|
• (5) A case or proceeding with respect to Debtor is commenced under any applicable
<br />bankruptcy, insolvency, reorganization, receivership, or readjustment-of-debt law or other similar
<br />law, or Debtor's boazd of directors (or any committee of the board) adopts any resolution or
<br />otherwise authorizes action to approve any of the foregoing; or an order for the appointment of a
<br />receiver, liquidator, sequestrator, trustee, custodian, or other officer having similar powers over
<br />Debtor, any of the Collateral, or a substantial part of Debtor's property is entered; or a warrant of
<br />attachment, execution, or similaz process against any of the Collateral or any substantial part of
<br />Debtor's property is issued;
<br />(6) The occurrence of any seizure, vesting, or intervention by or under the authority of
<br />a government by which Debtor's management is displaced or its authority in the conduct of its
<br />business is materially curtailed;
<br />(7) Any judgment, order, or writ in excess of $200,000.00 is rendered or entered
<br />against Debtor and not paid, sadsfied, or otherwise discharged within 20 days of the date such
<br />judgment, order, or writ becomes final and nonappealable, except any judgment for which Debtor
<br />is fully insured and with respect to which the insurer has admitted in writing its liability for the full
<br />amount or cxcept if the enforcement of such judgment, order, or writ has been stayed or Debtor's
<br />liability on it has been bonded in a manner and on terms reasonably satisfactory to Secured Party;
<br />(8) A nodce of lien, levy, or assessment is filed or recorded with respect to any of the
<br />Collateral by any govemmental agency, or any taxes or debts owing at any time hereaft~r to any
<br />government agency becomes a Lien on any Collateral;
<br />(9) Debtor voluntarily dissolves or ceases to exist, or any final and nonappealable order
<br />~ or judgment is entered against Debtor decreeing its dissolution;
<br />(10) There occurs, or can reasonably be expected to occur with the passage of time, any
<br />circumstance that may reasonably be expected to have a Material Adverse Effect; or
<br />(11) A material breach under any ag~ement, document, or inshument material to
<br />Debtor's business or condition occurs and such breach continues for more than 10 days.
<br />6. 2 Each Event of Default under this Agreem~nt will be deemed continuing until it is
<br />waived in writing by, or cured to the written satisfacdon of, Secured Party.
<br />SECTION 7. SECURED PARTY'S RIGHTS AND REMEDIES
<br />7.1 On the occurrence of an Event of Default, Secured Party (1) may immediately
<br />commence withholding retainage as provided in the construction contract and ORS 279.420(lxa);
<br />and (2) in addidon to any other rights and remedies contained in this Agrcement, has all of the
<br />rights and remedics of a secured party under the Code and all other applicable law, all of which
<br />rights and remedies will be cumulative and nonexclusive to the extent pernutted by law.
<br />7.2 Following the occurrence of any Event of Default, Secured Party (1) may, in its
<br />discretion and without affecting or impairing its right to take any other further acdon with respect to
<br />any Collateral, exchange, enforce, waive, or release any of the Collateral; and (2) with respect to
<br />any securities accounts, will have all rights and powers to sell or assign any account or secundes
<br />held in any account on such terms, for such amount, and at such time or times as Secured Party
<br />• Security Agreement
<br />Page - 4
<br />
|