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Sophisticated Payment Provision - PMSI
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| 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 attorney-in-fact
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. |
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Tarbell-Watters Building, 146 Chestnut Street, Springfield, MA 01103-1539
Telephone (413) 272-2000 Facsimile (413) 272-2010
E-Mail: niclawgrp@niclawgrp.com
Internet: www.niclawgrp.com
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