Document:

Prepared by MerrillDirect

CONTROL
AGREEMENT WITH A SECURITIES INTERMEDIARY

	To:	Wells
  Fargo Brokerage Services, LLC. (the “Securities Intermediary”)	 
	 	 	 
	 	Attention:
  	   Dan Kraft

	 	 	 
	Re:	Fargo
  Electronics, Inc. (the “Pledgor”)	 
	 	 	 
	 	Address:	6533
  Flying Cloud Drive
	 	 	Eden
  Prairie, MN  55344
	 	 	 
	 	 	 
	 	Taxpayer
  ID Number: 41-1959505
	 	 
	 	The
  Securities Intermediary’s Account No. ______(the “Account”) Investment
  Property pledged: ý All Investment Property in Account, or
  o Investment Property in the account
  listed on Attachment A to this Agreement (If the entire Account is pledged,
  “Investment Property” ý will Include o will not include reinvested interest,
  all dividends, capital gains per existing instructions from pledgor, and all
  proceeds of the foregoing.)
					

 

 

Dear Sir or
Madam:

                A.            This is to advise you that Pledgor has given the Secured
Party a security interest in the 
Investment Property described above and credited or to be credited to
the above referenced Account has been pledged to LaSalle Bank National
Association, as Agent for the Lender Parties (the “Secured Party”), pursuant to
the terms of a collateral pledge agreement securing certain obligations of the
Pledgor to the Secured Party.

                B.            The Pledgor acknowledges and agrees that in the event of
any inconsistency between this Control Agreement With a Securities Intermediary
(this “Agreement”) and the terms of any other agreement regarding the Account,
this Agreement shall govern.  Without
limiting the foregoing, the Pledgor shall have no right to purchase any
financial assets on margin or to make any withdrawals from the Account (whether
by telephone request, check, credit card or otherwise) except with the prior
written consent of the Secured Party or as set forth in subparagraph F.4(b)
below.  Pledgor has advised the Secured
Party that there currently is not in effect any pledge by the Pledgor of the
Investment Property to any party other than the Secured Party.

                C.            Accordingly,
the Secured Party and the Pledgor agree to the following terms relating to the
control of the Investment Property and jointly request that the Securities
Intermediary agrees: (1) to register this pledge on its books and control the
Investment Property on behalf of and at the direction of the Secured Party; (2)
to permit no person or entity, including the Pledgor, except as set forth in subparagraph
F.4(b) below, to withdraw, redeem, sell, exchange, substitute or otherwise
dispose of the Investment Property, or any proceeds thereof, until the Secured
Party has released its pledge in writing; (3) not to register on its books any
other pledge to the Investment Property until the Secured Party has released
its pledge in writing; and (4) to either redeem and deliver the proceeds of the
Investment Property to the Secured Party or transfer the Investment Property to
the Secured Party upon demand and without further notice or consent from the
Pledgor.  By signing the acknowledgment
below, the Securities Intermediary agrees to such requests of the Secured Party
and the Pledgor.

                D.            This Control Agreement with a Securities Intermediary
(the “Agreement”) establishes the Secured Party as a registered pledgee in
control of the Investment Property, with all rights and privileges granted to a
registered pledgee or purchaser under Article 8 and 9 of the Uniform Commercial
Code in the State of Minnesota. The Securities Intermediary agrees to
subordinate any security interest it may have in the Investment Property to the
Secured Party’s security interest in such property, the Securities Intermediary
also understands that the Secured Party may from time to time partially release
Investment Property or any proceeds of the Investment Property pursuant to the
terms of the collateral pledge agreement, and that any such partial release
shall not result in a release of the remainder of the Investment Property
pledged to and controlled by the Secured Party pursuant to this Agreement.

                E.             The Securities Intermediary’s records show that Pledgor
is the sole owner of the Investment Property and that Securities Intermediary
has not been served with any notices of levy or received notice of any security
interest in or other claim to the Investment Property or any portion of the
Investment Property, other than this Agreement. The Securities Intermediary is
not presently obligated to accept transfer and redemption notices from any
person.

                F.             The Securities Intermediary agrees:

	(1)	that
  it holds the Investment Property on behalf of the Secured Party;
	 	 
	(2)	that
  it will comply with all of the Secured Party’s entitlement orders relating to
  the Account without any further consent of the Pledgor, including all notices
  from the Secured Party to trade or redeem any Investment Property, or to
  transfer or pay any Investment Property to the Secured Party or anyone that
  the Secured Party designates;
	 	 
	(3)	that
  by entering into this Agreement, the Pledgor, the Secured Party and the
  Securities Intermediary are giving the Secured Party control over the
  Investment Property and are perfecting the Secured Party’s security interest
  in the Investment Property by control;
	 	 
	(4)	without
  the prior written consent of the Secured Party, the Securities Intermediary
  will not: (a) enter into any agreements by which Securities Intermediary
  agrees to comply with transfer or redemption orders of any person other than
  the Secured Party with respect to the Investment Property, or any portion of
  the Investment Property; or (b) allow any withdrawals of any Investment
  Property from the Account and will not deliver, transfer or pay any portion
  or all of the Investment Property to the Pledgor or any other person; provided,
  that until Securities Intermediary receives notice from the Secured
  Party that Pledgor’s withdrawal rights under this proviso clause are
  canceled, the Secured Party consents to the withdrawal of Investment Property
  from the Account; and
	 	 
	(5)	to
  send duplicate copies of any and all statements of the Account and
  confirmations of transactions involving Investment Property to the Secured
  Party at its address set forth below.

 

                G.            The Account and this Agreement shall be governed by the
internal laws of the state of Minnesota. 
Securities Intermediary is a “securities intermediary” with respect to
the Account and the Account is a “securities account” within the meaning of
Article 8 of the Uniform Commercial Code as adopted in Minnesota, Minn. Stat.
Ch. 336, Article 8 (“Minnesota Article 8”). 
Notwithstanding the terms of any other agreement, Minnesota is
Securities Intermediary’s jurisdiction for purposes of Minnesota Article
8.  Securities Intermediary expressly
agrees that each and every item of property held in the Account is and will be
treated as a “financial asset” within the meaning of Minnesota Article 8.

                H.            Nothing in this Agreement can be waived, changed or
cancelled, except by a writing signed by the Secured Party.  Nothing in this Agreement will be affected
by any act or omission by anyone.  This
Agreement overrides all other present and future agreements to the contrary.

                I.              The Securities Intermediary will make all reports
relating to the Collateral to federal, state and local tax authorities under
the name and tax identification number of the Pledgor.

                J.             Please confirm your consent and agreement to the terms
of this Agreement by executing this Agreement as soon as possible and returning
it to the Secured Party at the address and to the attention of the individual
indicated below.

SECURED PARTY

LASALLE BANK
NATIONAL ASSOCIATION, as Agent for the Lender Parties

	By:	   /s/ Ann Pifer

	 	 
	Its:	   First Vice President

	 	 
	Dated:	   June 25, 2001

	 	 
	Secured
  Party’s Address:	 
	 	 
	601
  Second Avenue South	 
	Suite
  4100	 
	Minneapolis,
  MN  55402	 
	Attention:  Ms. Ann Pifer	 
				

 

PLEDGOR

Pledgor hereby
directs and authorizes the Securities Intermediary to execute this Agreement
for Pledgor.

	FARGO
  ELECTRONICS, INC.	 
	 	 
	By:	    /s/ Jeffrey D. Upin

	 	 
	Its:	    VP Admin & General Counsel

	 	 
	Dated:	    6/29/01

				

SECURITIES INTERMEDIARY

                The undersigned agrees to all
provisions of this Agreement, this 3rd day of July, 2001.

	 	Wells
  Fargo Brokerage Services, LLC	 
	 	 	 
	 	By:	   /s/ 
  Dan Kraft

	 	 	 
	 	Its:	     Vice PresidentPrepared by MerrillDirect

CONTROL AGREEMENT

(Deposit Account)

             This
CONTROL
AGREEMENT (the "Agreement") dated as of the date specified
at the end of this Agreement is entered into among Fargo Electronics, Inc., a
Delaware corporation ("Customer"), LASALLE BANK NATIONAL ASSOCIATION, a
national banking association, as agent for the banks party to that certain
Credit Agreement dated as of September 15, 2000 ("Secured Party") and WELLS FARGO
BANK, N.A. ("Wells Fargo"), and sets forth the rights of
Secured Party and the obligations of Wells Fargo with respect to the demand
deposit account of Customer at Wells Fargo specified at the end of this
Agreement (the "Restricted Account").

             1.  Definitions. 
In this Agreement:

	 	"Control" means control of a deposit
  amount, as defined in Revised Article 9.
	 	 
	 	"Instrument" is defined in the
  Uniform Commercial Code.
	 	 
	 	"Security" is defined in Article 8
  of the Uniform Commercial Code.
	 	 
	 	"Uniform Commercial Code" means the
  Uniform Commercial Code as enacted in the State of Minnesota, as amended 
	 	from time to time, including, without
  limitation, on and after the effective date of Minn. Laws 2000, Chapter 399,
  substantially adopting  Revised
  Article 9 of the Uniform Commercial Code as approved by the National
  Conference of Commissioners on Uniform State Law Laws in July, 1998 (as so
  adopted being sometimes herein referred to as “Revised Article 9”) by Revised
  Article 9.
			

             2.  SECURED PARTY'S INTEREST IN RESTRICTED ACCOUNT.  Secured Party represents that it is either,
as indicated at the end of this Agreement, (i) a lender who has extended credit
to Customer and has been granted a security interest in the Restricted Account
or (ii) such a lender and the agent for a group of such lenders (the
"Lenders").  Customer hereby
confirms, and Wells Fargo hereby acknowledges, that the Customer has given the
Secured Party a security interest in and has assigned to the Secured Party, all
of the Customer's existing and future accounts with Wells Fargo, and all
amendments, extensions, renewals and replacements thereof (collectively called
the "Account"), and all amounts now or at any time hereafter in the
Restricted Account, and all interest and other earnings which may now or
hereafter accrue thereon, whether now owned or hereafter acquired, whether now
existing or hereafter arising, and all proceeds of the foregoing property (all
such assigned property being the "Collateral"). Such security
interest and assignment are called the "Security Interest".  The Customer and the Secured Party hereby
give Wells Fargo notice of the Security Interest, and Wells Fargo acknowledges
receipt of such notice.

             3.  CONTROL.  The Collateral constitutes a "Deposit Account", as such
term is defined in Revised Article 9. 
The Customer represents to the Secured Party and Wells Fargo that the
transaction secured by the Security Interest is not a "Consumer
Transaction", as such term is defined in Revised Article 9.  By entering into this Agreement, the
Customer and Wells Fargo are giving the Secured Party Control over the
Collateral, and the Secured Party is perfecting the Security Interest in the
Collateral by Control.  Wells Fargo will
comply with all written instructions originated by the Secured Party directing
disposition of the funds in the Restricted Account without any further consent
by the Customer.  This means that Wells
Fargo will comply with all written orders, notices, requests and other
instructions of the Secured Party relating to the Collateral, including but not
limited to orders, notices, requests and other instructions to withdraw or
transfer any Collateral, or redeem or terminate the Restricted Account, and to
pay or transfer any Collateral to the Secured Party or any other person or
entity.  Customer hereby instructs Wells
Fargo to indicate on its records for the Restricted Account that Secured Party
has a security interest in the Restricted Account.  Wells Fargo agrees to do this. 
Customer and Secured Party would like to use the service of Wells Fargo
described in this Agreement (the "Service") to further the
arrangements between Secured Party and Customer regarding the Collateral.

             4.  ACCESS TO RESTRICTED ACCOUNT.  Until Wells Fargo receives notice from the
Secured Party that the Customer's rights are terminated (a "Rights
Termination Notice"), Wells Fargo will comply with all notices, requests,
and other instructions from the Customer for disposition of funds in the
Restricted Account, including but not limited to orders, notices, requests or
instructions to withdraw or transfer any Collateral, and to pay or transfer any
Collateral to the Customer or any other person or entity, but not to redeem or
terminate the Restricted Account. 
Except in accordance with the previous sentence, without the Secured
Party's written consent Wells Fargo will not comply with any order, notice,
request or other instruction from the Customer or any other person or entity
except the Secured Party relating to any Collateral, and Wells Fargo will not
pay or transfer any Collateral to the Customer or any other person or entity
except the Secured Party.  Customer
agrees that it will not be able to withdraw money from the Restricted Account,
that it will not have access to the Restricted Account or any Collateral, and
that Secured Party will have exclusive access to the Restricted Account and all
Collateral, except as specifically provided in this Agreement or as
specifically agreed by Secured Party in writing.

             5.  BALANCE REPORTS.  Wells Fargo agrees that following receipt of
a Rights Termination Notice it will deliver by facsimile transmission to Secured
Party on each Banking Day (a day on which Wells Fargo is open to conduct its
regular banking business, other than a Saturday, Sunday or public holiday) a
report (the "Balance Report") show­ing the opening available balance
in the Restricted Account as of the beginning of such Banking Day.  Secured Party and Customer understand and
agree that the opening available balance in the Restricted Account at the
beginning of any Banking Day will be deter­­mined after deducting from the
Restricted Account the face amount ("Returned Item Amount") of all
checks or other items credited to the Restricted Account and then returned
unpaid on the immediately preceding Banking Day for any reason ("Returned
Item").

             6. 
TRANSFERS
TO SECURED PARTY.  Wells
Fargo agrees that on each Banking Day following receipt of a Rights Termination
Notice it will transfer to the Secured Party's account specified at the end of
this Agreement with the bank specified at the end of this Agreement (the
"Secured Party Account") the full amount of the opening available
balance in the Restricted Account at the beginning of such Banking Day.  Wells Fargo will determine the funds
transfer system to be used in making each funds transfer and the means by which
each transfer will be made, provided, however, that any such funds transfer
shall be subject to the provisions of Article 4A of the Uniform Commercial Code
as adopted and in effect from time to time in the State of California.  Except for changes to the Secured Party
Account or the frequency with which funds are transferred out of the Restricted
Account to the Secured Party Account, which changes Customer agrees may be made
by the Secured Party alone in any writing sent to Wells Fargo, changes to the
transfer instructions in this Agreement can only be made by Secured Party,
Customer and Wells Fargo signing a new agreement or an amendment to this
Agreement, which new agreement or amendment has security procedures similar to
the security procedures specified in Section 7 of this Agreement.

             7. 
WIRE
TRANSFER SECURITY PROCEDURES. 
Customer and Secured Party have requested that following receipt of a
Rights Termination Notice Wells Fargo make the transfers out of the Restricted
Account on Wells Fargo's initiative in accordance with Section 6 of this
Agreement even though Customer and Secured Party understand that transfers out
of the Restricted Account would be more secure if they were each requested on
Customer's or Secured Party's personal computer using Wells Fargo's electronic
funds transfer service, which service contains Wells Fargo's recommended
security procedures for funds transfers. 
Customer and Secured Party agree that the following security procedures
will be used before the first transfer out of the Restricted Account to the
Secured Party Account specified at the end of this Agreement, before the first
transfer out of the Restricted Account to any new Secured Party account, and
before any change in the transfer instructions in this Agreement become
effective, to attempt to make certain that the transfers requested pursuant to
Section 6 of this Agreement or any other transfers out of the Restricted
Account are authorized by Customer and Secured Party:  (1) Wells Fargo will compare the signature under which Customer
signs this Agreement with the sample signature at the end of this Agreement
under the heading "TRANSFER AUTHORIZERS", and (2) Wells Fargo will
call back one of the persons named at the end of this Agreement under the
heading "TRANSFER VERIFIERS" and attempt to obtain verification of
the transfers requested under this Agreement. 
This Agreement will not be accepted by Wells Fargo or any transfer made
out of the Restricted Account if the two signatures do not, in Wells Fargo's
opinion, match or if the transfers requested under Section 6 of this Agreement
or any other transfers out of the Restricted Account are not verified by
someone purporting to be a Transfer Verifier listed at the end of this
Agreement.  Wells Fargo is under no
obligation to confirm in any other way the identity of any purported Transfer
Verifier or the person signing this Agreement for Customer.  Customer and Secured Party agree to be bound
by each transfer out of the Restricted Account if Wells Fargo makes such
transfer in good faith and in compliance with these security procedures, even
if the transfer is not properly authorized by Customer.  If Wells Fargo takes any action in addition
to these security procedures in an attempt to determine if the transfers are
authorized by Customer or Secured Party, such actions will not become part of
the security procedures, and Wells Fargo will not be liable for not taking
these actions or for not correctly performing these actions.

             8.  DELAYS IN MAKING FUNDS TRANSFERS.   Secured Party and Customer understand that
a funds transfer may be delayed or not made if (a) the transfer would cause
Wells Fargo to exceed any limitation on its intra-day net funds position
established in accordance with Federal Reserve or other regulatory guidelines
or to violate any other Federal Reserve or other regulatory risk control
program, or (b) the funds transfer would otherwise cause Wells Fargo to violate
any applicable law or regulation.  If a
funds transfer cannot be made or will be delayed, Wells Fargo will attempt in
good faith to notify Secured Party by telephone.

             9.  RELIANCE ON ACCOUNT NUMBER OF WIRE TRANSFER
BENEFICIARY.   If Secured
Party indicates a name and an identifying number for the bank of the person or
entity to receive funds transfers out of the Restricted Account, Secured Party
and Customer understand that Wells Fargo will rely on the number Secured Party
indicates even if that number identifies a bank different from the bank Secured
Party named.  If Secured Party indicates
a name and an account number for the person or entity to receive funds
transfers out of the Restricted Account, Secured Party and Customer understand
that the bank of that person or entity may rely on the account number Secured
Party indicates even if that account number is not the account number for the
person or entity who is to receive the transfers.

             10.  REPORTING ERRORS IN TRANSFERS.   If Secured Party or Customer learns of any
error in a funds transfer or any unauthorized funds transfer, then the party
learning of such error or unauthorized transfer (the "Informed
Party") must notify Wells Fargo as soon as possible in writing at Wells
Fargo Bank, N.A., Wire Investigations, MAC 0186-068, 155 Fifth Street, 6th
Floor, San Francisco, California 94103, or by telephone at (800) AT-WELLS
(which is a recorded line).  In no case
may such notice to Wells Fargo by an Informed Party be made more than fourteen
(14) calendar days after Wells Fargo's first confirmation of a funds transfer
to such Informed Party.  If a funds
transfer is made in error and Wells Fargo suffers a loss because Secured Party
or Customer breached its agreement to notify Wells Fargo of such error within
this fourteen (14) calendar day period, then the party or parties which
breached this agreement shall be obligated to reimburse Wells Fargo for such
loss promptly upon demand by Wells Fargo; provided, however, that in the event
both Secured Party and Customer breach this notification requirement, Secured
Party shall not be obligated to reimburse Wells Fargo for such loss unless
Customer fails to satisfy Wells Fargo's demand for such reimbursement within
fifteen (15) calendar days after such demand is made on Customer.

             11.  PAYMENT OF RETURNED ITEM AMOUNTS.  Secured Party and Customer understand and
agree that the Returned Item Amount of each Returned Item will be paid by Wells
Fargo debiting one or more of the demand deposit operating accounts of Customer
at Wells Fargo specified at the end of this Agreement (the "Operating
Accounts"), without notice to Secured Party or Customer, on the Banking
Day that each Returned Item is received, or, to the extent there are not
sufficient funds in the Operating Accounts to cover such returned Item Amounts
on the day they are to be debited to the Operating Accounts, by Wells Fargo
debiting the Restricted Account, without notice to Secured Party or Customer,
on the Banking Day that the applicable Returned Item is received.  Customer agrees to pay the Returned Item
Amounts immediately on demand, without setoff or counterclaim, to the extent
there are not sufficient funds in the Operating Accounts or the Restricted
Account to cover such Returned Item Amounts on the day they are to be debited
to the Operating Accounts or the Restricted Account.  Secured Party agrees to pay the Returned Item Amounts within
thirty (30) calendar days after demand, without setoff or counterclaim, to the
extent the Returned Item Amounts are not paid in full by Customer within
fifteen (15) calendar days after demand on Customer by Wells Fargo.

             12.  PAYMENT OF WELLS FARGO FEES.  Customer agrees to pay all Wells Fargo's
fees and charges for the maintenance and administration of the Restricted
Account and for the cash management and other account services provided with
respect to the Restricted Account (collectively "Wells Fargo Fees"),
including, but not limited to, the fees for (a) the Balance Reports provided on
the Restricted Account, (b) the wire transfer services received with respect to
the Restricted Account, (c) Returned Items, (d) funds advanced to cover
overdrafts in the Restricted Account (but without Wells Fargo being in any way
obligated to make any such advances), and (e) duplicate bank statements on the
Restricted Account.  The Wells Fargo
Fees will be paid by Wells Fargo debiting the Restricted Account.  All such debits will be made on the Banking
Day that the Wells Fargo Fees are due without notice to Secured Party or
Customer.  If there are not sufficient
funds in the Restricted Account to cover fully the Wells Fargo Fees on the
Banking Day they are debited from the Restricted Account, such shortfall or the
amount of such Wells Fargo Fees will be paid by Customer sending Wells Fargo a
check in the amount of such shortfall or such Wells Fargo Fees, without setoff
or counterclaim, within fifteen (15) calendar days after demand of Wells
Fargo.  Secured Party agrees to pay the
Wells Fargo Fees within thirty (30) calendar days after demand, without setoff
or counterclaim, to the extent such Wells Fargo Fees are not paid in full by
Customer by check within fifteen (15) calendar days after demand on Customer by
Wells Fargo.  Customer agrees to
reimburse Secured Party on demand for any such payments made on its behalf by
Secured Party.  Wells Fargo may, in its
discretion, change the Wells Fargo Fees upon thirty (30) calendar days prior written
notice to Customer and Secured Party.  

             13.  ACCOUNT DOCUMENTATION.  Secured Party and Customer agree that,
except as specifically provided in this Agreement, the Restricted Account will
be subject to, and Wells Fargo's operation of the Restricted Account will be in
accordance with, the terms and provisions of Wells Fargo's deposit account
opening documentation and other Wells Fargo account related documentation as in
effect and delivered to Customer and Secured Party from time to time,
including, but not limited to, Wells Fargo's "Wholesale Demand Deposit
Account Disclosure Statement", a copy of which Customer and Secured Party
acknowledge having received, (collectively, the "Account
Documentation").

             14.  BANK STATEMENTS.  Wells Fargo will, if so indicated on the
signature page of this Agreement, send to Secured Party by United States mail,
at the address indicated for Secured Party after its signature to this
Agreement, duplicate copies of all bank statements on the Restricted Account
which are sent to Customer.  Customer
and/or Secured Party will have thirty (30) calendar days after receipt of a
bank statement to notify Wells Fargo of an error in such statement.  Wells Fargo's liability for such errors is
limited as provided in Section 18 of this Agreement.  

             15.  WAIVER OF SETOFF RIGHTS. 
Wells Fargo hereby waives any right it may have to apply any Account
Funds against the payment of any indebtedness from time to time owing to Wells
Fargo from Customer, except for debits to the Restricted Account permitted
under this Agreement for the payment of Returned Item Amounts and Wells Fargo
Fees.

             16.  BANKRUPTCY NOTICE.  If Wells Fargo at any time receives notice
of the commencement of a bankruptcy case or other insolvency or liquidation
proceeding by or against Customer (a "Bankruptcy Notice"), Wells
Fargo will continue to comply with its obligations under this Agreement, except
to the extent that any action required of Wells Fargo under this Agreement is
prohibited under applicable bankruptcy laws or regulations or is stayed
pursuant to the automatic stay imposed under the United States Bankruptcy Code
or by order of any court or agency.

             17.  CLAIMS, LEGAL PROCESS AND NOTICES.  If Wells Fargo receives any claim, notice,
legal process or court order relating to the Restricted Account or any
Collateral, Wells Fargo will notify Secured Party and Customer of such receipt,
unless Wells Fargo knows that Secured Party, with respect to so notifying
Secured Party, or Customer, with respect to so notifying Customer, is already
aware of such claim, notice, legal process or court order.  Secured Party and Customer understand and
agree that Wells Fargo will comply with any such legal process, legal notice or
court order it receives if Wells Fargo determines in its sole discretion that
such legal process, legal notice or court order is legally binding on it.  If any claim or notice received by Wells
Fargo is not legally binding on it, as determined in its sole discretion, Wells
Fargo agrees to follow any instructions of Secured Party to comply or not
comply with such claim or notice if (a) such instructions are given promptly
after Secured Party is notified of such claim or notice and (b) such
instructions do not require Wells Fargo to violate any applicable law, regulation
or court order.  Customer hereby
irrevocably agrees that Wells Fargo is to follow any such instructions of
Secured Party with respect to any such non-binding claim or notice even if such
claim or notice is from Customer.  If
Wells Fargo does not receive prompt instructions from Secured Party regarding
compliance or non-compliance with any such non-binding claim or notice, Secured
Party and Customer agree that Wells Fargo may determine in its sole discretion
to comply or not to comply with such claim or notice, except that Wells Fargo
will not comply with any such claim or notice from Customer conflicting with
the terms of this Agreement.

             18.  INDEMNIFICATION FOR FOLLOWING INSTRUCTIONS.  Secured Party and Customer each agree that,
notwithstanding any other provision of this Agreement, Wells Fargo will not be
liable to Secured Party or Customer for any losses, liabilities, damages,
claims (including, but not limited to, third party claims), demands,
obligations, actions, suits, judgments, penal­ties, costs or expenses,
including, but not limited to, attorneys' fees, (collectively, "Losses and
Liabilities") suffered or incurred by Secured Party or Customer as a
result of or in connection with, (a) Wells Fargo following any written
instruction of Secured Party to comply or not comply with any non-binding claim
or notice referred to in Section 15 of this Agreement, (b) if no such
instruction from Secured Party is received within five (5) Banking Days after
Secured Party’s written notification of any such non-binding claim or notice,
or within such shorter time period as Wells Fargo may prescribe in writing to
Secured Party, Wells Fargo complying or not complying, as determined in its
sole discretion, with any such non-binding claim or notice, (c) Wells Fargo following
any other written instruction or request of Secured Party, or (d) Wells Fargo
complying with its obligations under this Agreement.  Further, Customer, and to the extent not paid by Customer within
fifteen (15) calendar days after demand, Secured Party, will indemnify Wells
Fargo against any Losses and Liabilities Wells Fargo may suffer or incur as a
result of or in connection with any of the circumstances referred to in
subsections (a) through (d) in the preceding sentence.

             19.  REPRESENTATIONS AND AGREEMENTS.  The Customer and Wells Fargo jointly and
severally represent to the Secured Party, and agree that:

             (a)  No person or entity except the Secured Party
has Control over any of the Collateral. 
Neither the Customer nor Wells Fargo has entered into any agreement that
gives any person or entity except the Secured Party Control over any
Collateral.  Neither the Customer nor
Wells Fargo will permit any person or entity except the Secured Party to have
Control over any of the Collateral, and neither the Customer nor Wells Fargo
will enter into any agreement that gives any person or entity except the
Secured Party Control over any of the Collateral.  The Customer is and will remain the sole account holder of the
Restricted Account.  No person or entity
(except the Customer, the Secured Party, and Wells Fargo) has any security
interest, other interest, lien or other right in any of the Collateral.  The Customer and Wells Fargo will
immediately notify the Secured Party if any person or entity (other than the
Customer, the Secured Party, or Wells Fargo) makes a claim against any of the
Collateral, or claims any security interest, other interest, lien or other
right in any of the Collateral.

             (b)  Wells Fargo has not issued, and will not
issue, any Instrument, Security, or certificate for any Collateral, and Wells
Fargo will not give to the Customer or any other person or entity, other than
the Secured Party, any Instrument, Security, or certificate for any Collateral.

             (c)  Without the Secured Party's written consent,
Wells Fargo shall not honor any check or other item drawn on the Restricted
Account or any other withdrawal or transfer from the Restricted Account, except
in favor of the Secured Party.

             (d)  Wells Fargo agrees that all of Wells Fargo's
existing and future security interests, liens, claims, rights of setoff and
recoupment, and other right, title and interest in any of the Collateral are
fully subordinate to the Security Interest. 
Wells Fargo will not assert or enforce any of Wells Fargo's existing or
future security interests, liens, claims, rights of setoff or recoupment, or
other right, title or foregoing.

             (e)  Wells Fargo is a "Bank", as such
term is defined in Revised Article 9. 
The State of Minnesota is Wells Fargo's jurisdiction for purposes of
Section 9-304 of Revised Article 9. 
Wells Fargo has not entered into a separate agreement with the Customer
for purposes of determining Wells Fargo's jurisdiction for purposes of
perfecting a security interest in Deposit Accounts.

             20.  NO REPRESENTATIONS OR WARRANTIES OF WELLS  FARGO CONCERNING QUALITY OF SERVICE, ERRORS, ETC.  Wells Fargo agrees to perform its
obligations under this Agreement in a manner consistent with the quality
provided when Wells Fargo performs similar services for its own account.  However, Wells Fargo cannot be responsible
for the errors, acts or omissions of those individuals or entities (other than
Wells Fargo’s employees or affiliates), such as communications carriers,
correspondents or clearinghouses through which Wells Fargo may perform its
obligations under this Agreement or receive or transmit information in
performing its obligations under this Agreement.  The Secured Party and the Customer also understand that Wells
Fargo cannot be responsible for any loss, liability or delay caused by wars,
failures in communications networks, labor disputes, legal constraints, fires,
power surges or failures, earthquakes, civil disturbances or other events
beyond Wells Fargo's control.  WELLS FARGO
MAKES NO EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES WITH RESPECT TO THE
SERVICE IT IS TO PERFORM UNDER THIS AGREEMENT OTHER THAN THOSE EXPRESSLY
SPECIFIED IN THIS AGREEMENT.

             21.  LIMITATION OF LIABILITY. 
In the event that the Secured Party, the Customer or Wells Fargo suffers
or incurs any Losses and Liabilities as a result of, or in connection with, its
or any other party's performance or failure to perform its obligations under
this Agreement, the affected parties shall negotiate in good faith in an effort
to reach a mutually satisfactory allocation of such Losses and Liabilities, it
being understood that Wells Fargo will not be responsible for any Losses and
Liabilities due to any cause other than its own negligence or breach of this
Agreement, in which case its liability to Secured Party and Customer shall, except
with respect to Wells Fargo's own negligence or breach of this Agreement with
respect to its obligations to Secured Party under Sections 6 and 7 of this
Agreement, be limited to direct money damages in an amount not to
exceed ten (10) times all the Wells Fargo Fees charged or incurred during the
calendar month immediately preceding the calendar month in which such Losses
and Liabilities occurred (or, if no Wells Fargo Fees were charged or incurred
in the preceding month, the Wells Fargo Fees charged or incurred in the month
in which the Losses and Liabilities occurred). 
Customer will indemnify Wells Fargo against any Losses and Liabilities
suffered or incurred by Wells Fargo as a result of third party claims to the extent
such Losses and Liabilities exceed the liability limitation specified in the
preceding sentence.  The limitation of
Wells Fargo's liability and the indemnification by Customer set forth above
shall not be applicable to the extent any Losses and Liabilities of any party
to this Agreement are directly caused by Wells Fargo's gross negligence or
willful misconduct.  IN NO EVENT
WILL WELLS FARGO BE LIABLE FOR ANY SPECIAL, CONSEQUENTIAL, INCIDENTAL, INDIRECT
OR PUNITIVE DAMAGES, WHETHER ANY CLAIM IS BASED ON CONTRACT OR TORT, WHETHER
THE LIKELIHOOD OF SUCH DAMAGES WAS KNOWN TO WELLS FARGO AND REGARDLESS OF THE
FORM OF THE CLAIM OR ACTION, INCLUD­ING, BUT NOT LIMITED TO, ANY CLAIM OR
ACTION ALLEGING GROSS NEGLIGENCE, WILL­FUL MISCONDUCT, FAILURE TO EXERCISE REASONABLE
CARE OR FAILURE TO ACT IN GOOD FAITH.  Any action against Wells Fargo by Customer or Secured Party under
or related to this Agreement must be brought within two years after the cause
of action accrues.  

             22.  TERMINATION.  This
Agreement and the Service may be terminated by Secured Party or Wells Fargo at
any time by either of them giving sixty (60) calendar days prior written notice
of such termina­tion to the other two parties to this Agreement at their
contact addresses specified after their signatures to this Agreement; provided,
however, that this Agree­ment and the Service may be terminated immediately
upon written notice from Wells Fargo to Customer and Secured Party should
Secured Party fail to make any payment when due to Wells Fargo from Secured
Party under the terms of this Agreement. 
Secured Party and Customer agree that the Restricted Account may be
closed as provided in the Account Documentation, provided, however, that any closure
of the Restricted Account prior to termination of this Agreement shall require
the prior written consent of Secured Party.  The rights of Wells Fargo and the
obligations of Customer and Secured Party under Sections 17, 18, 20, 21and 22
of this Agreement will survive the termination of this Agree­ment and/or the
closure of the Restricted Account, and any liability of any party to this
Agreement, as determined under the provisions of this Agreement, with respect
to acts or omissions of such party prior to such termina­tion or closure will
also survive such termination or closure. 
Upon any termination of this Agreement and the Service or closure of the
Restricted Account all collected balances in the Restricted Account on the date
of such termination or closure will be transferred to Secured Party as
requested by Secured Party in writing to Wells Fargo.

             23.  MODIFICATIONS, AMENDMENTS, AND WAIVERS.  Except as otherwise provided in Section 6 of
this Agreement, with respect to changes to the Secured Party Account, or the
transfer instructions in this Agreement, this Agreement ­may not be modified or
amended, or any provision thereof waived, except in a writing signed by all the
parties to this Agreement; provided, however, that the Wells Fargo Fees may be
changed after thirty (30) calendar days prior written notice to Customer and
Secured Party.

             24.  NOTICES.  All notices from one party to another shall be in writing, or be
made by a tele­communica­tions device capable of creating a written record
(which shall, for purposes of this Agreement be deemed to be notice given in
writing), shall be delivered to Customer, Secured Party and/or Wells Fargo at
their contact addresses specified after their signatures to this Agreement, or
any other address of any party notified to the other parties in writing, and
shall be effective upon receipt.  Any
notice sent by one party to this Agreement to another party shall also be sent
to the third party to this Agreement. 
Wells Fargo is authorized by Customer and Secured Party to act on any
instructions or notices received by Wells Fargo if (a) such instructions or
notices purport to be made in the name of Secured Party, (b) Wells Fargo
reasonably believes that they are so made, and (c) they do not conflict with
the terms of this Agree­ment as such terms may be amended from time to time,
unless such conflicting instructions or notices are supported by a court order.

             25.  COSTS AND EXPENSES.  If Wells Fargo is successful in enforcing
its rights and privileges under this Agreement against Customer or Secured
Party or if Customer or Secured Party is successful in enforcing its rights and
privileges under this Agreement against Wells Fargo, the party against whom
such rights and privileges are enforced agrees to reimburse the enforcing party
immediately upon demand, without setoff or counterclaim, for any and all costs,
expenses and/or attorneys' fees paid, suffered or incurred by, or imposed upon,
the enforcing party directly or indirectly as a result of, or in any way
connected with, such enforcement.

             26.  SUCCESSORS AND ASSIGNS.  Neither Customer nor Secured Party may
assign or transfer its rights or obligations under this Agreement to any person
or entity without the prior written consent of Wells Fargo, which consent will
not be unreasonably withheld; provided, however, that no such consent will be
required in the case of an assignment or transfer by Secured Party if the
assignee is a bank affiliate of Secured Party. 
Wells Fargo may not assign its rights or obligations under this
Agreement to any person or entity without the prior written consent of Secured
Party, which consent will not be unreasonably withheld; provided, however, that
no such consent will be required if the assignee is a bank affiliate of Wells
Fargo Bank, N.A.

             27.  GOVERNING LAW.  Customer and Secured Party understand that Wells Fargo’s provision
of the Service under this Agreement is subject to federal laws and
regulations.  To the extent that such
federal laws and regulations are not applicable, this Agreement will be governed
by and be construed in accordance with the laws of the State of California.

             28.  SEVERABILITY.  To the extent that this Agreement or the Service to be provided
under this Agreement are inconsistent with, or prohibited or unenforceable
under, any applicable law or regulation, they will be deemed ineffective only
to the extent of such prohibition or unenforceability and be deemed modified
and applied in a manner consistent with such law or regulation.  Any provision of this Agreement which is
deemed unenforceable or invalid in any jurisdiction shall not effect the
enforceability or validity of the remaining provisions of this Agreement or the
same provision in any other jurisdiction.

             29.  USURY. 
It is never the intention of Wells Fargo to violate any applicable
usury or interest rate laws.  Wells
Fargo does not agree to, or intend to contract for, charge, collect, take,
reserve or receive (collectively, “charge or collect”) any amount in the nature
of interest or in the nature of a fee, penalty or other charge which would in
any way or event cause Wells Fargo to charge or collect more than the maximum
Wells Fargo would be permitted to charge or collect by any applicable federal
or state law.  Any such excess interest
or unauthorized fee shall, notwithstanding anything stated to the contrary in
this Agreement, be applied first to reduce the amount owed, if any, and then
any excess amounts will be refunded.

             30.  TAX REPORTING.  Until the Secured Party notifies Wells Fargo
to use a different name and number, Wells Fargo will make all reports relating
to the Collateral to all federal, state and local tax authorities under the
name and tax identification number of the Customer.

             31.  COUNTERPARTS.  This Agreement may be executed in any number of counterparts each
of which shall be an original with the same effect as if the signatures thereto
and hereto were upon the same instrument.

             32.  ENTIRE AGREEMENT.  This Agreement, together with the Account
Documentation, contains the entire and only agreement among all the parties to
this Agreement and between Wells Fargo and Customer and Wells Fargo and Secured
Party with respect to (a) the Service, (b) the interest of Secured Party and
the Lenders in the Collateral, and (c) Wells Fargo's obligations to Secured
Party and the Lenders in connection with the Collateral.

             This
Agreement has been signed by the duly authorized officers or representatives of
Customer, Secured Party and Wells Fargo on the date specified below.

DATE:  June 8, 2001

RESTRICTED ACCOUNT NUMBERS:

 

SECURED PARTY ACCOUNT NUMBER:

BANK OF SECURED PARTY ACCOUNT:  LaSalle
Bank National Association, ABA# 071 000 505

ý   SECURED PARTY IS TO BE SENT DUPLICATE BANK
STATEMENTS

FARGO ELECTRONICS, INC.

	By:
	Name:  /s/ Jeffrey D. Upin
	 	

	Title:  General Counsel
	 	

	Address for all Notices:
	 	Fargo Electronics,
  Inc.
	 	6533 Flying Cloud
  Drive
	 	Eden Prairie, MN
  55344
			

 

	WELLS FARGO BANK, NATIONAL

  ASSOCIATION	LASALLE BANK NATIONAL
  ASSOCIATION,
agent
	By:	By:
	 	

	 	

	 	Name:  /s/ Kent Paulson	 	Name:    /s/ Ann C. Pifer
	 	

	 	

	 	Title:    Assistant Vice President	 	Title:       First Vice President
	 	

	 	

	Address For All
  Notices:	Address For All
  Notices:
	Wells
  Fargo Bank, National Association	LaSalle Bank
  National Association
	7900
  Xerxes Ave S, N9307-013	601 Second Avenue
  South
	Bloomington, MN 
  55431	Suite 4100
	Attention:  Mr. Kent Paulson	Minneapolis, MN  55402
	 	Attention: Ms. Ann Pifer
								

o   SECURED
PARTY IS THE ONLY LENDER

ý   SECURED PARTY IS A LENDER AND AN AGENT FOR
A GROUP OF LENDERS

 

TO
THE WELLS FARGO BANK SIGNING THE ABOVE AGREEMENT:  I
certify that (a) I am the Secretary of the Customer named in the above
Restricted  Account Agreement (the
“Agreement”), (b) each of the people named below as “TRANSFER AUTHORIZERS” are
authorized on behalf of the Customer to sign the Agreement and to authorize transfers
out of the Restricted Account specified in the Agreement, (c) the sample
signatures next to the names of the Transfer Authorizers below are the true and
authentic signatures of the named individuals, (d) each of the people named
below as “TRANSFER VERIFIERS” are authorized on behalf of the Customer to
verify transfers requested out of the Restricted Account, (e) the telephone
numbers next to the names of the Transfer Verifiers below are the true and
correct telephone numbers of the named individuals, (f) the person signing the
Agreement on behalf of the Customer has the proper authority to request funds
transfers out of the Restricted Account referenced in the Agreement and to make
such requests binding on the Customer even if (i) such person is not authorized
to withdraw funds from the Restricted Account under the account documentation
for the Restricted Account or (ii) such account documentation requires more
than one signature for the withdrawal of funds from the Restricted Account, (g)
the Wells Fargo Bank signing the Agreement ("Wells Fargo") may rely
on the information in this certificate, even if it should no longer be
accurate, until Wells Fargo receives an amendment to the Agreement or a new
Restricted Account Agreement signed by the Customer and the Secured Party named
in the Agreement, (h) the signature of the Customer at the end of the Agreement
binds the Customer to the terms and conditions of the Agreement, and (i) the
resolution below is a true copy of a resolution adopted by the Customer's Board
of Directors and is now in full force and effect:

	TRANSFER AUTHORIZERS	SAMPLE SIGNATURES
	 	 
	

	

	

	

	

	

	 	 
	TRANSFER VERIFIERS	TELEPHONE NUMBERS
	 	 
	

	

	

	

	

	

"RESOLVED, that the Secretary acting alone
is hereby authorized, in connection with wire transfers out of our accounts at
any Wells Fargo Bank to designate persons who may request wire transfers and
verify such requests, and to execute and deliver such agreements, documents and
other instruments, and to perform such other acts, relating to wire transfers
as the Secretary shall approve."

	

	Today's Date	Customer Name	Secretary's Name
	 	 	 
	

	Secretary's Signature	 	Date
	Resolution Adopted

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