Common use of Right of cancellation and termination Clause in Contracts

Right of cancellation and termination. The principal cardholder is entitled to cancel the credit agreement in writing within fourteen (14) days of receipt (postmark). The credit agreement shall expire automatically upon cancellation or termination of the credit card agreement. If, however, the terminated principal card is replaced by another principal card from the Issuer with an installment facility or if the principal cardholder terminates the principal card in a bundle without explicitly terminating the credit agreement for the bundle, the credit agreement shall automatically apply to the new card or shall be transferred to the other products in the bundle, in the absence of written instructions to the contrary from the principal cardholder. The Issuer may termi- nate the credit agreement in the event of default by the principal cardholder only if the principal cardholder has failed to pay the mini- mum amount indicated on the monthly statements (see section 3) in four (4)