RECOVER, STORE, FINISH, MAINTAIN, REPAIR, PREPARE FOR SALE,
ADVERTISE FOR SALE, AND SELL (IN THE MANNER PROVIDED FOR HEREIN) THE PERSONAL
PROPERTY COLLATERAL.
BORROWER HEREBY GRANTS TO AGENT A LICENSE OR OTHER RIGHT
TO USE, WITHOUT CHARGE, BORROWER'S LABELS, PATENTS, COPYRIGHTS, TRADE SECRETS,
TRADE NAMES, TRADEMARKS, SERVICE MARKS, AND ADVERTISING MATTER, OR ANY PROPERTY
OF A SIMILAR NATURE, AS IT PERTAINS TO THE PERSONAL PROPERTY COLLATERAL, IN
COMPLETING PRODUCTION OF, ADVERTISING FOR SALE, AND SELLING ANY PERSONAL
PROPERTY COLLATERAL AND BORROWER'S RIGHTS UNDER ALL LICENSES AND ALL FRANCHISE
AGREEMENTS SHALL INURE TO THE LENDER GROUP'S BENEFIT;
(J)
SELL THE PERSONAL PROPERTY COLLATERAL AT EITHER A PUBLIC OR PRIVATE SALE,
OR BOTH, BY WAY OF ONE OR MORE CONTRACTS OR TRANSACTIONS, FOR CASH OR ON TERMS,
IN SUCH MANNER AND AT SUCH PLACES (INCLUDING BORROWER'S PREMISES) AS AGENT
DETERMINES IS COMMERCIALLY REASONABLE.
IT IS NOT NECESSARY THAT THE PERSONAL
PROPERTY COLLATERAL BE PRESENT AT ANY SUCH SALE;
84
(K)
AGENT SHALL GIVE NOTICE OF THE DISPOSITION OF THE PERSONAL PROPERTY
COLLATERAL AS FOLLOWS:
(I)
AGENT SHALL GIVE BORROWER A NOTICE IN WRITING OF THE TIME AND
PLACE OF PUBLIC SALE, OR, IF THE SALE IS A PRIVATE SALE OR SOME OTHER
DISPOSITION OTHER THAN A PUBLIC SALE IS TO BE MADE OF THE PERSONAL PROPERTY
COLLATERAL, THE TIME ON OR AFTER WHICH THE PRIVATE SALE OR OTHER DISPOSITION IS
TO BE MADE; AND
(II)
THE NOTICE SHALL BE PERSONALLY DELIVERED OR MAILED, POSTAGE
PREPAID, TO BORROWER AS PROVIDED IN SECTION 12, AT LEAST 10 DAYS BEFORE THE
EARLIEST TIME OF DISPOSITION SET FORTH IN THE NOTICE; NO NOTICE NEEDS TO BE
GIVEN PRIOR TO THE DISPOSITION OF ANY PORTION OF THE PERSONAL PROPERTY
COLLATERAL THAT IS PERISHABLE OR THREATENS TO DECLINE SPEEDILY IN VALUE OR THAT
IS OF A TYPE CUSTOMARILY SOLD ON A RECOGNIZED MARKET;
(L)
AGENT, ON BEHALF OF THE LENDER GROUP, MAY CREDIT BID AND PURCHASE AT ANY
PUBLIC SALE; AND
(M)
AGENT MAY SEEK THE APPOINTMENT OF A RECEIVER OR KEEPER TO TAKE POSSESSION
OF ALL OR ANY PORTION OF THE COLLATERAL OR TO OPERATE SAME AND, TO THE MAXIMUM
EXTENT PERMITTED BY LAW, MAY SEEK THE APPOINTMENT OF SUCH A RECEIVER WITHOUT THE
REQUIREMENT OF PRIOR NOTICE OR A HEARING;
(N)
THE LENDER GROUP SHALL HAVE ALL OTHER RIGHTS AND REMEDIES AVAILABLE AT LAW
OR IN EQUITY OR PURSUANT TO ANY OTHER LOAN DOCUMENT; AND
(O)
ANY DEFICIENCY THAT EXISTS AFTER DISPOSITION OF THE PERSONAL PROPERTY
COLLATERAL AS PROVIDED ABOVE WILL BE PAID IMMEDIATELY BY BORROWER.
ANY EXCESS
WILL BE RETURNED, WITHOUT INTEREST AND SUBJECT TO THE RIGHTS OF THIRD PERSONS,
BY AGENT TO BORROWER.
9.2 Remedies Cumulative.
The rights and remedies of the Lender Group under this
Agreement, the other Loan Documents, and all other agreements shall be
cumulative.
The Lender Group shall have all other rights and remedies not
inconsistent herewith as provided under the Code, by law, or in equity.
No
exercise by the Lender Group of one right or remedy shall