Applying for Revolving Credit: You are applying
for a revolving line of credit from the Bank. You hereby represent and warrant
to the Bank that the information provided in the Application is true, complete
and correct and contains no material omissions. The Bank, and/or any other Woodforest
business, may rely on this information. You authorize the Bank to obtain a
consumer/credit report that we will use when considering your applications for
credit. You additionally authorize us to obtain credit reports and any other
information about you in connection with 1) extensions of credit on your
account; 2) the administration, review or collection of your account; and 3) offering
you enhanced or additional products and services. Your Application will be
processed by the Bank and shall remain the Bank’s exclusive property.
If your
Application is approved, the credit amount
made available to you will be based on a review of the information you provide in the
Application and your consumer/credit report; it may also include other
information we may have bearing on your creditworthiness and will be advanced
and repaid according to the rules set out in this Agreement. If we elect to extend credit to you pursuant
to this Application and Agreement, you acknowledge that we reserve the right
throughout the Term (as defined below) of this Agreement, subject to applicable
law, to increase or reduce the amount of any credit we make available to you
based upon any change in circumstances affecting, or potentially affecting,
your creditworthiness and/or ability to repay or our ability to collect from
you. You further acknowledge that we may, subject to applicable law, reduce the
amount of any credit we make available to you at any time and for any or no
reason including, without limitation, if you cease to maintain an active
depository account relationship, in good standing, with the Bank. You should
clearly indicate on your Application, and your approval letter shall reflect,
whether you selected a Manual LOC or a Linked LOC, which are further described
below.
You agree to draw upon the revolving line of credit only to
the limit made available to you; provided, that if you exceed the limit of
revolving credit made available to you, you shall nonetheless remain liable for
the amount of such excess. Further, you acknowledge that you remain liable for
disbursements even if your linked account is subject to withdrawals by another
person who is not a party to this Agreement.
“Manual LOC”:
means the revolving line of credit that is not linked to a Woodforest deposit account and advances on the revolving line of credit must be requested either in person, or by phone, at your local Woodforest branch or through Woodforest’s online banking system.
“Linked LOC”:
means a revolving line of credit that is linked to a Woodforest deposit account. Advances on the revolving line of credit can be automatically transferred to the Designated Account. See the Credit Advances, Linked LOC section of this Agreement for further details.
Designated
Accounts
- If you elect a Linked LOC, pursuant to this
Application and Agreement
you
can identify a Woodforest deposit account, of which you are a named owner, to
which you desire your revolving credit to be linked (“Designated Account”).
It is important to note that not all deposit accounts are eligible to be a
Linked LOC. Any Borrower on the Linked LOC may request a change in the order of
advances to Designated Accounts by making a written request with your local
Woodforest branch representative.
IMPORTANT LIMITATIONS ON AVAILABILITY OF REVOLVING LINE
OF CREDIT:
Non-availability
of Revolving Line of Credit for Checking Accounts that participate in the Take
Charge Program
®
. A Woodforest checking account that participates in the
Woodforest Take Charge Program is not eligible to obtain a revolving line of credit associated with such checking account
unless, and until
such time as, the checking
account has been removed from the Take Charge Program and we have elected
to make the revolving line of credit available to you.
Promise to Pay: You promise to pay the Bank the
total of all credit advances made by us under the revolving line of credit, any FINANCE CHARGES, any
applicable fees, together with all amounts, costs, and expenses for which you
are responsible under this Agreement (all of the foregoing shall be
collectively referred to as the “Indebtedness”). If there is more than
one Borrower, each is jointly and severally liable under this Agreement for all
Indebtedness. This means we can require any Borrower to pay all amounts due
under this Agreement, including credit advances made to any Borrower, without
first attempting to collect from any other Borrower. Each Borrower authorizes
any other Borrower to request
and receive credit
advances and to do all other things
necessary to carry out the terms of this Agreement without requiring the permission of the other Borrower. If we have to collect
through probate, an attorney, bankruptcy or any other proceedings, or if we should
have to sue, you agree to pay all of our attorney’s fees assessed by a court
and court costs.
Credit Advances:
Manual LOC: In order to advance funds from your
Manual LOC, you must request an advance either in person, or by phone, at your
local Woodforest branch or through Woodforest’s online banking system.
Linked LOC: In order to advance funds from your
Linked LOC on the Designated Account in excess of the available balance in the
Designated Account, you may (i) write a check; (ii) request an advance in
person at your local Woodforest branch; (iii) request and advance by phone;
(iv) initiate automated clearing house transactions from your Designated
Account; (v) use your Bank-issued debit card to perform transactions; or (vi)
advance funds from your revolving line of credit to the Designated Account
using Woodforest online banking system; provided, no credit advance will
take place to cover funds automatically transferred from the Designated Account
to another Woodforest account via Account Sweep.
See the Account Service Request form for further
information about Account Sweep.
We will use whatever balance you have
in your Designated Account first and then we will advance funds into your
Designated Account in the amount that you requested until we have covered the
insufficient items or you have exhausted the amount of available credit in your
revolving line of credit, whichever occurs first.
NOTICE: The
revolving line of credit available funds are not included or displayed in your
Designated Account available balance at ATM’s, the teller line, Online Banking,
our Telephone Banking System, or on Email Notifications. Nevertheless,
transactions completed using an ATM, at the Teller Line, and on Online
Banking will continue
to use your revolving line of credit
available funds to approve transactions.
Computing the Finance Charges:
The day an advance is
added to your account, FINANCE CHARGES begin to accrue. Accordingly, no
grace period exists. But, only the portion of your revolving line of credit
that is actually advanced will be charged. This is the method by which
FINANCE
CHARGES
will be computed. We figure the interest charge on your account by
applying the periodic rate of .04655% for an ANNUAL PERCENTAGE RATE of 16.99%
to the “daily balance” of your account for each day in the billing cycle.
“Daily balance” is figured by taking the beginning balance each day of the
credit portion of your account, adding any new advances, and subtracting any
payments and/or credits.
Monthly Statement: You will receive a monthly
statement that will reflect the activity in your revolving line including
minimum payment due and the due date for the current billing period.
Payments: Payments will be due on the date
specified in the monthly statement. The initial payment will be due
approximately 35 days from the Effective Date, as defined under “Term” below. Every
month Indebtedness is outstanding, you will be responsible for a minimum
monthly payment equal to the sum of (i) the greater of 1) $25.00 or 2) 5% of
your outstanding balance for the current billing period, plus (ii) accrued
interest along with any and all past due amounts including any unpaid late
payment fees previously assessed (the “Minimum Monthly Payment”).
Manual LOC
For a Manual LOC, you must make your payments either in
person at your local Woodforest branch, by mail to Woodforest’s address below
or through Woodforest’s online banking system. You may also designate a deposit
account number, of which you are a named owner, for Woodforest to debit
(referred to as an “Automatic Debit”). Woodforest will automatically debit the
account on the payment due date for the Minimum Monthly Payment unless
payment has already been made for that billing period by one of the methods
listed above. Please contact your branch to establish an automatic debit
payment.
Linked LOC
If you choose a Linked LOC, automatic payments are
required and a payment schedule will be established upon loan approval. You
hereby authorize us to post (i) debits to the Designated Account to satisfy the
Minimum Monthly Payment (as defined above) and to correct clerical or
administrative errors, and (ii) credits to the Designated Account if we deem it
necessary.
Any payments not directly debited
by the Bank should be made as follows:
|
Mail your payment to:
Woodforest
National Bank
P.O.
Box 7889
The
Woodlands, TX 77387
|
Other Acceptable Payment Methods:
•
Contact us at
(877) 968-7962
•
Electronic Funds Transfer
•
Money Order
•
Other Instruments in U.S. dollars
|
Late Payment Fees; Effect of Late Payment: If we
do not receive a payment from you for any given billing period in an amount at
least equal to the Minimum Monthly
Payment within ten (10) days (including Sundays
and holidays) after the applicable payment due date (each a
“Missed Payment”), you will be charged a late payment
fee equal to the lesser
of (i) five dollars ($5.00),
or (ii) five percent (5%) of the Minimum
Monthly Payment that was not made or timely made.
Such late payment
fees will be assessed for each billing
period during the Term in which
a Missed Payment occurs. Notwithstanding anything in this Agreement to the
contrary, upon the occurrence of a Missed Payment, you will no longer have the right to obtain credit
advances under the revolving line of credit
until you remit payment in full to us for such Missed Payment(s).
Right of Offset: To the extent permitted by
applicable law, we reserve the right of offset in all of your accounts with us
(whether checking, savings, or some other account), including without
limitation, all accounts you may open in the future.
Term: The revolving line of credit will begin as
of the date we notify you that you have satisfied all of our eligibility and
underwriting requirements and the revolving line of credit is made available to
you (the “Effective Date”). Commencing on the Effective Date, you may
obtain credit advances up to the amount of credit made available to you for a
period of 24 months, ending on the 21st day of the 24th
month from the effective date (the “Term”), unless this Agreement and/or
the revolving line of credit is suspended or terminated by you or us prior to
the expiration of the Term pursuant to the express terms hereof. Upon the
expiration of the Term, you will no longer have the right to obtain credit
advances under the revolving line of credit and you must repay all Indebtedness
owing by you to us pursuant to the terms and conditions hereof.
Suspension or Termination for Default:
If
(i) you fail to comply with any term, condition, or provision of this Agreement, (ii) you do not make a payment when due or if we in good
faith become doubtful of your ability to repay, (iii) any representation or
statement made or furnished to the
Bank by, or on behalf of, you under the Application and/or this Agreement is
false or misleading in any material respect, either now or at the time made or furnished, (iv) you die, become insolvent, or file a petition in bankruptcy or similar proceedings or are adjudged
bankrupt, (v) a receiver
is appointed for you, your property or assets, (vi) this Agreement
is terminated by us or you as expressly provided
in this Agreement, or (vii) in the case of a
Linked LOC, the Designated Account is, or becomes, subject to excessive
monitoring or any offset(s), encumbrance(s), garnishment(s), and/or other
lien(s) in favor of any person other than the Bank (each of the foregoing shall
individually and collectively be referred to as a “Default”), then we
may at any time thereafter either (in our sole and absolute
discretion) (a) suspend
your revolving line of credit (and its revolving features), or (b) terminate
this Agreement and the revolving line of credit.
If we elect to terminate
this Agreement and your revolving line of credit,
we may either (in our sole
and absolute discretion) (a) require you to make monthly payments in an amount
sufficient to repay all Indebtedness over a term to be determined by us, or (b) terminate
the revolving line of credit, in which case the Indebtedness that you owe will be due immediately and payable in full. We may hire an attorney
to help collect
the Indebtedness subject
of this Agreement if you do not pay when due, and you agree to pay all of our court costs and
attorney’s fees assessed by a court. Notwithstanding anything in this Agreement
to the contrary but subject to applicable law, we may terminate this Agreement
or revoke your right to use your revolving line of credit, along with your
right to future advances, at any time and for any or no reason including, without limitation, if you cease to maintain
an active depository account relationship,
in good standing, with the Bank.
Termination by you:
To terminate the revolving line of credit
prior to the expiration of the Term,
you must send a written
request to Woodforest National Bank, P.O. Box 7889,
The Woodlands, TX 77387-7889 or visit your local branch and request termination
in person. Despite termination, your obligations under this Agreement will
remain in force and effect
until you have paid us all amounts
due under this Agreement. Notwithstanding the foregoing, any request by you to terminate
this Agreement or the revolving line of credit
will be effective only after we have had a reasonable opportunity to act on such request.
Once terminated, you will be required to make payments under the terms of this
Agreement.
Effect of Termination: The termination of this
Agreement, whether initiated by us or you, will not affect any of our rights or
your obligations under this Agreement, including without limitation, your obligation to repay any amounts you owe us according to the terms
of this Agreement, and any amendments made to this
Agreement, which have arisen before the effective date of the termination of
this Agreement, even if we allow an advance to be processed or posted with your
Designated Account after this Agreement has been terminated.
Changes to this Agreement: You agree that we
may, in our sole discretion from time to time but subject to applicable law,
change any of the terms, conditions, and/or provisions of, or add new terms,
conditions, or provisions to, this Agreement relating to your revolving line of
credit (including, without limitation, increasing any rate of FINANCE CHARGE,
increasing or adding fees or charges (including annual fees), changing the
method of computing balances subject to FINANCE CHARGE, changing your
credit limit or changing the date upon which any
FINANCE CHARGES
begin to accrue)
by giving notice
to you in accordance with applicable law including in accordance with Section 303.103 of the Texas Finance Code (or as amended). Subject
to applicable law, any such changes will apply to your outstanding balance of
the revolving line of credit on the effective date of the change and to any
future balances created after that date. You will
be deemed to accept all such changes accompanying the notice if you do not send
us a notice to the contrary in a timely manner. In the event that you reject
any changes to this Agreement, we may terminate this Agreement and your ability
to make advances from the revolving line of credit and you will be obligated to
repay us all Indebtedness as provided herein. No change to any term of this
Agreement will affect your obligation to pay all Indebtedness owing under this Agreement.
Any borrower on the Manual LOC or Linked LOC, may
request certain changes in the operations of this Manual or Linked LOC,
re-instatement of LOC after removal from the Take Charge Program, change
between Manual and Linked LOC, or establishment of an automatic debit payment
by requesting such change in writing at any Woodforest branch convenient for
you.
Waiver of Rights: Except as may be prohibited by
law or regulation, you agree to waive any right you may have for us to: act
promptly in bringing any action(s) against you (known as diligence); demand
payments of amounts due (known as presentment); notify you of the acceleration of any Indebtedness by us; obtain
an official certification of non-payment (known
as protest); and to give notice that amounts due will not be paid (known as notice of
dishonor or notice of default and non-payment).
Waiver of Jury Trial: You waive a trial by jury
of any or all issues arising in any action or proceeding between the parties hereto
or their successors arising from or relating to this Agreement or any of its
provisions.
Delay in Enforcement: We may at any time and in our sole discretion delay or waive
enforcing any of our rights or remedies under this Agreement or under applicable law without losing
any of those or any other rights
or remedies. Even if we do not enforce our rights or remedies
at any one time, we may enforce them at a later date. For example, we may
accept late payments or payments that are marked "payment in full" or
with other restrictive endorsements without losing any of our rights under this Agreement.
Severability: If any provision of this Agreement
is deemed to be void or unenforceable by a court of competent
jurisdiction, any governmental agency, or an arbitrator,
that provision will continue to be enforceable to the extent permitted by that
court, agency, or arbitrator, and the remainder of that provision will no longer
be considered as part of this Agreement. All other provisions of this Agreement will, however, remain in full force and effect.
Governing Law:
This
Agreement is entered
into between you and us in the State of Texas, and your revolving line of credit and this Agreement,
and any claim, dispute or controversy arising
from or relating to your revolving line of credit or this Agreement, whether
based in contract, tort, fraud or otherwise, is governed by, and construed in
accordance with, the laws of the State of Texas and applicable federal laws and
regulations, without regard
to Texas’ conflict
of laws principles or your place of residence. The legality, enforceability and interpretation of this Agreement and
the amounts contracted for under the Agreement also are governed by Texas law,
specifically Chapter 346 of the Texas Finance Code (or as amended), and all amounts granted
under this Agreement are extended from the State of Texas.
IT IS NOT THE INTENTION OF THE
PARTIES THAT ANYTHING IN THIS AGREEMENT
SHOULD RESULT IN THE ASSESSMENT OF INTEREST, FEES OR CHARGES IN EXCESS OF THOSE PERMITTED BY
APPLICABLE LAW. IF ANY
INTEREST, FEE OR CHARGE
ASSESSED UNDER THIS AGREEMENT
IS FINALLY DETERMINED TO BE IN EXCESS OF THAT PERMITTED BY APPLICABLE LAW, THE EXCESS AMOUNT WILL BE APPLIED TO REDUCE THE OUTSTANDING BALANCE IN YOUR ACCOUNT OR, IF , IF THERE
IS NO OUTSTANDING BALANCE, WILL BE REFUNDED TO YOU.
Under no circumstances (and notwithstanding anything in this Agreement to the contrary) shall the interest charged, collected, or contracted for in connection with the loan
evidenced hereby exceed the Maximum Rate (as defined
herein). The term “Maximum Rate”
shall mean the maximum rate of interest
which maybe contracted for, charged, taken,
received or reserved by the Bank in accordance with the applicable laws of the State of Texas (or applicable United States federal law to the extent that such law permits the Bank to contract for, charge, take, receive or reserve a greater amount of interest than under Texas law), taking into account all Charges (as defined below) made in connection with the loan evidenced by this Agreement.
The interest rate under this Agreement has been implemented under the “Weekly
Ceiling” as referred
to in Sections 303.002 and 303.003 of the Texas Finance Code. As used herein, the term
"Charges” shall mean all fees, charges and/or any other things of value,
if any, contracted for, charged, taken, received or reserved by the Bank in
connection with the transactions relating to this revolving line of credit, the
Agreement, and any related documentation that evidences or comprises the loan
subject of this Agreement, which are treated as interest under applicable law.
Borrower does not agree or intend to pay, and the Bank does not intend to contract
for, charge, collect, take, reserve or receive, any amount in the nature
of interest or in the nature of a fee for the loan evidenced
by this Agreement, which would in any way or event (including demand, prepayment, or
acceleration) cause the Bank to contract for, charge, collect, take, reserve or
receive more than the maximum Bank would be permitted to contract for, charge,
collect, take, reserve or receive by federal law or the law of the State of
Texas (as applicable). All sums paid or agreed to be paid to the Bank for the use, forbearance or detention of sums due hereunder shall,
to the extent permitted by applicable law, be amortized, prorated allocated and spread
throughout the full Term of the loan evidenced by this Agreement until payment in full so that the rate or amount
of interest on account of the loan evidenced hereby does not exceed the
applicable usury ceiling.
Entire
Agreement:
You
acknowledge that this Agreement (including the Application and any written
approval notification we provide to you in which we disclose the amount of
credit we agree to extend to you), as expressly amended by us in writing from
time to time, is the entire agreement
between you and us relating to the revolving line of credit and the subject
matter hereof and supersedes, and may not be contradicted by, evidence of any
prior or contemporaneous written or oral communications and understandings
between you and us concerning this
Agreement or the revolving line of credit, except pursuant to such written
amendments to the Agreement issued by us from time to time.
You
agree to accept
an electronic duplicate
or digital image
of the Application and this Agreement as a true and correct original and admissible as best
evidence to the extent permitted by applicable law, or a court or arbitrator
with proper jurisdiction. You hereby waive any and all rights to claim, for any
and all purposes whatsoever, that electronic copies or imaged copies of
Application and this Agreement are not originals thereof.
Notwithstanding the foregoing, you acknowledge that except as provided herein, nothing in this Agreement is
intended to supersede, amend, replace, or contradict any terms, conditions,
and/or provisions applicable to (i) the Designated Account, or (ii) any other written agreement between you and us, whether
now existing or hereafter arising.
NOTICE
NO
ORAL
AGREEMENTS.
THIS WRITTEN
AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES
AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
AGREEMENTS OF
THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN
THE PARTIES
.
E-Delivery and
Counterparts:
You agree that manually signed copy of this Agreement delivered by facsimile,
e-mail, or other means of electronic transmission shall have the same legal
effect as delivery of an original signed copy of this Agreement. You agree that
this Agreement may be executed in one or more counterparts, each of which will
be deemed to be an original copy of this Agreement and all of which, when taken
together, will be deemed to constitute one and the same Agreement.
Miscellaneous:
You may not sell, assign or transfer any rights and/or obligations under the revolving line of credit,
or any of your rights and/or obligations under this Agreement, and any such action by you shall be void ab initio.
We may, however, sell, assign or transfer your account, the revolving line of credit, this Agreement,
and/or any balance due thereunder, and our rights and obligations under this Agreement to another bank, company,
or person without prior notice to, or consent by, you, which notice or consent is hereby waived.
That transferee or assignee will take our place in this Agreement.
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ARBITRATION PROVISION
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A. Arbitration of Claims.
Except as expressly provided herein, any claim, dispute or controversy (whether
based upon contract; tort, intentional or otherwise; constitution; statute;
common law; or equity and whether pre-existing, present or future), including
initial claims, counter-claims, cross-claims and third-party claims, arising
from or relating to (i) any Business ReLi Unsecure Line of Credit;
(ii) any depository account; (iii) any product, fee,
or service relating to the depository account (e.g., internet banking,
payment/access devices, overdraft protection, direct deposit, etc.); (iv) the
marketing or advertising of the loan, account or related products or
services; (v) the Agreement; (vi) this Arbitration Provision, including the
validity, enforceability, interpretation, scope, or application of the
Arbitration Provision and this arbitration provision; and (vi) any other
agreement or instrument relating to the Business ReLi Unsecure Line of
Credit, depository account or any related product or service (whether one or
more, the “Claims”) shall be decided, upon the election of you or the Bank
(or the Bank’s agents, employees, successors, representatives, affiliated
companies, or assigns), by binding individual arbitration pursuant to this
arbitration provision and the applicable rules and procedures of the American
Arbitration Association (“AAA”), which shall serve as the arbitration
administrator. You may obtain copies of the current rules, procedures, forms,
and instructions for initiating an arbitration (the “AAA Rules”) with the AAA
by contacting the AAA on the web at www.adr.org or by writing to the AAA at
1633 Broadway, 10th Floor, New York, NY 10019. If the AAA is unavailable for
any reason, any party may then petition a court of competent jurisdiction
under 9 U.S.C. § 5 to appoint the arbitrator. This paragraph expressly
delegates all decisions regarding the enforceability, validity, formation, or
scope of this Arbitration Provision (including, but not limited to,
challenges based on unconscionability, public policy, vindication of rights,
or otherwise) to the arbitrator.
B. Other Claims Subject to
Arbitration. In addition to any Claims brought by either you or the Bank,
Claims made by or against anyone connected with you or the Bank or claiming
through you or the Bank (including an account co-borrower or co-owner,
additional payment/access device holder/user, employee, agent,
representative, affiliated company, predecessor or successor, heir, assignee,
or trustee in bankruptcy) shall be subject to arbitration as described
herein.
C. Exceptions. The Bank
agrees not to invoke its right to arbitrate any Claims you bring in small
claims court or an equivalent court so long as such Claims is/are pending
only in that court and brought and maintained only on an individual basis by
you. You or the Bank can exercise any lawful rights or use other available
remedies to (i) interplead funds if claims to account funds are made by
several parties, (ii) exercise self-help remedies, including offset rights,
or (iii) obtain provisional or ancillary remedies such as injunctive relief
to protect the rights or property of the party seeking such relief,
attachment, garnishment, or appointment of a receiver by a court of competent
jurisdiction (if arbitration is later elected, the arbitrator shall have the
power to vacate and/or stay any such orders granting injunctive relief). The
exercise of any of these rights or remedies or the filing of any action in
court shall not be deemed to waive the right to elect binding arbitration of
any Claims upon the filing of a counterclaim, crossclaim, third-party claim
or the like by either you or the Bank in response to any such action.
D. Procedures. For
information on initiating arbitration, contact the AAA on the web at
www.adr.org or by writing to the AAA at 1633 Broadway, 10th Floor, New York,
NY 10019. If either party initiates any court or other similar proceeding
regarding any Claims, the other party may elect to arbitrate those Claims by
commencing an arbitration proceeding and/or moving to compel arbitration. The
arbitration shall follow the AAA Rules, except when there is a conflict or
inconsistency between the AAA Rules and this Arbitration Provision, in which
case this Arbitration Provision shall govern. Any arbitration hearing for any
Claims shall take place within the federal judicial district in which you
reside, or by telephone, or at such other reasonably convenient location as
agreed by the parties. The arbitrator shall follow applicable substantive law
consistent with the Federal Arbitration Act, 9 U.S.C. § 1 et seq. (the “FAA”)
and shall honor all claims of privilege and confidentiality recognized at
law. The arbitrator shall be empowered to grant whatever relief would be
available in court under law or in equity. This Arbitration Provision is made
pursuant to a transaction involving interstate commerce, and shall be
governed by and construed in accordance with the FAA.
E. Arbitration Fees. If you
initiate an arbitration under this Arbitration Provision and if the aggregate
amount of your Claims does not exceed, or is not reasonably anticipated to
exceed, $75,000, the Bank will promptly reimburse you for your payment of all
AAA filing, administration, and arbitrator fees; if you are unable to pay the
fees, the Bank will pay them directly upon receiving a written request sent
to the Bank at: Woodforest National Bank, Attn: Legal Department/Dispute
Resolution, P.O. Box 7889, The Woodlands, Texas 77387- 7889. If, however, the
arbitrator finds that either the substance of your Claims or the relief
sought by you is frivolous or brought for an improper purpose (as measured by
the standards in Federal Rule of Civil Procedure 11(b)), then the payment of
all such fees will be governed by the AAA Rules. In such case, you agree to
reimburse the Bank for all monies disbursed by the Bank that are otherwise
your obligation to pay under the AAA Rules. If the aggregate amount of your
Claims exceeds, or is reasonably anticipated to exceed, $75,000 in damages,
the payment of these fees will be governed by the AAA Rules.
F. Attorneys’ Fees. Although
under some other agreements relating to the Business ReLi Unsecure Line of
Credit or the depository account the Bank may have a right to an award of attorneys’
fees and expenses in an arbitration, the Bank will not seek such an award or
claim such fees unless the substance of your Claims or the relief sought by
you is deemed by the arbitrator to be frivolous or brought for an improper
purpose (as measured by the standards in Federal Rule of Civil Procedure
11(b)).
G. Invalidity; Severability.
This Arbitration Provision shall survive termination or suspension of the
account or the Agreement. If any term or provision of this Arbitration
Provision is deemed invalid, illegal, unenforceable, or lacking in mutuality,
it shall not invalidate the remaining portions of this Arbitration Provision,
which shall be interpreted and enforced without regard to the invalid,
illegal, unenforceable, or non-mutual term or provision; provided, however,
if the limitations on class, representative, or multi-party actions are
struck in a proceeding brought on a class, representative, or multi-party
basis, without impairing the right to appeal such decision, this entire
Arbitration Provision (other than this proviso) shall be null and void in
such proceeding. The parties agree that the terms and conditions of this
Arbitration Provision are severable from the terms and conditions of the
Agreement and, in the event that the remaining provisions of this Arbitration
Provision become null and void as described in the preceding sentence,
nothing should be construed to invalidate any provisions contained in the
Agreement solely as a result of the remaining provisions of this Arbitration
Provision becoming null and void. In no event shall a class arbitration be
authorized or permitted under this Arbitration Provision.
H. Miscellaneous. You
acknowledge that you have read this Arbitration Provision carefully, agree to
its terms, and are entering into the Arbitration Provision voluntarily and
not in reliance on any promises or representations whatsoever except those
expressly contained herein. The Arbitration Provision constitutes the entire
agreement with respect to the subject matter hereof and supersedes all
previous agreements, written or oral, between the parties related to the
Agreement. If either party elects arbitration of particular Claims, this
Arbitration Provision cannot be amended or terminated with respect to the
arbitration of such Claims, except by mutual written agreement. A failure or delay of
either party to exercise any right or remedy will not constitute a waiver of
the right or remedy by that party. If a third party seeks to, or a court allows
a third party to, represent either party on a class, representative, or
multi-party basis with respect to any Claims, either party shall continue to
have the right to enforce individual arbitration of those Claims under this
Arbitration Provision. This Arbitration Provision will be binding upon and
will inure to the benefit of the parties and their respective heirs,
executors, administrators, successors and assigns. To the extent that any
conflict exists between the terms and conditions of the Agreement and the
terms and conditions of this Arbitration Provision, the terms and conditions
of this Arbitration Provision shall control as to arbitration procedures and
results.
|
BILLING ERROR RIGHTS
Your Billing Rights:
Keep This Document for Future Use
This notice tells you about your rights and our responsibilities under the Fair
Credit Billing Act.
What To Do If You Find A Mistake On Your Statement
If you think there is an error on
your statement, write to us at:
WOODFOREST NATIONAL BANK
Loan Operations
P.O. BOX 7889
The Woodlands, TX 77387-7889
In your letter, give us the
following information:
•
Account information
:
Your name
and account number.
•
Dollar amount
:
The dollar
amount of the suspected error.
•
Description of problem
:
If you think
there is an error on your bill,
describe what you believe is wrong
and why you believe it is
a mistake.
You must contact us:
•
Within 60 days after the error
appeared on your statement.
•
At least
3 business days before an automated
payment is scheduled, if you want to stop payment on the amount
you think is wrong.
You
must notify us of any potential errors in writing. You may call us, but
if you do we are not required to investigate any potential errors and you may
have to pay the amount in question.
What Will Happen After
We Receive Your Letter
When we receive your letter, we
must do two things:
1.
Within 30 days of receiving your letter, we must tell
you that we received your letter. We will
also tell you if we have already corrected the error.
2.
Within 90 days of receiving your letter, we must either
correct the error or explain to you why we believe the bill is correct.
While we
investigate whether or not there has been an error:
•
We
cannot try to collect the amount in question, or report
you as delinquent on that amount.
•
The charge in question may remain
on your statement, and we may continue to charge you interest on that amount.
•
While you do not have to pay the
amount in question, you are responsible for the remainder of your balance.
•
We
can apply any unpaid amount against your credit limit.
After we
finish our investigation, one of two things will happen:
•
If we made a mistake:
You will not have to pay the amount in question or any
interest or other fees related to that amount.
•
If we do not believe
there was a mistake:
You will have to pay the amount
in question, along with applicable interest and fees.
We will send you a
statement of the amount you owe and the date payment is due. We may then report you as delinquent if you
do not pay the amount we think you owe.
If you receive
our explanation but still believe
your bill is wrong, you must write to us within
10 days
telling us that you still refuse to pay. If you do so, we cannot report you as
delinquent without also reporting that you are questioning your bill. We must tell you the name of anyone to whom we reported you as
delinquent, and we must let those organizations know when the matter has been
settled between us.
If we do not follow all of the
rules above, you do not have to pay the first $50 of the amount you question
even if your bill is correct.
Ohio Equal Credit
Opportunity Notice: (Ohio Only)
The Ohio law against discrimination requires that all
creditors make credit equally available to all creditworthy customers, and that
credit reporting agencies maintain separate credit histories on each individual
request. The Ohio Civil Rights Commission administers compliance with this law.
New York Residents
(Only):
Borrower
understands and agrees that Lender may obtain a consumer credit report in
connection with this application and in connection with any update or renewals
for extension of any credit as a result of this application. If Borrower asks,
Borrower will be informed whether such a report was obtained, and if so, the
name and address of the agency that furnished the report. Borrower also
understands and agrees that Lender may obtain a consumer credit report in
connection with the review or collection of any loan made to Borrower as a
result of this application or for other legitimate purposes related to such
loans.