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(the "Liabilities"). <br /> 2. This Agreement is intended as, and constitutes, a security agreement within <br /> the meaning of the North Carolina Uniform Commercial Code. The Company agrees to <br /> execute and deliver to the Bank Uniform Commercial Code financing statements and <br /> such other documents, instruments, supplemental security agreements and chattel <br /> mortgages as the Bank may reasonably deem necessary to obtain the benefits of this <br /> Agreement. The Company further agrees to assign to the Bank its-rights in or under any <br /> financing statements relating to the Collateral filed in favor of the Company. <br /> 3. Until satisfaction in full of all Liabilities, the Company shall not permit or <br /> suffer to exist any other lien, security interest or encumbrance upon the Collateral, except <br /> for the similar security interests created and existing under the other security agreements <br /> delivered by the Company pursuant to the Loan Agreement. Upon the satisfaction in full <br /> of all Liabilities, the Bank shall execute and deliver to the Company all such documents <br /> and instruments as shall be necessary to evidence termination of this Agreement. <br /> 4. If any one or more events of default under the Loan Agreement or the Note <br /> shall have occurred and be continuing beyond any applicable cure period therefor, or if <br /> there shall otherwise be a default in the satisfaction of any of the Liabilities or any of the <br /> Company's obligations under this Agreement, which default is not cured within any <br /> applicable cure period therefor (any of the foregoing being hereinafter referred to as an <br /> "Event of Default), the Bank shall have, in addition to all other rights and remedies given <br /> to it by this Agreement, the Loan Agreement and the Note, all the rights and remedies of <br /> a secured party under the North Carolina Uniform Commercial Code or otherwise <br /> allowed by law. Without limiting the generality of the foregoing, the Bank may <br /> immediately, without demand of performance and without other notice (except as set <br /> forth below or in the Loan Agreement, Note or other documents executed and delivered <br /> pursuant thereto or in connection therewith) or demand whatsoever to the Company, all <br /> of which are hereby waived (to the extent permitted by law), and without advertisement, <br /> sell at public or private sale or otherwise realize upon, the whole or, from time to time, <br /> any part of the Collateral, or any interest which the Company may have therein. After <br /> deducting from the proceeds of sale or other disposition of the Collateral all expenses <br /> (including all reasonable expenses for legal services), the Bank shall apply the residue of <br /> such proceeds towards the satisfaction of the Liabilities. Any remainder of the proceeds <br /> after satisfaction in full of all Liabilities shall be paid to the Company. <br /> 5. The Company agrees that all costs and expenses (including reasonable <br /> attorneys' fees and expenses for legal services of every kind) of, or incidental to, the <br /> custody, care, management, sale or collection of, or realization upon, any of the <br /> Collateral, or in any way relating to the enforcement or protection of the Bank's rights <br /> under this Agreement, shall become part of the Liabilities and shall be entitled to the <br /> benefits of this Agreement. The Bank may at any time apply to the payment of all such <br /> 18 <br />