TERMS OF PAYMENT AND CREDIT. 3 5.1 Credit.................................................. 3 5.2 Invoicing............................................... 3 5.3 Payment................................................. 3
TERMS OF PAYMENT AND CREDIT a. Unbranded Marketer agrees to pay CITGO in accordance with such terms as CITGO’s Credit Department, in its sole discretion may from time to time prescribe in writing. The failure by Unbranded Marketer to pay any invoice within the terms then prescribed by CITGO’s Credit Department may result in the restriction of credit, the denial of access to the petroleum terminals from which Unbranded Marketer is authorized to obtain its supply of petroleum products. Further, failure to make payment within payment terms authorizes the imposition of finance charges in an amount equal to the lesser of (i) the maximum amount allowed by applicable law or (ii) one and one-half percent (1.5%) per month. Unbranded Marketer agrees to provide CITGO’s Credit Department with a current, audited or certified financial statement within ninety (90) days after the end of each fiscal year and such other business related information as may be requested by CITGO’s Credit Department from time to time.
TERMS OF PAYMENT AND CREDIT. Terms are net cash payable in U.S. dollars with order except where satisfactory open credit is established in advance in which case the terms are net thirty (30) days from the date of invoice. Accounts over thirty (30) days are subject to a charge of two percent (2%) per month or the maximum rate of interest allowed by law, whichever is less. If the deliveries are made in installments, each installment shall be separately invoiced and payment due and payable therefore shall be made accordingly. If, in the judgment of PMC, the financial condition of the Buyer at any time does not justify continuation of production or shipment on the terms of payment originally specified, PMC may require full or partial payment in advance and, in the event of the preceding conditions or of bankruptcy or insolvency of the Buyer or in the event any proceeding is brought by or against the Buyer under the bankruptcy or insolvency laws, PMC is entitled to cancel any quantity of product then outstanding, even if acknowledged or in transit to Buyer, and to receive full payment of its cancellation charges. In the event PMC exercises any right it may have to stop acknowledged product orders or product in transit because of Buyer’s financial condition, PMC may at its option resell such articles at public sale without notice to Buyer or at private sale after giving such notice and without affecting PMC'S right to hold Buyer liable for any loss or damage caused by Buyer’s breach.
