Common use of Effect of Termination or Cancellation Clause in Contracts

Effect of Termination or Cancellation. of the agreement When the agreement is terminated or cancelled, the cardholder’s right to use the card, including a parallel cardholder’s right to use any parallel card, will terminate. Once the cardholder’s right to use the card has terminated, the cardholder must destroy a card immediately by cutting the magnetic stripe and chip of the card in two pieces and, if the card issuer so requests, return it to the card issuer, cut in such pieces. If the agreement is terminated or cancelled within twelve (12) months but before the end of the prepaid fee period, the cardholder shall be entitled to receive a refund of the part of the annual fee attributable to the time following the termination or cancellation of the agreement. The agreement shall apply to the entire outstanding card debt. The cardholder shall therefore be liable to pay the outstanding card debt accrued prior to the termination or cancellation of the agreement or during the notice period referred to in section 19.4 (Card issuer’s right to terminate or cancel the agreement) and any card debt accrued in spite of the termination of the right to use the card.

Effect of Termination or Cancellation. of the agreement When the agreement is terminated or or‌ cancelled, the cardholder’s right to use the card, including a parallel cardholder’s right to use any parallel card, will terminate. Once the cardholder’s right to use the card has terminated, the cardholder must destroy a card immediately by cutting the magnetic stripe and chip of the card in two pieces and, if the card issuer so requests, return it to the card issuer, cut in such pieces. If the agreement is terminated or cancelled within twelve (12) months but before the end of the prepaid fee period, the cardholder shall be entitled to receive a refund of the part of the annual fee attributable to the time following the termination or cancellation of the agreement. The agreement shall apply to the entire outstanding card debtdebt . The cardholder shall therefore be liable to pay the outstanding card debt accrued prior to the termination or cancellation of the agreement or during the notice period referred to in section 19.4 (Card issuer’s right to terminate or cancel the agreement) and any card debt accrued in spite of the termination of the right to use the card.