Common use of CARD PAYMENT Clause in Contracts

CARD PAYMENT. 13.1 In the monthly SOA given to the Company and Cardholder(s), the Company and Director(s) shall be liable to pay the total amount due shown therein to be outstanding as of the date of the SOA. 13.2 Payments for peso-denominated credit limits must be paid in Philippine Pesos, while payments for dollar-denominated credit limits may be paid in Philippine Pesos or US Dollars. 13.3 Peso payments will be converted into the billing currency using Bank's credit card rate for the day. 13.4 US Dollar payments should be made in notes or through automatic debit arrangement against US Dollar account only. 13.5 The unpaid statement amount due will be considered delinquent if unpaid after the payment due date. The Company, Director(s) and Cardholder(s) shall then be solidarily liable to pay late charges, penalty, interest and other fees and charges, as applicable.