Common use of Credit Terms and Security Clause in Contracts

Credit Terms and Security. Guardian may, but is not obligated to, establish credit terms for Customer, and may change those terms, create or change credit limits or cease extending credit from time to time in its sole discretion. Notwithstanding any provision to the contrary in the Sales Agreement, in the event that Guardian determines, in its sole discretion, that the creditworthiness or future performance of Customer is impaired or unsatisfactory, Guardian may (a) suspend deliveries of Product, (b) require prepayment by wire transfer at least two business days prior to a scheduled shipment of Product, and/or (c) require Performance Assurance at least three business days prior to a scheduled shipment of Product. Customer hereby waives written notice of any such action. “Performance Assurance” means collateral in the form of, at Guardian’s option, either cash or letter(s) of credit in a form and from a bank acceptable to Guardian in its sole discretion. As general and continuing security for the payment for all purchases from Guardian and the payment and performance of Customer of all indebtedness, liabilities and obligations of any nature, however arising, whether monetary or otherwise, now existing or hereafter arising in favor of Guardian, Customer shall, upon request by Guardian, deliver to Guardian, in form and substance satisfactory to Guardian in its sole discretion, a general security agreement (the “Security Agreement”) granting a security interest in favor of Guardian in all of Customer’s presently owned or hereafter acquired property, assets, rights, benefits, privileges and undertakings of every nature and kind, real or personal, moveable or immovable. Customer further agrees to deliver to Guardian such further security agreements, deeds or other instruments of conveyance, assignment, transfer, mortgage, pledge or charge (the “Supplemental Agreements”) as Guardian may reasonably request to effectively take or perfect the security in the above mentioned property of Customer. Customer hereby acknowledges and agrees that Guardian reserves the right not to deliver any shipment of Product until Customer has executed and delivered to Guardian the Security Agreement and the Supplemental Agreements in accordance with the terms of this clause.

Appears in 3 contracts

Samples: Terms and Conditions of Sales, Terms and Conditions of Sales, Terms and Conditions of Sales

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Credit Terms and Security. Guardian may, but is not obligated to, establish credit terms for Customer, and may change those terms, create or change credit limits or cease extending credit from time to time in its sole discretion. Notwithstanding any provision to the contrary in the Sales Agreement, in the event that Guardian determines, in its sole discretion, that the creditworthiness or future performance of Customer is impaired or unsatisfactory, Guardian may may, at any time, including for confirmed orders, (a) suspend deliveries of Product, (b) require prepayment by wire transfer at least two business days prior to a scheduled shipment of Product, and/or (c) require Performance Assurance at least three business days prior to a scheduled shipment of Product. Customer hereby waives written notice of any such action. “Performance Assurance” means collateral in the form ofform, at Guardian’s optionin an amount, either cash or letter(s) of credit in for a form term, and from a bank an issuer all acceptable to Guardian Guardian, in its sole discretion, including cash, letter(s) of credit, or such other security acceptable to Guardian. As general and continuing security for the payment for all purchases from Guardian and the payment and performance of Customer of all indebtedness, liabilities and obligations of any nature, however arising, whether monetary or otherwise, now existing or hereafter arising in favor of Guardian, Customer shall, upon request by Guardian, deliver to Guardian, in form and substance satisfactory to Guardian in its sole discretion, a general security agreement (the “Security Agreement”) granting a security interest in favor of Guardian in all of Customer’s presently owned or hereafter acquired property, assets, rights, benefits, privileges and undertakings of every nature and kind, real or personal, moveable or immovable. Customer further agrees to deliver to Guardian such further security agreements, deeds or other instruments of conveyance, assignment, transfer, mortgage, pledge or charge (the “Supplemental Agreements”) as Guardian may reasonably request to effectively take or perfect the security in the above mentioned property of Customer. Customer hereby acknowledges and agrees that Guardian reserves the right not to deliver any shipment of Product until Customer has executed and delivered to Guardian the Security Agreement and the Supplemental Agreements in accordance with the terms of this clause.

Appears in 3 contracts

Samples: Terms and Conditions of Sales, Terms and Conditions of Sales, Terms and Conditions of Sales

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Credit Terms and Security. Guardian may, but is not obligated to, establish credit terms for Customer, and may change those terms, create or change credit limits or cease extending credit from time to time in its sole discretion. Notwithstanding any provision to the contrary in the Sales Agreement, in the event that Guardian determines, in its sole discretion, that the creditworthiness or future performance of Customer is impaired or unsatisfactory, Guardian may may, at any time, including for confirmed orders, (a) suspend deliveries of Product, (b) require prepayment by wire transfer at least two business days prior to a scheduled shipment of Product, and/or (c) require Performance Assurance at least three business days prior to a scheduled shipment of Product. Customer hereby waives written notice of any such action. “Performance Assurance” means collateral in the form ofform, at Guardian’s optionin an amount, either cash or letter(s) of credit in for a form term, and from a bank an issuer all acceptable to Guardian Guardian, in its sole discretion, including cash, letter(s) of credit, or such other security acceptable to Guardian. As general and continuing security for the payment for all purchases from Guardian and the payment and performance of Customer of all indebtedness, liabilities and obligations of any nature, however arising, whether monetary or otherwise, now existing or hereafter arising in favor of Guardian, Customer shall, upon request by Guardian, deliver to Guardian, in form and substance satisfactory to Guardian in its sole discretion, a general security agreement (the “Security Agreement”) granting a security interest in favor of Guardian in all of Customer’s presently owned or hereafter acquired property, assets, rights, benefits, privileges and undertakings of every nature and kind, real or personal, moveable or immovable. Customer further agrees to deliver to Guardian such further security agreements, deeds or other instruments of conveyance, assignment, transfer, mortgage, pledge or charge (the Supplemental Agreements”) as Guardian may reasonably request to effectively take or perfect the security in the above above- mentioned property of Customer. Customer hereby acknowledges and agrees that Guardian reserves the right not to deliver any shipment of Product until Customer has executed and delivered to Guardian the Security Agreement and the Supplemental Agreements in accordance with the terms of this clause.

Appears in 1 contract

Samples: Terms and Conditions of Sales

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