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Agmt15 Wells Fargo Bank
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Agmt15 Wells Fargo Bank
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Last modified
8/27/2015 10:18:12 AM
Creation date
8/27/2015 10:16:26 AM
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Agreement
Contractor Name
Wells Fargo Bank
PROJECT NAME
Banking and Cash Management Services
RMP File Number
304
Date
8/26/2015
MO Ref
15-141
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Overdrafts; Security Interest; Bank's Right to Setoff <br /> Overdrafts and Insufficient Funds. <br /> Bank may,at its option, pay or refuse to pay any Item if it would create an <br /> Overdraft on Company's Account, without regard to whether Bank may <br /> have previously established a pattern of honoring or dishonoring such an <br /> Item. Bank may take either of the following actions if Bank receives an Item <br /> drawn on Company's Account and there are insufficient available funds in <br /> Company's Account to cover the Item,without prior notice to Company: <br /> � Pay the Item and create an Overdraft on Company's Account. <br /> • Return the Item if the Item would create an Overdraft on <br /> Company's Account. <br /> Company agrees to pay Bank's fee that may vary depending on the action <br /> Bank takes. Any Overdraft on Company's Account is immediately due and <br /> payable,unless Bank agrees otherwise in writing.Company agrees to <br /> reimburse Bank for the attorneys' fees and other costs and expenses Bank <br /> incurs in recovering the Overdraft (including Overdraft and associated <br /> fees).On a Business Day when Bank determines that there are suf�icient <br /> funds in Cotnpany's Account to pay one or more but not all ofthe Items <br /> presented for payment on Company's Account, the order in which Bank <br /> posts such Items may affect the number of Items paid and the Overdraft <br /> and returned Item fees assessed. When Bank posts Items in the order of <br /> highest to lowest dollar amount, the Overdraft and returned Item fees may <br /> be more than these fees would be if Bank were to post the Items in the order <br /> of lowest to highest dollar amount. <br /> Security Interest; Bank's Right to Setoff. <br /> To secure Company's perforn�ance of this Agreement, Company grants <br /> Bank a lien on and security interest in Company's Account and Company's <br /> accounts with any Affiliate.In addition, Company aclrnowledges Bank may <br /> setoff against any Account(s) (including matured and unmatured time <br /> Account(s)) far any obligation Company owes Bank at any time and for any <br /> reason as allowed by the laws governing this Agreement. These obligations <br /> include both secured and unsecured debts and debts Company owes <br /> individually or together with another person. Bank may consider this <br /> Agreement as Company's consent to Bank's asserting its security interest or <br /> exercising its right of setoff should the laws governing this Agreement <br /> require Company's consent. If Company's Account is an unmatured time <br /> account, Bank may deduct any early withdrawal fee that may be due as a <br /> result of Bank having exercised its right of setoff.If Company has a Sweep <br /> 28 <br />
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