Pledge and Security Agreement抵押担保协议

-30-PledgeandSecurityAgreement抵押担保协议核心提示：THISPLEDGEANDSECURITYAGREEMENT(thisAgreement),isexecutedanddeliveredasofthe_________dayof_________,_________(M,D,Y),by_________(Debtor),infavorofAAA,Inc.(Lender).RECITALSATHISPLEDGEANDSECURITYAGREEMENT(thisAgreement),isexecutedanddeliveredasofthe_________dayof_________,_________(M,D,Y),by_________(Debtor),infavorofAAA,Inc.(Lender).RECITALSA.Debtoristheowneroftheissuedandoutstandingsharesofcommonstockormembershipinterestsofthosecompanies(collectively,theAdditionalAssets)describedasissuersonSCHEDULEAattachedheretoandincorporatedhereinbythisreference;andB.DebtorhasagreedtoexecuteanddeliverthisAgreementpursuanttotheletteragreementdated_________(M,D,Y)betweenDebtorandLender(theLetterAgreement),andLenderhasagreedtoextendcredittoandmakecertainfinancialaccommodationsonbehalfofDebtorinrelianceonthisAgreement.NOW,THEREFORE,inconsiderationoftheforegoing,DebtoragreeswithLenderasfollows:1.GRANTOFSECURITY.TosecurethepromptpaymentandfullandfaithfulperformanceoftheLiabilities,whetherdirect,contingent,fixedorotherwise,noworfromtimetotimearising,withrespecttotheGuaranty,thePromissoryNotesortheLetterAgreement(eachasmaybeamended,modified,supplemented,orreplaced,theLoanAgreements),DebtorgrantstoLenderasecurityinterestinandto,andpledgesandassignstoLender,underArticles8and9oftheUniformCommercialCode(asdefinedinSection14ofthisAgreement,theUCC),allofDebtor’snowownedandhereafteracquiredright,title,shareandinterestin,toandunder:(a)theissuedandoutstandingsharesofcommonstockormembershipinterestsoftheAdditionalAssets(otherthanCCCLLC(Holdings));(b)untiltherestrictionssetforthinSection4.42oftheAmendedandRestatedLoanAgreementdatedasof_________(M,D,Y)(theTravelersLoanAgreement)betweenJoshuaTimberlandsLLC(Timberlands)andTheTravelersInsuranceCompany(Travelers)shallhavebeenterminated,amendedorwaivedtoeliminatetherestrictionsonDebtor’stransferofhismembershipinterestsinHoldings,allofDebtor’smembershipinterestsinHoldings,whichconstitute86.25%ofthetotaloutstandingmembershipinterestsofHoldings,exceptfor65%ofthetotaloutstandingmembershipinterestsofHoldings;(c)effectiveuponthetermination,amendmentorwaiveroftherestrictionssetforthinSection4.42oftheTravelersLoanAgreement,Debtor’sremaining65%ofthetotaloutstandingmembershipinterestsofHoldings,withoutanyactionrequiredonthepartofDebtororLender(thecommonstockandmembershipinterestsdescribedintheforegoingparagraphs(a)and(b)andthisparagraph(c)arecollectivelyreferredtohereinasthePledgedInterests);(d)togetherwithanyandalldistributions,whetherincashorinkind,uponorinconnectionwiththePledgedInterests,whethersuchdistributionsorpaymentsaredividends,areinpartialorcompleteliquidation,oraretheresultofreclassification,readjustmentorotherchangesinthecapitalstructureoftheentityissuingthesame,orotherwise,andanyandallsubscriptions,warrants,optionsandotherrightsissueduponand/orinconnectiontherewith;(e)anyandallsubstitutions,renewals,improvementsandreplacementsofthePledgedInterestsandadditionsthereto;(f)allPromissoryNotes,Instruments,ChattelPaper,GeneralIntangibles(includingPaymentIntangibles),contractrights,andallotherformsofobligationsrespectingtherightsofDebtortothepaymentofmoneyfromanyoftheAdditionalAssets(collectively,theCompanyObligations);and(g)allProceedsarisingfromanyoftheforegoing.Alloftheforegoingitemsarereferredtohereinindividuallyand/orcollectivelyastheCollateral.CapitalizedtermsnototherwisedefinedhereinorintheLetterAgreementshallhavethemeaninggiventhemintheUCC.2.PERFECTION.ToperfecttheLender’ssecurityinterestintheCollateral:(a)DebtorherebyirrevocablyauthorizestheLenderatanytimeandfromtimetotimetofileinanyappropriatejurisdictionanyUCCfinancingstatementsoramendmentsthereto.(b)DebtorisdeliveringtotheLenderthePledgedInterestsevidencedbycertificatedsecurities,ifany,togetherwithirrevocablestockpowersendorsedinblank.(c)Debtor,LenderandeachissuerofthePledgedInterestswhicharenotevidencedbycertificatedsecuritiesareexecutinganddeliveringcontrolagreements(collectively,theControlAgreements).IfatanytimeanyafterthedatehereofanyofthePledgedInterestswhicharenotevidencedbycertificatedsecuritiesshallbeevidencedorrepresentedbycertificates,DebtorshallpromptlydeliveranysuchcertificatestoLender,togetherwithirrevocablestockpowersendorsedinblank.(d)SolelywithrespecttotheCompanyObligations,DebtorisdeliveringandpledgingtotheLenderallInstruments(includingPromissoryNotes)dulyendorsedandaccompaniedbydulyexecutedinstrumentsoftransferorassignment,allinformandsubstancesatisfactorytoLender.(e)DebtorfromtimetotimehereaftershalldelivertotheLenderanyadditionalCollateralthatcomeswithinthepossessionorcontroloftheDebtorand,ifnecessary,irrevocablestockpowersendorsedinblank,ControlAgreements,and/ordulyexecutedinstrumentsoftransferorassignmentasrequestedbyLender.3.VOTINGANDTRADINGRIGHTS.IfnoEventofDefault(ashereinafterdefined)hasoccurredandiscontinuing,DebtormayexerciseanyvotingrightsthatDebtormayhaveastoanyoftheCollateral.IfanEventofDefaulthasoccurredandiscontinuing,Lendermayexercise,subjecttoSection7ofthisAgreement,allvotingrightsastoanyoftheCollateralandDebtorshalldelivertoLenderallnotices,proxystatements,proxiesandotherinformationrelatingtotheexerciseofsuchrightsreceivedbyDebtorpromptlyuponreceiptand,attherequestofLender,shallexecuteanddelivertoLenderanyproxiesorotherinstrumentswhichare,inthejudgmentofLender,necessaryforLendertoexercisesuchvotingrights.4.DUTYOFLENDER.DebtorshallhaveallriskoflosswithrespecttotheCollateral.Lendershallhavenoliabilityorduty,eitherbeforeoraftertheoccurrenceofanEventofDefault,onaccountoflossofordamageto,ortocollectorenforceanyofitsrightsagainst,theCollateral,tocollectanyincomeaccruingontheCollateral,ortopreserveormaintaintheCollateralorrightsagainstotherparties.IfLenderactuallyreceivesanynoticesrequiringactionwithrespecttoCollateralinLender’spossession,LendershalltakereasonablestepstoforwardsuchnoticestoDebtor.ExceptasprovidedinSection3,DebtorisresponsibleforrespondingtonoticesconcerningtheCollateral,votingtheCollateral,andexercisingrightsandoptions,callsandconversionsoftheCollateral.WhileLenderisnotrequiredtotakecertainactions,ifactionisneeded,inLender’ssolediscretion,topreserveandmaintaintheCollateral,DebtorherebyauthorizesLendertotakesuchactions,butLenderisnotobligatedtodoso.5.REPRESENTATIONSANDWARRANTIES.DebtorrepresentsandwarrantstoLenderthat:a.SCHEDULEAisacompleteandaccuratestatementoftheownershipinterestsintheAdditionalAssetsownedbytheDebtorasofthedatethereof.b.ThisAgreementandtheControlAgreementshavebeendulyexecutedanddeliveredbyDebtor,constituteDebtor’svalidandlegallybindingobligationsandareenforceableinaccordancewiththeirrespectivetermsagainstDebtor.c.Theexecution,deliveryandperformanceofthisAgreement,thegrantofthesecurityinterestintheCollateralandtheconsummationofthetransactionscontemplatedhereunderwillnot,withorwithoutthegivingofnoticeorthelapseoftime,(i)violateanylawapplicabletoDebtor,(ii)violateanyjudgment,writ,injunctionororderofanycourtorgovernmentalbodyorofficerapplicabletoDebtor,(iii)violateorresultinthebreachofanyagreementtowhichDebtorisapartyorbywhichanyofDebtor’sproperties,includingtheCollateral,isbound,or(iv)violateanyrestrictiononthetransferofanyoftheCollateral.d.Noconsent,approvalorauthorizationofanythirdparty(otherthanwithrespecttoanyoftheAdditionalAssetspartytoanyoftheControlAgreements)oranygovernmentalbodyorofficerisrequiredforthevalidandlawfulexecutionanddeliveryofthisAgreementandtheControlAgreements,thecreationandperfectionofLender’ssecurityinterestintheCollateralorthevalidandlawfulexercisebyLenderofremediesavailabletoitunderthisAgreement,theControlAgreementsorapplicablelaworofthevotingandotherrightsgrantedtoitinthisAgreementortheControlAgreements,exceptasmayberequiredfortheofferorsaleofsecuritiesunderapplicablesecuritieslaws.e.TheaddressofDebtor’sprincipalresidenceissetforthinSection12ofthisAgreement.f.DebtoristhesoleowneroftheCollateral,hastherighttograntthesecurityinterestprovidedforhereintoLenderandhasgrantedtoLenderavalidandperfectedfirstprioritysecurityinterestintheCollateralfreeofallliens,encumbrances,transferrestrictionsandadverseclaims.6.COVENANTS.DebtorcovenantsandagreesthatsolongasthisAgreementshallbeineffect:a.DEFENSEOFTITLE.DebtorshalldefendDebtor’stitletotheCollateralandthesecurityinterestofLenderagainsttheclaimsofanypersonclaimingrightsintheCollateral.b.SALEOFCOLLATERAL.WithoutthepriorwrittenconsentoftheLender,(i)Debtorshallnotsell,gift,pledge,exchangeorotherwisetransferanyoftheCollateral;and(ii)DebtorshallcauseeachoftheAdditionalAssetstonotsell,exchangeorotherwisetransferanyofitsmaterialassetsotherthan(a)thesaleofinventoryintheordinarycourseofbusinessorthesaleofobsoleteorunusedassets;or(b)thesaleofoneorbothoftheBCYachts(ashereinafterdefined)inaccordancewithSection6(n)hereof.Intheeventofanysuchsale,exchangeortransferconsentedtobyLender,DebtorshallcausesuchAdditionalAssettodividendordistributeuponreceipttheproceedsofsuchsale,exchangeortransfertoitsshareholdersormembers,and,contemporaneouslytherewith,Debtorshallpay,orcausesuchAdditionalAssettopay,anysuchdistributionwithrespecttothePledgedIntereststotheLenderforapplicationtotheLiabilities.c.NOMODIFICATIONSORTERMINATIONS.DebtorshallnotmodifyorterminatethetermsofanyControlAgreementwithanyoftheAdditionalAssetsandshallnotfileanyamendments,correctionstatementsorterminationstatementstofinancingstatementsconcerningtheCollateralwithoutthepriorwrittenconsentofLender.d.PAYMENTOFOBLIGATIONS.TheDebtorwill,andwillcauseeachoftheAdditionalAssetsto,payanddischargewhendueallofhisoritsmaterialobligationsandliabilities(including,withoutlimitation,taxliabilitieswhichifunpaidwhenduemightbylawgiverisetoalienonanyassetoftheDebtororsuchAdditionalAsset),exceptwherethesamemaybecontestedingoodfaithbyappropriateproceedings.e.INSURANCE.TheDebtorwillcauseeachoftheAdditionalAssetstomaintainwithfinanciallysoundandresponsibleinsurancecompanies:(i)casualtyinsuranceonalltangiblepersonalpropertyoftheAdditionalAssets,ineachcasenamingtheLenderasaninsuredand(ii)liabilityinsuranceonbehalfoftheAdditionalAssets,ineachcasenamingtheLenderasaninsuredandineachcaseinatleastsuchamountsandagainstatleastsuchrisks(andwithsuchriskretention)asareusuallyinsuredagainstinthesamegeneralareabypersonsofestablishedreputeofcomparablefinancialstanding;andwillfurnishtotheLender,uponrequestfromtheLender,informationpresentedinreasonabledetailastotheinsurancesocarried.f.COMPLIANCEWITHLAWS.TheDebtorwillcomply,andwillcauseeachoftheAdditionalAssetstocomply,inallmaterialrespectswithalllaws,ordinances,rules,regulations,andrequirementsofanyFederal,state,localorforeigncourt,agency,authority,instrumentalityorregulatorybodyapplicabletoit,exceptwherethenecessityofcompliancetherewithiscontestedingoodfaithbyappropriateproceedings.g.NOTICEOFCERTAINEVENTSANDCONDITIONS.TheDebtorwillgivepromptwrittennoticetotheLender,andwillcauseeachoftheAdditionalAssetstogivepromptwrittennoticetotheLender,ofanyeventofdefaultoranyeventwhichwithnoticeorlapseoftimeorbothwouldconstituteaneventofdefaultunderanyevidenceorevidencesofIndebtednessaggregatinginexcessof$100,000,orunderanyindenture,mortgageorotheragreementorinstrumentrelatingtoanysuchevidenceofsuchIndebtednessorunderanyotheragreementorinstrumentrelatingtopreferredstock(orcomparableequityinterests)oftheDebtorandeachoftheAdditionalAssets,respectively,orunderanymaterialleasefororinrespectofwhichtheDebtororanyoftheAdditionalAssets,respectively,maybeliable.ForpurposesofthisAgreement,Indebtednessshallmean(i)allobligationsforborrowedmoney,(ii)allobligationsevidencedbybonds,debentures,notesorothersimilarinstruments,(iii)allobligationstopaythedeferredpurchasepriceofpropertyorservices,excepttradeaccountspayableintheordinarycourseofbusiness,(iv)allobligationsofalesseewhicharecapitalizedinaccordancewithgenerallyacceptedaccountingprinciples,(v)allnon-contingentobligationstoreimburseanybankorotherpersonorbusinessinrespectofamountspaidunderaletterofcreditorsimilarinstrument,(vi)allIndebtednesssecuredbyamortgage,lienpledge,charge,securityinterestorencumbranceofanykindonanyassetoftheDebtorortheAdditionalAssets,and(vii)aguarantyofanyIndebtednessofanyotherperson,includingwithoutlimitation,atakeorpayagreementorsimilarobligation.h.EXISTENCE.TheDebtorwillcauseeachoftheAdditionalAssetsto,atalltimespreserveandmaintainitsexistenceasacorporationorlimitedliabilitycompany,asthecasemaybe,andallrights,permits,licenses,approvals,privilegesandfranchisesmaterialtoitsbusiness.i.FUNDAMENTALCHANGES.WithoutthepriorwrittenconsentoftheLender,theDebtorshallnotpermitanyoftheAdditionalAssetstomergeorconsolidatewithorintoanypersonorliquidate,wind-upordissolveitself,orpermitorsufferanyliquidationordissolutionorsellallorsubstantiallyallofitsassets.j.CHANGEOFRESIDENCE.DebtorshallnotifyLenderatleastthirty(30)daysbeforeDebtorchangeshisprincipalresidence.k.CASHRECEIPTS.IntheeventanycashispayableordistributabletoDebtorasaresultofDebtor’sownershipoftheCollateral(CashReceipts),whethersuchpaymentsordistributionsaredividendsordistributionsfrom,areinpartialorcompleteliquidationof,oraretheresultofanyredemptionorotherchangeinthecapitalstructureofanyoftheAdditionalAssets,DebtorwillremittheCashReceiptsorcausetheCashReceiptstoberemittedtoLenderwithintwo(2)businessdaysfollowingreceiptthereof,and,atalltimespriortosuchremittance,Debtorwillholdor,ifapplicable,willcausesuchCashReceiptstobeheldintrustfortheexclusivebenefitoftheLender;providedthatDebtorshallbepermittedtoretainanyCashReceiptsfromregularlyscheduleddividendsordistributionsfromCCCLLCuntilpaymentunderthePromissoryNotes(asdefinedintheLetterAgreement)isduepursuanttothetermsoftheLetterAgreement.l.INFORMATION.DebtorwilldelivertoLenderandcauseeachoftheAdditionalAssetstodelivertoLenderadditionalinformationregardingthebusiness,property,condition(financialorotherwise),orprospectsofDebtorandeachoftheAdditionalAssetsastheLendermayreasonablyrequestfromtimetotime.m.PROHIBITEDLOANS.WithoutthepriorwrittenconsentofLender,Debtorshallnot,andshallcauseeachoftheAdditionalAssetstonot,atanytime,create,incur,assumeorsuffertoexistanyIndebtedness,except(i)IndebtednessofDebtorundertheLoanAgreements,(ii)IndebtednessinexistenceonthedatehereofaspreviouslydisclosedinwritingtoLender,(iii)anyloanoradvancemadeafterthedatehereoftoanyoftheAdditionalAssetsbyDebtorwhichisevidencedbyanInstrument(includingaPromissoryNote)thatisdeliveredandpledgedtotheLenderinaccordancewithSection2(d)ofthisAgreement,or(iv)anyIndebtednessincurredafterthedatehereofwhich,individuallyorintheaggregatewithanyotherIndebtednessincurredafterthedatehereof,islessthan$,_________,or(v)IndebtednesspermittedunderSection6.n.ofthisAgreement.n.BBB,Inc.(BBB)shallbepermittedtoborrowupto$,_________inprincipalamountfromafinancialinstitutionontermssatisfactorytoLender(theYachtLoan)andtoexecuteafirstpreferredshipmortgagetosecuresuchloanwithrespecttothefollowingyachtsnowownedbyBBB:(i)118footIntermarineRaisedPilothouseMotorYacht,identificationhullnumber116-2;and(ii)145footIntermarineTri-LevelMotorYachtYacht,identificationhullnumber142-1(collectively,theBCYachts).ContemporaneouswithanysaleofeitheroftheBCYachts,theDebtorwillcauseBBBtousetheproceedsofsuchsaletorepaytheYachtLoan.IntheeventtheproceedsofanysuchsaleexceedtheoutstandingprincipalbalanceoftheYachtLoan,DebtorshallcauseBBBtodividendordistributesuchexcessuponreceipttoitsshareholders,and,contemporaneouslytherewith,Debtorshallpay,orcauseBBBtopay,anysuchdividendordistributionwithrespecttothePledgedIntereststotheLenderforapplicationtotheLiabilities.WithoutthepriorwrittenconsentofLender,DebtorshallnotpermitBBBtocreate,incur,assumeorsuffertoexistanyIndebtedness(otherthanaspermittedinSection6.m.)ortocreate,assume,orsuffertoexistanylien,mortgage,securityinterest,orencumbranceofanykindonanyyacht(otherthantheBCYachts)orotherassetofBBBnowownedorhereafteracquired.NotwithstandinganythingtothecontrarysetforthinthisAgreement,DebtorshallbepermittedtoprovideapersonalguarantywithrespecttotheYachtLoan.o.CAPITALSTRUCTURE.WithoutthepriorwrittenconsentofLender,DebtorshallnotpermitanyoftheAdditionalAssetstomakeanychangeinitscapitalstructureorissueorcreateanystock,membershipinterest,orotherequityinterest(oranynon-equityinterestthatisconvertibleintoanystock,membershipinterest,orotherequityinterestinanyoftheAdditionalAssets).p.NOTICEOFTRANSACTIONS.DebtorshallgivewrittennoticetotheLender,andwillcauseeachoftheAdditionalAssetstogivewrittennoticetotheLender,atleastten(10)dayspriorto(i)anysale,transfer,exchange,leaseorotherdisposalofanyoftheassetsoftheAdditionalAssets,exceptthesaleofinventoryintheordinarycourseofbusinessorthesaleofobsoleteorunusedassets,or(ii)thepaymentofanydividendsordistributionstoDebtorbyanyAdditionalAsset.q.ADDITIONALREQUESTS.AtDebtor’sexpense,dosuchfurtheractsandexecuteanddeliversuchadditionalconveyances,certificates,instruments,legalopinionsandotherassurancesasLendermayatanytimerequestorrequiretoprotect,assureorenforceitsinterests,rightsandremediesunderthisAgreement.7.EVENTOFDEFAULT;REMEDIES.Upon(a)demandbytheLenderpursuanttoanyoneormoreofthePromissoryNotesor(b)uponthebreachbyDebtorofanyofthetermsoftheLetterAgreement,thisAgreement,anyofthePromissoryNotesoranyoftheControlAgreements(each,anEventofDefault),theLendermayexercisetherightsandpursuetheremediesprovidedunderArticle9oftheUCC,ascurrentlyeffectiveinorashereafteramended,includingbutnotlimitedtoexercisingallvotingrightswithrespecttotheCollateral,collectingalldividendsandotherdistributionswithrespecttotheCollateral,sellingtheCollateralatanypublicorprivatesale,attheLender’soption,withoutadvertisement,anddeliveringanoticeofexclusivecontrolunderanyoftheControlAgreementstotherespectiveissuernamedtherein;provided,however,thatuponanysuchdemand,youshallhave90daysfromthedatethereoftomakepayment;provided,further,thatifsuchdemandismadesubsequenttoyourdeathorincapacity,yourestateshallhave180daysfromthedatethereoftomakepayment;ineithersuchcase,and,untilsuchpaymentisdue,theLendershallrefrainfromexercisingtheaforementionedrightsandremedies.TheLendermaybidandbecomeapurchaseratanysuchsale,anduponanysuchsaletheLendershallcollect,receive,andholdandapplytheproceedsasprovidedherein.Ifnoticeofintendeddispositionisrequiredbylaw,suchnotice,ifmailed,shallbedeemedreasonablyandproperlygivenifmailedtotheaddressofDebtorappearingontherecordsoftheLenderatleastfivedaysbeforethetimeofsuchdisposition.TheproceedsfromanysuchsaleoractionshallbeappliedfirsttothepaymentofalllegalandothercostsandexpensesincurredinconnectionwiththesaleoractionandnexttothepaymentoftheLiabilities,asdeterminedbytheLender.Thebalance,ifany,ofsuchproceedsremainingaftersuchapplicationshallbepaidtoDebtor.Iftheproceedsofanysuchsaleoractionareinsufficienttopayinfulltheamountsspecifiedabove,Debtorshallremainliableforsuchdeficiency.8.APPOINTMENTOFLENDERASAGENT.DebtorappointsLender,itssuccessorsandassigns,asDebtor’sagentandattorney-in-facttocarryoutthisAgreementandtakeanyactionorexecuteanyinstrumentorassignmentthatLenderconsidersnecessaryorconvenientforsuchpurpose,includingthepowertoendorseanddeliverchecks,notesandotherinstrumentsforthepaymentofmoneyinthenameofandonbehalfofDebtor,toendorseanddeliverinthenameofandonbehalfofDebtorsecuritiescertificatesandsuchforms,schedulesandotherdocumentsasarenecessaryordesirableinLender’ssolejudgmenttodelivertotheUnitedStatesSecuritiesandExchangeCommission.Thisappointmentiscoupledwithaninterestandisirrevocableandwillnotbeaffectedbythedeath,incapacityorbankruptcyofDebtornorbythelapseoftime.IfDebtorfailstoperformanyactrequiredbythisAgreement,LendermayperformsuchactinthenameofDebtorandatDebtor’sexpense.9.SECURITIESLAWS.DebtoracknowledgesthatcompliancewiththeSecuritiesActof1933andtherulesandregulationsthereunder,statesecuritieslawsandotherlawsmayimposelimitationsontherightofLendertodisposeoftheCollateral.DebtorauthorizesLendertoselltheCollateralinsuchmannerandtosuchpersonsas,inthejudgmentofLender,wouldhelptoensurethatthesalewillbegivenpromptapprovalbyregulatoryauthoritiesandwillnotrequiretheCollateraltoberegisteredorqualifiedunderanyapplicablelawsandagreesthatsuchasaleiscommerciallyreasonable.SuchasalemayyieldasubstantiallylowerpricethaniftheCollateralwereregisteredandsoldintheopenmarket.IfLendersellstheCollateralatsuchsale,Lendershallhavetherighttorelyupontheadviceandopinionofaqualifiedappraiserorinvestmentbankerastothecommerciallyreasonablepriceobtainableonthesale,butLenderisnotobligatedtoobtainorfollowsuchadviceoropinion.10.EXPENSES.DebtoragreesthatDebtorwillpaytoLenderupondemandtheamountofanyout-of-pocketexpenses,includingthefeesanddisbursementsofcounsel,thatLenderincursinconnectionwiththeenforcementofthisAgreement,includingexpensesincurredtopreservethevalueoftheCollateralandLender’ssecurityinterest,thecollection,saleorotherdispositionofanyoftheCollateral,theexercisebyLenderofanyofitsrights,oranyactiontoenforceitsrightsunderthisAgreement.11.RELEASEOFCOLLATERAL.ExceptasprovidedinSection4oftheLetterAgreement,thesecurityinterestgrantedtoLendershallnotterminateandLendershallnotberequiredtoreturntheCollateraltoDebtorortoterminateitssecurityinterestunlessanduntil(a)theLiabilitieshavebeenfullypaidandperformed,and(b)DebtorhasreimbursedLenderforanyexpensesofreturningtheCollateralandfilinganyterminationstatementsandotherinstrumentsasarerequiredtobefiledinpublicofficesunderapplicablelaws.Afterterminationofthissecurityinterest,within30daysafterDebtor’srequest,LendershallreleasecontrolofanysecurityinterestintheCollateralperfectedbycontroland,inLender’ssolediscretion,shallterminateorsendDebtorappropriatedocumentationtoterminateanyfinancingstatementsfiledbyLenderwithrespecttotheCollateral.12.NOTICES.Anynotices,communicationsandwaiversunderthisAgreementortheControlAgreementsshallbeinwritingandshallbe(i)deliveredinperson,(ii)mailed,postageprepaid,eitherbyregisteredorcertifiedmail,returnreceiptrequested,or(iii)byovernightexpresscarrier,addressedineachcaseasfollows:ToLender:AAA,Inc.Address:_________Attn:_________ToDebtor:_________Address:_________Attn:_________13.MISCELLANEOUS.ThisAgreementshallbeinterpretedandtherightsandliabilitiesofthepartiesheretoshallbedeterminedinaccordancewiththeinternallaws(asopposedtotheconflictsoflawprovisions)anddecisionsoftheStateofMississippiandDebtorherebyconsentstothejurisdictionofthecourtsoforintheStateofMississippiinconnectionwithanydispute,controversy,actionorothermatterrelatingtoorarisingoutofthisAgreement.Wheneverpossibleeachprovis