Common use of Check Retention and Destruction Clause in Contracts

Check Retention and Destruction. For the retention period described above in Section 17, original checks shall be maintained in a secure fashion under procedures similar to which Member maintains other confidential or proprietary information. During the retention period, Member shall take appropriate security measures to ensure that only authorized personnel who are fully bondable and have passed a thorough screening shall have access to the original checks. Changes in Financial Circumstances. You understand and agree that you must inform us immediately in the event of a material change in Member’s financial circumstances including any supporting financial information. This includes, but is not limited to, notification of the following: (1) material changes in transaction volumes that could threaten the financial condition of the Member; (2) any change in a representation or statement made or furnished to us by you or on your behalf in the Application; (3) a material change occurs in Member’s ownership or organizational structure (acknowledging that any change in ownership will be deemed material when ownership is closely held); (4) Member liquidates or dissolves, or enters into any consolidation merger, partnership, or joint venture; (5) Member sells any assets except in the ordinary course of your business as now conducted, or sells, leases, assigns or transfers any substantial part of your business or fixed assets or any property or other assets necessary for the continuance of your business as now conducted including, without limitation, the selling of any property or other assets accompanied by the leasing back of the same; (6) Member ceases doing business, becomes insolvent, a receiver is appointed for all or any part of Member’s property, Member makes an assignment for the benefit of creditors, or any proceeding is commenced either by Member or against Member under any bankruptcy or insolvency laws or any other law or laws relating to debtors; (7) any guaranty of your indebtedness to us, whether related or unrelated to the account or the Service, ceases to be in full force and effect or is declared to be null and void; or the validity or enforceability thereof is contested in a judicial proceeding; or any guarantor denies that it has any further liability under such guaranty; or any guarantor defaults in any provision of any guaranty, or any financial information provided by any guarantor is false or misleading); (8) you or any guarantor dies; if you are a sole proprietorship, the owner dies; if you are a partnership, any general or managing partner dies; if you are a corporation, any principal officer or 10.00% or greater shareholder dies; if you are a limited liability company, any managing member dies; if you are any other form of business entity and any person(s) directly or indirectly controlling ten percent (10.00%) or more of the ownership interests of such

Check Retention and Destruction. For the retention period described above in Section 17, original checks shall be maintained in a secure fashion under procedures similar to which Member maintains other confidential or proprietary information. During the retention period, Member shall take appropriate security measures to ensure that only authorized personnel who are fully bondable and have passed a thorough screening shall have access to the original checks. Changes in Financial Circumstances. You understand and agree that you must inform us immediately in the event of a material change in Member’s financial circumstances including any supporting financial information. This includes, but is not limited to, notification of the following: (1) material changes in transaction volumes that could threaten the financial condition of the Member; (2) any change in a representation or statement made or furnished to us by you or on your behalf in the Application; (3) a material change occurs in Member’s ownership or organizational structure (acknowledging that any change in ownership will be deemed material when ownership is closely held); (4) Member liquidates or dissolves, or enters into any consolidation merger, partnership, or joint venture; (5) Member sells any assets except in the ordinary course of your business as now conducted, or sells, leases, assigns or transfers any substantial part of your business or fixed assets or any property or other assets necessary for the continuance of your business as now conducted including, without limitation, the selling of any property or other assets accompanied by the leasing back of the same; (6) Member ceases doing business, becomes insolvent, a receiver is appointed for all or any part of Member’s property, Member makes an assignment for the benefit of creditors, or any proceeding is commenced either by Member or against Member under any bankruptcy or insolvency laws or any other law or laws relating to debtors; (7) any guaranty of your indebtedness to us, whether related or unrelated to the account or the Service, ceases to be in full force and effect or is declared to be null and void; or the validity or enforceability thereof is contested in a judicial proceeding; or any guarantor denies that it has any further liability under such guaranty; or any guarantor defaults in any provision of any guaranty, or any financial information provided by any guarantor is false or misleading); (8) you or any guarantor dies; if you are a sole proprietorship, the owner dies; if you are a partnership, any general or managing partner dies; if you are a corporation, any principal officer or 10.00% or greater shareholder dies; if you are a limited liability company, any managing member dies; if you are any other form of business entity and any person(s) directly or indirectly controlling ten percent (10.00%) or more of the ownership interests of suchwhether

Check Retention and Destruction. For the retention period described above in Section 1713, original checks shall be maintained in a secure fashion under procedures similar to which Member maintains other confidential or proprietary information. During the retention period, Member shall take appropriate security measures to ensure that only authorized personnel who are fully bondable and have passed a thorough screening shall have access to the original checks. Changes in Financial Circumstances. You understand and agree that you must inform us immediately in the event of a material change in Member’s financial circumstances or in any of the information provided in your Application, including any supporting financial information. This includes, but is not limited to, notification of the following: (1) material changes in transaction volumes that could threaten the financial condition of the Membervolumes; (2) any change in a representation or statement made or furnished to us by you or on your behalf in the Application; (3) a material change occurs in Member’s ownership or organizational structure (acknowledging that any change in ownership will be deemed material when ownership is closely held); (4) Member liquidates or dissolves, or enters into any consolidation merger, partnership, or joint venture; (5) Member sells any assets except in the ordinary course of your business as now conducted, or Member sells, leases, assigns or transfers any substantial part of your business or fixed assets or any property or other assets necessary for the continuance of your business as now conducted including, without limitation, the selling of any property or other assets accompanied by the leasing back of the same; (6) Member ceases doing business, becomes insolvent, a receiver is appointed for all or any part of Member’s property, Member makes an assignment for the benefit of creditors, or any proceeding is commenced either by Member or against Member under any bankruptcy or insolvency laws or any other law or laws relating to debtors; (7) any guaranty of your indebtedness to us, whether related or unrelated to the account or the ServiceServices, ceases to be in full force and effect or is declared to be null and void; or the validity or enforceability thereof is contested in a judicial proceeding; or any guarantor denies that it has any further liability under such guaranty; or any guarantor defaults in any provision of any guaranty, or any financial information provided by any guarantor is false or misleading); (8) you or any guarantor dies; if you are a sole proprietorship, the owner dies; if you are a partnership, any general or managing partner dies; if you are a corporation, any principal officer or 10.00% or greater shareholder dies; if you are a limited liability company, any managing member dies; if you are any other form of business entity and any person(s) directly or indirectly controlling ten percent (10.00%) or more of the ownership interests of suchsuch entity dies; (8) any creditor tries to take any of your property on or in which we have a lien or security interest, including a garnishment of any of your accounts with us; (9) a judgment or judgments is entered against you or any guarantor(s) in the aggregate amount of $250 or more that is not satisfied within thirty (30) days or stayed pending appeal; (10) an involuntary lien or liens is attached to any of your assets or property and not satisfied within thirty (30) days or stayed pending appeal;