We use cookies on our site to analyze traffic, enhance your experience, and provide you with tailored content.

For more information visit our privacy policy.

Common use of Credit Limits Clause in Contracts

Credit Limits. 3.1 The amount of credit available through the use of a Card is subject to two limits, the Individual Card Limit and the Overall Credit Limit. 3.2 A Card cannot be used to cause the Overall Credit Limit to be exceeded. 3.3 Sometimes we may use our discretion to allow a Card go over its Individual Credit Card Limit (but we are never obliged to allow this). If we allow this, you must agree with us to reduce the Individual Credit Card Limit for other Cards to ensure the Account does not go over the Overall Credit Limit. 3.4 We will not increase the Overall Credit Limit or the Individual Credit Card Limit unless you, the Administrator or anyone acting on your behalf request an increase, but reserve the right to decline such request. We may at any time reduce or cancel the Overall Credit Limit, the Individual Credit Card Limit or any undrawn part of either or both limits without cancelling the Agreement or card or if (a) you or the Cardholder breach any of these terms and conditions (b) we give you two months in writing. If we so reduce or cancel a credit limit, you must ensure the Account concerning the Card is funded (where necessary) to meet any future payment transaction carried out using a Card. We will usually notify you in advance before we reduce or cancel a credit limit (but we reserve the right to do so without prior notice and to notify you promptly after we reduce or cancel a limit where we consider the circumstances make it reasonable to do so). If the Card is used for a transaction which would bring the outstanding debit balance in excess of the Overall Credit Limit or the Individual Credit Card Limit, we reserve the right to authorise or decline such transactions.

Appears in 6 contracts

Samples: Business Credit Card Terms and Conditions, Business Credit Card Terms and Conditions, Business Credit Card Agreement

AutoNDA by SimpleDocs
Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!