Upon the occurrence of any of the following (each, an “Event of Default”): (a) Applicant fails to pay or perform any obligation under the Documents or under any other agreement between Applicant and Bank when due or there shall otherwise occur a default thereunder, (b) Bank’s security interest in the Collateral ceases to be a first priority perfected security interest; (c) there occurs a material adverse change in the business, operations or condition (financial or otherwise) of Applicant or a material impairment of the prospect of repayment of any portion of Applicant’s obligations under the Documents; (e) Applicant becomes insolvent; or (f) a petition is filed by or against Applicant for relief under any bankruptcy or other debtor relief law, then, unless Bank chooses otherwise, any and all obligations of Applicant to Bank under the Documents shall be due and payable in full without notice or demand and Bank may exercise all rights and remedies available to it, at law, in equity and otherwise, including rights of a secured party under the Uniform Commercial Code.