Common use of PLEDGE OF FUNDS Clause in Contracts

PLEDGE OF FUNDS. Regarding the credit that under this rotating account is granted by the Bank, it may require the pledge of funds in a deposit account with the Bank ("Pledged Funds"). The Bank will have the option of the Pledged Funds being in an existing deposit account with the Bank or requiring that you open a new deposit account for this purpose. You accept that the Pledged Fund will serve as warranty for any debt or obligation that you acquire under this agreement. Once the Card is emitted, the amount of the Pledged Funds will be equal or higher than 125% from the assigned credit limit based on the evaluation of of your credit capacity and payment history. You agree and authorize The Bank to freeze the amount of the Pledged Funds in the deposit account, whilst the duration of this agreement. You agree that the Bank will not accept any withdrawal or any kind of debit against the deposit account that will reduce the balance of the account under the 125% of the credit limit assigned without, in such case, the Bank being liable. Any changes made to the credit limit may require a change in the amount of Pledged Funds required in the deposit account, in order to maintain the amount of Pledged Funds in the proportion agreed upon in accordance with the credit limit. You accept that the Pledged Funds be used to pay off any debt or obligation acquired by use of the Card in case of breach, or when it is closed by you or the Bank in accordance to this agreement.

PLEDGE OF FUNDS. Regarding the credit that under this rotating account is granted by the Bank, it may require the pledge of funds in a deposit account with the Bank ("Pledged Funds"). The Bank will have the option of the Pledged Funds being in an existing deposit account with the Bank or requiring that you open a new deposit account for this purpose. You accept The Corporation accepts that the Pledged Fund will serve as warranty for any debt or obligation that you acquire under this agreement. Once the Card is emitted, the amount of the Pledged Funds will be equal or higher than 125% from the assigned credit limit based on the evaluation of of your credit capacity and payment history. You agree and authorize The Bank to freeze the amount of the Pledged Funds in the deposit account, whilst the duration of this agreement. You agree The Corporation agrees that the Bank will not accept any withdrawal or any kind of debit against the deposit account that will reduce the balance of the account under the 125% of the credit limit assigned without, in such case, the Bank being liable. Any changes made to the credit limit may require a change in the amount of Pledged Funds required in the deposit account, in order to maintain the amount of Pledged Funds in the proportion agreed upon in accordance with the credit limit. You accept The Corporation accepts that the Pledged Funds be used to pay off any debt or obligation acquired by use of the Card in case of breach, or when it is closed by you or the Bank in accordance to this agreement.