Common use of Account Default Clause in Contracts

Account Default. This section explains when your Account will be in default and what may happen when your Account is in default. What Triggers Default The Account will be in default of this Agreement, to the extent permitted under applicable law, if: ● You fail to pay any Minimum Payment Due on or before the applicable payment due date, or your Minimum Payment Due is returned unpaid or cannot be processed; ● You breach any term of this Agreement or any other agreement with us; ● An Authorized User breaches any term of this Agreement; ● You file or become the subject of a bankruptcy or insolvency proceeding; ● You give us any false, incomplete or misleading information; or ● You become legally incapacitated. What is the Effect of Being in Default If the Account is in default, we may take any of the following actions to the extent permitted under applicable law: ● Continue to charge you interest as long as you have an outstanding Account balance; ● Lower your Credit Limit; ● Decline or otherwise limit your ability to make Transactions; ● Report information about your Account to the credit bureaus; ● Begin collections activities; ● Suspend or close your Account; ● Remove any Authorized User from your Account; ● Require you to immediately pay all or any portion of your total outstanding balance (this action may also be taken upon death); If we retain an attorney who is not our salaried employee to collect amounts you owe, we may require you to pay for the court costs and reasonable attorneys' fees that we actually incur; and/or• ● Take any other action permitted by law.

Account Default. This section explains when your Account will be in default and what may happen when your Account is in default. What Triggers Default The Account will be in default of this Agreement, to the extent permitted under applicable law, if: ● You fail to pay any Minimum Payment Due on or before the applicable payment due date, or your Minimum Payment Due is returned unpaid or cannot be processed; ● You breach any term of this Agreement or any other agreement with us; ● An Authorized User breaches any term of this Agreement; ● You file f ile or become the subject of a bankruptcy or insolvency proceeding; ● You give us any false, incomplete or misleading information; or ● You become legally incapacitated. What is the Effect of Being in Default If the Account is in default, we may take any of the following actions to the extent permitted under applicable law: ● Continue to charge you interest as long as you have an outstanding Account balance; ● Lower your Credit Limit; ● Decline or otherwise limit your ability to make Transactions; ● Report information about your Account to the credit bureaus; ● Begin collections activities; ● Suspend or close your Account; ● Remove any Authorized User from your Account; ● Require you to immediately pay all or any portion of your total outstanding balance (this action may also be taken upon death); If we retain an attorney who is not our salaried employee to collect amounts you owe, we may require you to pay for the court costs and reasonable attorneys' fees that we actually incur; and/or• ● Take any other action permitted by law.

Account Default. This section explains when your Account will be in default and what may happen when your Account is in default. What Triggers Default The Account will be in default of this Agreement, to the extent permitted under applicable law, if: ● You fail to pay any Minimum Payment Due on or before the applicable payment due date, or your Minimum Payment Due is returned unpaid or cannot be processed; ● You breach any term of this Agreement or any other agreement with us; ● An Authorized User breaches any term of this AgreementAgreement or the Authorized User Terms of Use; ● You file or become the subject of a bankruptcy or insolvency proceeding; ● You give us any false, incomplete or misleading information; or ● You become legally incapacitated. What is the Effect of Being in Default If the Account is in default, we may take any of the following actions to the extent permitted under applicable law: ● Continue to charge you interest as long as you have an outstanding Account balance; ● Lower your Credit Limit; ● Decline or otherwise limit your ability to make Transactions; ● Report information about your Account to the credit bureaus; ● Begin collections activities; ● Suspend or close your Account; ● Remove any Authorized User from your Account; ● Require you to immediately pay all or any portion of your total outstanding balance (this action may also be taken upon death); If we retain an attorney who is not our salaried employee to collect amounts you owe, we may require you to pay for the court costs and reasonable attorneys' fees that we actually incur; and/or• ● Take any other action permitted by law.