6E(3) Blackthorn Golf Course Financing Agreement

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"Schedule of Accounts"), together with such schedules and certificates and reports relative to all or any of the Collateral and the items or amounts received by the Boi-rower in full or pai~ial payment or otherwise, as Proceeds of any of the Collateral. Each Schedule of Accounts or other schedule, certificate or report shall be executed by its duly authorized officer and shall be in the form specified by the Secured Party. Airy Schedule of Accounts identifying any Account shall be accompanied, if the Secured Party requests: (a) by a true and correct copy of the invoice evidencing such Account; (b) by evidence of shipment, delivery or performance; and (c' if such request shall be made after the occurrence of a Default or an Unmatured Default, by a duly executed assignment of such Account from the Borrower to the Secured Party; provided, however, that the Borrower's failure to execute and deliver any such Schedule of Account and/or assignment shall not affect or limit the Secured Party's security interest or other rights in and to Accounts. Section 4.4. Verification of Accounts. The Secured Party and its officers, employees, agents, attorneys, and accountants, may examine, inspect or make abstracts fi•om the Borrower's books and records, and verify returned and repossessed Goods, if any, and arrange for verifica- tion of Accounts, under reasonable procedures, directly with the Account Debtors or by other methods, and the Borrower shall furnish to the Secured Party upon request additional Schedules of Accounts, together with all notes or other papers evidencing the same and any guaranty, securities or other information relating thereto, and shall do, make and deliver all such additional and further acts, things, deeds, assurances and instruments as the Secured Party may reasonably require. A RTi('1 F V Agreements Concerning Equipment Section 5.1. Locations. The Borrower will give the Secured Party written notice of each location at which Equipment is or will be kept at all times. Section 5.2. Condition. The Borrower will keep the Equipment in good order and repair, ordinary wear and tear excepted, and will not waste or destroy the Equipment or any portion thereof,. except in the case of obsolete Equipment which is no longer used or useful in the Borrower's business. Section 5.3. Titled Equipment. Upon request by the Secured Party, made at any time after the occurrence and during the continuance of any Default or Unmatured Default, the Borrower shall immediately deliver to the Secured Party any or all certificates of title issued by any Governmental Authority relating to any Equipment of the Borrower, and all applications therefor, properly endorsed, and shall take all actions necessary to have the Secured Panty's security interest properly recorded on each such certificates of title and shall take all other steps necessary to perfect the Secured Party's security interest in such Equipment. Section 5.4. Compliance ~~~ith La~i~s. The Borrower will not use the Equipment in violation of any statute, rule, regulation or ordinance or any policy of insurance thereon. The 5