The undersigned applicant and co-applicant agree that the following terms will govern any purchases made which are charged to any open charge account that applicant and/or co-applicant may have with Gold Eagle Cooperative (GEC)
1. Balance due in full by the 15th of the month following month of purchase.
2. An unpaid balance will be assessed a FINANCE CHARGE of 1.5%, which is an APR of 18% per year starting on the 16th day of the month (this rate is subject to change with notice on the monthly statement).
3. Payments shall be first applied to the unpaid finance charge and the remainder to the unpaid balance.
4. In the event collection action becomes necessary to collect on the account, any and all costs incurred by, including collection service payments, court costs, and attorney fees will be applied to the outstanding account balance.
5. If applying for a joint account, both applicant and co-applicant agree to be bound by the terms of this agreement, and each agrees to be jointly and severally liable for payment of all purchases made under this agreement.
6. GEC shall have the right to limit or terminate this charge account, but the limitation or termination shall not affect the obligation to pay an existing account balance. Upon termination, GEC may at its option declare the entire balance due and payable immediately.
This document authorizes the release of any and all of applicants’ and/or co-applicant’s financial information to GEC Board members, management, legal advisors, and accountants, and releases GEC as the custodian of such records, both individually and collectively, from any and all liability for damages which may result due to release of this information pursuant to this Authorization.
The undersigned authorizes further authorizes GEC to obtain business credit reports from credit bureaus or other credit partners and share any and all information in their care, custody, and control concerning the undersigned applicant and/or co-applicant as well as any information received pursuant to this Authorization. The undersigned applicant and co-applicant hereby releases GEC and from any and all liability for damages of which may result due to the release of this information pursuant to this Authorization.
It is expressly agreed that a photocopy of this Authorization shall be as valid as an original.
To secure the payment of all sums that may become due under any open charge account which the undersigned applicant and/or co-applicant may have with GEC, the undersigned grant a security interest in all their property as follows: inventory now owned or hereafter acquired; all equipment now owned
or hereafter acquired, and all farm products, including all crops and livestock, now owned or hereafter acquired, together with the proceeds, products, replacements and substitutes of, to, and for all of the foregoing, with all such property called the “Collateral”. The undersigned applicants authorize GEC to
file any financing statement or other documents deemed necessary to perfect or continue this security interest in the applicable filing office under the Uniform Commercial Code as adopted by the state of Iowa. Further, I agree to execute any additional documents deemed necessary to perfect this security
interest or to otherwise enforce rights may have as a secured party. In the event I fail to pay any sums when due, shall have all of the rights granted to a secured party under the Iowa Uniform Commercial Code and I agree the laws of the state of Iowa shall apply to any charge account I may have with GEC.
If this application is made by a corporation, partnership, limited liability company, or other closely-held entity, the principal owners of such entity may need to provide a personal guaranty before credit is extended by GEC.
Applicant(s) may be required to provide a current balance sheet before credit is extended by GEC
The undersigned applicant and co-applicant agree that the following terms will govern any purchases made which are charged to any open charge account
that applicant and/or co-applicant may have with Gold Eagle Cooperative (GEC)
1. Balance due in full by the 15th of the month following month of purchase.
2. An unpaid balance will be assessed a FINANCE CHARGE of 1.5%, which is an APR of 18% per year starting on the 16th day of the month (this
rate is subject to change with notice on the monthly statement).
3. Payments shall be first applied to the unpaid finance charge and the remainder to the unpaid balance.
4. In the event collection action becomes necessary to collect on the account, any and all costs incurred by, including collection service
payments, court costs, and attorney fees will be applied to the outstanding account balance.
5. If applying for a joint account, both applicant and co-applicant agree to be bound by the terms of this agreement, and each agrees to be
jointly and severally liable for payment of all purchases made under this agreement.
6. GEC shall have the right to limit or terminate this charge account, but the limitation or termination shall not affect the obligation to pay an
existing account balance. Upon termination, GEC may at its option declare the entire balance due and payable immediately.
This document authorizes the release of any and all of applicants’ and/or co-applicant’s financial information to GEC Board members, management, legal
advisors, and accountants, and releases GEC as the custodian of such records, both individually and collectively, from any and all liability for damages which
may result due to release of this information pursuant to this Authorization.
The undersigned authorizes further authorizes GEC to obtain business credit reports from credit bureaus or other credit partners and share any and all
information in their care, custody, and control concerning the undersigned applicant and/or co-applicant as well as any information received pursuant to this
Authorization. The undersigned applicant and co-applicant hereby releases GEC and from any and all liability for damages of which may result due to the
release of this information pursuant to this Authorization.
It is expressly agreed that a photocopy of this Authorization shall be as valid as an original.
To secure the payment of all sums that may become due under any open charge account which the undersigned applicant and/or co-applicant may have
with GEC, the undersigned grant a security interest in all their property as follows: inventory now owned or hereafter acquired; all equipment now owned
or hereafter acquired, and all farm products, including all crops and livestock, now owned or hereafter acquired, together with the proceeds, products,
replacements and substitutes of, to, and for all of the foregoing, with all such property called the “Collateral”. The undersigned applicants authorize GEC to
file any financing statement or other documents deemed necessary to perfect or continue this security interest in the applicable filing office under the
Uniform Commercial Code as adopted by the state of Iowa. Further, I agree to execute any additional documents deemed necessary to perfect this security
interest or to otherwise enforce rights may have as a secured party. In the event I fail to pay any sums when due, shall have all of the rights granted to a
secured party under the Iowa Uniform Commercial Code and I agree the laws of the state of Iowa shall apply to any charge account I may have with GEC.
If this application is made by a corporation, partnership, limited liability company, or other closely-held entity, the principal owners of such entity may need
to provide a personal guaranty before credit is extended by GEC.
Applicant(s) may be required to provide a current balance sheet before credit is extended by GEC
In consideration for the extension of credit to the Applicant of this Credit Application, (the “Applicant”) and other good and valuable consideration, and in order to induce additional extensions of credit to Applicant, Guarantor(s) hereby individually, joint and severally, absolutely, irrevocably, and unconditionally, guaranty to, its successor and assigns the full and prompt payment of any and all amounts due and owing at the present time or that may
hereafter be due and owing by Applicant to .
This guaranty shall continue in full force and effect until such time as the undersigned shall give written notice of revocations by registered mail. Such notice of revocation shall be ineffective as to any existing indebtedness or as to any transaction of commitment previously undertaken by you in reliance on such guaranty. This obligation shall cover the renewal of any claims guaranteed by this instrument or extensions of time payment thereof, without
further notice thereof to Guarantor(s). Guarantor(s) waive all other rights to notice and demand of any nature with respect hereto, and agree to guaranty all amounts owed until such guaranty is terminated. Guarantor(s) agree to pay all cost associated with collecting any amounts due to pursuant to this Credit Application, including attorney fees and court costs.
This agreement shall be binding upon the parties hereto, their heirs, legal representatives, successors and assigns.
I HAVE READ AND FULLY UNDERSTAND THE ABOVE, AS WELL AS ALL TERMS, LATE CHARGES AND LEGAL CONDITIONS CONTAINED HEREIN.include balance sheet with supporting schedules of the general partner, presidents, owner, or managing member. Include any interest held by a co-applicant including
spouse, if applicable. (This is for accounts seeking more than $100,000 in open account credit).
Balance Sheet
Please complete the additional information and submit your application as directed or submit an equivalent Balance Sheet. If a Partnership Corporation, or LLC, include balance sheet with supporting schedules of the general partner, presidents, owner, or managing member. Include any interest held by a co-applicant including
spouse, if applicable. (This is for accounts seeking more than $100,000 in open account credit).
Assets
Liabilities
For purpose of securing credit the undersigned 1) certifies this statement is true and correct as of the date specified; 2) agrees to promptly notify of any material change; and 3) acknowledges receipt of a copy of this statement.
