Two (2) or more negotiable instruments (checks, money orders, etc.) returned from Customer’s financial institution for want of sufficient funds will result in immediate termination of Customer’s account, will accelerate any and all monies otherwise not yet due Lender as immediately due and owing, and will cause Customer’s account to be placed on a pure cash basis (cash or cashier’s check only; no company checks).
Customer may also be subject to certain statutory penalties for issuing a negotiable instrument on insufficient funds. Customer authorizes Lender to obtain credit and financial information concerning the Customer at any time and from any source, including but not limited to Customer’s banks, lending and financial institutions, as well as any past, present of future vendor or supplier of Customer. Customer agrees to submit to Lender, no less than quarterly, financial statements of the Company, which statements are to be certified by the Customer’s Chief Financial Officer or similar financial executive.
Lender shall have the right to terminate this Agreement at any time or (b) the occurrence of an Event of Default.
If Lender terminates this Agreement upon or after the occurrence of an Event of Default, Customer shall pay Lender forthwith, in full, all Obligations, subject to the provisions hereof and the Security Agreement. This Agreement contains the entire agreement of the parties as to the subject matter hereof, all prior commitments, proposals and negotiations concerning the subject matter hereof being merged herein.
An additional service charge, computed on the same basis will be due and payable every thirty (30) days thereafter until said sums are paid in full.Further, Customer agrees to produce to Lender any financial statements or other financial documents of the Company at any time upon request by Lender so that Lender can assess Customer’s credit worthiness. To secure the payment and performance in full of all Obligations, whether presently owed or hereafter incurred and owing, Customer hereby grants to Lender: (1) a continuing, first priority perfected security interest in, and lien upon, any and all Merchandise (defined below) sold to Customer by Lender, whether now or hereinafter provided, and including, without limitation, any additions, substitutions, replacements, and any and all proceeds in connection with any of the foregoing, and Customer expressly acknowledges and agrees that such security interest shall be deemed a "purchase money security interest" (“PMSI”) (as such term is defined in §9103 of the California Uniform Commercial Code, as such may be amended from time to time (the "UCC"), and (2) a continuing perfected security interest in, and lien upon all Collateral (defined below) to be confirmed and secured by a UCC-1 blanket financing statement to be filed against the Customer by the Lender.Customer hereby expressly acknowledges and agrees that the Security Interests granted pursuant to this Agreement, include, without limitation, a security interest in any and all proceeds (as defined in Section 9306 of the UCC) of the Merchandise and of the Collateral, respectively, or any part thereof. The Merchandise covered by this Agreement and in which a PMSI security interest is hereby granted and transferred to Lender is as follows (collectively, the "Merchandise"): All inventory, raw materials, work in process, finished goods and other product and materials of Customer, whether now owned or hereafter at any time acquired by Customer and wherever located (including, without limitation, such product provided from time to time by or on behalf of Secured Party to Customer), all tangible and intangible rights incorporated into or in connection with the foregoing, and including, without limitation, all now or hereinafter any additions, accessions, substitutions, replacements thereto, and any and all proceeds in connection with any of the foregoing. The Collateral covered by this Agreement and in which a security interest is hereby granted and transferred to Lender is as follows (collectively, the "Collateral"): All property and assets of Customer of every nature and kind whatsoever including, without limitation, all machinery, equipment and supplies, appliances, computers and related equipment, tools, tooling, furniture, furnishings, fixtures, goods, inventory, raw materials, work in process, finished goods and materials owned by Customer, accounts, accounts receivable, general intangibles, names, trademarks, service marks, intellectual property, chattel paper, documents, instruments (whether negotiable or non-negotiable), deposit accounts, investment property, securities, securities entitlements, money, contract rights and rights to payment of every kind; all of the foregoing, whether now owned or hereafter at any time acquired by Customer and wherever located, and includes all products, additions, accessions, replacements and substitutions for and of all such collateral; and all proceeds thereof.Great benefits, amazing people and a fun place to work. Tough to find a corporation that truly listens to employee feedback and take it to heart and actually act on it.There is great opportunity to grow with this company.