12420 P-2022/06
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CIBC Personal Line Of Credit: Terms and Conditions
Table of Contents
CIBC Personal Line of Credit: Terms and Conditions.........................................................................................................4
Part I – Terms and Conditions for Your Line of Credit....................................................................................................................4
1. Overview................................................................................................................................................................................. 4
2. Your Credit Limit.....................................................................................................................................................................4
3. Promise to Repay.....................................................................................................................................................................4
4. Access to, and Use of, Funds.................................................................................................................................................. 4
5. Interest Payments.................................................................................................................................................................... 5
6. Interest Rate............................................................................................................................................................................ 5
7. How we Calculate Interest...................................................................................................................................................... 5
8. Fees and Charges....................................................................................................................................................................5
9. Payments................................................................................................................................................................................. 6
10. Methods of Making Payments................................................................................................................................................ 6
11. How we Apply Payments........................................................................................................................................................6
12. Statements..............................................................................................................................................................................6
13. Reviewing your Statements.....................................................................................................................................................6
14. Processing of Cheques and Similar Items................................................................................................................................ 7
15. Reporting Loss,Theft or Unauthorized Use and Related Liability.............................................................................................. 7
16. Multiple Borrowers..................................................................................................................................................................7
17. Optional Creditor Insurance.................................................................................................................................................... 7
18. Assumptions and Transfers..................................................................................................................................................... 7
Part II – Security Terms.......................................................................................................................................................................7
19. General................................................................................................................................................................................... 7
20. Grant of Security over Personal Property.................................................................................................................................7
21. Security over Real (Immovable) Property................................................................................................................................. 7
22. Registration/Perfection of the Security.....................................................................................................................................8
23. Your Obligations with respect to the Collateral...................................................................................................................... 8
24. Enforcement of Security..........................................................................................................................................................8
Part III – General Terms and Conditions........................................................................................................................................... 8
25. Certification............................................................................................................................................................................ 8
26. Changing your Address, other Information or Residency.........................................................................................................8
27. Estates.................................................................................................................................................................................... 8
28. Power of Attorney or Other Legal Representative during your Lifetime................................................................................... 9
29. Independent Legal Advice.......................................................................................................................................................9
30. Set-Off by CIBC...................................................................................................................................................................... 9
31. Events of Default.................................................................................................................................................................... 9
32. Remedies upon Default...........................................................................................................................................................9
33. How we Apply Payments if you are in Default....................................................................................................................... 9
34. CIBC’s Ability to Convert a Line of Credit to a Personal Loan..................................................................................................9
35. Third Party Demands...............................................................................................................................................................9
36. Indemnity..............................................................................................................................................................................10
37. Limitation of CIBC’s Liability..................................................................................................................................................10
38. Severability............................................................................................................................................................................10
39. Conflict................................................................................................................................................................................. 10
40. Binding Effect....................................................................................................................................................................... 10
41. Waiver of Terms................................................................................................................................................................... 10
42. Governing Law......................................................................................................................................................................10
43. Extension of Limitations Period............................................................................................................................................. 10
44. Privacy...................................................................................................................................................................................10
45. Communicating with You.....................................................................................................................................................11
46. Communicating with you Electronically.................................................................................................................................11
47. Changing this Agreement.....................................................................................................................................................11
48. Suspending, Freezing, Blocking or Terminating Use of your Line of Credit............................................................................ 11
49. Ending This Agreement.........................................................................................................................................................12
50. Survival................................................................................................................................................................................. 12
51. Assignment........................................................................................................................................................................... 12
52. Contacting CIBC................................................................................................................................................................... 12
53. Our Process for Resolving Your Complaints.......................................................................................................................... 12
54. Interpretation........................................................................................................................................................................ 13
55. Language (For Quebec Only).................................................................................................................................................13
Part IV – Definitions......................................................................................................................................................................... 13
Privacy Disclosure..............................................................................................................................................................................14
What is personal information?..................................................................................................................................................... 14