MULTI-USE AGRICULTURAL/COMMERCIAL
OR GOVERNMENTAL USE CREDIT AGREEMENT
TERMINOLOGY.
In this Agreement the words , , and mean each person and/or business
entity who applies for and is granted a multi-use account, including any co-applicant identified on the
application, as well as any person permitted to use the Account.
John Deere Financial, f.s.b., or
any subsequent holder of the Account or any balances arising under the Account. When the terms “finance
charge” and “interest charge” are used in this agreement and on other documents related to your account,
they have the same meaning.
MULTI-USE ACCOUNT.
You request a multi-use account from JDF, and further authorize JDF to issue a
multi-use account card to each merchant from whom you may make a purchase. By applying for a Preferred
Account, or by using a Merchant Authorized Account to make a purchase from a merchant who requests
JDF to open one for you, you agree that this Credit Agreement will apply to all purchases made through
your multi-use account by you or any person you authorize. You authorize JDF to honor any purchases you
make by mail, telephone, Internet, facsimile transmission (fax) or other electronic means on your Account.
You agree that a signature is not necessary as identification in such cases. You agree that any authorized
use of your Account constitutes your acceptance of all the terms and conditions of this Agreement, as it
may be amended from time to time. If you submit your application to JDF by Internet, facsimile transmission
(fax) or other electronic means, you agree that the application will have the same effect as a signed original.
You agree that you will promptly notify JDF in writing of any suspected loss, theft, or unauthorized use of
the Account. You may be liable for the unauthorized use of your multi-use account before you notify JDF
in writing at John Deere Financial, P.O. Box 5328, Madison, Wisconsin 53705-0328 of the unauthorized
use. In any case, your liability will not exceed $50. You agree to give JDF prompt notice of any change
in your name, mailing address, or place of employment. You agree that until JDF receives notice of your
new address, JDF may continue to send statements and other notices to the address you gave JDF on the
application for this Account. You agree that, for the purposes of this Agreement, you will be deemed to
“reside” in the state of your billing address as shown on JDF’s records. You consent and agree that your
telephone conversations with JDF may be recorded to further improve JDF’s customer service. You agree
that JDF and any affiliate and any retained debt collector may place phone calls to you using any telephone
number, including a mobile phone number, you have provided to JDF, any affiliate or any retained debt
collector, including calls using an automatic dialing and announcing device and prerecorded calls, and
that such calls are not “unsolicited” under state or federal law. If more than one person or entity signed
the application, each is jointly and severally responsible for all obligations, and amounts due, under this
agreement. This agreement is not binding on JDF until JDF has approved your credit and given you notice of
approval. If Maryland law applies, Subtitle 9 of Title 12 of the Maryland Commercial Law will apply.
ACCOUNT TYPE.
If your multi-use account arose through JDF’s purchase of your existing account balance
with a merchant, or at the request of one or more merchants, your Account may be classified as a
. Certain special features or promotions that JDF may offer from time to time may be
made available only to Preferred Accounts. Merchant Authorized Accounts are useable only at a merchant
who asked JDF to finance your purchases from them. JDF may, in its sole discretion, classify your account
as a Preferred Account. When JDF opens your Account, and on each monthly statement, JDF will indicate
whether your Account is either a Preferred or Merchant Authorized Account.
ACCOUNT USE.
By applying for or accepting a multi-use
,
you agree to use your Account
to make purchases for agricultural, commercial or governmental
use, and not for personal, family or household use. You agree to pay JDF all amounts charged by the use of
the Account, plus Finance Charges, and the other charges described below, as provided in this Agreement.
You agree that JDF is not responsible for the refusal of anyone to allow a purchase to be made through
your multi-use account.
CREDIT LIMITS.
JDF will establish and advise you of your credit limit(s) when JDF opens your Account and
on each monthly statement. JDF may, in JDF’s sole discretion, establish and advise you of a special terms
credit limit. JDF may also, in its sole discretion, establish separate additional credit limits with special
conditions. The special conditions of any special terms or additional credit limit will be disclosed to you
when JDF opens your Account, by a merchant at the time of purchase or on your monthly statement. Your
use of any such special terms or additional credit limit(s) shall constitute your agreement to any disclosed
special conditions.
You agree that JDF may increase or decrease your credit limit(s) at any time, in JDF’s sole discretion,
without prior notice to you.
You agree to promptly prepare and provide to JDF any financial and Account information that JDF may, in its
sole discretion, request from you.
MONTHLY STATEMENT.
JDF will send you a monthly statement whenever there is activity on your Account,
unless the only activity is a payment in full. Your monthly statement will show your New Balance, any
Finance Charge, any Late Fees, the Minimum Required Payment and the Payment Due Date. In addition, it
will show your Credit Limit(s), an itemized list of current Purchases, Payments, and Credits, as well as other
information concerning your Account. JDF will send your monthly statements on dates and in intervals
determined by JDF. Such statement shall be deemed correct and accepted by you unless JDF is notified to
the contrary in writing within 60 days of the date of that statement.
If you think your monthly statement is incorrect, write to JDF on a separate sheet at the address shown on
the back of your billing statement. Describe the error as best you can and include your Account number in
all correspondence.
PAY MEN T.
The Payment Due Date is the date the payment must be received at the address shown on the
front of your monthly statement. You may at any time pay your entire New Balance or pay more than the
Minimum Required Payment, and you may avoid or reduce Finance Charges by doing so. However, payment of
more than the Minimum Required Payment, while reducing your balance will not prepay your Account or be
applied against future Minimum Required Payments. If your Payment Due Date falls on a Saturday, Sunday or
holiday, the Payment Due Date will not be extended. All payments must be in U.S. dollars and drawn on funds
on deposit in the United States. Payments must be sent to John Deere Financial, at the address designated on
your monthly payment stub or to any other payment address JDF later designates on your monthly statement
payment stub.
FINANCE CHARGE RATES.
Finance Charges on your multi-use account may be calculated using
variable
rates
that will be determined by reference to a “
Base Rate.
” The
Base Rate
from which your variable rates
will be determined is the annual percentage rate of interest announced publicly from time to time by
Citibank, N.A., in New York, New York, as the base rate it uses for interest rate determinations, which was in
effect at the close of business on the fifteenth (15th) calendar day of each month, or the next succeeding
business day if the fifteenth is not a business day (“Reference Day”).
Finance Charges on your Account will be calculated by adding a “
Spread
” to the Base Rate to arrive at the
current rate. The
Spreads
added to the
Base Rate
to determine the
ANNUAL PERCENTAGE RATES (APRs)
that will apply to your Account will be:
Preferred Merchant Authorized
Spreads
11.9% 13.9%
Rate increases and decreases that result from changes in the Base Rate will take effect on the first day of
the month, or the next succeeding business day if the first day is not a business day, after the Reference Day
on which the Base Rate changes.
Changes in your variable rates will apply to your existing balance as well as to future purchases under your
Account. An increase in your rate will increase the total Finance Charge accruing on your Account and the
balance on which your Minimum Required Payment is calculated.
Currently effective rates are shown below:
The above rates are correct as of the date of printing, March 30, 2012, but are subject to change
after that date.
FINANCE CHARGE CALCULATION. FINANCE CHARGES
will accrue on your Account Balance as follows:
JDF will add a FINANCE CHARGE, calculated as shown below, if your New Balance is not paid in full on or
before the Payment Due Date. To avoid additional Finance Charges on purchases, you must pay the New
Balance in full on or before the Payment Due Date.
The amount of your
FINANCE CHARGES
will be determined as follows:
JDF uses the daily periodic rates and corresponding
APRs
shown in this Agreement. The applicable periodic
rate is applied to the “Average Daily Balance” of your purchases, including current transactions, during the
current billing cycle.
To get the “Average Daily Balance,” JDF takes the beginning balance of your purchases each day, starting
with any Previous Balance outstanding on the first day of the monthly billing cycle, adds new purchases and
debits, and subtracts payments or credits. This determines the daily balance. Unless JDF elects to use a later
date, purchases are added to the daily balance as of the date of purchase.
JDF totals the daily balances for the billing cycle and divides the total by the number of days in the billing
cycle. This gives JDF the “Average Daily Balance,” which is shown on your monthly statement. Finance
Charges may accrue on Special Promotions Transactions at a different rate, as explained in the Special
Promotions section of this Agreement.
DEFAULT FINANCE CHARGE RATE.
If you are in default, you may no longer qualify for any reduced interest
rate Special Promotions and you agree that, at JDF’s option, the APR applicable to any outstanding reduced
interest rate Special Promotion(s), may be increased to the APR described in this agreement.
A MINIMUM FINANCE CHARGE
of One Dollar will be made when the result of the application of the
periodic rate(s) to the “Average Daily Balance,” is less than One Dollar.
MINIMUM REQUIRED PAYMENT.
Except as provided below, you agree to pay each month a combined
Minimum Required Payment equal to:
1. Any late payment fee due;
plus
2. Any additional fees due;
plus
3. Any amount past due;
plus
4. For Purchases on your Account:
(a)
Either
the greater of: $25, or 10% of your New Balance (less any Conversion Balance {balances
transferred to John Deere Financial from a merchant’s accounts receivable} and less any Special
Promotions Transaction(s) balances on which no payment is due) if it exceeds $25;
(b) Or your entire New Balance (less any Conversion Balance and Special Promotions Transaction(s)
balances on which no payment is due), if it is less than $25.
5. The amount of any Special Promotions transaction that is due;
6. For Conversion Balances:
(a)
Either
the greater of: $25, or 10% of your Conversion Balance, if that balance exceeds $25;
(b)
Or
your entire Conversion Balance, if it is less than $25.
Daily
Periodic Rate(s)
Annual
Percentage Rate(s)
Preferred
Regular
Purchases
Merchant
Authorized
Purchases
Preferred
Regular
Purchases
Merchant
Authorized
Purchases
Rate:
0.041507% 0.046986%
15.15% 17.15%