please translate Wholesale agreement legal speak

[ajfabb]

What is the name of your state (only U.S. law)? Oregon

I'm a retailer signing an account agreement with a wholesale supplier.

Between our names and where we sign is this legal speak:

"as individuals and jointly and severally guarantee unto the Seller, its successors and assigns, the prompt payment of any and all indebtedness of the applicant to the
seller according to the terms thereof, which applicant may now or at any time hereafter owe to seller or seller's successors or assigns, together with interest thereon.
Notice of every kind or nature including those of any action or non action on the part of the applicant, seller or anyone else, are hereby fully waived by the
undersigned. I/we hereby waive the right to require the seller to proceed against the applicant or to pursue any other remedy, waive the right to have the property of
the applicant first applied to the discharge of indebtedness and waive the pleading of any statute of limitations as a defense to the obligations hereunder. In the event
of collection suit or action the prevailing party will be entitled to reasonable attorney fees and/or collection costs."

Can anyone explain what the second paragraph beginning "Notice of every kind..." is saying? Specifically, the first part of it...

 

[Some Random Guy]

Notice of every kind or nature including those of any action or non action on the part of the applicant, seller or anyone else, are hereby fully waived by the undersigned.

Once you have defaulted on the money owed, they will begin collections immediately without needing to call, write, or otherwise notify any of you that either you are in default or that they are going to start collections.

I/we hereby waive the right to require the seller to proceed against the applicant or to pursue any other remedy, waive the right to have the property of the applicant first applied to the discharge of indebtedness

When you default on the money owed, they will take whatever they can get their hands on. They don't have to get the money out of the applicant (primary borrower) first. They can come right after the cosigners and guarantors of the debt. They can come after any of your assets without being restricted to the physical goods that were purchased from the wholesaler.

and waive the pleading of any statute of limitations as a defense to the obligations hereunder.

You agree not to use the defense of "this debt is so old its uncollectible" in court.

In the event of collection suit or action the prevailing party will be entitled to reasonable attorney fees and/or collection costs.

Not only do you have to pay us the money back, but you have to pay for all of our costs of getting the money back, including the lawyers, paralegals, repo men and even the car we use to run you down.

 

[ajfabb]

Very nice. Thank you very much.