CREDIT APPLICATION

Customer (Legal Name): ___________________________________________

Billing Address: _________________________________________________

Shipping Address: _______________________________________________

Phone Number: _____________ Fax: ____________E-Mail: ______________

Owner(s) Name: ______________________________________ No. Years in Business: _______

PST #: _______________________________ GST#: ___________________________________

Bank: ____________________________ Address: _____________________________________

Bank Contact: _____________________ Phone: _______________________________________

MAJOR SUPPLIERS
Name Address Phone Fax

1. __________________________________________________________________________________

2. __________________________________________________________________________________

3. __________________________________________________________________________________

OUR TERMS OF SALE
Net 30 Days of Invoice
2%/Mth. Interest on invoice over 30 days - Rigidly Collected
Taxes Extra Where Applicable

COMPANY USE ONLY

Credit Approval: _________________________________ Date: _______________________________

Credit Limit Established: ______________ Sales Person: _________________ Branch: ______________

Notes:

TERMS and CONDITIONS
In consideration for the extension of credits, Schooner Industrial Limited, (Thereafter Schooner), and the customer above (customer herein) agree as follows:

1. Customer warrants that the information supplied to Schooner in this agreement is true and correct and understands that Schooner will rely on said information in reaching a decision on the extension of credit to customer.

2. Customer hereby authorizes Schooner to make investigation and inquires into the information supplied by customer herein and hereby specifically authorize and consents to the release of any and all credit information requested of any Bank or credit references listed herein above by Schooner.

3. Customer agrees that a late payment charge of 2% per month (24% annually) will be applied to all amounts past due. If payment is not received within Terms, Schooner has the option to continue deliveries to customer on a C.O.D. basis ONLY.

4. In the event that a lawsuit instituted by either party to this agreement regarding collection of amounts due to Schooner as a result of this agreement, the prevailing party shall recover all court costs, attorney fees, and other expenditures incurred as a result of such lawsuit.

5. This agreement is entire and includes all understanding of Schooner and customers. No waiver or statements by any representative of schooner shall be valid unless set forth herein or in a written agreement modifying this agreement, signed by both parties.

Name & Signature: __________________________________

Print Name: ______________________________________

Guarantee
The undersigned (guarantor(s) herein) jointly and severally hereby endorse, guarantee and promise to pay any and all obligations of the customer to Schooner. Guarantor(s) hereby waive demand, protect, Notice of pretest, Notice of Non-Payment by customer, and the right to require Schooner to first proceed against Customer or pursue any other remedy prior to proceeding against Guarantor(s). Guarantor(s) grant Schooner the right to direct action against Guarantor(s) and independently of any action against Customer.

Guarantor Signature: _____________________ Spouse Signature: _______________________

Print Name: ____________________________ Print Name: ____________________________

Date: _________________________________ Date: __________________________________