Common use of THE FACILITY LIMIT Clause in Contracts

THE FACILITY LIMIT. 2.1 The maximum credit available to you at any time is the facility limit or reduced facility limit less the balance owing on your facility account. 2.2 You must not allow your facility limit or reduced facility limit to be exceeded. If the facility limit or reduced facility limit is exceeded, you must: a. immediately repay the excess and any applicable fees and charges; b. pay us the over limit rate on the excess. 2.3 To avoid exceeding your facility limit or reduced facility limit you may want to make formal arrangements with us for a temporary increase on your facility limit or reduced facility limit for a limited period. If you make formal arrangements with us, you must repay the excess by which the balance owing on your facility account exceeds the facility limit or reduced facility limit within the time notified to you.

THE FACILITY LIMIT. 2.1 The maximum credit available to you at any time is the facility limit or reduced facility limit less the balance owing on owingon your facility account. 2.2 You must not allow your facility limit or reduced facility limit to be exceeded. If the facility limit or reduced facility limit facilitylimit is exceeded, you must: a. immediately repay the excess and any applicable fees and charges;fees b. pay us the over limit overdue rate on the excess. 2.3 To avoid exceeding your facility limit or reduced facility limit you may want to make formal arrangements with us for a temporary increase on your facility limit or reduced facility limit for a limited period. If you make formal arrangements with us, you must repay the excess by which the balance owing on your facility account exceeds the exceedsthe facility limit or reduced facility limit within the time notified to you. 2.4 You may draw amounts under the facility in any of the ways specified in the schedule, including via online banking.