TERMS AND CONDITIONS APPLICABLE TO THE HELOC AGREEMENT. 1. Credit Limit for your HELOC Account and Available Credit Your HELOC Credit Limit is the maximum amount you may borrow under this HELOC Agreement. It is set out in your Commitment and in the Statement of Disclosure provided to you. Every time you use your HELOC Account, the amount of money available to you under the HELOC Credit Limit decreases. We calculate how much is available under the HELOC Account by deducting the amount you owe us from the HELOC Credit Limit. We will advise you of your available credit under the HELOC Account as part of the HELOC Statement that we send to you for your HELOC Account. You agree that we may, at our discretion, reduce or terminate your HELOC Credit Limit without prior notice to you. Any reduction or termination of your HELOC Credit Limit does not necessarily mean the termination of the HELOC Account or any Mortgage Loan. If your HELOC Credit Limit is decreased, all amounts owing to us in excess of the new HELOC Credit Limit will become immediately payable and must be repaid to us without delay. We will not increase your HELOC Credit Limit without your consent. To accommodate your future borrowing needs, or at your request, we may register the Mortgage in an amount that exceeds the amount of your HELOC Credit Limit. You may, subject to our approval, re-borrow amounts repaid by you on a Mortgage Loan, in an amount that does not exceed the HELOC Limit. You may have to sign a new agreement for the amount you re-borrow. You agree that if we let you borrow more than your HELOC Credit Limit, you are responsible for, and must pay on demand, the amount that exceeds the HELOC Credit Limit, plus interest and fees. You acknowledge that any HELOC Account is made available to you in our sole discretion and we may terminate the HELOC Account and/or demand payment of all amounts owing by you under this HELOC Agreement or any amending agreement, at any time without prior notice to you, particularly, but without limiting our rights, upon a re-evaluation of your financial situation or if you are in default under this HELOC Agreement, any amending agreement, the Mortgage Loan or any other agreement with us. You agree that our books and records shall be conclusive evidence of the amounts owing under your HELOC Agreement and the interest rates applicable to the amounts owing.
