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Corporation Credit Application Form Page 3
Corporation Credit Application Form
TERMINOLOGY. In this Agreement the words you, your, and yours mean each
person and/or business entity who applies for and is granted a PowerPlan
Account, including any co-applicant identied on the application, as well as any
person permitted to use the Account. JDF means John Deere Financial, f.s.b., or
any subsequent holder of the Account or any balances arising under the Account.
POWERPLAN ACCOUNT. You request a PowerPlan Account from JDF, and further
authorize JDF to issue a PowerPlan Account card to each merchant from whom you
may make a purchase. By applying for a Preferred Account, or by using a Merchant
Authorized Account to make a purchase from a merchant who requests JDF to open
one for you, you agree that this Credit Agreement will apply to all purchases made
through your PowerPlan Account by you or any person you authorize. This Agreement
is not binding on JDF until JDF has approved your credit and given you notice of
approval. You authorize JDF to honor any purchases you make by mail, telephone,
internet, facsimile transmission (fax) or other electronic means on your Account. You
agree that a signature is not necessary as authorization in such cases. You agree that
any authorized use of your Account or Card constitutes your acceptance of all the terms
and conditions of this Agreement, as it may be amended from time to time. If you submit
your application to JDF by internet, facsimile transmission (fax) or other electronic
means, you agree that the application will have the same effect as a signed original. You
agree that you will promptly notify JDF in writing of any suspected loss, theft, or
unauthorized use of the Account. You may be liable for the unauthorized use of your
PowerPlan Account before you notify JDF in writing at PowerPlan, P.O. Box 5327,
Madison, Wisconsin 53705-0327 of the unauthorized use. In any case, your liability will
not exceed $50. You agree to give JDF prompt notice of any change in your name, mailing
address, or place of employment. You agree that until JDF receives notice of your new
address, JDF may continue to send statements and other notices to the address you gave
JDF on the application for this Account. You agree that, for the purposes of this
Agreement, you will be deemed to “reside” in the state of your billing address as shown
on JDF’s records. You consent and agree that your telephone conversations with JDF may
be recorded to further improve JDF’s customer service. You agree that JDF and any
afliates and any retained debt collector may place phone calls to you using any
telephone number, including a mobile phone number, you have provided to JDF, any
afliate or any retained debt collector, including calls using an automatic dialing and
announcing device and prerecorded calls, and that such calls are not “unsolicited” under
state or federal law. If more than one person or entity signed the application, each is
jointly and severally responsible for all obligations, and amounts due, under this
agreement. This agreement is not binding on JDF until JDF has approved your credit and
given you notice of approval. If Maryland law applies, Subtitle 9 of Title 12 of the
Maryland Commercial Law will apply.
ACCOUNT TYPE. If your PowerPlan Account arose through JDF’s purchase of your
existing account balance with a merchant, or at the request of one or more merchants
your Account may be classied as a Merchant Authorized Account. Merchant
Authorized Accounts are useable only at a merchant who asked JDF to nance your
purchases from them. JDF may, in its sole discretion, classify your account as a
Preferred Account. Certain special features or promotions that JDF may offer from
time to time may be made available only to Preferred Accounts. When JDF opens your
Account, and on each monthly statement, JDF will indicate whether your Account is
either a Preferred or Merchant Authorized Account.
ACCOUNT USE. By applying for or accepting a PowerPlan Commercial or
Governmental Account, you agree to use your Account primarily to make purchases for
commercial or governmental use, and not for personal, family or household use. You
agree to pay JDF all amounts charged by the use of the Account, plus Finance Charges,
and the other charges described below. JDF will allow a purchase of authorized goods
or services from a participating merchant to be made through your account as long as
(1) you are not in default; (2) your nancial condition has not materially or adversely
changed; and (3) we have not been provided information by third parties that indicates
serious charge-offs or delinquencies with other of your accounts.
You agree that JDF is not responsible for the refusal of anyone to allow a purchase
to be made through your PowerPlan Account.
CREDIT LIMIT. JDF will establish and advise you of your regular credit limit when JDF
opens your Account and on each monthly statement. JDF may establish separate credit
limits with special conditions which will be disclosed to you on your monthly statement.
Your use of any such special credit limit shall constitute your agreement to those
disclosed special conditions.
You agree that JDF may increase or decrease your credit limit(s) at any time, in JDF’s
sole discretion, without prior notice to you. You agree to promptly prepare and provide
to JDF any nancial and Account information that JDF may, in its sole discretion,
request from you.
MONTHLY STATEMENT. JDF will send you a monthly statement whenever there is
activity on your Account, unless the only activity is a payment in full. Your monthly
statement will show your New Balance, any Finance Charge, any Late Fees, the
Minimum Required Payment and the Payment Due Date. In addition, it will show your
Credit Limit(s), an itemized list of current Purchases, Payments, and Credits, as well as
other information concerning your Account.
JDF will send your monthly statements on dates and in intervals determined by JDF.
Such statement shall be deemed correct and accepted by you unless JDF is notied to
the contrary in writing within 60 days of the date of that statement. If you think your
monthly statement is incorrect, write to JDF on a separate sheet at the address shown
on the back of your billing statement. Describe the error as best you can and include
your Account number in all correspondence.
PAYMENT. The Payment Due Date is the date the payment must be received at the
address shown on the front of your monthly statement. You may at any time pay your
entire New Balance or pay more than the Minimum Required Payment, and you may avoid
or reduce Finance Charges by doing so. However, payment of more than the Minimum
Required Payment, while reducing your balance will not prepay your Account or be applied
against future Minimum Required Payments. If your Payment Due Date falls on a Saturday,
Sunday or holiday, the Payment Due Date will not be extended. All payments must be in
U.S. dollars and drawn on funds on deposit in the United States. Payments must be sent to
PowerPlan, at the address designated on your monthly payment stub or to any other
payment address JDF later designates on your monthly statement payment stub.
FINANCE CHARGE RATES. Finance Charges on your PowerPlan Account may be
calculated using variable rates that will be determined by reference to a “Base Rate
to which is added a “Spread” to arrive at the current rate. The same Spread will be used
for purchase(s) within your Account.
The Base Rate from which your variable rates will be determined is the annual
percentage rate of interest announced publicly from time to time by Citibank, N.A.
in New York, New York as the base rate it uses for interest rate determinations,
which was in effect at the close of business on the fteenth (15th) calendar day of
each month, or the next succeeding business day if the fteenth is not a business
day (“Reference Day”).
The Spread added to the Base Rate to determine the ANNUAL PERCENTAGE RATE
(APR) that will apply to your Account will be:
Spread 14.9%
Rate increases and decreases, that result from changes in the Base Rate will take effect
on the rst day of the month, or the next succeeding business day if the rst day is not
a business day, after the Reference Day on which the Base Rate changes.
Changes in your variable rates will apply to your existing balances as well as to future
purchases. An increase in your rate will increase the total Finance Charge accruing on
your Account and the balance on which your Minimum Required Payment is calculated.
Credit Agreement
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