Common use of Account Cancellation Clause in Contracts

Account Cancellation. The Account Custodian may cancel the Account at any time by notifying Lender of DFS in writing. Upon cancellation no further purchases will be made with the Account, and the Account Custodian will notify each Authorized User that the Account has been cancelled. Lender may, at any time, for any reason, without prior notice, cancel the Account, refuse to authorize any purchase on the Account, or suspend the Account and the right to use the Account. Upon cancellation of the Account by either Borrower or Lender, Lender may require payment of the full outstanding balance of the Account. No cancellation or suspension of the Account will affect Borrower’s (or any Guarantor’s) obligation to pay all amounts owed under this Credit Agreement.

Account Cancellation. The Account Custodian or Guarantor may cancel the Account at any time by notifying Lender of DFS in writing. Upon cancellation no further purchases will be made with the Account, and the Account Custodian will notify each Authorized User that the Account has been cancelled. Lender may, at any time, for any reason, without prior notice, cancel the Account, refuse to authorize any purchase on the Account, or suspend the Account and the right to use the Account. Upon cancellation of the Account by either Borrower or Lender, Lender may require payment of the full outstanding balance of the Account. No cancellation or suspension of the Account will affect Borrower’s (or any Guarantor’s) obligation to pay all amounts owed under this Credit Agreement.