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Home My WebLink About0761 • • i ~ ~ ~ ~ t 1 -2- and further including as security the tradenames, Playground ~ Daily News, Ft. Pierce News Tribune, Jackson County Floridan, and the Panama City News-Herald a~d all newsprint, inks, presses, } furniture, fixtures, equipment, miscellaneous materials, hardware used and other processed and raw material held by FREEDOM and used in the prodnction of newspapers, magazines, and other printing ~ i material, and including all FREEDOM's accounts receivable produced ~ ! by the collateral set forth herein. ' III Obligations of FREEDOM ~ A. Obligation to pay. # FREEDOM shall pay to PPI the sum or sums evidenced ~ ~ by the promissory note executed this day pursuant to this security agreement in accordance with the terms of the note. FREEDOM shall ~ account fully and faithfully for and promptly pay or turn over to ~ PPI the proceeds (in whatever form received) from the disposition, ~ ~ in any manner, of more than fifty (50$) percent of the collateral ( R in any one year without having received the prior approval of PPI i in writing to such sale or sales of assets; and FREEDOM shall pay ~ all expenses and reimburse PPI for any expenditures, including reasonable attorneys' fees and legal expenses in connection with PPI's exercise of any of its rights and remedies under this agree- ment in the event of default. ~ ~ B. Additional obligations of FREEDOM. ~ (1) Protection of collateral. . ; The collateral shall remain in FREEDOM's posses- ~ ~ ~ ~ ~ sion or control at all times at FREEDOM's risk of loss, except for ,Y ~ ~ its temporary removal in connection with its ordinary use or unless ; ~ l ~ FREEDOM notifies PPI in writing and PPI consents in writing in ~ ~ ; ~ advance of its removal to another location and the collateral shall - i ~ be insured by FREEDOM, until PPI's security interest is terminated, ~ s ~ again~~ all expected risks to which it is exposed and those which ~ _ ~ PPI may designate with policies satisfactory to PPI and payable ' s ~ ; s=' ~ so~~.~4 ~~E..76~ ~ r' C~ _ rx'. t~... . . . . . , _ . . ; . . ~ ~:y'J.s.: