Sophisticated Payment Provision - Pmsi

Contracting for Profit

Sophisticated Payment Provision PMSI

SECURITY INTEREST: Until the full purchase price has been paid, SELLER reserves a Purchase Money Security Interest under the Uniform Commercial Code in the materials ordered and in the proceeds derived from such materials ordered. BUYER shall execute such documents as SELLER may require, including, but not limited to, one or more Financing Statements, and provide to SELLER signed waivers and consents from landowner(s) and mortgagee(s). BUYER agrees and hereby appoints SELLER as attorneyinfact to do, at the option of SELLER, all acts and things SELLER may deem desirable to perfect and continue to perfect the Purchase Money Security Interest granted hereby, including SELLER'S authority to file financing statements naming BUYER as debtor and SELLER as secured party without BUYER'S signature in those states where such filings are permitted, and to sign BUYER'S name thereto where required. At SELLER's option, there shall be no delivery of any of the materials ordered hereunder until all documents necessary to perfect the Purchase Money Security Interest have been executed to SELLER'S satisfaction. All costs and expenses of SELLER, including attorneys' fees for the preparation and recordation of documents deemed necessary and appropriate to establish and perfect the Purchase Money Security Interest, shall be the responsibility of BUYER and shall be immediately payable by BUYER upon receipt of SELLER's invoice for same.