Agenda - 06-24-1986 - Laserfiche WebLink

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Section 7. Payment of Costs, Attorneys' Fees and Expenses. As between the Secured Party and the Company, the Company shall pay any and all costs, attorneys ' fees and other expenses of whatever kind incurred by the Secured Party or other holders of the Note in connection with (a) obtaining possession of the Col- lateral, (b) the operation, management, protection and preserva- tion of the Collateral, (c) the collection of any sum or sums secured hereby, (d) any litigation involving the Collateral, the lien created hereunder, any benefit accruing by virtue of the provisions hereof, or the rights of the Secured Party, (e) the presentation of any claim under any administrative or other pro- ceeding in which proof of claim is required by law to be filed, (f) any additional examination of the title to the Collateral which may be reasonably required by the Secured Party, or (g) taking any steps whatsoever in enforcing this Security Agreement, claiming any benefit accruing by virtue of the provisions hereof, or exercising the rights of the Secured Party hereunder. Section 8. Insurance and Taxes. Pursuant to Sections 7.7 and 6. 2 of the Loan Agreement, the Company will obtain and main- tain certain insurance and will pay all lawful taxes, assessments and charges at any time levied or assessed upon or against the Collateral or any part thereof; provided, however, that nothing contained in this Security Agreement shall require the mainten- ance of insurance or the payment of any such taxes, assessments or charges if the same are not required to be paid under Sections 7.7 and 6. 2 of the Loan Agreement. Section 9. No Assignment of Collateral. The Company will make no assignment, lease or sale of the Collateral or any part thereof without the prior written consent of the Secured Party, except as provided in Section 8.1 of the Loan Agreement or Sec- tion 3 hereof. Section 10 . Advances by Secured Party. The Secured Party or other holders of the Note are authorized, for the account of the Company, to make any required payments under any lien prior hereto, or under this Security Agreement, the non-payment of which would constitute a default, including but not limited to principal payments, interest payments, premium payments, if any, taxes and insurance premiums. All sums so advanced shall attach to and become part of the debt secured hereby, shall become pay- able at any time on demand therefor and, from the date of the advance to the date of repayment, any sum so advanced shall bear interest at a rate per annum equal to the Alternative Rate of In- terest (as defined in the Loan Agreement) . The failure to make payment on demand shall, at the option of the Secured Party or other holders of the Note, constitute a default hereunder, giving rise to all of the remedies herein provided for an event of de- fault. The Secured Party or other holders of the Note, as the 9.