Credit Application TERMS & CONDITIONS
The undersigned, on behalf of the Customer, agrees to the following credit terms:
1. The information furnished in the credit application is true, complete, and accurate. Storm Creek/TK Trading Company is authorized to obtain a credit report and other credit information on the Customer for the purpose of evaluating the creditworthiness of the Customer in connection with this credit application and agreement. Customer further agrees to provide such additional financial information to Storm Creek/TK Trading Company as it requests.
2. Customer agrees to pay all sums as they come due pursuant to invoiced payment terms. Customer agrees to pay a monthly late charge on past due balances of 1.5% (annual rate of 18%) or the maximum rate otherwise allowed by law; and further agrees to pay reasonable attorney’s fees, expenses and costs incurred in enforcing this Agreement, including without limitation, fees and costs incurred in a bankruptcy proceeding, whether or not a lawsuit is filed. Customer consents to the personal jurisdiction of the courts of the State of Minnesota and agrees that the venue may be placed at Dakota County, Minnesota at the option of Storm Creek/TK Trading Company and waives any objection Customer may have to such personal jurisdiction and/or venue. This agreement and the Terms and Conditions will be constructed, and the rights, duties, and obligations of the parties will be determined in accordance with the laws of the State of Minnesota, without regard to its conflicts of law principles.
3. Customer and the undersigned individual shall remain or become liable for all amounts owing under this Agreement following a sale or transfer of Customer or its assets, or a change in the structure of Customer, unless Storm Creek/TK Trading Company consents to the transfer of Customer’s account in writing and the transferee assumes all obligations hereunder and completes and executes a new Credit Application and Agreement. Customer shall notify Storm Creek/TK Trading Company in advance of any sale, transfer or change in the structure of Customer’s business.
4. Customer grants Storm Creek/TK Trading Company a security interest in all goods it orders from Storm Creek/TK Trading Company, and all products and proceeds thereof, including accounts.
5. Customer has reviewed Storm Creek/TK Trading Company’s Ordering Terms & Conditions of Sale and General Terms & Conditions of sale at www.stormcreekapparel.com and hereby accepts and agrees to comply with those terms and conditions, along with the terms set forth in this Credit Agreement (collectively, the “Terms and Conditions”), and agrees that such Terms and Conditions supersede those contained in any purchase order or other Customer documents regarding the subject matter.
6. The undersigned individual represents and warrants he/she is duly authorized to execute and enter into this Credit Agreement on behalf of the Customer.
7. Storm Creek/TK Trading Company has the right to terminate any extension of credit to Customer at any time without notice in the event that Customer fails to comply with this Credit Agreement, the Terms, and Conditions, or any other Storm Creek/TK Trading Company terms and conditions.
8. No provision, or any part of any such provision of this Credit Agreement, which may be stricken or deemed unenforceable, shall in any way invalidate the remainder of any such provision or any other provisions of this agreement, all of which shall remain in full force and effect.
PERSONAL GUARANTY
The undersigned individual (the “Guarantor”) personally and unconditionally guarantees prompt payment to Storm Creek/TK Trading Company of any and all obligations owed by the Customer. This personal guaranty is a continuing and irrevocable guaranty of payment. Guarantor waives notice of default and nonpayment. Guarantor agrees to pay all costs, expenses and attorney’s fees incurred in enforcing this guaranty, including without limitation, fees and costs incurred in a bankruptcy proceeding, whether or not a lawsuit is filed. Guarantor consents to the personal jurisdiction of the courts of the State of Minnesota and agrees that venue may be placed in Dakota County, Minnesota, at the option of Storm Creek/TK Trading Company. This personal guaranty is governed by Minnesota law. Guarantor consents to Storm Creek/ TK Trading Company obtaining a credit report on Guarantor for the purpose of evaluating his/her creditworthiness, in connection with and application for business credit.