Customer Credit Account Agreement
Pursuant to amount of approved credit and payment terms stated above, which, hereafter its submittal, may be amended by the Creditor, the undersigned Debtor(s), agree and promise to pay the credit to the Creditor. Unless exempted by the Creditor, the credit is subject to interest charge of 18% a year, or 1.5% every month effectively 30-days from the invoice date. Payments are applied first to interest, latefees, attorney’sfee, andcosts, and then to the principal. Debtor(s) may prepay all or part of the principal amount at any time, and without penalty.
Also, subjective to the requirements by the Creditor, I (we), the undersigned debtor(s) and if deemed applicable, will be required to sign, and notarize additional document(s) relative to this Credit Application. At which time, the signed and notarized document(s) will be made part to this Credit Application. Additionally, the information contained herein and those therein all other documents submitted in connection to this Credit Application and for the purpose of obtaining a credit is represented to be true and complete.
Furthermore, this Agreement and all other documents submitted and made part hereto, are bounded with and enforced by the laws of the Republic of Palau, a venue of litigation in event of arisen legal disputes. In event Creditor needs to use, hire an attorney, and or to file a lawsuit to enforce this Agreement, wholly or partially, against the Debtor(s), the Debtor(s) shall be liable and pay for unpaid credit balance, reasonable collection expenses, court costs, and attorney’s fee incurred before filing any lawsuit or claim, in the trial court, in any post-judgment proceedings, and in any appeal,until the amount due hereunder are paid in full, and Debtor(s) WAIVES the protections and applicable provisions of RPPL7-11(14PNC§2110(a) as to Debtor’s right to claim property as exempt from execution or judicial process or seizure or sale, and §2111 as to limits on legal fees and expenses claimed by the Creditor. The preceding sentence does not merge into a judgment.
Finally, pursuant to submission of this Credit Application, I (we), the debtor(s), authorize the Creditor to investigate all information presented herein as well as that information contained in the document(s) submitted in connection to the Credit Application, including obtaining credit information from the banks, creditors, and other trade creditors for the purpose of this Credit Application.