Payment. The Applicant submits this credit application to Wholesale Electric Supply Co. Of Houston, Inc., hereafter referred to as Wholesale. If credit is granted, Applicant agrees to pay all of its obligations to Wholesale, as and when due. Applicant agrees to pay all invoices within the terms stated on each invoice and affirms that the terms of all present and future invoices from Wholesale are incorporated herein by reference. Payments not made by Applicant within terms will incur a late charge after the due date equal to the lesser of 1.5% monthly (18% per annum,) or the maximum rate allowed by law. Should collection action or litigation ever become necessary to collect delinquent sums due to Wholesale, Applicant further agrees to pay Wholesale its reasonable collection costs and attorney’s fees. Applicant agrees to pay a returned check fee of $30.00 for check or other payment returned from Wholesale’s bank for any reason.