Eredità Eyewear Credit Terms:
I, the undersigned, do hereby acknowledge that the above information is complete and accurate and is being provided to obtain a line of credit with Eredità Eyewear Group Inc. and/or its affiliates. The undersigned individual, who is an authorized representative of the applicant, hereby consents to and authorizes verification of credit for the above applicant and grants access to personal and business credit history now and throughout the financing term.
Should credit availability be granted, all decisions with respect to the extension or continuation shall be the sole discretion of Eredità Eyewear Group Inc. which may increase, decrease, or terminate the credit availability at any time. The above applicant agrees that all due balances will be paid according to the agreed upon payment terms. Balances not paid by the due date will bear interest at the rate of 1.5% monthly (18% per annum) until paid in full. Balances due to Eredità Eyewear Group Inc. shall be paid in full prior to changes in ownership. Applicant will bear court costs,attorney fees and any other costs incurred by Eredità Eyewear Group Inc. for cases placed for collections.
The undersigned, as an official representative of the applicant (i.e. owner, director, officer, partner or shareholder), further agrees to be personally liable for any balances that may hereafter become due to
Eredità Eyewear Group Inc. and/or its affiliates and to have access to my personal and business credit history now and throughout the financing term. The guarantee shall be continuing and shall survive the
ownership transfer or the sale of the applicant. The undersigned agrees to remain personally responsible and liable for any indebtedness of the applicant until the indebtedness is paid in full.
The Optical Group Membership Terms
Consent & Acknowledgement:
This consent and acknowledgement is provided in conjunction with the credit application and the undersigned do hereby apply for credit in accordance with the credit application. I agree that 2853144 Ontario Inc. cob The Optical Group (hereinafter referred to as “The Optical Group” shall be entitled and authorized to establish a file on me containing personal information.
The object of this Credit Application shall be to allow The Optical Group to:
(1) evaluate my credit and solvency;
(2) make a decision with regard to my credit application;
(3) monitor, record and determine during the term of my compliance with any questions I might have with respect to my credit application;
(4) record, manage, evaluate and collect, if applicable, any amount owing by me to The Optical Group; and
(5) maintain and use the information as a credit history.
I understand that the personal information contained in my file shall be made available to the employees, representatives and agents of The Optical Group. I understand and do hereby consent to The Optical Group retaining and obtaining credit reports and Consumer Reports and providing them consumer transactions by providing consumer reports to vendors supplying the optical industry. I agree that The Optical Group may report information to any credit reporting agency about how I fulfill my obligations with respects to any credit extended as a result of his Credit Application or any other dealings that I may have with The Optical Group.
I authorize The Optical Group to collect the necessary personal information concerning me to fulfill the object of the file, from third persons, credit agencies, information and collection agencies, credit reporting bureaus, financial institutions, insurance companies, my past, present and future employers, creditors and landlords, banking references that I may have provided, personal references that I may have provided, or any other person who has or will have information related to my credit history and my solvency. I specifically consent to the release and disclosure of personal information such persons to The Optical Group. Personal information will continue to be collected about me, including through third parties such as those outlined above, as long as my obligation to The Optical Group remains outstanding. This information
will be used for the purposes outlined above.
I acknowledge that if The Optical Group were ever sold, or merged with another company, or transferred part or all of its shares or assets to a third party, The Optical Group may disclose and/or transfer personal information to such third party, provided the third party agrees to adhere to the principals expressed in this Acknowledgement and Consent.
I have read this Consent and Acknowledgement respecting the collection, use, release, disclosure, communication, and holding of personal information concerning me and I understand the significance and the necessity of giving such consent which us given voluntarily without any coercion and which will be valid for so long as it is needed in order to achieve the
object of the file.
I accept that providing the information in my Credit Application to The Optical Group this Consent and Acknowledgement shall be considered as a valid and binding agreement by me. I declare and warrant that the information that I have provided above is true, accurate, and complete and that it is not false or misleading in any way. I further declare and warrant that a bankruptcy proceeding is neither presently in progress nor anticipated. It is agreed and understood that in the event this document is delivered by facsimile transmission or email in PDF format or similar electronic format, all parties agree to accept and rely upon the same as if it contained original signatures and such document and schedules thereto shall have the same legal force and effect as an originally executed document.
Credit Check Approval:
We the undersigned, both in our corporate and personal capacity, do hereby authorize The Optical Group to perform any and all necessary credit checks to confirm our creditworthiness. Submitting this signed document with your Credit
Application and Member Agreement allows The Optical Group, its authorized agents and/or employees the right to perform any and all necessary credit checks and/or consumer reports to confirm our credit worthiness.
If you do not wish to sign and return this document along with the Credit Application and Member Agreement, we will be unable to perform the necessary credit inquiries required to approve your application for Membership.
Please complete and sign below where indicated. Without this document we will not be able to open an Optical Group account on your behalf.
WHEREAS The Optical Group conducts the business of offering a group buying solution to independent optical outlets
AND WHEREAS in order to conduct the business of offering group buying solutions to its membership there must be
an orderly membership arrangement.
NOW THEREFORE the member does hereby understand and agree as follows:
1. The Member herein in order to take advantage of the group buying solutions offered by The Optical Group does hereby agree with the Optical Group to the following terms and conditions.
2. The Member will be required to pay an annual Membership Fee invoiced in January and payable on February 15, of each and every year. The current membership fee is fixed at the sum of $300.00 per annum plus applicable taxes. The membership fee in subsequent years is subject to change without notice. The Member’s month end statements from approved Suppliers will be forwarded directly to The Optical Group.
3. The Member’s month end statements from approved Suppliers will be paid by The Optical Group on behalf of the Member, and will be maintained in a current status provided that the Member abides by the terms and conditions of
this Agreement and is not in default thereof and keeps its membership in good standing with The Optical Group.
4. The Member will receive a month end Summary Statement from The Optical Group.
5. The Member is obligated and does hereby covenant with The Optical Group that it shall pay the amount set out in the month end summary statement issued by The Optical Group on or before the 15th day of the subsequent month. All
payments made by a Member on a credit card shall be subject to an administration fee equal to 2% of the payment so made.
6. The following penalties for late payment of the amounts owed under paragraph five above will apply.
I. Payments received after
i) The 17th of the month; 2% of the months current total net purchases
ii) The 20th of the month; 2% interest plus loss of all discounts
iii) The 25th of the month; 2% interest, loss of all discount, plus your account will be placed on “Credit Hold” with all Suppliers until all purchases are paid. Upon receipt of full payment, a “Credit Hold” account will be evaluated to
determine whether a resumption of purchasing through the Optical Group will
be permitted or continued.
II. In the event of default payment to The Optical Group, the principals, owners,
and/or the undersigned, assume personal responsibility/liability for all outstanding balances, finance charges, and fees associated with any and all attempts to collect past due balances.
III. Any unauthorized deductions to payment are subject to a 10% interest charge.
IV. NSF cheques are subject to a $40.00 charge plus applicable interest.
7. The Member does hereby grant The Optical Group security interest in all products sold to the Member in priority to any and all other secured creditors of the Member, to secure due and punctual payment.
8. The Member may terminate its membership with The Optical Group upon written notice thereof, such notice to be no less than 60 days from a month end, such termination will take effect at the end of the notice period. Any and all
amounts due and owing under the terms of this membership agreement shall remain due and owing notwithstanding termination by the Member.
9. It is agreed and understood that in the event this document is delivered by facsimile transmission or email in PDF format or similar electronic format, all parties agree to accept and rely upon the same as if it contained original signatures and such document and schedules thereto shall have the same legal force and effect as an originally executed document.
10. If the Member is a corporation, then contemporaneously with the execution of this membership agreement the officers, directors, and principals of the Corporation must sign a personal guarantee of payment to The Optical Group of any and all debts due and owing by The Member to The Optical Group in a form acceptable to The Optical Group. The member upon applying for membership with the optical group will provide a copy of any applicable Articles of Incorporation, setting out the proper corporate legal name and ownership thereof.
11. The terms of this agreement are non-transferable by the Member. The member shall immediately notify The Optical Group should there be any change in the ownership of the member or if the member’s business operations are sold or signed in any fashion whatsoever. The purchaser of the Member’s business operations may apply for membership with The Optical Group and shall provide to The Optical Group its full credit application and associated materials as required by The Optical Group in its normal practice of approving members. Should the member fail to so notify the optical group of the sale of its business operation or its changing corporate ownership, the member herein in any personal guarantor provided as a result of this agreement shall continue to be liable for any and all future and subsequent purchases made by the Assignee of the Member’s business operation.
12. This agreement shall be governed by and construed in accordance with the laws of the Province of Ontario without giving effect to any choice or conflict of law provision or rule in any other jurisdiction. Any and all litigation arising from
this agreement shall be commenced and litigated in the Province of Ontario and both the member and the optical group attorn to the jurisdiction of Ontario.
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13. THE OPTICAL GROUP MAY TERMINATE MEMBERSHIP OF THE MEMBER AND ANY AND ALL OBLIGATIONS UNDER THIS AGREEMENT, IN ITS SOLE AND UNFETTERED DISCRETION AS IT DEEMS NECESSARY AT ANY TIME WITHOUT WRITTEN NOTICE.
Personal Guarantee of Payment:
Being a director, officer, or principal of the Member does hereby personally guarantee the payment of any and all amounts due and owing by the Member, namely (proper corporate name of member) to The Optical Group, including but not limited to any and all amounts due and owing under the Membership Agreement and any invoicing thereunder. The undersigned understand that
should the Member fail to render payment of all amounts due and owing to The Optical Group, the undersigned will be jointly and severally liable to the undersigned for the payment thereof. It is agreed and understood that in the event this personal guarantee of payment is delivered by facsimile transmission or email in PDF format or similar electronic format, all parties agree to accept
and rely upon the same as if it contained original signatures and such document and schedules thereto shall have the same legal force and effect as an originally executed document.