Common use of No Over Payment Clause in Contracts

No Over Payment. The Customer is not permitted to make a payment on an Account exceeding the Account Credit Limit, unless the Debt at the time of the payment is more than the Account Credit Limit. If the Customer does in fact make a payment of more than the Account Credit Limit, such over payment will not have the effect of increasing the Account Credit Limit and/ or providing the Customer with additional credit. Also, interest will not be paid on the positive balance. Any positive balance is not considered a deposit account for the purpose of insurance given by the Canada Deposit Insurance Corporation.

No Over Payment. The Customer is not permitted to make a payment on an Account exceeding the Account Credit Limit, unless the Debt at the time of the payment is more than the Account Credit Limit. If the Customer does in fact make a payment of more than the Account Credit Limit, such over payment will not have the effect of increasing the Account Credit Limit and/ or providing the Customer with additional credit. Also, interest will not be paid on the positive balance. Any positive balance is not considered a deposit account for the purpose of insurance given by the Canada Deposit Insurance Corporation.

No Over Payment. The Customer is not permitted to make a payment on an Account exceeding the Account Credit Limit, unless the Debt at the time of the payment is more than the Account Credit Limit. If the Customer does in fact make a payment of more than the Account Credit Limit, such over payment will not have the effect of increasing the Account Credit Limit and/ or and/or providing the Customer with additional credit. Also, interest will not be paid on the positive balance. Any positive balance is not considered a deposit account for the purpose of insurance given by the Canada Deposit Insurance Corporation.