Tangerine 2% Plus Interest Line of Credit Account Agreement effective June 30, 2022

This Agreement is between you and Tangerine Bank and applies to your Tangerine 2% Plus Interest Line of Credit Account.

This Agreement should be read together with your Application and the Disclosure Statement that appears above in this Agreement.

Please read this Agreement (including the above Disclosure Statement) carefully before selecting “I Agree” below.

By selecting “I Agree” below or using or activating the Line of Credit, it means that you received, read, understood and agreed to this Agreement including the information provided to us on your Application, the Disclosure Statement, and any other documents or agreements related to the Line of Credit or this Agreement that we make available and provide to you for your review. Once you select “I Agree”, it means you consent to our opening the Line of Credit.

You agree to comply with this Agreement. We may send amendments or replacements of this Agreement, and these amendments or replacements will also form part of your ongoing Agreement with us. This Agreement replaces any prior Agreement for the Line of Credit.

We recommend you keep copies of amendments or replacements with the original Agreement in a secure location. An up-to-date copy of this Tangerine Line of Credit Account Agreement including the Disclosure Statement is available when you log in to our website at tangerine.ca.

Definitions:

Below are definitions of some of the words used in this Agreement:

ABM means an automated banking machine. An ABM that’s owned and operated by Tangerine is referred to in this Agreement as a “Tangerine-branded ABM”.
Access Device means any card or other device (including a mobile device, app or wallet) that we may allow you to use to access the Line of Credit and that you choose to set up for access to the Line of Credit using such Access Device.
Advance means any amount withdrawn, advanced or charged to the Line of Credit or any other transaction, fee, charge or interest charged to the Line of Credit.
Adjustment Factor means the percentage amount that’s set by us and that’s charged by us in excess of the Tangerine Prime Rate.
Agreement means this Tangerine Line of Credit Agreement, the Disclosure Statement, your Application, each Monthly Statement and any agreements, notices or documents forming part of, or that relate to this Line of Credit that we provide or make available to you to review, including any amendments, replacements, supplements or renewals to any of them.
Annual Interest Rate(s) means the annual interest rate(s) that we charge on the Line of Credit that is comprised of the total of the Tangerine Prime Rate plus the Adjustment Factor.
Application means your application for the Line of Credit including any amendments to that application or supporting documentation or information you provided as part of your application.
Available Credit is the difference between the Credit Limit on the Line of Credit and the outstanding amount owing on the Line of Credit. The Available Credit that appears on your Monthly Statement is calculated at the time that the Monthly Statement is issued (last day of that Statement Period) and may not yet include all Advances or other transactions on the Line of Credit including credits, payments or any fees, charges or interest that have not yet posted to the Line of Credit.
Credit Limit means the maximum amount you can borrow under the Line of Credit as shown on your Disclosure Statement or as we may advise you in writing including on a subsequent Monthly Statement.
Debt means the total amount that you owe us under this Agreement including Advances or other transactions, interest, fees, rates, charges (including those set out in the Disclosure Statement) and other amounts owing on the Line of Credit whether or not posted to the Monthly Statement or whether or not charged or applied to the Line of Credit including if charged or applied after the Line of Credit was closed or this Agreement was cancelled or ended by us or you.
Default means that you did not comply with the obligations under this Agreement as further described in Section 19 (“Default - Events of Default and Remedies After Default”) of this Agreement.
Disclosure Statement means the initial disclosure statement containing information about the Line of Credit (including the information box) that we provide to you when you apply and we open the Line of Credit (a copy of which is included above in this Agreement) that discloses the fees, interest rates and other terms and includes any amendments, replacements or supplements to that initial disclosure statement including as we may advise you on the Monthly Statement or otherwise as we may tell you.
General Consent to Electronic Delivery of Documents is the agreement that you've been provided with and consent to, prior to Tangerine opening this Line of Credit for you, as part of your consent to the delivery of electronic documents including Monthly Statements, this Agreement, the Disclosure Statement or other related cost of borrowing disclosures and other agreements and notices related to this Agreement. An up-to-date copy of the General Consent to Electronic Delivery of Documents is available at tangerine.ca
Inbox means the online notification section located on the Tangerine website at tangerine.ca (referred to as the “Inbox”) that can be viewed when you're logged in on the Tangerine website, and includes the “Statements” section of your documents depository, where your separate agreements including this Agreement, the Disclosure Statement and any other related cost of borrowing disclosures relating to this Agreement (including any Monthly Statements) and all amendments and other notices related to this Line of Credit are maintained, as described in the General Consent to Electronic Delivery of Documents.
Line of Credit means the Tangerine Line of Credit Account that you applied for, consented to and were approved for under this Agreement. This Tangerine Line of Credit Account is unsecured, which means there's no security pledged in this Agreement.
Line of Credit Holder (or if applicable, a “Joint Line of Credit Holder”) means the person(s) who applied for the Line of Credit and whose name(s) is/are on the Line of Credit. Each primary Line of Credit Holder and if applicable, the Joint Line of Credit Holder, is a borrower under the Agreement for the Line of Credit.
Minimum Payment means the minimum monthly payment that's due on the Line of Credit, as shown on the Monthly Statement, and that's calculated as described in the Disclosure Statement.
Payment Due Date means the date shown on your Monthly Statement that your Minimum Payment is due and must be received by Tangerine. The Monthly Statement may refer to this date as the “Minimum Payment Due Date”.
Monthly Statement means the statement that we send to you describing the Advances during the prior Statement Period and that shows, among other details, the amount of your Minimum Payment.
New Balance means the new balance that appears on the Monthly Statement that's calculated by adding the total amount of all Advances, fees, interest and other charges on the Line of Credit during that Statement Period or otherwise payable or owing under this Agreement, less any payments or other credits which have been posted to the Line of Credit during that Statement Period.
Payment Accounts means the account you set up with Tangerine at the time we open the Line of Credit and from which you authorize us to withdraw your Minimum Payments, as described in this Agreement. You may change your Payment Account selected as described in this Agreement under Section 16 (“Method of Making Payments and Your Payment Account”).
PIN means your personal identification number, password or other access number or code for use with the Line of Credit including if you've set up access to the Line of Credit with an Access Device.
Statement Period means the period of time covered by a Monthly Statement between the first day of that period and the last day of that period. Your Statement Period will appear on the Monthly Statement.
Tangerine Prime Rate means the variable annual interest rate Tangerine publishes from time to time as a reference and is subject to change. You can find out what the Tangerine Prime Rate is on any given day by calling Tangerine toll free at 1-888-826-4374 or on our website at tangerine.ca.
We, us, our and Tangerine mean Tangerine Bank and its affiliates or subsidiaries (unless an affiliate or subsidiary is expressly excluded).
You and your means the Line of Credit Holder and, if applicable, the Joint Line of Credit Holder. Any reference to “you” or “your”, unless we indicate otherwise, means each person separately or together.

1. Overview:

This Agreement describes the terms and conditions that apply to amounts you borrow from Tangerine and that we lend to you under the Line of Credit and that become part of the Debt you owe to Tangerine.

2. Eligibility and Certification:

The Line of Credit is for personal, family and household use only. Businesses, corporations, partnerships, and other organizations aren't eligible to apply for or open the Line of Credit under this Agreement. Applicants must be of the age of majority in the province or territory in which they reside to apply for the Line of Credit, and must undergo a credit bureau check before the Line of Credit is approved. Before we decide to open the Line of Credit for you, we may require you to provide proof of income by providing us with your most recent Notice of Assessment from the Canada Revenue Agency, two (2) pay stubs, and/or a letter confirming your employment and annual salary. We'll decide whether or not to approve and open the Line of Credit based on our current credit requirements. You certify that all the information you provided or provide to us in your Application and all other documents related to the Line of Credit are true, complete and accurate.

3. Changing Your Address, Other Information or Residency

You must immediately notify Tangerine of any change to:

Your address.

If you don't, your last known address will be your current address as contained in our records for any purpose under this Agreement.
If we're unable to deliver any communication or any communication is returned, we may stop attempting to communicate with you until we receive accurate contact information.

Other information you previously provided (including information about your financial situation).

You'll also give us information or supporting documents we request or as required by law.

Your residency. If you're no longer a resident of Canada:

we may end this Agreement without your consent.

Your Payment Account.

If you wish to change the Payment Account you've selected when the Line of Credit was opened, you can do so with prior notice to us as described in Section 16 (“Method of Making Payments and Your Payment Account”) of this Agreement.

4. Access to the Line of Credit:

You can access the Line of Credit from the date it's opened in the following ways that we may permit from time to time:

Through our online and mobile banking services including an Access Device;
Through our telephone banking service;
Through a Tangerine-branded ABM;
Through a pre-authorized debit that you set up to pay a merchant or other person by accessing funds from the Line of Credit;
By setting up automatic transfers between the Line of Credit and another Account you have with us, or an account you have with another Canadian financial institution; or
By any other methods we may permit or authorize from time to time without having to provide you with prior notice of those methods or authorized uses.

If we permit you to use our online, mobile banking or telephone banking service, a Tangerine-branded ABM or any Access Device to access the Line of Credit, in addition to the terms of this Agreement, the terms and conditions that apply to those access methods will also apply. Review the terms of those agreements carefully if you choose to access the Line of Credit using those methods.

5. Limiting Your Rights to Use or Access the Line of Credit:

We may suspend, freeze, block or terminate your right to use the Line of Credit, or otherwise take away or limit your access to the Line of Credit or any benefits or privileges related to the Line of Credit, without prior notice or demand, even if you're not in Default under this Agreement, your payments are up-to-date, or we've never done so in the past, if:

we have reason to believe that you're a victim of fraud or identity theft, to prevent future losses;
required by law;
we have reasonable grounds to believe that you did or may commit fraud, use the Line of Credit for any unlawful purpose, or cause a loss to Tangerine including not paying your Debt;
you violate the terms of any agreement applicable to the Line of Credit or any related service including this Agreement;
you're using the Line of Credit in a manner unsatisfactory to us or not in compliance with this Agreement or with any of our policies and requirements; or
we choose to for any reason.

If we do any of the above, we may also do any or all of the following:

refuse to honour or permit any withdrawals or other Advances from the Line of Credit even if it was authorized before the Line of Credit was cancelled suspended, frozen, blocked or terminated;
refuse any withdrawals or other Advances from the Line of Credit, even if we agreed to such withdrawals or other Advances in the past including from an ABM;
demand payment in full of your Debt; or
exercise all our rights.

If your financial circumstances or credit information changes prior to the date on which we make the Line of Credit available to you, we may, without prior notice to you, cancel the Line of Credit.

6. Credit Limit and Over-limit:

The Credit Limit is initially set out on the Disclosure Statement or as part of another form of communication with you including the Monthly Statement. The Available Credit is also shown on the Monthly Statement.

We may, without giving you prior notice, set a limit on the amount that you can access from the Line of Credit for any of the following:

funds which you can access from a Tangerine-branded ABM; or
payments made to Line of Credit.

We may, without giving you prior notice, do any of the following relating to the Credit Limit:

decrease the Credit Limit (including to zero) for any reason, even if you aren't in Default under this Agreement, including if payments are up-to-date or due to updated credit information;
refuse to let you borrow any amounts that would cause you to exceed, or further exceed the Credit Limit; or
refuse any withdrawals or other Advances on a temporary or permanent basis, even if we allowed such withdrawals or other Advances in the past.

The Credit Limit will only be increased upon your request and with your prior express consent.

If you wish to change the Credit Limit you must contact us to do so. Before we agree to increase the Credit Limit, we may require a credit bureau check or other financial review. You must provide sufficient information to us to allow us to perform these activities.

If we change the Credit Limit, the new Credit Limit will be shown after the change has taken place on your next Monthly Statement and/or such other communication as we may choose and as required by law.

The Credit Limit applies to the Line of Credit meaning that Joint Line of Credit Holders share the same Credit Limit with the primary Line of Credit Holder. The current Credit Limit is also shown on the Monthly Statement.

You must not owe us any Debt or incur a New Balance on the Line of Credit that's greater than the Credit Limit.

Advances or other transactions that result in you exceeding the Credit Limit may be rejected by us. However, we may choose to allow the amount you owe us to exceed the Credit Limit, and you authorize us to do so. If the amount owing on the Line of Credit exceeds the Credit Limit you are “Over-limit”. If we allow you to go Over-limit, you're still liable to pay what you owe on the Monthly Statement, including the Over-limit amount that exceeds the Credit Limit (the “Over-limit amount”) and that Over-limit amount will be added to your Minimum Payment. This Agreement continues to apply including to the Over-limit amount. If we allow you to exceed the Credit Limit, you must immediately pay on demand the Over-limit amount plus any applicable interest and fees and we may charge you an Over-limit Fee, as set out on the Disclosure Statement.

7. Foreign Currency:

Advances in a foreign currency aren't available on the Line of Credit. Payments can only be made in Canadian currency.

8. Promotional Offers:

On occasion, we may give you a promotional offer, including a promotional interest rate on certain Advances or other transactions or for certain limited time periods. We'll provide you with the specific terms and conditions that apply to that promotional offer at the time the offer is made to you. This Agreement continues to apply to Advances or other transactions made under any promotional offer.

9. Joint Line of Credit Holders and Liability:

No more than two (2) individuals can apply for and open a Line of Credit. All Line of Credit Holder(s) must complete the Application, consent to a credit [bureau] check, and must be approved for the Line of Credit.

Once approved, unless the Agreement specifies otherwise, any Line of Credit Holder may give us instructions, make decisions about the Agreement, access the Line of Credit and borrow money without the consent of the other Line of Credit Holder at any time. Such instructions and decisions are binding on all Line of Credit Holders.

If there's more than one Line of Credit Holder on this Account, the primary Line of Credit Holder and the Joint Line of Credit Holder are both responsible and liable together and individually (jointly and severally) and in Quebec solidarily, for the entire New Balance that appears on the Monthly Statement each month and for any Debt on the Line of Credit, including all fees and interest charged or accrued on the Line of Credit.

Each Line of Credit Holder or Joint Line of Credit Holder is responsible for meeting all obligations in this Agreement (for example, each is fully liable for the entire Debt).

If there's a dispute between the primary Line of Credit Holder and the Joint Line of Credit Holder, we may still accept payments, but we may restrict further access to the Line of Credit including refusing or declining any Advance or other transaction, and we may require joint instructions or a court order.

You (or any one of you when there is a Joint Line of Credit Holder) may terminate the right of anyone else to obtain Advances under the Line of Credit, but if that occurs, we may review the availability of the Line of Credit to any of you.

10. Use and Restrictions on the Line of Credit:

You'll use and access the Line of Credit only for personal, family or household purposes. You agree that you won't:

Use the Line of Credit for any illegal or fraudulent purpose;
Use the Line of Credit to make circular payments, for example, you must not make Advances from the Line of Credit to deposit them to another account and then withdraw funds from that account to redeposit to them to the Line of Credit; and
Allow anyone other than you to transact using the Line of Credit.

We have the right to block the use of the Line of Credit or decline or refuse any Advance or other transaction for any reason at any time, without telling you in advance, including those connected to mobile or online gambling, and including blocking the use of or access to the Line of Credit in countries that are subject to government sanctions.

11. Credit Balance:

If we owe you any amount on the Line of Credit at any time (a “credit balance”), we won’t pay you interest on the credit balance. A credit balance on the Line of Credit won’t increase the Available Credit. You’re not permitted to make a payment exceeding the Credit Limit unless the amount you owe at the time of payment is more than your Credit Limit.

12. Minimum Payment:

Your Minimum Payment is the greater of:

2% of your New Balance plus any interest, past due and Over-limit amount, or
$25. For New Balances less than $25, the entire New Balance is the Minimum Payment.

13. Interest Rate:

The Line of Credit is a revolving line of credit, charging a variable Annual Interest Rate equal to the Tangerine Prime Rate plus the Adjustment Factor. The Adjustment Factor is shown in the Disclosure Statement and is included on the Monthly Statement as part of your Annual Interest Rate. Any change to the applicable Annual Interest Rate(s), including the Adjustment Factor, will be shown on the Monthly Statement as described in Section 28 (“Changes to this Agreement”).

We may also change the Adjustment Factor on a permanent or temporary basis. If we change the Adjustment Factor, we’ll provide you notice, as required by law, and at the same time let you know when the change becomes effective. The new Adjustment Factor will appear on the Monthly Statement together with the Annual Interest Rate(s) that applies.

Interest rates are subject to change when a change in the Tangerine Prime Rate occurs. You can find out what the Tangerine Prime Rate is on any given day by calling Tangerine toll free at 1-888-826-4374 or on our website at tangerine.ca.

If the Tangerine Prime Rate and the Adjustment Factor when added together equal less than zero, the variable Annual Interest Rate will always be no less than zero.

14. How We Charge Interest:

We charge interest on any amount owing on the Line of Credit from the date of the Advance or other transaction or the date that the amount is charged to the Line of Credit until that amount has been paid in full. If any amount is owing at the end of a day, then interest is charged on that amount as set out in this section. There is no interest-free grace period.

We calculate interest daily on the total balance owing on the Line of Credit at the end of each day, and charge it in the following way:

We multiply the outstanding daily balance owing on the Line of Credit by a daily interest rate in effect on that day. The daily interest rate in effect on that day is the Annual Interest Rate(s) that applies that day divided by 365 days (or 366 days in a leap year).
We add together all of the interest charges accrued for each day in the Statement Period to determine the total interest that has accrued in that particular Statement Period and that’s what we charge you in interest on the last day of that Statement Period.

Interest will compound monthly. This means any unpaid interest from a Statement Period will be added to the balance of the Line of Credit on the first day of the next Statement Period and will accrue interest from that date.

Until all amounts owing under this Agreement are paid in full, you must pay interest on the Line of Credit at the Annual Interest Rate(s) both before and after any of the following events:

we demand payment;
each Payment Due Date;
Default;
you have legal action taken against you, your property or assets; and
any court judgment we obtain against you.

15. Making Your Minimum Payments and Delivery Disruptions:

You agree to continue to make at least your Minimum Payment even if we’re delayed in or prevented from sending the Monthly Statement or you don’t receive the Monthly Statement for any reason, including mail service delay or other technical or labour interruption. During any such delay or interruption, you must contact us or access the Line of Credit online at least once a month to obtain the information required to meet your payment obligations under this Agreement, and to keep the Line of Credit current and in good standing. When you contact us, we’ll let you know where you can view information about the Monthly Statement.

16. Method of Making Payments and Your Payment Account:

You can make payments online or by Mobile Banking app, by telephone, by mail, through a Tangerine-branded ABM, through another financial institution, or by any other way acceptable to us including the Payment Account. Depending on the method used, payments may take several days to reach us, and the Available Credit may not yet reflect the payment you made.

Payment must be in Canadian dollars. You can pay the balance on the Line of Credit in full or make a partial payment to the Line of Credit at any time without charge or penalty.

After Hours Payments: If we receive a payment after our normal business hours, of any cheque (based on Eastern standard times in Toronto, Ontario, where business hours end at 5 pm daily Monday to Friday), that payment will be treated as having been received on the next business day. For all other payments received electronically, they will be processed on the same day that you make the payment if you make it through Tangerine. Otherwise, as described elsewhere in this Agreement, payments from another Canadian financial institution may take up to three (3) business days for us to receive. In all cases, you remain responsible to make sure your payment is received by us on time by the Payment Due Date. Payments aren’t applied to the Line of Credit until we receive them.
Payments made on a Saturday, Sunday or Holiday: Payments received on a Saturday, Sunday or statutory holiday will be processed (and considered received) on the following business day (based on Eastern Time in Toronto, Ontario). A Minimum Payment that is processed and received on that next business day will be considered late if your Payment Due Date was Saturday, Sunday or a statutory holiday. Only payments that Tangerine automatically debits from your Payment Account will be processed (and considered received) on a Saturday, Sunday or statutory holiday.

When you apply for the Line of Credit, you’ll be required to designate a Payment Account (that’s acceptable to us) with us from which payments are withdrawn, which can be a Chequing Account or Savings Account with us or another Canadian financial institution.

You can change the Payment Account at any time by giving us at least thirty (30) days prior notice of the change by calling us at 1-888-826-4374.

You authorize us to withdraw the Minimum Payment from the Payment Account on the dates and in the way set out in this Agreement. No withdrawal will take place if your New Balance is zero and/or no amount is owing for your Minimum Payment.

You’ll be required to provide us with necessary documentation and authorization to set up your Payment Account for such authorization including as required under the Canadian Payment Rules (CPA). The set-up of the Payment Account in this manner will be a personal pre-authorized debit under the CPA rules. If you do make a payment in excess of the Minimum Payment (including any Over-limit amount or past due amount) during any Statement Period, we won’t withdraw any funds from your selected Payment Account for that Statement Period.

Your Payment Account must always contain sufficient funds to meet each required payment. Failure to maintain sufficient funds in the Payment Account, cancellation of the authorization or closing the Payment Account without reinstating or replacing the Payment Account immediately with another Payment Account is a Default. You agree to pay us our then current administration and processing fees for any actions which we may take as a result of your Default under this section.

On the Payment Due Date, we’ll attempt to withdraw funds from your Payment Account to pay your Minimum Payment. If there are insufficient funds in the Payment Account to pay the amount of the Minimum Payment on that Payment Due Date, then we’ll attempt to withdraw those funds from the Payment Account seven (7) days after that Payment Due Date. After that, we won’t attempt to withdraw funds until your new Minimum Payment is due in the following Statement Period. If you don’t have sufficient funds in that following Statement Period as of the Payment Due Date to pay your Minimum Payment, then you’re in Default. We won’t make further attempts to withdraw funds from your Payment Account to pay your Minimum Payment. However, even if we stop automatically withdrawing funds, you’re still liable to pay us the Debt.

Payments aren’t applied to the Line of Credit until we receive them. You’re responsible to make sure your payment is received on time before the Payment Due Date. Payments from another Canadian financial institution may take up to three (3) business days for us to receive them.

You also agree that Tangerine may cancel your right to use a Payment Account and require you to make other payment arrangements:

immediately, if any Payment is not honoured because there are insufficient funds in your designated Payment Account, or for any other reason which prevents the transfer of funds to Tangerine; or
on thirty (30) days prior notice to you.

Cancellation of the Payment Account doesn’t terminate any part of this Agreement and doesn’t relieve you of your obligations to pay the amounts owing under the Line of Credit. If you cancel the Payment Account and don’t immediately replace it with another Payment Account, you’ll be in Default.

17. How We Apply Your Payments:

We apply your payments to the Line of Credit first to any past due amount, then to your current Minimum Payment due as shown on the Monthly Statement, then to the remaining amount of the New Balance then to any other amounts owing on the Line of Credit including any Advance or transactions that have not yet posted on your Account. If your Account is in Default, we’ll apply payments as set out in Section 19 (“Default - Events of Default and Remedies After Default”).

18. Your Promise to Pay

You understand and agree that it’s your responsibility to pay the entire Debt on the Line of Credit as required by this Agreement. When you use or access the Line of Credit, including through an Advance or other transaction, you incur a Debt that’s owed to us.

Debt or any amounts owed by this Agreement must be paid in Canadian dollars, in full and without delay (even when normal mail service is disrupted and even if you don’t receive a Monthly Statement, including due to a technical system issue).

We may at any time, without prior notice to you and for any reason, demand immediate payment of any amounts outstanding (including the Debt) under this Agreement.

You must pay, and we may add to the amount owing under the Line of Credit, any fees, charges and other amounts you may owe us under this Agreement, including:

the fees, charges and non-interest charges set out in the Disclosure Statement that are applied to the Line of Credit.

Until demand is made by us, you agree to pay at least the Minimum Payment each month, as shown in the Monthly Statement, on or before the Payment Due Date. Your Minimum Payment is calculated as described in Section 12 (“Minimum Payment”).

Unless other arrangements have been made, you must continue to pay the Minimum Payment on or before the Payment Due Date shown on the Monthly Statement until the Line of Credit is repaid in full.

You agree that you won’t make payments on the Line of Credit using funds borrowed from Tangerine or drawn on any other credit account or product.

All cheques used to pay the Line of Credit are credited subject to final payment. If a cheque or other form of payment towards your Line of Credit fails to clear for any reason, we’ll reverse the amount of the payment (also referred to as a returned item), back date the cheque to the transaction date and we will charge any applicable fees, including the Returned Item Fee as outlined in the Disclosure Statement.

It will not change our rights if we accept late, partial or other payments not made in accordance with this Agreement or if you mark a cheque or money order as being full payment when it is not.

If you want repayment from any Joint Line of Credit Holder for any portion of the Debt paid or owing on the Line of Credit, it’s your responsibility – not ours – to make those arrangements directly with that Joint Line of Credit Holder.

You may also pay any amount owing on the Line of Credit at any time without penalty including your New Balance in full or make additional payments towards the amount you owe on the Line of Credit at any time.

19. Default - Events of Default and Remedies After Default:

Events of Default: You’re in Default if you don’t:

comply with this Agreement, including if you don’t pay any amount when due (including from a Payment Account) or you’re not operating your Line of Credit in compliance with this Agreement or with requirements of which we’ve advised you;
continue to have a Payment Account for payments for the Line of Credit; or
perform any other obligation under this Agreement.

If your Line of Credit is in Default, we have the right to claim the Debt due, subject to the terms of the Agreement and applicable law. We’ll continue to charge you interest at the current Annual Interest Rate(s) until the Debt is paid in full.

If you’re in Default, we may, in addition to any other rights we may have under the Agreement and without prior notice to you:

immediately terminate your right to borrow any further amounts or make any Advances from the Line of Credit, cancel or end the Agreement and take all other steps or actions as set out in Section 26 (“Cancelling or Ending this Agreement”);
exercise whatever legal rights we have to recover the Debt you owe under the Agreement, including applying any funds we receive from you or from enforcing our rights under the Agreement in any way we see fit, subject to applicable laws;
discontinue taking payments from your Payment Account and require you to make other payment arrangements with us on terms and conditions established by us and that we’ll provide to you;
close your Line of Credit and forward the overdue amount to a debt collection agency and we may also report you to credit bureaus, which can adversely affect your credit history or credit rating or alternatively, we may sue you for what you owe and exercise any other rights we may have; and

In addition to charging interest, impose charges, and add those charges to the amount owing under the Line of Credit for the sole purpose of recovering the costs reasonably incurred:

for legal services retained to collect or attempt to collect the payment;
in realizing on any security interest taken under the Agreement or in protecting such a security interest, including the cost of legal services retained for that purpose; or
in processing a cheque or other payment instrument that the borrower used to make a payment under the loan but that was dishonoured.

This clause is required by the Québec Consumer Protection Act and is only applicable to residents of the province of Québec who have a personal Line of Credit Account: (Clause of forfeiture of benefit of the term)

Before availing itself of this clause, the merchant must forward the consumer a notice in writing and unless the merchant is exempted in accordance with section 69 of the General Regulation, it must forward the consumer a statement of account.

Within 30 days following the receipt by the consumer of the notice and, where necessary, of the statement of account, the consumer may:

either remedy the fact that the consumer is in default;
or present an application to the court to have the terms and conditions of payment prescribed in this contract changed.

It is in the consumer’s interest to refer to sections 104 to 110 of the Consumer Protection Act (chapter P-40.1) as well as to section 69 of the General Regulation made under that Act and, where necessary, to communicate with the Office de la protection du consommateur.

20. Our Right of Set-Off:

We may, without prior notice to you, deduct money from any other Account that you have with us, and use it to make a payment to the Line of Credit (called a right of set-off) including if you’re in Default or if this Agreement is cancelled or ends for any reason.

If we owe any obligation to you, we may, without prior notice to you, set the obligation off against, or compensate the obligation from, any amount you owe us under this Agreement, no matter how long either amount has been owed (called a right of compensation).

If we receive notice of your bankruptcy, insolvency or similar arrangement, we may immediately exercise this right of set-off or right of compensation. These rights are in addition to any other rights we may have for set-off or compensation.

You waive any right of set-off or deduction you may have. You must make all payments owing under this Agreement without cancelling, reducing, offsetting, compensating, abating, counterclaiming or deducting, or holding back any amounts.

21. How We Communicate with You and Electronic Communications:

All communication relating to the Line of Credit is provided to you electronically. Prior to opening the Line of Credit, you consented to receiving all communication from us electronically related to the Line of Credit, including this Agreement (including the Disclosure Statement) and your Monthly Statements. You also agreed to the General Consent to Electronic Document Delivery that applies to electronic communications to you.

If at any time you revoke your consent to receive communications from us electronically, you agree that we may close the Line of Credit and cancel the Agreement.You’ll still be liable to pay all amounts owing under this Agreement including the Debt if we cancel the Agreement.

Monthly Statements are posted for you online and are available when you log into your Inbox at tangerine.ca under “Statements” in “Account Details” or in ‘Documents’ in your document depository section of your Inbox. Although all Monthly Statements and notifications are sent to you electronically, we may send them to you by regular mail or by any other means we may designate.

It’s your responsibility to keep your email address, mailing address and contact information with us up-to-date. If your email address, mailing address and/or other contact information are not up-to-date, we may suspend access to the Line of Credit and not provide you with a Monthly Statement until you provide updated information.

For our mutual protection, we record all telephone calls that relate to the Line of Credit.

We’ll notify you of changes to the Line of Credit and this Agreement by any method allowed by law including any of the following (the method selected by us may depend on the type of change being made):

electronically including through our online banking or mobile banking services or to an email address you’ve provided to us for that purpose;
a message on the Monthly Statement;
in paper form if we choose that method; or
by posting a notice on our website at tangerine.ca.

Unless otherwise specified by law, communications sent to you, including the Monthly Statement, are considered received by you five (5) business days after we mail them, or at the time of sending them in the case of an electronic method, or when delivered in the case of a communication provided to you in person. This means that the Monthly Statement, and any other communications we send to you by electronic method, or when delivered in the case of a communication provided to you in person. This means that the Monthly Statement, and any other communications we send to you by electronic method, is considered delivered to you on the day it is available for you to view through your Inbox (or sent to whatever other method of electronic delivery we have agreed to with you under the Agreement) regardless of whether you view it at that time.

We’ll send communications or any other notices to the most recent mailing address or other address shown for you (including an email address) in our records.

If we do send a Monthly Statement to you by mail and mail service is disrupted, we’ll tell you where to pick up the Monthly Statement. The Monthly Statement will be considered delivered to you on the day it’s available for you to pick up, whether or not you do so.

If you’d like to communicate with us by electronic means, you’ll be required to comply with certain security protocols established by us from time to time and take all reasonable steps to prevent unauthorized access to any other documents exchanged between us electronically.

For legal purposes, documents sent to you electronically are considered to be “in writing” and to have been signed and/or delivered by us. We may rely upon and treat as duly authorized and binding on you any electronically authenticated document that we receive from you or which appears to have been sent by you.

If you have a joint Line of Credit, see Section 22 (“Joint Line of Credit Holders and Disclosure”) for more details on how we communicate with Joint Line of Credit Holders.

22. Joint Line of Credit Holders and Disclosure:

The primary Line of Credit Holder and Joint Line of Credit Holder are entitled to receive separate agreements including this Agreement, any cost of borrowing disclosures relating to this Agreement (including any Monthly Statements) and all amendments and other notices related to this Agreement (all “Documents”). All Documents will be posted and available online at tangerine.ca under “Statements” in “Account Details” or in ‘Documents’ in your document depository section of your Inbox for the primary Line of Credit Holder and the Joint Line of Credit Holder.

At the request and with the consent of the Joint Line of Credit Holder, we may provide all Documents only to the primary Line of Credit Holder. Tangerine may choose not to provide those Documents only to the primary Line of Credit Holder. The Joint Line of Credit Holder can contact us at 1-888-826-4374 to request to change their disclosure preference. Where Tangerine agrees to provide the Documents to only the primary Joint Line of Credit holder, the Joint Line of Credit Holder who provides their consent agrees that Tangerine may rely on that consent through all subsequent extensions, renewals and amendments related to this Agreement. If Tangerine does send the Documents to the primary Line of Credit Holder, a Joint Line of Credit Holder can change their preference back to separate disclosure at any time by contacting us.

If there is a joint Line of Credit with a primary Line of Credit Holder and a Joint Line of Credit Holder, if either Line of Credit Holder decides to opt out of receiving their own notices or communications including Monthly Statements as set out above, we’ll give notice (including Monthly Statements) or communicate with one borrower only, and we’ll consider that we’re giving notice and communicating to all borrowers. All communications, notices (including Monthly Statements) and disclosures will be effective and binding on all of you if they’re provided to one borrower in this way.

23. Monthly Statements:

All Line of Credit Holders will receive a Monthly Statement, unless we permit a Joint Line of Credit Holder to opt out of receiving their own Monthly Statements, in which case we’ll provide only the primary Line of Credit Holder with a Monthly Statement, as described in Section 22 (“Joint Line of Credit Holders and Disclosure”).

We’ll provide a Monthly Statement for a Statement Period during which there has been an Advance or other transaction (including a payment on the Line of Credit) or where there is an outstanding amount owing on the Line of Credit at the end of the Statement Period. We may choose to send you a Monthly Statement even if you have a balance of zero on the Line of Credit.

We don’t provide Monthly Statements (but we may choose to provide them) if this Agreement or the Line of Credit is suspended or cancelled and we’ve demanded repayment of the outstanding amount owed. However, interest continues to accrue on any amounts owing on the Line of Credit.

A Monthly Statement is typically sent on the 1^st of each month. However, there may be times when a Monthly Statement may not be provided on the same date in each month, and therefore the Payment Due Date on the Monthly Statement may change and not always be the same. Each Monthly Statement covers between 28 and 31 days.

You must tell us immediately if you haven’t received the Monthly Statement within seven (7) days of the date on which you normally receive it. Your obligations under this Agreement apply whether or not you receive the Monthly Statement or whether or not the Monthly Statement is delayed.

The interest charged to you as appearing on your Monthly Statement covers the period from each date of an Advance or other transaction or the date that the amount is charged to the Line of Credit up until the last day of the Statement Period.

Monthly Statements will only be delivered to you electronically as described in Section 21 (“How We Communicate with You and Electronic Communications”), unless we choose to deliver them in another way including by mail as set out in the Agreement or as permitted by law. Monthly Statements are available to download by logging in at tangerine.ca.

24. Monthly Statement Errors:

You agree to promptly review the Monthly Statement and notify us of any errors within thirty (30) days of the last day in the Statement Period shown in that Monthly Statement. We investigate errors reported to us within that thirty (30) day period. If we don’t receive notice from you within thirty (30) days of the last day in the Statement Period, we’ll consider the Monthly Statement and our records correct and subject to Section 25 (“Reporting Loss, Theft or Unauthorized Transactions or Fraud on Your Account”), the amounts appearing on that Monthly Statement will be authorized by you. However, if we discover that we incorrectly credited you, we may reverse the credit at any time. You’re required to cooperate fully with any investigation we conduct about any errors you report to us.

25. Reporting Loss, Theft or Unauthorized Transactions or Fraud on Your Account:

It’s your responsibility to protect the Line of Credit against unauthorized use, theft, or loss. You must notify us immediately by telephone or in writing if you know about actual or suspected unauthorized use, theft or loss relating to the Line of Credit including any Access Device or PIN used to access the Line of Credit or if you know or suspect that the Line of Credit or an Access Device or PIN are being used without your authorization. If you don’t notify us, we’ll assume your authorization and you will be responsible for any use of the Line of Credit, including any improper Advances or other transactions and resulting interest or fees. If you’ve previously authorized someone to use the Line of Credit and have subsequently withdrawn your authorization, you’ll continue to be responsible for their use as if you authorized it.

Our toll-free number is 1-888-826-4374, or you can call us collect at 416-758-3139.

We’ll investigate any transaction that you’ve reported to us. You must cooperate fully with us in that investigation. You won’t be liable for unauthorized use as long as the unauthorized use doesn’t involve use of your Access Device or PIN and provided you’ve cooperated with us in our investigation and taken reasonable care to safeguard the Line of Credit, your Access Device or PIN against loss or theft including as described in this Agreement or as we may otherwise advise you from time to time.

You aren’t responsible for losses that result from circumstances beyond your control, including technical problems or system malfunctions, errors on the part of Tangerine or situations where Tangerine is responsible for preventing unauthorized use.

26. Cancelling or Ending this Agreement:

We may cancel or end this Agreement by telling you in writing (including electronically) for any reason including if:

you fail to make any payment when it’s due;
you die, become insolvent or bankrupt; or
anything else happens that we believe endangers your ability to pay.

If we cancel or end this Agreement, or if you cancel or end this Agreement, the Agreement will end when all of the following occur:

you pay off all Debt and any other amounts owing on the Line of Credit (whether or not such amounts are due at that time). Cancellation of the Line of Credit by you or us doesn’t affect your obligation to pay all amounts owing on the Line of Credit as further described in Section 27 (“You Remain Liable for the Debt”).
neither you nor we have any obligations to the other under this Agreement; and
we confirm to you that this Agreement is terminated.

You can cancel and close the Line of Credit at any time without penalty. If you cancel the Line of Credit, then we’ll also cancel access to the Line of Credit. In the case of a Joint Line of Credit, either the primary Line of Credit Holder or Joint Line of Credit Holder can request that we cancel and close the Line of Credit at any time, and we’ll cancel and close the Line of Credit without the consent of the other.

27. You Remain Liable for the Debt:

If the Line of Credit is closed or if this Agreement is cancelled or ends for any reason, including as described in Section 26 (“Cancelling or Ending this Agreement”) it won’t affect your obligation to pay the Debt, including any and all Advances or other transactions and charges on the Line of Credit up to and including the date of termination or cancellation, and any interest or fees that may apply, even if these amounts don’t appear on the Line of Credit until after such termination or cancellation.

28. Changes to this Agreement:

We may from time to time make changes to the Line of Credit, including changes to:

the Annual Interest Rate(s) including the Adjustment Factor;
any fees and/or charges including annual fees;
decrease the Credit Limit;
how we charge interest;
how we apply payments;
your access to the Line of Credit including when and how we limit or restrict access;
our liability limitations and any liability you have to us;
how we or you can cancel or end this Agreement;
our rights to assign or transfer this Agreement;
changes or termination of any benefits, services or coverages associated with this Line of Credit or fees or charges levied by third parties for such benefits, services or coverages;
definitions in this Agreement; and
any other terms and conditions set out in the Agreement (including the Disclosure Statement (including the Minimum Payment)) or a Monthly Statement.

We’ll provide you with a written notice at least thirty (30) days in advance of the change (or such other notice period as required by law) setting out the change to the Agreement, the effective date the change comes into force and your right to refuse the change and to cancel this Agreement without cost or penalty, other than for an increase in the Annual Interest Rate(s) including the Adjustment Factor, any annual fee or any other change where your consent is not required by law.

You must notify us within thirty (30) days of the effective date of our change if you don’t agree with that change.

If you notify us within that thirty (30) day period that you don’t agree with the change, we will cancel this Line of Credit and the Agreement and any outstanding amount you owe will immediately become due.

Subject to applicable law, we’ll consider you to have accepted any change made to the Agreement or the Line of Credit, if you don’t notify us within thirty (30) days of the effective date of any change that you don’t agree with the change, or if you keep the Line of Credit open, if you use the Line of Credit, or if there are any outstanding Debt after the effective date of the change.

Any notice we provide to you about a change to this Agreement or the Line of Credit, as described above, will be provided to you as set out in Section 21 (“How We Communicate with You and Electronic Communications”).

29. Our Limitation of Liability:

You understand and agree that, except as otherwise provided for in this Agreement, we’re liable to you only for direct damages resulting from our gross negligence, fraud or willful misconduct arising directly from this Agreement, even if Tangerine was advised of the possibility of damages or was negligent. We won’t be liable to you under any other circumstances for any direct damages.

We won’t be liable for any other damages under this Agreement (including special, indirect, punitive, consequential damages, loss of profits or revenue, inconvenience or otherwise or any other foreseeable or unforeseeable loss resulting directly or indirectly from this Agreement) including resulting from:

any failure, error, malfunction;
use of the Line of Credit, including through a Tangerine-branded ABM or other machine, terminal or equipment including an Access Device; or
for any pre-authorized transactions that can’t be posted to your Line of Credit and you are still liable to the merchant for making that payment.

These limitations apply to any act or omission of Tangerine and any of its agents, suppliers, third party service providers or any of our other representatives including those that provide benefits and features for the Line of Credit, whether or not the act or omission would otherwise give rise to a cause of action in contract, tort, statute or any other doctrine of law.

30. Assignment or Transfer:

You may not transfer or assign the Line of Credit to anyone without our prior consent. We may, without prior notice to you and without your consent, transfer, sell or otherwise assign all or a portion of this Agreement, our rights or obligations under this Agreement or your Debt (including separately assigning the Line of Credit) or any interest in the foregoing, including by way of a securitization, at any time to a third party, including to any affiliate or subsidiary of Tangerine. If we do so, we may disclose information about you and the Line of Credit to the purchaser, transferee or assignee or any potential purchaser, transferee or assignee necessary to consider or contemplate the proposed transaction. Upon such a sale, transfer or assignment, the purchaser, transferee or assignee will be entitled to use and disclose your information to carry on the business including to enforce all of Tangerine’s rights under this Agreement, and/or all or the relevant part of your Debt and any Accounts, claims or other amounts owing under the Line of Credit and to re-sell, re-assign, pledge or re-transfer this Agreement, and all or part of the Debt. We’ll also be entitled at any time to repurchase this Agreement and all or any part of the Debt, whether or not you’re in Default.

31. If You Don’t Use the Line of Credit:

If the Line of Credit remains inactive (for example, there are no outstanding Advances on the Line of Credit and there have been no other transactions or charges on the Line of Credit or no amount owing), we may close the Line of Credit, and you may need to reapply for a new Line of Credit if you’d like to have the Line of Credit again.

32. Third Party Demands:

We’ll comply with any lawful third party demands that we receive relating to this Agreement or the Line of Credit without prior notice to you. We may be required by law, including by these third party demands, to restrict your access to the Line of Credit or re-direct your payments. We’ll consider any such re-directed payment a missed payment.

33. Estates:

The trustee or an authorized representative for the estate of any Line of Credit Holder must advise us in writing immediately if any Line of Credit Holder dies. When we receive this notice we’re authorized to:

take such steps or require such documentation (including evidence of the trustee or authorized representative’s authority, a certified copy of the death certificate, a letter of direction or notarized copy of the letters probate or other court documentation); and
restrict Advances or other transactions or any use related to this Agreement as we determine advisable.

The deceased’s estate will remain liable, (including jointly and severally (in Quebec, solidarily) with any surviving Joint Line of Credit Holder) for any Debt or other liabilities in connection with this Agreement. On the request of the trustee or the authorized representative of the estate, we’ll provide that person with any documents and information relating to this Agreement that the deceased would have been entitled to while alive, up to and including the date of death. This includes Monthly Statements, Advances and other transactions, forms, correspondence, and other Line of Credit information.

34. Personal Information:

We collect, use and disclose personal information to administer the Line of Credit and verify your current and ongoing creditworthiness and financial status (including by obtaining and using credit reports from credit bureaus and consumer reporting agencies from time to time). We may collect, use and disclose personal information for marketing purposes unless you’ve asked us not to. Social Insurance Numbers or other personal identifiers, if provided, will be used to confirm your identity, including matching credit records. For the above purposes, we may collect personal and financial information about you from our affiliates, credit bureaus and reporting agencies, your references, and other businesses and financial institutions with whom you’ve had or may have a financial relationship. You consent to the disclosure of personal information by these parties to us and for our collection. We may use and disclose your personal information as necessary to enforce this Agreement, to collect amounts owing to us, to detect and prevent fraud, and as necessary to meet legal, regulatory, risk management and security requirements. We may transfer personal information to service providers (including outside of Canada) as necessary to administer the Line of Credit and under the laws of those other jurisdictions, Tangerine may be required to disclose information to local government authorities. The file containing your personal information will be maintained on our servers (or those of our service provider) and will be accessible by our employees, representatives and agents who require access to perform their job functions. To request access to, or correction of, your personal information, or to make other inquiries regarding your personal information, you can write to our Privacy Officer at theprivacyofficer@tangerine.ca or by mail to: Privacy Office, 3389 Steeles Avenue East, Toronto, ON M2H 0A1.

35. Governing Law:

This Agreement is governed by and interpreted in accordance with the laws of the province or territory where you reside and the federal laws of Canada. The place of this Agreement is your address that appears on the Monthly Statement. You agree to submit to, and that you’re bound by, those laws and the courts of that province or territory in the event of any dispute relating to this Agreement.

36. Enforcing Our Rights:

Except if we change this Agreement in writing, any waiver by us of any provision of this Agreement won’t be considered a precedent for waiving that or any other provision of this Agreement. We may also delay enforcing our rights under this Agreement and may accept late payments or partial payments without losing any rights that we have under this Agreement or by law, including the right to recover in full all amounts that you owe us on the Line of Credit.

37. If You Have Concerns or Would Like to Contact Us:

You can raise any concerns about your Line of Credit by contacting us at 1-888-464-3232 (English) or 1-866-464-3473 (French). If you experience a problem that can’t be resolved by our Associates, please contact the Client Response Group, Tangerine, 3389 Steeles Avenue East, Toronto, ON M2H 0A1 (Toll-Free Fax: 1-877-505-3240; Local Fax: 416-758-5297; Email: theclientresponsegroup@tangerine.ca). If you aren’t satisfied with our Client Response Group’s decision, please contact the Office of the Ombudsman, Tangerine, 3389 Steeles Avenue East, Toronto, ON M2H 0A1 (by telephone: 1-866-677-0547 or 416-497-4833, or by email: theombudsman@tangerine.ca). If you aren’t satisfied with our Ombudsman’s decision, you may contact the ADR Chambers of Banking Ombudsman, P.O. Box 1006, 31 Adelaide St. E., Toronto, ON M5C 2K4 (by telephone: 1-800-941-3655, by fax: 1-877-803-5127 or by email: contact@bankingombuds.ca).

At any time you can complain directly to the Financial Consumer Agency of Canada about a consumer protection matter, at 427 Laurier Avenue West, 6th Floor, Ottawa, ON, K1R 1B9 (Telephone: 1-866-461-3222 (English); 1-866-461-2232 (French); Fax: 613-941-1436) or go to fcac-acfc.gc.ca.

38. Interpretation:

When used in this Agreement, the term “including” means “including, but not limited to.”

39. Headings:

The headings to each section of this Agreement are added for convenience and don’t change the meaning of any provision of this Agreement.

40. Severability:

If any part of this Agreement is determined by any court to be illegal, unenforceable or invalid, that part will be severed from this Agreement and the remaining part of the Agreement will continue in full force and effect.

41. Binding Effect:

This Agreement is binding on us and our successors and assigns. It’s also binding on you, your heirs, your estate and your personal and legal representatives, including your executors, administrators and successors and any person to whom it’s assigned with our consent.

42. Survival:

Any provision of this Agreement relating to your responsibilities and liabilities or our rights and liabilities will survive the termination of this Agreement.

43. Language:

You have expressly requested that this Agreement and any related documents, including notices, be drawn up in English only. Vous avez expressément exigé que cette Entente et tout document, y compris tout avis, qui s’y rattache, soient rédigés en anglais seulement.

44. For Residents of the Province of Québec Only:

This clause is required by the Québec Consumer Protection Act and is only applicable to Québec residents with a personal Line of Credit Account: (Open credit contract)

If the consumer uses all or part of the credit extended to make full or partial payment for the purchase or the lease of goods or for a service, the consumer may, if the open credit contract was entered into on the making of and in relation to the sale, lease or service contract, and if the merchant and the open credit merchant collaborated with a view to granting credit, plead against the lender any ground of defence urgeable against the merchant who is the vendor, lessor, contractor or service provider.

The consumer may also, in the circumstances described in the first paragraph, exercise against the open credit merchant, or against the merchant’s assignee, any right exercisable against the merchant who is the vendor, lessor, contractor or service provider if that merchant is no longer active or has no assets in Québec, is insolvent or is declared bankrupt. The open credit merchant or the merchant’s assignee is then responsible for the performance of the obligations of the merchant who is the vendor, lessor, contractor or service provider up to the amount of, as the case may be, the debt owed to the open credit merchant at the time the contract is entered into, the debt owed to the assignee at the time it was assigned to him or the payment the open credit merchant received if he assigned the debt.
A consumer who is solidarily liable with another consumer for the obligations arising from an open credit contract is released from the obligations resulting from any use of the open credit account after notifying the merchant in writing that he will no longer use the credit extended and no longer intends to be solidarily liable for the other consumer’s future use of the credit extended in advance, and after providing proof to the merchant, on that occasion, that he informed the other consumer by sending him a written notice to that effect at his last known address or technological address.

Any subsequent payment made by the consumer must be applied to the debts contracted before the notice was sent to the merchant.
The consumer may demand that the merchant send, without charge, a copy of the vouchers for each of the transactions charged to the account during the period covered by the statement. The merchant must send the copy of the vouchers requested within 60 days after the date the consumer’s request was sent.

It is in the consumer’s interest to refer to sections 103.1, 122.1, 123, 123.1, 124, 126, 126.2, 126.3, 127 and 127.1 of the Consumer Protection Act (chapter P-40.1) and, if further information is necessary, to contact the Office de la protection du consommateur.

Other Questions? If you have any questions about the Line of Credit or this Agreement, you can call us during our regular business hours at 1-888-826-4374.

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