EQUINOX
INSTANT CREDIT AGREEMENT
RETAIL INSTALMENT CREDIT AGREEMENT
Nonnegotiable Consumer Note
1. GENERAL. This Agreement ("Agreement") governs your EQUINOX INSTANT CREDIT account ("Account"). In this Agreement and your billing statement ("Statement"), "we", "us", and "our" means EQUINOX CREDIT SERVICES INCORPORATED (CANADA), "you" and "your" means all persons who we approve to use the Account. The effective date of this Agreement ("Effective Date") will be the earlier of (i) the date you submit an Account application that is approved by us, or (ii) the first date that you or someone authorized by you uses the Account.
2. USE OF ACCOUNT. You may use your Account to purchase goods or services (Purchase), up to any credit limit we may establish (Credit Limit). We may decline to authorize any Purchase or change your Credit Limit at any time. You may use your Account only for personal, family or household purposes.
3. PROMISE TO PAY. You promise to pay us for all credit that we extend on your Account for Purchases and all other amounts owed to us under the terms of this Agreement.
4. FINANCE CHARGES.
A. The Finance Charge for a billing period is calculated by applying the Standard Rate to the Account balance subject to Finance Charge for each day in the billing period and adding together all of those daily Finance Charge amounts.
B. The Standard Rate for a
billing period is set at time of application and is subject to change with
notice.
5. BALANCE SUBJECT TO FINANCE CHARGE.
A. There is no balance subject to Finance Charge
for a billing period if there is no Previous Balance on your Account for that
billing period.
B. To determine the Account balance subject to Finance Charge, we take the beginning balance of your Account each day, which includes any unpaid Finance Charges, and add any new Purchases and other debits for that day and subtract any payments and other credits applied that day. Each day, we also add any Finance Charges. This gives us the "Daily Balance" of the Account. Late Payment Fees, Returned Check Fees and credit insurance premiums, if any, are not included in the Daily Balance. Any Daily Balance of less than zero will be treated as zero.
6. WHEN FINANCE CHARGES BEGIN TO ACCRUE. New Purchases and other charges in that billing period will begin to accrue a Finance Charge as of the first day of the next billing period if a Finance Charge is imposed in the next billing period.
7. PAYMENTS.
A. You must pay at least the Minimum Payment on your Statement by the Payment Due Date shown on the Statement. You may pay more than the Minimum Payment at any time. Your Minimum Payment will be the sum of: (a) the greater of $10, or 1/10th of the new balance ("New Balance") shown on your statement; plus (b) any past due amounts; plus (c) any amount by which the New Balances exceeds your Credit Limit. The Minimum Payment will be rounded up to the next whole dollar. However, the Minimum Payment is the New Balance if the New Balance is less than $10.
B. All payments must be
mailed or delivered to us at the address shown on your Statement
(the "Payment Address"). Any
payments received after
C. Subject to any requirements of applicable law, we reserve the right to select the method by which payments and credits are allocated to your Account in our sole discretion. Depending on how you use your Account, such as when you make payments, the amount of your payments and the types of transactions you make, the particular payment allocation method that we use may result in higher amounts of Finance Charges on your Account.
D. We reserve the right to obtain payment electronically for any check or other instrument that you send to us by initiating an ACH (electronic) debit in the amount of your check or instrument to your account. Your check or item will not be returned to you by us or your bank. Your bank account may be debited as early as the same day we receive your payment.
E. Payments and/or merchant credits
deposited into your account may be subject to a fixed waiting period to allow the payment to clear before
the funds are available to you. The funds will be credited to your account at the time of deposit,
but you may not be able to access them for a set time period.
8. FEES. You agree to pay the
following fees. A. If we have not received
your required Minimum Payment by the Payment Due Date shown on your Statement,
we may impose a Late Payment Fee, based on your New Balance at the time your
delinquent Minimum Payment was calculated, as indicated below: New
Balance Late
Payment Fee Under
$100.99 $0 $101 and
above $10 B. A Returned Check Fee of
$29 if any check or other instrument sent to us, or any electronic payment
authorization you provide us in payment on your Account, is not honored upon
first presentment, even if the check, instrument or electronic authorization is
later honored. 9.
IN GOOD STANDING.
Equinox Accounts now will be designated "In Good Standing" , if
minimum payment is made on the account by the payment due date.
Failure to maintain your Account in Good Standing can have the following consequences:
A.
We reserve the right to decline to authorize any Purchase or
change your Credit Limit on accounts not In Good Standing.
B.
Failure to keep your account In Good Standing may result in us
charging interest at our standard rate.
C.
Failure to keep your account In Good Standing may result in us
charging a late payment fee of $10 on all balances.
10.
TERMINATION/CHANGE IN TERMS. You may terminate your Account at any time by
providing us written notice, by accessing our website or by fax at 1-416-619-7500.
We may, at any time and subject to applicable law, change, add or delete
provisions of this Agreement
(Terms Change)
or terminate your Account. Unless
prohibited by applicable law, we may apply any Terms Change to any outstanding
or future balances of your Account. We will send to you notice of any Terms
Change as required by applicable law. Upon any termination of your Account, you
remain obligated to repay the balance of your Account and this Agreement will
continue to apply until you do so. 11. DEFAULT. Subject to the
limitations of applicable law, we may declare you in default if you: (i) fail to make at least the Minimum Payment when due; (ii)
violate any other term of this Agreement; or (iii) become the subject of a
bankruptcy or insolvency proceeding. After your default or your death, and
subject to the limitations of applicable law, we may: (i)
reduce your Credit Limit; (ii) terminate your Account; (iii) require immediate
payment of your entire Account balance; (iv) bring an
action to collect all amounts owed; and/or (v) take any action allowed by law.
If, after your default, we refer your Account for collection to an attorney who
is not our salaried employee, you will pay, to the extent permitted by
applicable law, our collection costs, including court costs and reasonable
attorneys’ fees. 12.
LIABILITY FOR UNAUTHORIZED USE. You may be liable for the unauthorized use of
your Account. You agree to promptly notify us of possible unauthorized use of
your Account by email, by accessing our website or by calling us at
1-416-619-7500. You will not be liable for unauthorized use that occurs after
you notify us of the possible unauthorized use and, in any case, your liability
for unauthorized use will not exceed $50. If you orally give us notice
concerning unauthorized use, you agree to confirm it in writing. You agree that
unauthorized use does not include use by a person to whom you have given
authority to use the Account and that you will be liable for all use by such a
person. To terminate that authority, you must notify us at 1-416-619-7500. 13. CREDIT
REPORTS AND ACCOUNT INFORMATION. You give us permission to request information
and to make whatever inquiries we consider necessary and appropriate (including
obtaining information from third parties and requesting consumer reports from
consumer reporting agencies) for the purpose of considering your application
for this Account and subsequently, in connection with any updates, renewals or
extensions of credit or reviewing or collecting your Account. You also
authorize us to report information concerning you or your Account, including
information about your performance under this Agreement, to consumer reporting
agencies and others who may properly receive such information. If you
believe that we have reported inaccurate information about you to a consumer
reporting agency, please contact us at via email or call 1-416-619-7500. In
doing so, please identify the inaccurate information and tell us why you
believe it is incorrect. If you have a copy of the credit report that includes
the inaccurate information you can fax the report to 1-416-619-7504. You are
hereby notified that a negative credit report reflecting on your credit record
may be submitted to a consumer reporting agency if you fail to fulfill the
terms of this Agreement. 14. USE OF
INFORMATION ABOUT YOU AND YOUR ACCOUNT. The Privacy Policy is a part of this Agreement
and is attached hereto. 15.
TELEPHONE MONITORING. To ensure that you receive accurate and courteous customer
service, on occasion, your call may be monitored by our employees or agents and
you agree to any such monitoring. 16. JOINT
ACCOUNTS.
If this is a joint account, each of you will be jointly and individually
responsible for your obligations under this Agreement; notice to one of you
will be considered to be notice to both of you; and we can rely on instructions
from one of you, even if we receive inconsistent instructions from the other
person. 17. WAIVER. We may, in our sole
discretion, choose to not exercise any right under this Agreement, including
the right to impose the full amount of any charge, without waiving that right.
Any waiver of a right by us must be in writing and signed by us. Except as we
may agree in a signed writing, we will not waive any rights if we (a) accept a
late or partial payment, (b) accept a check or other payment marked “payment in
full” or tendered with other conditions or limitations, (c) extend the due date
of any payment due under this Agreement, and/or (d) release any collateral or
person responsible for your obligations under this Agreement. 18. CHANGE
OF ADDRESS. You will notify us promptly if you change your address. We may
send Statements and other notices to your address in our records until we have
a reasonable opportunity to update our records with any new address for you.
You agree that when we are notified that you have a new address, the terms of
this Agreement specifically applicable to the residents of your new state of
residence will apply to the entire balance of your Account. 19. CHANGE
OF EMAIL ADDRESS. You will notify us promptly if you change your email address. We
may send Statements and other notices to your email address in our records
until we have a reasonable opportunity to update our records with any new email
address for you. 20. GOVERNING LAW
21.
ASSIGNMENT. We may sell, assign or transfer any of our rights or obligations
under this Agreement or your Account, including our rights to payments, without
prior notice to you. You may not sell, assign or transfer any of your rights or
obligations under this Agreement or your Account. 22.
SEVERABILITY. If any provision of this Agreement is determined to be void or
unenforceable under applicable law, all other provisions of this Agreement
shall still be valid and enforceable. 23. ENTIRE
AGREEMENT. This Agreement, together with any application you signed or
otherwise submitted in connection with the Account (which is hereby
incorporated by reference in this Agreement), constitutes the entire agreement
between you and us relating to your Account and supersedes any other prior or
contemporaneous agreement between you and us relating to your Account. This
Agreement may not be amended except in accordance with the provisions of this
Agreement. RETAIL INSTALMENT CREDIT
AGREEMENT
Your Acceptance
of these Terms and Conditions represents your signature on this Agreement and
is incorporated by reference.
Except as provided in the arbitration provision, this Agreement
and your Account and any claim, dispute or controversy arising from or relating
to this Agreement or your Account, whether based on contract, tort, fraud and
other intentional torts, statute, common law and/or equity, are governed by and
construed in accordance with the laws of the Province of Ontario (without
regard to internal principles of conflicts of law), and applicable federal law.
The legality, enforceability and interpretation of this agreement and the
amounts contracted for, charged and received under this Agreement will be
governed by such laws. This Agreement is entered into between you and EQUINOX CREDIT SERVICES INC in