CREDIT APPLICATION

VII. TERMS AND CONDITIONS 1.) I/We agree to pay Toyota Marilao, Bulacan Inc. the corresponding service fees and other related charges as they fall due.
2.) In case any account has become due and demandable, I/We hereby authorize Toyota Marilao Bulacan, Inc. at its exclusive option to apply to the payment of our obligations any and all money/securities, things of value belonging to or due us from any source which may be in Toyota Marilao Bulacan, Inc. custody and possession and hereby hold Toyota Marilao Bulacan, Inc. harmless and free of such application of payment.
3.) I/We hereby agree to submit myself/ourselves to the jurisdiction of the courts of Metro Manila in any legal action arising out of this transaction. I/We further agree to pay Toyota Marilao Bulacan, Inc. an additional sum of not less than twenty percent (20%) of all unpaid accounts, but in no case less than Php 1,000.00 as and for Attorney's fees in case of suit, in addition to costs.
4.) Any account that is not paid on its due date earn a penalty fee of 2% plus an interest at the rate of two percent(2%) per month until fully paid. If an account remains unsettled or is not fully paid after its due date, the approved credit line will be temporarily SUSPENDED until the account is fully paid.
5.) Any breach of the terms and conditions of the credit accommodation by me/us shall automatically cause all unpaid invoices/charges to become due and demandable and shall be charged the stipulated penalty fee of two percent (2%) plus interest of two percent (2%) per month.