Business Cards  
Revolving Account  
Plan Agreement 

This Business Cards Revolving Account Plan Agreement (the <Agreement=)  constitutes the agreement between the 
undersigned business client (the <Company=) and Oriental Bank (the <Bank=) which governs Company’s business credit 
cards with the Bank. The Company has requested the Bank to grant to it a business revolving credit card plan and to 
issue business credit cards (each, a <Card=) thereunder to directors, officers, employees and agents of the Company 
authorized  by  the  Company,  from  time  to  time,  to  use  the  Cards  on  its  behalf  (each,  an  <Authorized  User=).  The 
Company and all Authorized Users agree that the following terms will govern use of the Cards and the Company’s 
credit Card account (the <Account=). The Company is responsible for advising each Authorized User about the terms 
of this Agreement, as applicable to them, and about their respective obligations hereunder.  

1.  The Company shall pay to the Bank, when due, all amounts, which become due as a result of credit extended 
and charges incurred pursuant to this Agreement. Subject to the terms of this Agreement and credit availability, 
extensions of credit may be made in the form of purchases of goods and services (each a <Purchase=) or cash 
advances (each, a <Cash Advance=). 

2.  The Company agrees that each Authorized User will be provided with one (1) Card which shall bear a card 
number different from that of every other Card. The Bank reserves the right to issue or refrain from issuing a 
Card to any Authorized User at any time. By designating each Authorized User, the Company represents and 
warrants to the Bank that such Authorized User is aware of and, along with the Company, has requested the 
Bank to issue a Card for his/her use. 

3.  The Account is to be used by Authorized Users only for legitimate business expenses incurred in the ordinary 
course of their employment or agency with the Company. The Company agrees to limit the use of the Cards 
by Authorized Users to such expenses and to take all necessary steps to insure that the Cards are used for 
no other purpose. The Company agrees that it shall be bound by the acts of, and shall pay to the Bank when 
due, all amounts which become due as a result of credit extended and other charges payable pursuant to the 
terms of this Agreement including, without limitation, by use of the Cards by Authorized Users. 

4.  The Company agrees to indemnify the Bank and hold the Bank harmless against any loss incurred by the 
Bank by reason of the use of the Cards by an Authorized User, which use is not in accordance with paragraph 
3 of this Agreement. In addition, the Company shall pay to the Bank any amounts charged to the Account as 
a result of extensions of credit or charges incurred pursuant to the use of a Card by an Authorized User that 
is not in accordance with paragraph 3 the same as if the use had been in accordance with paragraph 3.  
5.  The Cards remain the property of the Bank, which may, without prior notice or liability, revoke them and any 
and all privileges thereunder at any time. The Company shall surrender the Cards to the Bank immediately 
upon  request,  and  shall  be  solely  and  completely  responsible  for  their  possession,  use  and  control.  The 
Company’s  responsibility for possession,  use  and control  of  the  Cards shall  include,  without limitation,  the 
responsibility  to  retrieve  a  Card  from  any  person  who  ceases  for  any  reason  (including,  without  limitation, 
termination of the person’s employment or agency relationship with the Company) to be an Authorized User. 
The Company agrees that it shall remain liable for extensions of credit and charges incurred pursuant to the 
use of a Card by a former Authorized User even though that former Authorized User has ceased to have any 
authority to use the Card. 

6.  For the purposes of this Agreement, <Unauthorized Use= means the use without authorization of a Card by a 
person other than an Authorized  User or former Authorized User and from which neither the Company nor 
any Authorized User or former Authorized User received any benefit. 

7.  The Company agrees to indemnify the Bank and hold the Bank harmless against any loss incurred by the 
Bank by reason of any Unauthorized Use of the Cards until the Bank receives and has reasonable time to act 
on  a  written  notice  of  loss,  theft,  or  possible  Unauthorized  Use.  The  Company  shall  pay  to  the  Bank  any 
amounts charged to the Account as a result of extensions of credit and charges incurred pursuant to any such 
Unauthorized Use of the Cards which occurs prior to the Bank’s receipt of and reasonable time to act on any 
and all notices of the loss, theft, or possible Unauthorized Use, the same as if the credit had been extended 
or charges incurred pursuant to use of the Cards by an Authorized User with full authority to use the Cards. 

8.  The Company shall be liable for the Unauthorized Use of the Cards prior to notification. Notification is to be 
made to the Bank, to the following address: Dispute Resolution Center, PO Box 31535, Tampa, FL  33631-
3535; or by telephone to (877) 541-5739, 24 hours a day. Notice of the theft, loss or possible Unauthorized 
Use of a Card must be made by the Company no later than sixty (60) days after receipt of the Company’s 
monthly account statement (the <Account Statement=). If notification is properly given by the Company within 
such sixty (60)-day period, the liability of the Company under this paragraph shall not exceed the sum of fifty 
dollars ($50.00). 

9.  The  Company  agrees  that  it  shall  provide  the  Bank  with  a  list  of  Authorized  Users  and  of  the  credit  limit 
assigned by the Company to each Authorized User (<Individual Credit Limits=), certified by the Company to be 
true and complete and in a form suitable to the Bank. The Company further agrees that the Bank may rely 
upon any such list provided by the Company to the Bank until the Bank is notified in writing, in a form suitable 
to the Bank, at Oriental Bank, Commercial Banking Division, PO Box 195115, San Juan, PR 00919-5115; 

Rev. 4/2022 

 
 
 
Business Cards  
Revolving Account  
Plan Agreement 

setting  forth  any  additions  to,  deletions  from  the  list,  increases  or  reductions  in  credit  limits,  or  any  other 
changes in such list and the Bank has had reasonable time to act on such notice. For better protection while 
a  change  in  Authorized  Users  or  any  related  information  is  processed,  an  authorized  representative  of 
Company may contact the Customer Service Area at 1-866-541-5739 and request that any Card or Authorized 
User intended to be deleted be blocked by the Bank. The Bank reserves the right to identify, as it may deem 
reasonable, any individual calling on behalf of the Company to request any such blocking and will bear no 
responsibility or liability for any, damages, expenses, liability or any other consequences of acting or refraining 
from actin in accordance with such request.  In the case of any deletions, any and all Cards in the possessions 
of the person(s) being deleted as an Authorized User must be returned by the Company with the notification 
of such elimination. If the Company is unable to return the Card(s), the Bank reserves the right to close the 
Account. The Bank may also charge the Company for any costs incurred in retrieving the Card(s), including 
the cost of placing the Card(s) on a restricted list. 

10.  Neither the Company nor any Authorized User shall incur in charges that are: (a) in excess of the credit limit 
authorized to the Company (<Company’s Credit Limit=) as assigned by the Bank from time to time under this 
Agreement;  or  (b)  in  excess  of  the  subject  Authorized  User’s  Individual  Credit  Limit  as  assigned  by  the 
Company within the Company’s Credit Limit as notified to the Bank from time to time under the provisions of 
paragraph 9 above. The Company agrees that if the Company’s Credit Limit or any Individual Credit Limit 
exceeds at any time the Company’s Credit Limit, the Card(s) may be revoked at the Bank’s discretion, and 
the Card(s) shall be surrendered upon the Bank’s request. The Bank may elect to cancel only the Card of the 
particular Authorized User who exceeded his or her Individual Credit Limit, in which case the Company shall 
be responsible for surrendering said Card upon the Bank’s request.  

11.  The  Company  will  pay  to  the  Bank,  at  the  Bank’s  offices,  the  minimum  payment  indicated  in  the  monthly 

Account Statement (<Minimum Payment=). The Minimum Payment is calculated as indicated below:  

Business –2% of the balance or $20, whichever is greater, provided that, if the balance were 
less than $20, then the Minimum Payment will be the total balance. 

The Company shall pay monthly, at least, the Minimum Payment on or before the Payment Date as set forth 
in  the  periodic  Account  Statement.  The  Company  can  pay  at  any  time,  in  full  or  in  part,  the  new  balance 
amount, which appears in the monthly Account Statement, but never less than the amount of the Minimum 
Payment that appears on said statement. The balance on any overdue payments and the balance in excess 
of the established line of credit will be considered due and payable immediately without any further request or 
notification. 

12.  All amounts received from the Company as payment to its Account shall be applied in the following order: (a) 
to FINANCE CHARGES on Cash Advances; (b) to FINANCE CHARGES on Purchases, (c) the excess will be 
applied  to  the  outstanding  balance  subject  to  the  highest  annual  percentage  rate  (<APR=).  Whenever  the 
amount of any payment made by the Company to its Account during a cycle exceeds the required Minimum 
Payment for that cycle, the excess will be allocated to most pressing indebtedness which is the balance of 
Cash  Advances  or  Purchases,  that  is  costing  the  Company  most  in  terms  of  FINANCE  CHARGES.  Any 
payment in excess of the outstanding balance will remain as a credit in favor of the Company. 

13.  In the case of returned items and adjustments of Purchases, the Company shall accept a credit to its Account 

in lieu of cash reimbursements. 

14.  The Bank may, at its option, declare the total balance of the amount immediately due and payable upon the 
occurrence  of any of  the following  conditions:  (a)  when  the  Company  defaults  in  the payment  of  three  (3) 
consecutive installments; (b) when the Company defaults in the payment of one or more overdue installments, 
if on two (2) or more prior occasions it had defaulted on two (2) or more consecutive installments and on said 
occasions the overdue installments were fully satisfied; (c) when the Company, after having defaulted on one 
(1) or more consecutive installments, makes a partial payment on the overdue amount and, after such partial 
payment, resumes timely payment of future installment, but continues in default with respect to the remaining 
overdue amount during three (3) consecutive installments after the date of such partial payment: (d) when the 
Company or any Authorized Person exceeds their credit limit; (e) when there is any material adverse change 
in the financial condition of the Company; (f) when the Company becomes insolvent or unable to pay its debts 
as they mature or files a voluntary petition in bankruptcy, or takes any action indicating acquiescence to an 
involuntary bankruptcy petition. The provisions contained in this paragraph shall not be deemed to limit in any 
way the Bank’s rights under paragraph 5 above. 

15.  FINANCE  CHARGES  will  be  computed  over  the  average  daily  balance  of  Purchases  (including  current 
transactions) and Cash Advances (each a <Transaction Type=) in your Account during the billing cycle. The 
FINANCE CHARGE will be variable and may change for each billing period. FINANCE CHARGES will appear 
on each Account Statement and will be computed as follows: ANNUAL PERCENTAGE RATE (<APR=)- The 
Bank will determine the APRs based on the United States preferential rate published by the United States 
Federal Reserve Bank (<Prime Rate=). The APR applicable to each Transaction Type will be determined by 

Rev. 4/2022 

 
 
 
Business Cards  
Revolving Account  
Plan Agreement 

adding to the Prime Rate the margin applicable to the relevant Transaction Type. If the Federal Reserve Bank 
ceases to publish the Prime Rate, we will select a similar index as may be permitted by applicable law or 
regulation. Purchases- The APR on Purchases will be determined by adding the Prime Rate to a margin that 
may fluctuate between 4% and 7% depending on the Company’s credit capacity at the time of approval of the 
Account application; provided that this APR will never be less than 9.99%. To determine the periodic rate for 
the cycle (the <PERIODIC RATE=), the APR must be divided by 12. This PERIODIC RATE will never be less 
than 0.8325%. Cash Advances- The APR on Cash Advances will be determined by adding the Prime Rate 
to a margin of 13.99%; provided that this APR will never be less than 19.99%. To determine the PERIODIC 
RATE applicable to Cash Advances, the APR must be divided by 12. This PERIODIC RATE will never be less 
than  1.6658%.    Variable  Rates-  The  APRs  and,  therefore,  the  PERIODIC  RATES  applicable  to  each 
Transaction Type are variable. Accordingly, they may increase or decrease with changes in the Prime Rate. 
Any increase in the Prime Rate will be effective from the first day of the next billing cycle following the date of 
the change in the Prime Rate. An increase in the Prime Rate could represent an increase in the APRs and in 
the Minimum Payment. In addition, from time to time the Bank may change the margins applicable to each 
Transaction Type as permitted by law or regulation. This may also result in changes to the APRs, PERIODIC 
RATES, and the Minimum Payment. Any change in the FINANCE CHARGE will apply to the balance in your 
Account and to the new transactions during the billing cycle. Balance on which FINANCE CHARGES are 
computed-  The  Bank  uses  the  average  daily  balance  to  compute  FINANCE  CHARGES.  To  obtain  the 
average daily balance corresponding to each Transaction Type, takes the beginning balance for the subject 
Transaction  Type  each  day,  adds  any  new  Purchases  (for  the  calculation  of  the  average  daily  balance  of 
Purchases)  or  Cash  Advances  (for  the  calculation  of  the  average  daily  balance  on  Cash  Advances)  and 
miscellaneous debits charged to the Account during the day, and subtracts any payments and credits made 
during the day. This gives the daily balance during the billing cycle with respect to each Transaction Type. 
Then, the Bank adds up all the daily balances for the billing cycle for each Transaction Type and divides the 
respective totals by the number of days in the billing cycle. This gives the average daily balance (<Average 
Daily  Balance=).  Computation  of  FINANCE  CHARGES-  The  FINANCE  CHARGES  for  each  Transaction 
Type  is  computed  by  applying  the  PERIODIC  RATE  applicable  to  the  relevant  Transaction  Type  to  the 
Average Daily Balance corresponding to the relevant Transaction Type. Purchases will be charged from the 
date on which the Bank pays the merchant or entity providing the goods or services. However, NO FINANCE 
CHARGES will be charged for any billing cycle in which there is no previous balance provided that the total 
Account balance (including Purchases made during the billing cycle is received by the Bank on or before the 
payment  due  date).  There  will  be  no  grace  period  on  Cash  Advances.  FINANCE  CHARGES  on  Cash 
Advances will be charged from the date on which the Cash Advance is disbursed until they are fully paid. The 
applicable PERIODIC RATE, APR and FINANCE CHARGE may vary, from time to time.  

16.  Other Charges: The Company shall pay the Bank a the following charges: 

Annual Fee (non-reimbursable):  
     Business – 
Returned Check Fee 
Late Fee  
Cash Advance Fee 

 $100.00, regardless of the number of cards in the Account.  
$10.00 
Up to $35.00 
2% of Amount (minimum $2; maximum $10) 

17.  The Bank may accept payments or partial payments which include the phrase <full payment= and/or words to 

that effect, without impairing or losing its right to collect the outstanding balance on the Account.  

18.  The Bank will not be responsible or liable in any manner if any Purchases or Cash Advances are not authorized 
by the Bank or a third party, even if there is credit available in the Company’s Credit Limit. The Bank may limit 
the number of Purchases or Cash Advances at any given moment. If the Bank detects unusual or suspicious 
activity  in  the  Account,  it  may  suspend  temporarily  the  Company’s  Credit  Limit  in  the  Account,  until  the 
legitimacy of such transactions have been verified. The Bank may approve Purchases or Cash Advances that 
exceed the Company’s Credit Limit, without waiving any of its rights under this Agreement. 

19.  The Company shall designate a person (the <Representative=) to receive on its behalf all correspondence from 
the Bank in connection herewith, including without limitation, all monthly Account Statements, Credit Cards 
and PIN numbers. Notwithstanding, the provisions of paragraph 8 above, the Company agrees to indemnify 
and hold the Bank harmless from any and all liability expense, suit, claim, fine or action that shall result from 
the Representative’s fraudulent or negligent act or omission in the performance of his or her duties under this 
paragraph and from the acts and omissions by any and all Authorized Users. 

20.  The Company agrees to provide to the Bank, at the Bank’s, request a true copy of its Corporate Resolutions, 
By-laws, Certificate of Incorporation, Deed of Constitution of Partnership or Power of Attorney, and any other 
pertinent document that the Bank may require from time to time, including, without limitation, annual audited 
financial statements and year-end statements. 

Rev. 4/2022 

 
 
 
 
 
 
Business Cards  
Revolving Account  
Plan Agreement 

21.  The Bank may amend this Agreement unilaterally, which amendment will be effective forty five (45) days after 
mailing notice thereof to the Company’s last known address, as it may appear on the Bank’s records unless 
otherwise expressly stated in the notice. 

22.  The Bank reserves the right to require the Company to provide a  third party guarantee who/which shall be 

subject to approval by the Bank.  

23.  Failure  by  the  Bank  to  exercise  any  of  its  rights  under  this  Agreement  or  under  applicable  laws  and/  or 

regulations will not constitute a waiver of such rights. 

24.  Neither the Bank nor any other person or entity will be liable to the Company or to any Authorized Person for 
failure to honor the Card. The term <Card,= as used in this Agreement, will be understood in the plural sense 
when the Bank shall have issued more than one Card to the Company.  

25.  This Agreement shall be interpreted in accordance with the laws of the Commonwealth of Puerto Rico and 
any applicable federal law of the United States. Should any clause or provision of this Agreement be declared 
null or void under any such applicable law, such eventuality will not affect the validity or enforceability of the 
remaining clauses and provisions of this Agreement.  

26.  The  Bank  may  at  any  time,  and  without  notice  to  the  Company,  sell,  assign,  or  transfer  the  Company’s 
Account(s), any sums due on those Accounts, this Agreement, or the Bank’s obligations under the Company’s 
Account or this Agreement to any person or entity. The person or entity to whom the Bank makes any such 
sale, assignment or transfer shall be entitled to all of the Bank’s rights and/or obligations under this Agreement, 
to the extent sold, assigned or transferred. 

27.  The  term  <Company,=  as  used  herein,  shall  refer  to  a  corporation,  partnership,  association,  limited  liability 

company, or individual doing business under a commercial name (<d/b/a=). 

28.  Federal law under section 326 of the USA Patriot ACT requires that any financial institution obtain, verify, and 
record  information  that  identifies  any  individual  or  entity  that  opens  an  account  or  credit  relationship.  This 
means that when you open an account or credit relationship, we will ask you, your name, address, date of 
birth  and  other information  that  will  allow  us  to  identify you.  We  will  also  ask you  to  show  us your  driver's 
license or other identification documents. 

Signature of the Company’s 
Representative: __________________________________________________________________________ 
Name: _________________________________________________________________________________ 
Title: ___________________________________________________________________________________ 
Name and Address of the Company: _________________________________________________________ 
____________________________________________________________________ Zip Code ___________ 
Date: __________________________________________________________________________________ 
Signature of 
Bank’s Representative: ____________________________________________________________________ 
Name: __________________________________________________________________________________ 
Title: ____________________________________________________________________________________ 
Date: ___________________________________________________________________________________ 

Rev. 4/2022