Common use of Entity Accounts Not Required to Be Reviewed, Identified or Reported Clause in Contracts

Entity Accounts Not Required to Be Reviewed, Identified or Reported. Unless the Reporting Australian Financial Institution elects otherwise, either with respect to all New Entity Accounts or, separately, with respect to any clearly identified group of such accounts, where the implementing rules in Australia provide for such election, a credit card account or a revolving credit facility treated as a New Entity Account is not required to be reviewed, identified, or reported, provided that the Reporting Australian Financial Institution maintaining such account implements policies and procedures to prevent an account balance owed to the Account Holder that exceeds $50,000.

Entity Accounts Not Required to Be Reviewed, Identified or Reported. Unless the Reporting Australian Financial Institution elects otherwise, either with respect to all New Preexisting Entity Accounts or, separately, with respect to any clearly identified group of such accounts, where the implementing rules in Australia provide for such an election, a credit card account or a revolving credit facility treated as a New Preexisting Entity Account with an account balance or value that does not exceed $250,000 as of June 30, 2014, is not required to be reviewed, identified, or reported, provided that reported as a U.S. Reportable Account until the Reporting Australian Financial Institution maintaining such account implements policies and procedures to prevent an account balance owed to the Account Holder that or value exceeds $50,0001,000,000.