In consideration of any extension of credit to (the undersigned) by Gibson Engineering Company (GEC), including that of charging to the account of the undersigned for purchases by it from GEC, it is agreed by the undersigned that any and all invoices, purchases, charges and debts of the undersigned owed to GEC will be subject to and governed by the credit terms of GEC then in existence, which credit terms presently include the following, which terms are specifically agreed to by the undersigned, to-wit. All invoices, charges, debts and sums owed by the undersigned to GEC are due in full within thirty (30) days of the purchase by the undersigned from GEC of the merchandise which gives rise to such debt(s),with interest and/or service charges on any balance due of one and on-half (1-1/2%) percent per month (18%) per annum commencing thirty (30) days after such purchase.
It is understood that any credit and/or agreements relative thereto extended by GEC to the undersigned may be terminated at any time by GEC without notice and without cause, any such notice or demand being waived, and any such termination not affecting the rights of GEC against the undersigned or any guarantor under this agreement or against any merchandise sold to the undersigned. It is further understood that no obligation exists on the part of GEC to extend any credit on account or any other basis to the undersigned now or in the future pursuant to this or any other agreement between the undersigned and GEC.