PAYMENT & SECURITY INTEREST definition

PAYMENT & SECURITY INTEREST. A minimum deposit of 60% is required upon acceptance of the product order. The Buyer agrees to pay each invoice within fifteen (15) days of the invoice date. Merchandise will be invoiced on delivery. Acceptance of delivery constitutes acceptance of the merchandise as delivered. No payment shall be withheld on any invoice because of partial delivery of the entire order unless special terms are negotiated prior to order placement. Customer shall make final inspection immediately following completion of installation & before occupancy & at that time provide Seller with a final list of items to be corrected (punch list). Failure to make any claim for defect of any kind at the time such inspection should have been made shall constitute acceptance of the labor, materials & product provided & waiver of such claims. Buyer retains the right to withhold 5% of payment due until correction of all punch list items is completed. Credit card transactions may not exceed $10,000 unless special terms are negotiated prior to order entry and a convenience fee will apply where allowed by state law. A $50 charge will be assessed on returned checks. The Buyer agrees to pay a service charge of 1½ percent per month at the annual percentage rate of 18% on all delinquent invoices. The undersigned agrees to pay all collection costs including but not limited to expenses, collection costs, attorney fees & court costs. In the event that special materials, fabrics or services (such as COM, COL, etc.) must be ordered by the Seller from a secondary vendor for delivery to the primary vendor, the Buyer will consider such materials, fabrics or services acceptable for purposes of payment at the time of delivery to the primary vendor. To secure full payment & performance of all Buyer’s obligations to Seller, however arising, Buyer hereby grants to Seller a security interest in all the merchandise sold hereunder, & in any proceeds thereof & any present & future attachments or additions thereto. Xxxxx agrees that a copy of this contract maybe filed & will be sufficient as a financing statement under the Uniform Commercial Code in order to perfect such security interest, & further agrees Seller may execute any other documents deemed necessary by Seller to give full legal affect to the provisions of this paragraph. All of the rights & remedies of Seller provided herein shall be cumulative & in addition to any other rights & remedies provided by law. Waiver by Seller of any breach of any provision h...
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Related to PAYMENT & SECURITY INTEREST

  • Permitted Security Interest means any Security Interest:

  • Security Interest means any mortgage, charge, pledge, lien or other security interest including, without limitation, anything analogous to any of the foregoing under the laws of any jurisdiction;

  • Investment security means a marketable obligation in the form of a bond, note, or debenture, commonly regarded as an investment security and that is salable under ordinary circumstances with reasonable promptness at a fair value.

  • Prior Security Interest means a valid and enforceable perfected first-priority security interest in and to the Collateral that is subject only to Permitted Liens which have first-priority by operation of applicable Law.

  • Acceptable Security Interest in any Property means a Lien which (a) exists in favor of the Administrative Agent for the benefit of the Secured Parties, (b) is superior to all Liens or rights of any other Person in the Property encumbered thereby other than Permitted Subject Liens, (c) secures the Obligations, and (d) is perfected and enforceable.

  • Purchase Money Security Interest means Liens upon tangible personal property securing loans to any Loan Party or Subsidiary of a Loan Party or deferred payments by such Loan Party or Subsidiary for the purchase of such tangible personal property.

  • Payment Security Mechanism shall have the meaning ascribed thereto in Article 10.4 of this Agreement;

  • First Priority means, with respect to any Lien purported to be created in any Collateral pursuant to any Collateral Document, that such Lien is the only Lien to which such Collateral is subject, other than any Permitted Lien.

  • Permitted Security Interests means (i) any Security Interest for taxes, assessments or governmental charges or levies which relate to obligations not yet due and delinquent, (ii) easements, servitudes, encroachments and other minor imperfections of title which do not, individually or in the aggregate, detract from the value of or impair the use or marketability of any real property, and (iii) undetermined or inchoate Security Interests arising or potentially arising under statutory provisions which have not at the relevant time been filed or registered in accordance with applicable laws or of which written notice has not been given in accordance with applicable laws;

  • Development Security means (i) cash or (ii) a Letter of Credit in the amount set forth on the Cover Sheet.

  • First Priority Obligations means (a) with respect to the Existing First Priority Agreement, all “Obligations” of each Loan Party as defined in the Existing First Priority Agreement and (b) with respect to each other First Priority Agreement, all “Obligations” of each Loan Party as defined in such First Priority Agreement, and shall in any event include (i) all principal of and interest (including without limitation any Post-Petition Interest) and premium (if any) on all loans made or other indebtedness issued or incurred pursuant to such First Priority Agreement, (ii) all reimbursement obligations (if any) and interest thereon (including without limitation any Post-Petition Interest) with respect to any letter of credit or similar instruments issued pursuant to such First Priority Agreement, (iii) all Specified Swap Agreements, (iv) all Specified Cash Management Agreements and (v) all guarantee obligations, fees, expenses and other amounts payable from time to time pursuant to the applicable First Priority Documents, in each case whether or not allowed or allowable in an Insolvency Proceeding. To the extent any payment with respect to any First Priority Obligation (whether by or on behalf of any Loan Party, as proceeds of security, enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance or a preference in any respect, set aside or required to be paid to a debtor in possession, any Second Priority Secured Party, receiver or similar Person, then the obligation or part thereof originally intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations of the First Priority Secured Parties and the Second Priority Secured Parties, be deemed to be reinstated and outstanding as if such payment had not occurred.

  • Patent Security Agreement means each Patent Security Agreement executed and delivered by Grantors, or any of them, and Agent, in substantially the form of Exhibit B.

  • Patent Security Agreements means the Patent Security Agreements made in favor of Agent, on behalf of itself and Lenders, by each applicable Credit Party.

  • Security Interests means the security interests in the Collateral created hereby.

  • First Priority Lien Obligations means (i) all Secured Bank Indebtedness, (ii) all other Obligations (not constituting Indebtedness) of the Issuer and its Restricted Subsidiaries under the agreements governing Secured Bank Indebtedness and (iii) all other Obligations of the Issuer or any of its Restricted Subsidiaries in respect of Hedging Obligations or Obligations in respect of cash management services in each case owing to a Person that is a holder of Indebtedness described in clause (i) or Obligations described in clause (ii) or an Affiliate or Representative of such holder at the time of entry into such Hedging Obligations;

  • First Priority Collateral means all assets, whether now owned or hereafter acquired by the Borrower or any other Loan Party, in which a Lien is granted or purported to be granted to any First Priority Secured Party as security for any First Priority Obligation.

  • Component Security means with respect to an Index, each component security of that Index.

  • Government Security means any security issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing.

  • Replacement Securities means securities of the same issuer, class and denomination as Loaned Securities.

  • Credit Agreement Secured Parties means the “Secured Parties” as defined in the Credit Agreement.

  • Second Priority Debt Obligations means the Initial Second Priority Debt Obligations and, with respect to any series, issue or class of Second Priority Debt, (a) all principal of, and interest (including, without limitation, any interest which accrues after the commencement of any Bankruptcy Case, whether or not allowed or allowable as a claim in any such proceeding) payable with respect to, such Second Priority Debt, (b) all other amounts payable to the related Second Priority Debt Parties under the related Second Priority Debt Documents and (c) any renewals or extensions of the foregoing.

  • Lien means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing).

  • First Priority Lien means any Lien created by the First Priority Security Documents.

  • Eligible Obligations means (a) with respect to Securities denominated in Dollars, Governmental Obligations; or (b) with respect to Securities denominated in a currency other than Dollars or in a composite currency, such other obligations or instruments as shall be specified with respect to such Securities, as contemplated by Section 2.01.

  • Equivalent Security means any Security issued by the same entity as the issuer of a subject Security, including options, rights, stock appreciation rights, warrants, preferred stock, restricted stock, phantom stock, bonds, and other obligations of that company or Security otherwise convertible into that Security. Options on Securities are included even if, technically, they are issued by the Options Clearing Corporation or a similar entity.

  • First Priority Liens means all Liens that secure the First Priority Lien Obligations.