PAYMENT: Buyer agrees to pay for the Products according to the TERMS designated on the face of Seller's invoice. If Buyer fails to make any payment to Seller when due, the Buyer's entire account(s) with Seller shall become immediately due and payable; and Seller may repossess and remove any such product without notice or demand or may require Buyer to assemble the collateral and make it available to allow Seller to take possession. All past due amounts are subject to a service charge equal to the lesser of 1.5% per month or, at Seller’s option, up to the maximum rate permitted by law. If Buyer is in default for non-payment, then in addition to other remedies, Buyer agrees to reimburse Seller all costs of collections, including reasonable attorneys’ fees whether or not litigation is commenced.
CHOICE OF LAW: This Agreement shall be construed according to the laws of the State of Ohio without regard to its conflict of laws provisions or any other provision of Ohio law that would require or permit the application of the substantive law of any other jurisdiction to govern this Agreement.
SET-OFF RIGHTS: Seller shall have a right of setoff against all money, accounts, rebates, credits and other property of Buyer, now or hereafter in possession of or maintained by Seller, and, following a default, such right of setoff may be exercised without demand upon or notice to Buyer. No right of setoff shall be deemed to have been waived by any act of conduct on the part of Seller, or by any neglect to exercise such right or setoff or to enforce such lien, or by any delay in so doing, and every right of setoff shall continue in full force and effect until such right is specifically waived or released by an instrument in writing executed by Seller.
SECURITY: To secure payment and performance of all obligations, Buyer hereby grants Seller a purchase money security Interest within the meaning of the Uniform Commercial Code, for purchases made by Buyer from Seller, in the goods and materials, including, but not limited to, insulation, roofing, foamular, asphalt, composite materials, and as described in each invoice from Seller, to secure all of the purchase price. As an inducement of Seller to extend credit to Buyer Buyer gives and grants unto Seller a security interest in the following described collateral, (as defined by the Uniform Commercial Code): Accounts, Chattel Paper, Commercial Tort Claims, Deposit Accounts, Documents, Electronics Chattel Paper, Equipment, General Intangibles, Goods, Instruments, Inventory, Investments Property and all products and processed therefrom, including cash and non-cash proceeds. Buyer hereby directs Seller to file all documents necessary, including, but not limited to, Financing Statements, with the proper Filing Office in order to perfect the security interests granted herein.
CONDITION OF COLLATERAL: Applicant will insure the Collateral against all expected risks. Applicant will not subject the Collateral to any adverse encumbrance or lien. Applicant authorizes Seller to file financing statements describing the Collateral, and will assist Seller in taking the necessary action to perfect and protect Seller's security interest.
AUTHORIZATION AND RELEASE: In accordance with the Privacy Act, Freedom of Information Act, the Fair Credit Reporting Act, and any similar federal, state, or local statutory or common laws or regulations, Buyer expressly authorizes the above-named references, any credit reporting agency, any law enforcement agency (federal/state/local) and any person or entity with knowledge of information relevant to this request for credit to release Buyer information to Seller and its affiliated entities and their officers, directors, agents and employees ("Owens Corning Affiliates"), each of whom may request, obtain and use such information under this Agreement.
Buyer hereby agrees to release, indemnify, defend, and hold harmless each of the Owens Corning Affiliates and all other persons or entities, including without limitation those providing information, from any and all liability for losses, claims, injuries, liabilities, and damages of whatever kind or nature, whether known or unknown, including without limitation those based upon defamation, invasion of privacy, and rights of publicity and personality, which may at any time arise or accrue to Buyer or Buyer's heirs, successors, parents, affiliates, subsidiaries, assigns, officers, directors,employees, agents or other persons or entities claiming by or through any of the foregoing entities, on account of provision of such information or reliance on such information or on other information gathered pursuant thereto and hereto.
I (We) hereby authorize this Credit Agreement and release to be shown and delivered to such person, with a copy of this Credit Agreement and release to be as valid as the original. The undersigned has read, and agreed to, all of the terms and conditions of this Credit Agreement. I certify that the Buyer information set forth in on this Agreement is true and accurate and I am authorized to sign on behalf of the Buyer.