Security Agreement:
As security for any and all indebtedness of Customer to TECHEX INC. under this Agreement, Customer does hereby grant to TECHEX INC. a purchase money security interest in favor of TECHEX INC., with priority over any other security interest, in and to all of Customer’s right, title and interest in and to all unpaid for Products now owned or hereafter acquired by Customer from TECHEX INC., including all accounts receivable and contract rights now or hereafter existing arising from Customer’s sale, lease or transfer of Products, and the proceeds, Products, and accessions of and to any and all of the foregoing. Customer authorizes TECHEX INC. to perfect such security interest and will cooperate in accomplishing the same and execute any document to effectuate this provision. TECHEX INC. retains the right to apply all monies received for payment to the earliest shipped and unpaid for Products.
Charge for Late Payment:
Payment terms are as set forth in TECHEX invoices. A TECHEX invoice is considered past due if payment is not received by TECHEX by the invoice due date. If any payment is past due, the CUSTOMER will pay, in addition to the prices specified, a charge equal to the lesser of (i) two percent (2%) of the invoiced amount for each month during which the payment remains outstanding, including any month in which payment was due and not received, or (ii) the maximum rate allowable by applicable law.