Common use of Account Default Clause in Contracts

Account Default. The account and Agreement will be in default if any of the following occur: a. You fail to make any minimum payment or other required payment that is due. b. You fail to abide by all terms and conditions of this Agreement. c. You fail to keep any promises to pay in connection with this account. d. You die, become incapacitated, file bankruptcy or you are unable to pay your financial obligations when due. e. You make false or misleading statements in any credit application or credit update. f. Upon re-evaluation, we believe your ability to pay what you owe is substantially reduced. g. Your creditworthiness becomes unsatisfactory to us because of a change in your employment, an increase in other obligations, excessive open credit card accounts, other delinquent loans, over limit or other reason. In the event of default, we have the right to demand that the entire amount owed on the account becomes due and payable immediately. If immediate payment is demanded, you agree to continue paying any fees and interest charges, at the periodic rate prior to default, until what you owe has been paid.