Optional Credit Terms Sample Clauses

Optional Credit Terms. Chevron’s affiliate, Chevron Finance Company (“CFC”), has authorized Chevron to make sales of petroleum products against the credit of CFC to Chevron Marketers that CFC approves for such credit sales. If Marketer is so approved (and continues to be so approved) by CFC and Chevron elects to make sales to Marketer under the CFC credit arrangement, then any credit extended on such sales shall be extended by CFC and Marketer shall make payments to CFC for all petroleum products purchased hereunder on credit. Marketer acknowledges the importance of payment within the terms specified when credit is extended and agrees that past due amounts shall bear interest at the rate of 18% per year or the maximum rate permitted by the state of Marketer’s residence as specified in section 20 of this agreement, whichever is less. If Marketer fails to make payment within the specified terms, such failure shall, at Chevron’s option, be deemed a breach of this entire agreement and, in addition to such other remedies as it may have, Chevron shall have thereafter the right to demand advance cash payment, to withhold deliveries until such advance payment (including payment of all amounts then outstanding for petroleum products delivered by Chevron to Marketer hereunder) is received, or to terminate this agreement. The acceptance of any payment by CFC or Chevron after the due date shall not waive any of CFC’s or Chevron’s rights hereunder nor shall such withholding of deliveries or termination of this agreement affect any obligation of Marketer hereunder. If credit is extended to Marketer by CFC or Chevron, Marketer shall furnish CFC and Chevron with such information regarding Marketer’s financial condition as CFC or Chevron may reasonably request from time to time.

Optional Credit Terms. If Supplier elects to extend credit to Marketer, Marketer acknowledges the importance of payment within the terms specified when credit is extended and agrees that any past due amounts shall bear interest at the rate of 18% per year or the maximum rate permitted by the state of Marketer’s residence as specified in section 21.2 (Notices), whichever is less. If Marketer fails to make payment within the specified terms, such failure shall, at Supplier’s option, be deemed a breach of this entire agreement and, in addition to such other remedies as it may have, Supplier shall have thereafter the right to demand advance cash payment, to withhold deliveries until such advance payment (including payment of all amounts then outstanding for Products delivered by Supplier to Marketer) is received, or to terminate this agreement. The acceptance of any payment by Supplier after the due date shall not waive any of Supplier’s rights nor shall such withholding of deliveries or termination of this agreement affect any obligation of Marketer. If credit is extended to Marketer by Supplier, Marketer shall furnish Supplier with such information regarding Marketer’s financial condition as Supplier may reasonably request.