BE ENTITLED TO ENTER
THE LEASED PREMISES AND TO TAKE IMMEDIATE POSSESSION OF THE PROPERTY WHICH IS
THE SUBJECT OF THIS SECURITY INTEREST FOR PURPOSES OF DISPOSITION OR RENDERING
THE SAME UNUSABLE.
UPON REPOSSESSION, THE COMMISSION MAY PROPOSE TO RETAIN SUCH
PROPERTY IN SATISFACTION OF THE OBLIGATION OF THE LESSEE SECURED HEREBY OR
COLLECT OR SELL ALL OR ANY PORTION OF SAME AT PUBLIC OR PRIVATE SALE IN
ACCORDANCE WITH THE UNIFORM COMMERCIAL CODE AS ADOPTED AND IN EFFECT IN INDIANA
OR ANY OTHER APPLICABLE STATUTE.
UPON REQUEST BY THE COMMISSION, LESSEE SHALL
ASSEMBLE AND MAKE SUCH PROPERTY AVAILABLE TO THE COMMISSION AT A PLACE
DESIGNATED BY THE COMMISSION, WHICH IS REASONABLY CONVENIENT TO BOTH THE
COMMISSION AND LESSEE.
(C)
LESSEE AGREES THAT THE REQUIREMENT OF REASONABLE NOTIFICATION BY
THE COMMISSION TO LESSEE OF THE TIME AND PLACE OF ANY PUBLIC OR PRIVATE SALE OR
OF THE DATE AFTER WHICH ANY PRIVATE SALE OR OTHER INDICATED DISPOSITION IS TO BE
MADE SHALL BE MET IF WRITTEN NOTIFICATION IS SENT AT LEAST TEN (10) DAYS PRIOR
TO THE DATE OF SALE OR DISPOSITION.
IN THE FURTHER EVENT THAT THE COMMISSION
SHALL COLLECT OR DISPOSE OF ANY OR ALL OF SAID PROPERTY AFTER DEFAULT, THE
PROCEEDS OF DISPOSITION