To ensure Patriot Meat Trade receives full payment for all product purchases made by the Applicant, the Applicant hereby assigns to Patriot Meat Trade a security interest based on the purchase price over each and every product (consisting primarily of food products, whether fresh, frozen, or refrigerated, for human consumption) and all accounts and funds derived from the sale of such products purchased by the Applicant from Patriot Meat Trade on credit, until they are fully paid.
The security interest assigned below shall cover all products purchased by the Applicant from Patriot Meat Trade in the future. In the event the Applicant does not pay in full and on time for products acquired on credit, Patriot Meat Trade shall have the immediate right to repossess said products through all legal and/or equitable means, including, but not limited to, filing suit to recover the products.
Past due accounts accrue interest at 1.5% per month. Payment is due at Patriot Meat Trade’s place of business.
