APPLYING FOR CREDIT
The credit application has four main components which are:
- Corporate or partnership/individual general information.
- Credit info, trade references, principals, and terms and conditions (Bank portion has separate authorization sheet) .
- Bank authorization sheet- pull out form.
- Personal guarantee.
CREDIT INFORMATION - TRADE REFERENCES
CREDIT INFORMATION - Principals of Financial Responsibility (Officers, Partners or Owners)
Parties hereby agree that all purchases made are subject to the following terms and conditions:
- The undersigned purchaser hereby agrees that all amounts due for goods and services purchased from Samuels & Son are payable at 3400 S. Lawrence Street, Philadelphia, PA 19148.
- The undersigned purchaser agrees that all amounts due Samuels & Son are payable within agreed upon terms; but not to exceed 30 days unless authorized in writing. If any amount due Samuels & Son is not
paid within said period, a delinquency charge of 18% on an annual basis shall be added to sum due.
- The undersigned agree to allow Samuels and Son Seafood to obtain a consumer credit report for the sole purpose of credit scoring.
- The undersigned purchaser agrees to pay, in the event becomes delinquent and is turned over to a collection agency/attorney for collections, fees equal to 33 1/3% of the balance whether or not suit is instituted,
indemnifying company for all expenses incurred with the collection of the amounts payable to lender.
- The undersigned agrees to notify Samuels & Son by certified mail of any pending change of ownership of the Customer and further agrees to be liable for all purchases should the undersigned fail to comply with said
notification. In the event that this guaranty is executed by more than one person, then, in such event the liabilities and obligations of the undersigned hereunder shall be joint and several and the relative words here
in shall be read as if written in the plural.
- The parties hereby acknowledge that the goods and/or services purchased from Samuels & Son are not payable in installments, but are payable in full as stated herein.
- I/We hereby authorize Samuels & Son to contact the references listed pertaining to my/our credit and financial responsibility.
- The Undersigned Purchaser hereby agrees and consents to the exclusive jurisdiction of the county of Philadelphia, Pennsylvania, relative to any claims arising out of or relative to this agreement.
I certify and agree to the above.
FOR VALUE RECEIVED, and in order to induce Samuels & Son to forbear from the termination of credit and further induce Samuels & Son to extend credit and sell upon terms of credit to a corporation hereinafter called “principal”, food stuffs and provisions or in the future to be sold by Samuels & Son to the principal on credit, the undersigned does agree to guarantee and by guarantor (if multiple guarantors, jointly, severally and in the alternative) and does hereby absolutely guarantee to you payment of any and all indebtedness incurred by the said principal as the result of credit transactions with you.
This is a continuing guarantee and until revoked in writing addressed to Samuels & Son, at 3407 S. Lawrence Street, Philadelphia, PA 19148 by certified mail/return receipt requested, shall cover all future indebtedness of the aforesaid principal corporation, including indebtedness arising under successive transactions that shall either continue the indebtedness or from time to time renew it after it has been satisfied and shall include all service charges, interest, reasonable attorneys’ fees and collateral charges in addition to principal charges.
The undersigned acknowledges that Samuels & Son is at liberty to give the purchaser, at any time and from time to time such extensions of credit as Samuels & Son may think proper and upon terms as Samuels & Son may agree together with changes of terms from time to time as Samuels & Son may agree until the undersigned notifies you in writing by certified mail/return receipt requested to cease providing changes in terms or extensions of credit under this guarantee. The issuance of such notice either of termination of the guarantee or that the guarantee shall continue in full force and effect subject only that there be no further changes in terms or extensions of credit shall be effective only upon receipt of such notice by Samuels & Son and from and after the date of Samuels & Son’s receipt of such notice.
The guarantee shall continue as a guarantee of payment of similar credit extended to the successors or assigns of the Principal and shall inure to benefit of all such successors and assigns, whose credit line is guaranteed hereby, and to the heirs and successors of the undersigned and the heirs and successors of Samuels & Son.
In the event Samuels & Son, it’s successors or assigns, shall be obliged to enforce this guarantee by retention of a collection agency and/or an attorney, the undersigned does agree to pay attorney fees or 33 1/3% and all other reasonable expenses and costs incurred in the collection of the obligation as part of the obligation herein, whether or not suit is instituted. This Personal Guarantee shall incorporate the terms of the Credit Application & Agreement previously executed by Samuels & Son on May 27th, 2020 .
It is agreed that Samuels & Son need not take any action against the principals, any other guarantor or any person, firm, corporation or entity not resorting to any security held by Samuel’s & Son at any time before proceeding against any one of the undersigned. The liability of any one of the undersigned shall continue, notwithstanding the bankruptcy, insolvency, incapacity, death, disability of the Principal, any co-guarantor or the revocation hereof by any other guarantor of their guarantee if there be more than on guarantor.
The undersigned expressly waive(s) notice of payment, acceptance of this continuing guarantee, protest and notice of protest with respect to the indebtedness covered hereby as well as notice of any renewals, extensions or changes in terms of the credit relationship with the principal.
If more than one guarantor signs this agreement, the obligation of all guarantors hereunder shall be jointly and severally and all words used herein in the singular shall be deemed to have been used in the plural and those used in the plural shall be deemed used in the singular when the context and construction so require.
I certify and agree to the above.
I hereby authorize Samuels & Son Seafood Company, Inc. and their agents to verify information with my bank and I further authorize my bank of release such information to them.
I certify and agree to the above.