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Security Agreement

Clearwater Hydraulics LLC

Security Agreement

Clearwater Hydraulics, LLC. ("Seller") and the purchaser identified on any invoice ("Buyer") agree as follows:

Buyer has purchased certain property ("goods") and/or services from Seller, described on the invoice. The term "Seller" in this Security Agreement includes Seller and all affiliates of Seller.

Unless Buyer has paid for such goods and services in full, as indicated by Seller on the invoice, the following shall apply:

1.Buyer agrees to pay Seller for everything Buyer purchases. Unless Buyer has a separate written Credit Plan Agreement approved by Seller, Buyer will pay immediately for the goods or services purchased in cash. If more than one person has signed the Retail Agreement and /or otherwise entered into a Retail Agreement with Seller on behalf of Buyer or has signed the invoice, all obligations will be joint and several.

2.If the invoice indicates that the purchase terms are "cash", cash on delivery" or "COD" Buyer agrees to pay the full amount of the purchase price and any delivery charges in cash or certified funds prior to order being processed and shipped to the location specified by Buyer. Seller shall have no obligation to release the goods to Buyer unless the purchase price is paid in full. Seller may release the goods to any agent of Buyer at the delivery location.

3.If Buyer has an approved open account with Seller and signed a Retail Agreement, the following shall apply (in the event of any inconsistency between the following and the terms of the Retail Agreement the terms of the respective Retail Agreement shall control and shall supersede the provisions hereof):

  • A.When Buyer has a balance due, Seller will bill Buyer monthly, after the 25th day of each month for all previous unpaid purchases. The monthly statement will set forth Buyer's total unpaid new balance. All payments are due within 30 days of invoice.
  • B.If Buyer pays the total new balance on Seller's monthly statement before Seller's next statement closing date, no FINANCE CHARGE WILL BE ADDED TO THE NEW BALANCE. If Buyer does not pay the total unpaid balance before the closing date on Seller's next monthly statement, Seller will add a FINANCE CHARGE TO Buyer's account beginning as of the billing date shown on the monthly statement. No FINANCE CHARGE WILL BE ADDED TO THE UNPAID BALANCE IF buyer pays the total new balance on Seller's monthly statement before the end of the next month. Buyer may pay the total unpaid balance at any time without any prepayment penalty.
  • C.Buyer's payments will be applied in accordance with the terms of Buyer's Retail Agreement as applicable with Seller.
  • D.To secure all amounts now or hereafter owing to Seller, Buyer grants Seller a contractual purchase money security interest in all goods sold by Seller to Buyer, as specified in Buyer's Retail Agreement or this Security Agreement as applicable with Seller. This included all parts, substitutions, and additions to these goods and all proceeds including insurance proceeds to the fullest extent allowed by law. This security interest shall continue in all goods, even if Buyer has previously paid for the goods in full at any such time as Buyer has a balance owing, Buyer agrees to execute financing statements covering all property sold under this Security Agreement and to do any further acts and execute any other documents necessary or appropriate to establish and maintain a perfected and senior security interest. Seller may file copies of this Security Agreement as a financing statement.
  • E.If Buyer fails to perform as agreed, if Seller reasonably deems itself insecure, or if Buyer is otherwise in default under Buyer's Retail Agreement of this Security Agreement if applicable, Seller may take any action allowed under law, including without limitation:
    • (1)Seller may declare everything I owe immediately due and payable without further notice. If notice is required, notice shall be deemed reasonable if it is mailed at least 10 days in advance by registered or certified mail to the last address Buyer has provided to Seller in writing.
    • (2)Seller may take back any goods under this security agreement. Seller may enter Buyer's driveway, garage, and shop of similar property without further permission from Buyer.
    • (3)Buyer agrees to pay all fees, costs, and expenses of collections, and/or all fees, costs and expenses of repossessing the goods, selling them, and all fees, costs and expenses of any other efforts to collect what Buyer owes Seller to the fullest extent allowed under applicable law.
    • (4)Buyer agrees to pay Seller's Attorney fees, costs, and expenses, whether or not there is a lawsuit, and Buyer agrees to pay Seller's attorney, court costs and expenses of any other efforts to collect what Buyer owes Seller to the fullest extent allowed under applicable law. All such sums are secured by this Security Agreement.
    • (5)All remedies shall be cumulative. Failure of Seller to exercise a remedy shall not waive that remedy. A waiver of default by Seller must be in writing to be effective.
    • (6)Seller may change the terms of this Security Agreement including but not limited to the FINANCE CHARGE and the applicable ANNUAL PERCENTAGE RATE OR RATES, the method of computing the balance on which the FINANCE CHARGE is applied by mailing a notice of change to Buyer as may then be required by applicable law.
    • (7)Any claims for billing adjustment in connection with any invoices must be presented in accordance with the billing errors statement on the Buyer's Retail Agreement or monthly billing statement as applicable, or if Buyer has not executed a Retail Agreement with sixty (60) days following the invoice date, in writing to the address of Seller set forth on the invoice.
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