Common use of OPTIONAL SECURITY Clause in Contracts

OPTIONAL SECURITY. The obligations hereunder and under the ----------------- Notes are unsecured; provided, however, that in the event an Event of Default (as defined in Article V below), or any condition or event which with the giving of notice or lapse of time, or both, would become such an Event of Default shall have occurred and be continuing, the Bank may, at its option, elect to secure such obligations and upon receipt by the Borrower of written notice of such election, Borrower will execute and deliver to the Bank such security agreements, financing statements and deeds of trust, and such other documents, instruments, notices and agreements as the Bank in its reasonable judgment deems necessary or desirable to obtain a perfected security interest in and lien upon such assets of Borrower (and/or of its Subsidiaries) to fully and adequately secure the repayment of the Line, together with all interest thereon, and all other obligations of Borrower hereunder.

OPTIONAL SECURITY. The obligations hereunder and under the ----------------- Notes are unsecured; provided, however, that in the event an Event of Default (as defined in Article V below), or any condition or event which with the giving of notice or lapse of time, or both, would become such an Event of Default shall have occurred and be continuing, the Bank may, at its option, elect to secure such obligations and upon receipt by the Borrower of written notice of such election, Borrower will execute and deliver to the Bank such security agreements, financing statements and deeds of trust, and such other documents, instruments, notices and agreements as the Bank in its reasonable judgment deems necessary or desirable to obtain a perfected security interest in and lien upon such assets of Borrower (and/or of its Subsidiaries) to fully and adequately secure the repayment of the LineLoan, together with all interest thereon, and all other obligations of Borrower hereunder.