MSTS FUEL CARD ACCOUNTHOLDER AGREEMENT ("AGREEMENT")
Multi Service Technology Solutions, Inc. (“Company”) and the party executing the Account Application and Agreement (“Cardholder”), hereby enter into this Account Application and Agreement (“Agreement”), and hereby agree as follows:
Company is engaged in the business of providing a purchase program for fuel and other products and services as set forth in this Agreement, including the Cardholder Purchase Policy; and Cardholder requests Company to provide the purchase program. Company is not a seller of merchandise. Company provides credit and billing services. Company does not warrant any merchandise or services from whatever source obtained by the use of Company’s credit or billing services.
CARDHOLDER PURCHASE POLICY
Cardholder will select purchase policies during customer setup. Variations from stated policies will not be paid to truck stop by Company or billed to Cardholder by Company, unless Cardholder approves all variations. A maximum fee of up to 3% may be assessed on cash advance(s). Company reserves the right to change the terms of this Agreement by giving Cardholder 15 days advance notice of the change. Late payments will be assessed a late charge of 1 1/2 % per month. In addition, a Credit Line fee up to 5% may be assessed. The Cardholder represents that the purchases under the purchase program are for business or commercial credit only. Use of the card(s) by Cardholder includes use by the Cardholder or anyone under its control and Cardholder’s signature in connection with any card transaction signifies Cardholder’s agreement to the terms and conditions set forth herein. The Cardholder is liable for any unauthorized use of the card(s). In addition, Company is entitled to offset any amount it may owe Cardholder or its owners, or any affiliate of Cardholder or its owners, against any claims it has against Cardholder. Notice of a disputed transaction shall be provided by Cardholder to Company in writing and shall include customer number, card number, disputed amount, invoice number and date of transaction. If not disputed within 30 days of the transaction date, all charges are considered valid and no adjustments will be made. Cardholder will be charged a monthly fee of $5 per card issued by Company until the card is cancelled according the Card Cancellation Policy.
CARD CANCELLATION POLICY
Cardholder shall notify Company promptly of any lost, stolen, or compromised card(s) or to cancel card(s). Cardholder is responsible for all purchases on lost, stolen, compromised, or cancelled card(s) prior to written notification of cancellation to Company by fax at 913-217-9384, or by email at email@example.com.
Cardholder agrees to have daily transaction and spending limits in place on all cards based on spending needs of drivers. Cardholder must ensure that identification codes (Driver IDs, Pin #’s, and Vehicle IDs) and cards are safeguarded and kept separate from one another.
Cardholder shall furnish Company or Company’s agent with current financial information. If Cardholder does not wish to provide current financial information, Cardholder may furnish the Company a bank letter of credit or other sufficient security prior to the Company’s issuance of any card(s) to Cardholder.
Cardholder shall weekly, or more frequently as may be necessary to keep the account balance within the line of credit or within payment terms, make payments to the Company or the Company’s designated agent. Cardholder agrees to Electronic Funds Transfer as the method of payment. Company is authorized to initiate payment on billing date. This authorization is to remain in effect until Company is notified, in writing, of cancellation. If funds are found to be insufficient, Cardholder is subject to a NSF charge and an administration fee of up to 15% of NSF amount or, if less, the maximum amount allowed by law. If Cardholder’s bank or Cardholder for any reason should fail to timely pay any amount due Company, Cardholder understands and agrees that Company may immediately suspend all cards held by Cardholder and draw against letter of credit or other security held by the Company on behalf of the Cardholder. Any payments received will be applied first to the past due balance, then to any new purchases. Company can raise or lower the credit line at its sole discretion without notification to Cardholder.
This Agreement may be terminated by either party by giving written notice to the other party. Upon termination, and will pay the sums due Company according to the above payment procedure. During the term and upon termination of this Agreement, Cardholder shall have the responsibility to pay all amounts incurred or costs associated with Cardholder’s account whenever incurred.
This Agreement and the Continuing Guaranty are governed by the laws of the State of Texas, and it is agreed the jurisdiction of any legal action connected with this Agreement shall be exclusively in the state or federal courts located in the State of Texas. Notwithstanding, Company may, at its option, choose to pursue legal action against the Cardholder in any state in which the Cardholder does business or where jurisdiction may otherwise be proper. To secure all of Cardholder’s obligations and liabilities to Company under this Agreement, and all obligations and liabilities of Cardholder to Company under any other document or agreement between Cardholder and Company executed from time to time, the Cardholder hereby grants to Company a continuing lien and security interest in all of Cardholder’s accounts, accounts receivable, equipment, inventory, instruments, deposit accounts, chattel paper and all general intangibles. Cardholder agrees that it will not sell or assign any of its accounts or accounts receivable, or any chattel paper or instrument, without the prior written consent of Company which such consent may be conditioned upon, in Company’s sole discretion, any such buyer agreeing to pay directly to Company the amounts to be paid in connection with any such sale or assignment.
Given by the undersigned (“Guarantor”) to Multi Service Technology Solutions, Inc. (“Company”), in order to induce the Company to extend credit to, or otherwise become the creditor of the Cardholder (for purposes of this section hereinafter referred to as the “Debtor”). In consideration of the foregoing, Guarantor hereby guarantees to the Company, its successors, and assigns, prompt payment, when due, of every claim of the Company which may hereafter arise in favor of the Company against the Debtor. Such claims shall include every note, check, loan, open account, bills payable, and any other type of claim or indebtedness, in connection with which, whether directly or contingently, the Debtor is or shall become liable to the Company. In the event of default of the Debtor to make payment on any claims of the Company when due, Guarantor agrees, without the Company first having to proceed against the Debtor, to pay on demand all claims due and to become due to the Company from Debtor, and all losses, costs, attorney’s fees, or expenses which Company may suffer by reason of Debtor’s default. This is a continuing guaranty and shall remain in force until revoked by the Guarantor by notice in writing to the Company, provided that such revocation shall be effective only as to claims of the Company which arise out of transactions entered into more than 30 days after the Company’s receipt of such notice. Guarantor hereby acknowledges and agrees that neither the legal disability of Debtor to incur such indebtedness or obligation nor the non-existence of Debtor, whether now or at a later date, will relieve it of its obligations under this guaranty.
In the event Cardholder defaults in payment of its obligation to Company, Cardholder irrevocably authorizes Company, at Company’s option, to notify any person or entity providing financing to Cardholder or purchasing any account from Company (each a “Lender/Factor”) of such default and Cardholder hereby irrevocably directs and authorizes any such Lender/Factor to wire directly to Company any funds available to such Lender/Factor as such Lender/Factor funds Cardholder or any funds received by such Lender/Factor as a payment on any accounts purchased by such Lender/Factor from Cardholder, until the balance from Cardholder to Company is paid in full. Cardholder is and shall be liable to the Company for all costs and expenses incurred by the Company in collection and enforcing its rights hereunder, including, but not limited to, late charges and attorney’s fees, if any, incurred by the Company to collect all amounts due on Cardholder’s account and/or foreclosing on its lien and security interest. The Cardholder agrees that in the event of default, Company may institute suit against the Cardholder in the aforesaid courts and that service of process by certified mail, return receipt requested, postage prepaid and addressed to the Cardholder shall be sufficient to confer jurisdiction of said courts, regardless of where Cardholder is geographically located or does business.
I hereby authorize Multi Service Technology Solutions, Inc. to obtain credit reports in connection with this Agreement and my application and to obtain credit information from my bank. All financial information submitted in support of this Account Application and Agreement is true and complete in all respects. By signing this account application I certify that I am authorized to make the application and enter into this Agreement on behalf of this company.