2006 S Finance - Equipment Installment Financing Agreement

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(f) Purchaser adopts a budget for any fiscal year during the term hereof which does not include moneys sufficient to pay all Installment Payments and any other sums coming due hereunder for that fiscal year, or amends a previously adopted budget to delete the funds to make such payments; or (g) An order, judgment or decree shall be entered by any court of competent jurisdiction, approving a petition or appointing a receiver, trustee, custodian or liquidator or Purchaser or of all or a substantial part of the assets of Purchaser, in each case without its application, approval or consent, and such order, judgment or decree shall continue unstayed and in effect for any period of 30 consecutive days. YSection 11:02: Remedies on Default. Whenever any Event flf Default exists; Lender shall have the right, at its sole option without any further demand or notice, to take one or any combination of the following remedial steps: (a) By written notice to Purchaser, Lender may declare all Installment Payments payable by Purchaser pursuant to this Agreement and other amounts payable by Purchaser hereunder to the end of the then current Original Term or Renewal Term to be due; - (b) With or without terminating the Purchase Term, Lender may enter the premises where the Equipment listed in this Agreement is located and retake possession of such Equipment or require. Purchaser. at Purchaser's expense to promptly return any or all of such Equipment to the possession of Lender at such place within the United States as Lender shall specify, and sell or lease such Equipment or, for the account of Purchaser, sublease such Equipment, continuing to hold Purchaser liable, but solely from legally available funds, for the difference between (i) the Installment Payments payable by Purchaser pursuant to this Agreement and other amounts related to this Agreement or the Equipment that are payable by. Purchaser to the end of the then current Original Term or Renewal Term, as the case maybe, and (ii) the net proceeds of any such sale, leasing or subleasing (after deducting all expenses of Lender in exercising its remedies hereunder, including without limitation all expenses of taking possession, storing, reconditioning and selling or leasing such Equipment and. all brokerage, auctioneer's and attorney's fees), subject, however, to the provisions of Section 3.03. The exercise of any such remedies respecting any such Event of Default shall not relieve Purchaser of any other liabilities hereunder or the Equipment listed therein; and (c) Proceed by appropriate court action to enforce performance by Purchaser of the applicable covenants of thisAgreement or to recover for the breach thereof; provided, however, that nothing herein shall be deemed to allow any. judgment for a deficiency or waive any provision of N.C.G.S. § 160A-20 or any defense Purchaser may otherwise have; (d) Exercise all the rights and remedies of a secured party or creditor under the Uniform Commercial Code of the State of North Carolina and the general laws of the State of North Carolina with respect to the enforcement of the security interest granted or reserved hereunder, including, without limitation, to the extent permitted by law, take possession of any collateral without any court order or other process of law and without liability for entering the premises and sell, lease, sublease or make other disposition of the same in a commercially reasonable manner for the account of Purchaser, and apply the proceeds of any such sale, lease, #765698v2 (BAPCCJN Carolina Installment Purch Agmt) 18