Common use of Account Default Clause in Contracts

Account Default. We may consider You in default of Your Agreement with us if: • You do not make any payment when it is due; • any payment You make is rejected, not paid, or cannot be processed; • You exceed a credit limit; • a bankruptcy or other insolvency proceeding is filed by or against You; • You die or are legally declared incompetent or incapacitated; • we determine that You made a false, incomplete, or misleading statement on any of Your Account documentation or You otherwise try to defraud us; • You do not comply with any term of this Agreement or any other agreement with us; or • You permanently reside outside the United States. For certain actions, including changing the rates and Fees on Your Account, our options appear in our original offer materials when You opened Your Account. Remember, paying the Fees charged in connection with a default will not by itself cure the default. In addition, if You are in default, we may take the following actions without notifying You, unless the law says that we must notify You: • close or suspend Your Account; • lower Your credit limits; • increase Your minimum payment; • demand that You immediately pay the entire balances owing on Your Account; • continue to charge You Interest Charges and Fees as long as Your balances remain outstanding; and/or • pursue any other action against You that the law allows, which includes the filing of a lawsuit against You. You must pay us all of our collection expenses, attorneys’ fees, and court costs unless the law does not allow us to collect these amounts.

Account Default. We may consider You in default of Your Agreement with us if: • ● You do not make any payment when it is due; • ● any payment You make is rejected, not paid, or cannot be processed; • ● You exceed a credit limit; • ● a bankruptcy or other insolvency proceeding is filed by or against You; • ● You die or are legally declared incompetent or incapacitated; • ● we determine that You made a false, incomplete, or misleading statement on any of Your Account documentation or You otherwise try to defraud us; • ● You do not comply with any term of this Agreement or any other agreement with us; or • ● You permanently reside outside the United States. For certain actions, including changing the rates and Fees on Your Account, our options appear in our original offer materials when You opened Your Account. Remember, paying the Fees charged in connection with a default will not by itself cure the default. In addition, if You are in default, we may take the following actions without notifying You, unless the law says that we must notify You: • ● close or suspend Your Account; • ● lower Your credit limits; • ● increase Your minimum payment; • ● demand that You immediately pay the entire balances owing on Your Account; • ● continue to charge You Interest Charges and Fees as long as Your balances remain outstanding; and/or • ● pursue any other action against You that the law allows, which includes the filing of a lawsuit against You. You must pay us all of our collection expenses, attorneys’ fees, and court costs unless the law does not allow us to collect these amounts.