Common use of Purchasing Power Clause in Contracts

Purchasing Power. The Purchasing Power for my Card/Check Account will be the total of any available free credit balance in my Securities Account, the available balances in my Money Accounts, and, if applicable, the available loan value of my securities in my Securities Account. I understand that my Purchasing Power may fluctuate from day to day. TRANSACTIONS EXCEEDING PURCHASING POWER 29. I understand that I will be in default if I incur charges in my Card/Check Account that exceed my Purchasing Power. If I am in default, you may, among other things terminate my subscription to the CMA Service. If I exceed my Purchasing Power, CHASE may accept the transaction amount exceeding my Purchasing Power as an overdraft, and advance funds to you or the Banks in the amount exceeding my Purchasing Power. If CHASE does so, I will be notified and I agree that I will immediately pay CHASE the amount of the overdraft and any applicable finance charge which is computed as described in this section. In each overdraft statement cycle, finance charges a figured by applying a Daily Periodic Rate to the Average Daily Balance of overdrafts and by multiplying the resulting figure by the number of days in that statement cycle. The Average Daily Balance of overdrafts is calculated each day by starting with the beginning balance of amounts I owe, adding any new overdraft and subtracting any payments or credits received that day and unpaid finance charges. This gives CHASE the daily balance of overdrafts. The Average Daily Balance is calculated by adding all of the daily balances of overdrafts in that statement cycle and dividing the total by the number of days in the overdraft statement cycle. The Daily Periodic Rate that is applied is disclosed in the Cash Management Account Program Description an subject to change upon notice. Finance charges accrue from the date CHASE accepts an overdraft until the payment is made. Any payments that I make will be applied, as of the date of receipt by CHASE, first to any accrued and unpaid finance charges and then to the balance of overdraft in the order in which they were incurred.

Purchasing Power. The Purchasing Power for my Card/Check Account will be the total of any available free credit balance in my Securities Account, the available balances in my Money Accounts, and, if applicable, the available loan value of my securities in my Securities Account. I understand that my Purchasing Power may my fluctuate from day to day. TRANSACTIONS EXCEEDING PURCHASING POWER 29. I understand that I will be in default if I incur charges in my Card/Check Account that exceed my Purchasing Power. If I am in default, you may, among other things terminate my subscription to the CMA Service. If I exceed my Purchasing Power, CHASE Chase may accept the transaction amount exceeding my Purchasing Power as and an overdraft, and advance funds to you or the Banks in the amount exceeding my Purchasing Power. If CHASE does so, I will be notified and I agree that I will immediately pay CHASE the amount of the overdraft and any applicable finance charge which is computed as described in this section. In each overdraft statement cycle, finance charges a are figured by applying a Daily Periodic Rate to the Average Daily Balance of overdrafts and by multiplying the resulting figure by the number of days in that statement cycle. The Average Daily Balance of overdrafts is calculated each day by starting with the beginning balance of amounts I owe, adding any new overdraft overdrafts and subtracting any payments or credits received that day and unpaid finance charges. This gives CHASE the daily balance of overdrafts. The Average Daily Balance is calculated by adding all of the daily balances of overdrafts in that statement cycle and dividing the total by the number of days in the overdraft statement cycle. The Daily Periodic Rate that is applied is disclosed in the Cash Management Account Program Description an subject and is Subject to change upon notice. Finance charges accrue from the date CHASE accepts an overdraft until the day payment is made. Any payments that I make will be applied, as of the date day of receipt by CHASE, first to any accrued and unpaid finance charges and then to the balance of overdraft overdrafts in the order in which they the were incurred.