Common use of Credit Program Clause in Contracts

Credit Program. (a) Beginning as of the Closing Date, Bank shall (i) originate and issue new Private Label Accounts and issue new Private Label Credit Cards and (ii) originate and issue new Co-Branded Accounts and issue new Co-Branded Credit Cards, in each case, to Applicants that qualify for approval under the Program Risk Management Policies, and shall extend credit to such new Cardholders subject to the Program Risk Management Policies and otherwise in accordance with this Agreement. (b) Bank shall continue to extend credit to existing Cardholders (and shall continue to offer existing credit lines at a minimum), subject to the Program Risk Management Policies, through the same type of Company Credit Card held by the existing Cardholder on the Closing Date (i.e., Co-Branded Credit Card Cardholders will continue to have a Co-Branded Credit Card and Private Label Credit Card Cardholders will continue to have a Private Label Credit Card). Bank shall not convert Private Label Credit Cards to Co-Branded Credit Cards or Co-Branded Credit Cards to Private Label Credit Cards, except as mutually agreed upon by the parties. (c) Bank shall have the right, power and privilege to review periodically the creditworthiness of Cardholders to determine the credit limits to be made available to individual Cardholders and whether or not to suspend or terminate credit privileges of any Cardholder, in each case in accordance with the Program Risk Management Policies.

Credit Program. (a) Beginning as of the Closing Date, Bank shall (i) originate and issue new Private Label Accounts and issue new Private Label Credit Cards and (ii) originate and issue new Co-Branded Accounts and issue new Co-Branded Credit Cards, in each case, to Applicants that qualify for approval under the Program Risk Management Policies, and shall extend credit to such new Cardholders subject to the Program Risk Management Policies and otherwise in accordance with this Agreement. Bank shall not originate new Co-Branded Accounts, except as mutually agreed upon by the parties. (b) Subject to the Risk Management Policies, Bank shall continue to extend credit to existing Cardholders (and shall continue to offer existing credit lines at a minimum), subject to the Program Risk Management Policies), through the same type of Company Credit Card held by the existing Cardholder on the Closing Date (i.e., Co-Branded Credit Card Cardholders will continue to have a Co-Branded Credit Card and Private Label Credit Card Cardholders will continue to have a Private Label Credit Card). Bank shall not convert Private Label Credit Cards to Co-Branded Credit Cards or Co-Branded Credit Cards to Private Label Credit Cards, except as mutually agreed upon by the parties. (c) In accordance with the Risk Management Policies, Bank shall have the right, power and privilege to review periodically the creditworthiness of Cardholders to determine the credit limits to be made available to individual Cardholders and whether or not to suspend or terminate credit privileges of any Cardholder, in each case in accordance with the Program Risk Management Policies.