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chines. Any excess insurance payments received by IBM reasonable attorney's fees and legal expenses. IBM will pay shall be credited to the Customer. to the Customer any portion of the net proceeds in excess of the unpaid Total Time Sale Price. ENnfa of Default In the event IBM repossesses and removes a feature, Anyone or more of the following are Events of Default: (a) model upgrade, machine element or accessory, it shall be the Customer fails to pay when due any amount required to the Customer's responsibility to restore any remaining be paid by the Customer hereunder and such failure shall information processing equipment to good working order. continue for a period of seven days after the due date, The Customer aQrees that IBM shall have no liability for except áSprovided in the Section entitled "Funding"; (b) the damages caused by the repossession of such a feature, Customer fails to procure and maintain insurance as model upgrade, machine element or accessory or by the required in this Installment Payment Agreement; (c) the Customer's failure to fulfill such responsibilities. Further, Customer tails to perform any other provisions hereunder IBM shall have no obligation to reimburse the Customer, or violates any of the covenants or agreements made by the user or any other secured party for the cost of repair Customer hereunder, and such failure or breach shall resulting from such removal. continue for a period of 15 days after written notice is IBM may pursue any other remedy available at law or in received by the Customer from IBM; or (d) any insolvency equity, including, but not limited to, seeking damages, proceedings of any character, voluntary or involuntary, specific performance and an injunction. No right or remedy shall be instituted by or against the Customer. is exclusive of any other provided herein or permitted by Any failure of IBM to require strict performance by the law or equity. All such rights and remedies shall be Customer or any waiver by IBM of any provision of this cumulative and may be enforced concurrently or individ- Installment Payment Agreement shall not be construed as a ually from time to time. consent or waiver of any other breach of the same or of any other provision. Funding RemedJea Since the Customer intends to request the appropriation of funds periodically to be paid for the Machines, if funds If an Event of Default shall have occurred and be are not appropriated for the Customer for such Periodic continuil':lg, IBM or assigns may, to the extent permitted by Payment for any future Fiscal Period, the Customer will not law, (a) recover from the Customer any and all amounts be obligated to pay the remainder of the Total Time Sale then due and to be become due; (b) take possession of any Price due beyond the end of the then current Fiscal Period. or all of the Machines, wherever located, without demand or Such event will not constitute an Event of Default. The notiC(9 and without any court order or other process of law, Customer agrees to notify IBM in writing of such nonappro- or render them unusable, and retain all prior payments as priation at the earliest possible time. partial compensation for their use and depreciation; (c) In the event that funds are not appropriated as provided require the Customer to assemble the Machines and make above and the Customer is unable to make further pay- ~em available 'o IBM, freight prepeid, . ments due under this Installment Payment Agreement ., . . , ndlor (d) incur beyond the end of the then current Fiscal Period, IBM will, reasonableattomey's fees and legal expenses in exercising within a reasonable time after the end of such Period, enter , any of its rights and remedies upon default which the and take the Machines from the Customer's premises and Customer hereby agrees to pay. Upon repossession of will retain all sums previously paid by the Customer to IBM such Machines, IBM may sell, lease or otherwise dispose of as partial compensation for machine use and depreciation; any or all of the Machines in a commercially reasonable provided, however that upon the Customer's request, the manner, with or without notice and by public or private Customer may, prior to such repossession, retain the proceedings, and apply the net proceeds thereof towards Machines during a reasonable period agreed to by IBM at a the amounts due under this Installment Payment Agree- monthly charge designated by IBM, beginning on the first ment after deducting the reasonable expenses of retaking, day following the last Fiscal Period for which payment has holding and preparing for such disposition and deducting been made hereunder. r!--* ,0 ,.N..H ¡DLA~f£ 19. P1lJTWlu-ý A~ME.t) ¡gt lSò-r;¡ ¡O1I¿77 é5' . .) Page 3 of 4