GRANTOR.
16
5.2.2
SECURED PARTY ACCESS.
(I)
PERMIT THE SECURED PARTY, BY THE SECURED
PARTY'S REPRESENTATIVES AND AGENTS, TO ENTER ANY PREMISES WHERE ALL OR ANY PART
OF THE COLLATERAL, OR THE BOOKS AND RECORDS RELATING THERETO, OR BOTH, ARE
LOCATED, TO TAKE POSSESSION OF ALL OR ANY PART OF THE COLLATERAL AND TO RENDER
THE COLLATERAL UNUSABLE OR REMOVE THE COLLATERAL THEREFROM TO THE PREMISES OF
THE SECURED PARTY OR ANY AGENT THEREOF, FOR SUCH TIME AS THE SECURED PARTY MAY
DESIRE, IN ORDER EFFECTIVELY TO COLLECT OR LIQUIDATE THE COLLATERAL.
(II)
PROVIDE THE SECURED PARTY WITH ACCESS TO
THE GRANTOR'S DATA PROCESSING EQUIPMENT, COMPUTER HARDWARE AND SOFTWARE RELATING
TO THE COLLATERAL AND PERMIT THE SECURED PARTY TO USE ALL OF THE FOREGOING AND
THE INFORMATION CONTAINED THEREIN IN ANY MANNER THE SECURED PARTY DEEMS
APPROPRIATE.
5.3.
LICENSE.
THE SECURED PARTY IS HEREBY GRANTED
A LICENSE OR OTHER RIGHT TO USE, FOLLOWING THE OCCURRENCE AND DURING THE
CONTINUANCE OF AN EVENT OF DEFAULT, WITHOUT CHARGE, THE GRANTOR'S LABELS,
PATENTS, COPYRIGHTS, RIGHTS OF USE OF ANY NAME, TRADE SECRETS, TRADE NAMES,
TRADEMARKS, SERVICE MARKS, CUSTOMER LISTS AND ADVERTISING MATTER, OR ANY
PROPERTY OF A SIMILAR NATURE, AS IT PERTAINS TO THE COLLATERAL, IN COMPLETING
PRODUCTION OF, ADVERTISING FOR SALE, AND SELLING ANY COLLATERAL, AND, FOLLOWING
THE OCCURRENCE AND DURING THE CONTINUANCE OF AN EVENT OF DEFAULT, THE GRANTOR'S
RIGHTS UNDER ALL LICENSES AND ALL FRANCHISE AGREEMENTS SHALL INURE TO THE
SECURED PARTY'S BENEFIT.
IN ADDITION, THE GRANTOR HEREBY IRREVOCABLY AGREES
THAT THE SECURED PARTY MAY, FOLLOWING THE OCCURRENCE AND DURING THE CONTINUANCE
OF AN EVENT OF
DEFAULT, SELL ANY OF THE GRANTOR'S INVENTORY DIRECTLY TO ANY
PERSON, INCLUDING WITHOUT LIMITATION PERSONS WHO HAVE PREVIOUSLY PURCHASED THE
GRANTOR'S INVENTORY FROM THE GRANTOR AND IN CONNECTION WITH ANY SUCH SALE OR
OTHER ENFORCEMENT OF THE SECURED PARTY'S RIGHTS UNDER THIS SECURITY AGREEMENT,
MAY SELL INVENTORY WHICH BEARS ANY TRADEMARK OWNED BY OR LICENSED TO THE GRANTOR
AND ANY INVENTORY THAT IS COVERED BY ANY COPYRIGHT OWNED BY OR LICENSED TO THE
GRANTOR AND THE SECURED PARTY MAY FINISH ANY WORK IN PROCESS AND AFFIX ANY
TRADEMARK OWNED BY OR LICENSED TO THE GRANTOR AND SELL SUCH INVENTORY AS
PROVIDED HEREIN.
ARTICLE VI
WAIVERS, AMENDMENTS AND REMEDIES
No delay or omission of the Secured Party to exercise any right or remedy
granted under this Security Agreement shall impair such right or remedy or be
construed to be a waiver of any Event of Default or an acquiescence therein, and
any single or partial exercise of any such right or remedy shall not preclude
any other or further exercise thereof or the exercise of any other right or
remedy.
No waiver, amendment or other variation of the terms, conditions or
provisions of this Security Agreement whatsoever shall be valid unless in
writing signed by the Secured Party with the concurrence or at the direction of
the Grantor, and then only to the extent in such writing specifically set
forth.
All rights and remedies