Common use of MAXIMUM AMOUNT OF CREDIT Clause in Contracts

MAXIMUM AMOUNT OF CREDIT. Any use of credit established in section 2 is subject to a credit limit, which is established by the Federation and indicated on the statement of account. The authorized representative of the cardholder may not exceed the credit limit indicated on the statement of account. Any and all credit limits may be increased, at the Federation’s discretion, upon request from the cardholder, or decreased if the Federation deems it appropriate after having analyzed the cardholder’s file. Any purchase which results in the applicable credit limit being exceeded shall be regarded as a request to increase the credit limit to the maximum amount that can then be granted to the cardholder, taking into consideration the Federation’s applicable credit granting standards. The Federation has no obligation to allow the cardholder to exceed its credit limit, even if it has done so in the past. The cardholder understands that the Federation may decide not to authorize any transaction that will result in the cardholder’s credit limit being exceeded or that takes place after the credit limit has been exceeded. The cardholder is liable for the entire balance, whether or not it exceeds the credit limit. The cardholder agrees to repay forthwith on demand any amount that exceeds the credit limit.

MAXIMUM AMOUNT OF CREDIT. Any use of credit established in section Section 2 is subject to a credit limit, which is established by the Federation and indicated on the statement of accountevery account statement. The authorized representative of the cardholder may not exceed the credit Either limit indicated on the statement of account. Any and all credit limits may be increased, at the Federation’s discretion, upon request from the cardholder, or decreased if the Federation deems it appropriate after having analyzed analyzing the cardholder’s file. Any cash advance, cheque or purchase which results in the applicable credit limit being exceeded shall be regarded as a request to increase the credit limit to the maximum amount that can then be granted to the cardholder, taking into consideration the Federation’s applicable credit granting standards. The Federation has no obligation to allow the cardholder to exceed its his credit limit, even if it has done so in the past. The cardholder understands that the Federation may decide not to authorize any transaction that will result in the cardholder’s credit limit being exceeded or that takes place after the credit limit has been exceeded. The cardholder is liable for the entire balance, whether or not it exceeds the credit limit. The cardholder agrees to repay forthwith on demand any amount that exceeds the credit limit.