These General Terms and Conditions for Rent Credit Transactions (the “General Terms and Conditions”) are established to facilitate the prompt and accurate credit transactions between RentNowPayLater.net (the “Rent Lender”) and the customer (the “Tenant”) based on mutual trust.
Article 1. Scope of Application
(1) The General Terms and Conditions shall apply to all credit transactions arising between the Rent Lender and the Tenant (the person owing obligations to the Rent Lender including a borrower, a discount applicant and a payment guarantee applicant, hereinafter the same) including loans evidenced by promissory notes, discounting of bills of exchange or promissory notes, loans evidenced by deeds, overdrafts, payment guarantees and foreign exchange transactions.
(2) In the event that the Rent Lender has, through credit transactions with any third party, acquired bills (including cheques, collectively, the “Bills”) drawn, endorsed, accepted or guaranteed by the Tenant, the Tenant shall be also bound by the General Terms and Conditions in the performance of the obligations evidenced by such Bills; provided, that Articles 2, 3, 5, 7, 9 and Article 12, Paragraph (1) and Article 15, Paragraph (1) shall not be applicable.
(3) The General Terms and Conditions shall apply to all transactions and performance of obligations between the principal office and branches of the Rent Lender and the principal office and branches of the Tenant to the extent that the transaction or the obligation falls within the scope of the above Paragraph (1) or (2).
Article 2. Obligations on Bills and Credits
In the event that the credit has been granted through Bills drawn, endorsed, accepted or guaranteed by the Tenant, the Rent Lender may demand from the Tenant the payment of the Tenant's obligations by exercising the rent Lender’s rights either under the Bills or under the underlying credits.
Article 3. Interest and Default Interest
(1) The rates, computation method or the time and manner of payment, respectively, of the interest, discount charge, guarantee fee or commission (hereinafter referred to as “Interest, etc.”) shall be determined by the Rent Lender, to the extent permitted under applicable laws and regulations.