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HomeMy WebLinkAbout1278 ~ pay-~Bank the amount loaned against the account, or contract right assigned to Bank where the goods are returned by the ; ~ Purchaser, damaged or lost in transit, or the payment therefor ; is disputed by the buyer, or the contract is cancelled or terminated and any such account shall not be deemed a qualified account for the purpose of maintainii~y t}ie ~atio provi3z3 in above paragraph; (c) immediately notify Bank if any of its ~ontracts arise out of contracts with the United States or any ~ department, agency or instrumentality thereof, and execute any instruments and take any steps required by Bank in order that all moneys due and to become due under any such contract shall be assigned to Bank and notice thereof given to the government under the Federal Assignment of Claims Act; (d) deliver to Bank, with appropri3te e:~dorsement or assignment, as Bank ?!~?y ?-equire, any instrument or chattel paper representing an account or contract right; (e) furnish Bank quarterly with unaudited financial statements and annually with properlj audited~and certified financial statements of Borrower prepared by a Certified Public Accounting firm approved by the Bank; Any permission granted ' to Borrower by Bank to omit any of the requirements of this ~ ` paragraph may be revoked by Bank at any time. ~ Borrower will promptly, if requested by Bank: (a) mark its € f ~ ~ records evidencing its accounts in a manner satisfactory to Bank ~ so as to show-the same have been assigned to Bank; (b) pay ~ Bank the unpaid portion of any assigned account or contract right if Bank shall at any time reject the account as unsatisfactory, which right Bank shall have and may exercise at any time and for any reason whatsoever; and until such payment is made by Borrower, Bank may retain any such account or contract right as security ~ and may charge any deposit account of Borrower with any such ~ amounts; (c) join the Bank in executiny a financing statement, i ~ notice, affidavit ~r similar instrumen~ in form satisfactory ~ to Bank, and siich oi:i~er ins~ruments as Bank may from time to time ~ request; and pay the cost a" ~iling the same in any public ~ office deemed a~visa3~le by Eank; (d) give I3ank such financial statements re orts, certi`icates, list oF purchasers (showing . P names, addresses and .zr::osuts owing), and other data concerning b`~~lt PACf - 3 - ; _ ; ~ ~ ~ _ . . . _