Common use of Recovery of Amount Clause in Contracts

Recovery of Amount. 12.1 In the event of default or any late payment, the Bank may refer to the Cardholder’s account for collections or any other actions permitted by this Agreement or any applicable law. 12.2 The Cardholder shall be held liable for non‐availability of amount in his account, and an amount of US$ 30/‐ (or its equivalent) shall be charged after completion of tenure (30 day) including a 10 days grace period. The card shall be Suspended after completion of 90 days if due amounts are not paid to the Bank. 12.3 Mode of recovery shall in accordance with the relevant procedure of the Credit Card differs with respect to Cardholder(s): 12.3.1 Where the card is secured, the Bank will recover the amount from the Cardholder’s account maintained at the Bank. The Cardholder acknowledges the Bank’s Right of Set off to recover; due amounts from the Cardholder’s other accounts maintained with the Bank in case of unavailability of sufficient fund in the account related with Credit Card. 12.3.2 The Bank shall be at discretion to take any appropriate action for non‐payment of due amounts against the holder of a non‐secured card, the Cardholder irrevocably approves the Bank’s discretion for any legal actions taken against him.

Recovery of Amount. 12.1 In the event of default or any late payment, the Bank may refer to the Cardholder’s account for collections or any other actions permitted by this Agreement or any applicable law. 12.2 The Cardholder shall be held liable for non‐availability of amount in his account, and an amount of US$ 30/‐ (or its equivalent) shall be charged after completion of tenure (30 day) including a 10 days grace period. The card shall be Suspended suspended after completion of 90 days if due amounts are not paid to the Bank. 12.3 Mode of recovery shall in accordance with the relevant procedure of the Credit Card differs with respect to Cardholder(s): 12.3.1 Where the card is secured, the Bank will recover the amount from the Cardholder’s account maintained at the Bank. The Cardholder acknowledges the Bank’s Right of Set off to recover; due amounts from the Cardholder’s other accounts maintained with the Bank in case of unavailability of sufficient fund in the account related with Credit Card. 12.3.2 The Bank shall be at discretion to take any appropriate action for non‐payment of due amounts against the holder of a non‐secured card, the Cardholder irrevocably approves the Bank’s discretion for any legal actions taken against him.