All statements made herein are true and accurate to the best of our knowledge. We authorize Pilot Automotive, Inc, db a. Rolling Big Power to make any and all inquiries necessary for action on this credit application. We hereby indemnify Pilot Automotive, Inc. from any liability resulting from their survey.
In consideration of the extension of credit by Pilot Automotive, Inc. to us, we agree to promptly pay all bills in accordance with the terms expressed on the invoice. We agree that Pilot shall retain a purchase money security interest in all merchandise purchased by us until payment in full has been received by Pilot. We further agree that if the merchandise ordered by us or any other designated person shall remain unpaid past the invoice due date, any balance so remaining unpaid shall bear interest at the lesser rate of 1 ½percent per month or the maximum rate permitted by applicable law, until paid. In the event that any suit or action is instituted to collect amount due on our account, whether principle or interest or both, we agree to pay, in addition to the amount owed, all legal fees and collection agency fees incurred, including a reasonable sum for attorney's fees.
GUARANTY given by the undersigned (the "GUARANTOR"), to PILOT AUTOMOTIVE, INC. d.b.a Rolling Big Power, a California Corporation (PILOT), in order to induce Pilot to extend credit to or otherwise become the creditor of the above named company (the "Borrower")
The Guarantor hereby unconditionally guarantees to Pilot Automotive, Inc., for its benefit and for the benefit of its successors, endorsees, transferees, and assigns, the full and punctual payment when due (whether at stated maturity, by acceleration or otherwise), of all indebtedness, obligations and liabilities of the Borrower to Pilot, now existing or hereafter incurred, whether for principal, interest, fees, expenses or otherwise, together with all renewals, modifications, consolidations and extensions thereof (all such indebtedness, obligations and liabilities being herein called the "Obligations"). The Guarantor further agrees to pay any and all expenses which may be paid or incurred by Pilot in collecting any or all of the Obligations and/or enforcing any rights under this Guaranty Agreement or under the Obligations. This is a continuing guaranty. If Borrower shall fail to pay any Obligation when due in accordance with its terms (whether at stated maturity, by acceleration or otherwise), the Guarantor shall forthwith on demand of Pilot pay to Pilot the amount of such Obligations at Pilot principal place of business.
This is a guarantee of payment and not of collection, and the obligations of the Guarantor hereunder are unconditional and absolute.