THE CIRCUMSTANCES DESCRIBED IN SECTIONS 8.3 THROUGH 8.9 OCCUR WITH
RESPECT TO ANY GUARANTOR OR PLEDGOR.
9.
BANK'S RIGHTS AND REMEDIES.
9.1
RIGHTS AND REMEDIES.
UPON THE OCCURRENCE AND DURING THE CONTINUANCE OF AN
EVENT OF DEFAULT, BANK MAY, AT ITS ELECTION, WITHOUT NOTICE OF ITS ELECTION AND
WITHOUT DEMAND, DO ANY ONE OR MORE OF THE FOLLOWING, ALL OF WHICH ARE AUTHORIZED
BY BORROWER:
(A)
DECLARE ALL OBLIGATIONS, WHETHER EVIDENCED BY THIS AGREEMENT, BY ANY OF
THE OTHER LOAN DOCUMENTS, OR OTHERWISE, IMMEDIATELY DUE AND PAYABLE (PROVIDED
THAT UPON THE OCCURRENCE OF AN EVENT OF DEFAULT DESCRIBED IN SECTION 8.5
(INSOLVENCY), ALL OBLIGATIONS SHALL BECOME IMMEDIATELY DUE AND PAYABLE WITHOUT
ANY ACTION BY BANK);
(B)
TO THE EXTENT ANY LETTERS OF CREDIT HAVE BEEN ISSUED BY OR THROUGH BANK,
DEMAND THAT BORROWER
(I) DEPOSIT CASH WITH BANK IN AN AMOUNT EQUAL TO THE
AMOUNT OF SUCH LETTERS OF CREDIT REMAINING UNDRAWN, AS COLLATERAL SECURITY FOR
THE REPAYMENT OF ANY FUTURE DRAWINGS UNDER SUCH LETTERS OF CREDIT, AND (II) PAY
IN ADVANCE ALL LETTER OF CREDIT FEES SCHEDULED TO BE PAID OR PAYABLE OVER THE
REMAINING TERM OF THE LETTERS OF CREDIT, AND BORROWER SHALL PROMPTLY DEPOSIT AND
PAY SUCH AMOUNTS;
(C)
CEASE ADVANCING MONEY OR EXTENDING CREDIT TO OR FOR THE BENEFIT OF
BORROWER UNDER THIS AGREEMENT OR UNDER ANY OTHER AGREEMENT BETWEEN BORROWER AND
BANK;
(D)
SETTLE OR ADJUST DISPUTES AND CLAIMS DIRECTLY WITH ACCOUNT DEBTORS FOR
AMOUNTS, UPON TERMS AND IN WHATEVER ORDER THAT BANK REASONABLY CONSIDERS
ADVISABLE;
(E)
MAKE SUCH PAYMENTS AND DO SUCH ACTS AS BANK CONSIDERS NECESSARY OR
REASONABLE TO PROTECT ITS SECURITY INTEREST IN THE COLLATERAL.
BORROWER AGREES
TO ASSEMBLE THE COLLATERAL IF BANK SO REQUIRES, AND TO MAKE THE COLLATERAL
AVAILABLE TO BANK AS BANK MAY DESIGNATE.
BORROWER AUTHORIZES BANK TO ENTER THE
PREMISES WHERE THE COLLATERAL IS LOCATED, TO TAKE AND MAINTAIN POSSESSION OF THE
COLLATERAL, OR ANY PART OF IT, AND TO PAY, PURCHASE, CONTEST, OR COMPROMISE ANY
ENCUMBRANCE, CHARGE, OR LIEN WHICH IN BANK'S DETERMINATION APPEARS TO BE PRIOR
OR SUPERIOR TO ITS SECURITY INTEREST AND TO PAY ALL EXPENSES INCURRED IN
CONNECTION THEREWITH.
WITH RESPECT TO ANY OF BORROWER'S OWNED PREMISES,
BORROWER HEREBY GRANTS BANK A LICENSE TO ENTER INTO POSSESSION OF SUCH PREMISES
AND TO OCCUPY THE SAME, WITHOUT CHARGE, IN ORDER TO EXERCISE ANY OF BANK'S
RIGHTS OR REMEDIES PROVIDED HEREIN, AT LAW, IN EQUITY, OR OTHERWISE;
(F)
SET OFF AND APPLY TO THE OBLIGATIONS ANY AND ALL (I) BALANCES AND
DEPOSITS OF BORROWER OR ANY GUARANTOR HELD BY BANK, INCLUDING THE REQUIRED
BALANCE AND ANY OTHER CASH, CERTIFICATES OF DEPOSIT, MONEY MARKET ACCOUNTS, OR
DEPOSIT ACCOUNTS HELD BY BANK AS COLLATERAL, AND (II) INDEBTEDNESS AT ANY TIME
OWING TO OR FOR THE CREDIT OR THE ACCOUNT OF BORROWER HELD BY BANK;
(G)
SHIP, RECLAIM, RECOVER, STORE, FINISH, MAINTAIN, REPAIR, PREPARE FOR SALE,
ADVERTISE FOR SALE, AND SELL (IN THE MANNER PROVIDED FOR HEREIN) THE
COLLATERAL.
BANK IS HEREBY GRANTED A LICENSE OR OTHER RIGHT,