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Res 2006-035
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Res 2006-035
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Last modified
8/2/2006 10:34:15 AM
Creation date
8/2/2006 10:18:33 AM
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City Clerk
City Clerk - Document
Resolutions
City Clerk - Type
Agreement
Number
2006-35
Date
2/21/2006
Volume Book
166
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<br />} <br /> <br />I <br /> <br />19. Security Interest <br /> <br />19.1 To secure your performance of your obligations under this Agreement, <br />you grant us a security interest in each POS Transaction and its proceeds, <br />the Deposit Account, the Reserve Account and any other Deposit Account <br />of yours with us, whether now existing or established in the future, and in <br />the proceeds ofall those accounts, and any funds due you from us. We <br />may enforce these security interests without notice or demand. The <br />security interests granted under this Agreement will continue even if this <br />Agreement terminates, until you pay all obligations to us. <br /> <br />19.2 To the extent that we have paid or may pay a Reversed POS Transaction, <br />you will be obligated to reimburse us for any sums we pay. lfyou do not <br />reimburse us, we will have all of the rights and remedies of a Consumer <br />under 11 D.S.C. 507(a)(6)[Bankruptcy]. We may assert any claim on <br />behalf of a Consumer individually or on behalf of aU Consumers as a <br />class. <br /> <br />20. Termination of Agreement <br /> <br />Either party may terminate this Agreement or may terminate specific Services <br />with 30 days' written notice, with or without cause, and as otherwise provided in <br />this Agreement. You may terminate this Agreement on less than 30 days' notice <br />if you object to an Amendment promulgated by us under Section 23.2. Ifnot <br />terminated, this Agreement will continue without need for renewal. We may <br />terminate this Agreement immediately, followed by written notice to you in the <br />event we reasonably determine that: <br /> <br />I <br /> <br />20.1 There is a materially adverse change in your financial condition. <br /> <br />20.2 A petition in bankruptcy has been filed by or against you, or you are <br />generally unable to pay your debts as they become due (this Agreement is <br />a contract to extend "fmancial accommodations" as defmed in 11 D.S.C. <br />365(c)(2)). <br /> <br />20.3 A receiver or similar official is appointed for a substantial portion of your <br />business, or the business is terminated. <br /> <br />20.4 Any information provided by you to us in establishing this Agreement, <br />including information on the Application, was false or misleading when <br />received. <br /> <br />17 <br /> <br />I <br />
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