Common use of Credit Limits Clause in Contracts

Credit Limits. 5.1 The Bank will set the total credit limit for the Company in connection with the Programme from time to time. The Company will be informed of its initial total credit limit and of any changes to its total credit limit by written notice. The total credit limit set initially or from time to time by the Bank shall be binding on the Company. 5.2 The Company may request the Bank to establish sub-limits for individual Card Accounts, and the Programme Administrator, may from time to time send written requests and instructions to the Bank conveyed through such means as permitted by the Bank to establish temporary increases in sub-limits for individual Card Accounts. Any request to establish sub-limits and/or for a temporary increase in sub- limits for individual Card Account shall be in accordance with the Banking (Credit Card and Charge Card) Regulations 2013 and is subject to the Bank’s approval and the Bank shall not be obligated to approve such request. 5.3 The Company shall ensure the total credit limit for the Company and/or the applicable sub-limit for any individual Card Accounts is not exceeded without the Bank’s written permission and the Bank shall be under no obligation to permit charges in excess of the total credit limit or any applicable sub-limit for any individual Card Account. 5.4 Notwithstanding and without prejudice to the other provisions of this Agreement and any of the Bank’s rights and remedies, the Bank is entitled, at any time in its reasonable discretion and without giving any reason or notice, to (a) refuse to approve any proposed Card transaction notwithstanding that the proposed Card transaction would not have breached any of the applicable spending authorization controls. (b) allow or approve any Card transaction which will result in a breach of one or more of the applicable spending authorization controls. (c) increase or decrease the total credit limit for the Company.