Common use of Active Account Clause in Contracts

Active Account. You agree that you must have an active checking account with Peoples Bank to maintain an Express Credit Line. Promise to Pay. You promise to pay Peoples Bank the total of all credit advances, accrued interest and interest charges, together with all fees, charges, costs and expenses for which you are responsible under this Agreement. You will pay your Express Credit Line according to the payment terms set forth below. If there is more than one Borrower, each is jointly and severally liable on this Agreement. This means we can require any Borrower, on his or her signature alone, to cancel the Express Credit Line, to request and receive credit advances, and to do all other things necessary to carry out the terms of this Agreement. We can release any Borrower from responsibility under this Agreement, and the others will remain responsible. Term. The term of your Express Credit Line will begin as of the date on this Agreement and will continue as follows: The credit line continues until terminated by the Lender or Borrower. All indebtedness under this Agreement, if not already paid pursuant to the payment provisions below, will be due and payable at the end of this term. The draw period of your Express Credit Line will begin on the Agreement Date. You may obtain credit advances beginning on this date.