This excerpt taken from the SPSX 8-K filed Aug 11, 2008.
4. Rights and Remedies Upon Default. Upon the occurrence and during the continuation of any Event of Default, all of the Secured Obligations shall become due and payable in accordance with the terms of the Loan Agreement. In addition to the foregoing, upon the occurrence and during the continuance of any Event of Default, Agent may in its discretion (and shall, upon the direction of the Required Lenders) exercise from time to time the following rights and remedies (without prejudice to the rights of Agent or any Secured Party to enforce its claim against any or all U.S. Obligors):
(a) All of the rights and remedies of a secured party under the UCC or under other Applicable Law, and all other legal and equitable rights to which Agent may be entitled under any of the Loan Documents, all of which rights and remedies shall be cumulative and shall be in addition to any other rights or remedies contained in this Agreement or any of the other Loan Documents, and none of which shall be exclusive.
(b) The right to collect all amounts at any time payable to a U.S. Obligor from any Account Debtor or other Person at any time indebted to such U.S. Obligor.
(c) The right to take immediate possession of any of the U.S. Collateral, and to (i) require U.S. Obligors to assemble the U.S. Collateral, at U.S. Obligors expense, and make it available to Agent at a time and place designated by Agent which is reasonably convenient to U.S. Obligors and Agent, and (ii) enter any premises where any of the U.S. Collateral shall be located and to keep and store the U.S. Collateral on said premises until sold (and if said premises be the Property of a U.S. Obligor, then such U.S. Obligor agrees not to charge Agent for storage thereof).
(d) The right to sell or otherwise dispose of all or any U.S. Collateral in its then condition, or after any further manufacturing or processing thereof, at public or private sale or sales, with such notice as may be required by Applicable Law, in lots or in bulk, for cash or on credit, all as Agent, in its sole discretion, may deem advisable. Each U.S. Obligor agrees that any requirement of notice to any U.S. Obligor of any proposed public or private sale or other disposition of U.S. Collateral by Agent shall be deemed reasonable notice thereof if given at least ten (10) days prior thereto, and such sale may be at such locations as Agent may designate in said notice (except in the case of U.S. Collateral which threatens to decline speedily in value or is of a type customarily sold on a recognized market, in which case all notice is hereby waived by each U.S. Obligor). Agent shall have the right to conduct such sales on any U.S. Obligors premises, without charge therefor, and such sales may be adjourned from time to time in accordance with Applicable Law. Agent shall have the right to sell, lease or otherwise dispose of the U.S. Collateral, or any part thereof, for cash, credit or any combination thereof, and Agent may purchase all or any part of the U.S. Collateral at public or, if permitted by law, private sale and, in lieu of actual payment of such purchase price, may set off the amount of such price against their Secured Obligations. The proceeds realized from the sale or other disposition of any U.S. Collateral shall be applied in accordance with the terms of the Loan Agreement. If any deficiency shall arise, U.S. Obligors shall remain jointly and severally liable to Agent and the Secured Parties therefor.
(e) The right to the appointment of a receiver, without notice of any kind whatsoever, to take possession of all or any portion of the U.S. Collateral and to exercise such rights and powers as the court appointing such receiver shall confer upon such receiver.
(f) The right to exercise all of Agents rights and remedies under the Mortgages with respect to any of the Real Estate.
Agent is hereby granted an irrevocable, non-exclusive license or other right to use, license or sub-license (exercisable only during the existence of an Event of Default and without payment of royalty or other compensation to any U.S. Obligor or any other Person) any or all of each U.S. Obligors Intellectual Property and all of each U.S. Obligors computer hardware and software trade secrets, brochures, customer lists, promotional and advertising materials, labels, and packaging materials, and any Property of a similar nature, in advertising for sale, marketing, selling and collecting and in completing the manufacturing of any U.S. Collateral, and each U.S. Obligors rights under all licenses and all franchise agreements shall inure to Agents benefit.
Neither Agent nor any of the other Secured Parties shall be liable or responsible to any U.S. Obligor in any way for the safeguarding of any of the U.S. Collateral, for any loss or damage thereto (except for loss or damage directly attributable to the gross negligence or willful misconduct of Agent with respect to Collateral in its custody while in Agents actual possession), for any diminution in the value thereof, or for any act or default of any carrier, warehouseman, forwarding agency, or other person whomsoever, but the same shall be at all times at each U.S. Obligors risk.
All rights, remedies, powers, and privileges of Agent and the other Secured Parties hereunder are cumulative and not alternative, and may be exercised concurrently or seriatim, and are in addition to and not in lieu of any other rights of Agent or Secured Parties under the Loan Documents, at law, in equity, under statute, under any other agreement with any or all of the U.S. Obligors, or otherwise.