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C. No financinq statement coverinq any collatsral or any
proceeds thereo! is on lile in any public office= Debtor authorises
Secured Par~y to lile, in jurisdictions Nhere this authorization will
be qiven eltact, a financinq state~ent eiqned by only the 3ecured Party
describtnq the collataral in the same manner ds it is deacribed hereint
and lrcan time to time at ths request of Securad Party, execute one or ~
more linancinq statements and euch other documents and do euch other
ncte and thinqs, all as the secured Party may requeet to establish _
-and matntain a valid aecurity interest in the collateral, free of all
the liens and claime Whataoever, to eecure the payment ot the obliqation
eet lorth herein.
D. Debtor Will not sell, transfer, lease, assiqn, or other-
Wiae diepoae of any collateral or any intereat therein, or offer to do
so, wit2iout tRe prior i~ritten conaent o! Secured Party.
E. Debtor shall lurnish to Secured Party and/or any creditor
of Secured Party which Secured Party may direct, quarterly financial
atatementa and an annual cartified audit of the operation of radio
station 1~FTP~-AM or its succeasor, of the Debtor in total and shall also
provide unaudited annual, balance sheets of each General Partner of the
Debtor. Such ite~ns required hereunder ahall be in a lona acceptable
to the Secured Party and any creditor oP Secured Party as named above.
Said quarterly atate~aent shall firat be provided ninety (90) days after
! approval of that certain license transter of radio station 1~FTP-AM
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between Secured Party and Debtor by the Federal Camnunications Coaunission.
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` in the event any required itema hereunder are not-furnished on any
occasion when due within thirty (30) days after due date, or if any
~ information contained therein cause any creditor of Secured Par~y to
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E either not accept the promissory note secured hereunder as collateral
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~ from Secured Party or reduce the value placed on said note as
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~ collateral, then such statements shall be deemed detective, and if ~
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g such defects are not cured to the satislaction of suct~ creditor and
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~ 3ecured Paurty, Within sixty C60} days after notice of auch defect,
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` Debtor enall be in defatult ot thfs 3ecurity Aqreement and the obliga-
tion eecured hereby and 3ecured Party shall be a~torded all rights and
~ may immediately exercise all rights of collection and foreclosure
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~ granted to it under the tenas ot this Security Agreement.
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