If the collateral suffers material damage or

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Unformatted text preview: onnection with this Agreement proves to have been false in any material respect when made or furnished; or E. If the Collateral suffers material damage or destruction; or F. If any bankruptcy or insolvency proceedings are commenced by or against the Debtor or any guarantor or surety for the Debtor; or Sample Security Agreement Sample (cont.) (cont.) G. If the Debtor dies, becomes incompetent, is dissolved, or the Debtor’s existence otherwise terminates. Upon the happening of any of the above events of default or in the event that S.P., in good faith, deems itself insecure, S.P. may, at its option, declare all Obligations secured hereby due and payable immediately and have, in addition to other rights and remedies, the rights and remedies of a secured party upon default under the North Carolina Uniform Commercial Code. The waiver of any particular default of the Debtor hereunder shall not be a waiver of any other or subsequent default of the Debtor. Any requirement of the North Carolina Uniform Commercial Code of reasonable notification of time and place of public sale, or the time on or after which private sale may be held, may be met by sending written notice by registered or certified mail to the above addre...
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This note was uploaded on 10/25/2009 for the course LAW 100 taught by Professor Liu during the Spring '09 term at Zhejiang University.

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