The following revisions have been made to the Commercial Card Terms effective:
December 07, 2023
Opening Paragraph and Section 1. Introduction
Minor edits were made throughout to provide better clarity and to delete the reference to provision of an updated Card Program Schedule with every change to the Card Program as the process has changed.
Section 2. Definitions and Interpretations
Minor edits were made throughout this section to provide better clarity, and the definition for “Authorized User” was added as it had been inadvertently deleted in the 2021 Commercial Card Terms update. As such, throughout the Terms, references to “Authorized User” were added where appropriate.
Section 5.4. Affiliate Participants
An additional subsection (b) was added to provide better definition for terms used in guaranty documents that reference back to the Terms.
Section 6.2(b). Virtual Card Relay Payments
This Section was edited to provide better clarity to the Virtual Card Relay Solution.
Section 10. Bank’s User of Third Party Service Providers
A sentence fragment was removed.
Section 23.2. Indemnity
A typo was corrected and language added releasing Organization from indemnification obligations in the event of the gross negligence or willful misconduct on the part of Bank.
Section 25. Notices; Communication with Organization
Bank address for notices was updated to align with Bank organizational changes and to align with the location of Bank’s corporate headquarters.
Section 28.4. Governing Law, Forum Selection, Service of Process and Waiver of Jury Trial
Governing Law and Venue were changed back to the Commonwealth of Virginia to align with Bank organizational changes and the location of Bank’s corporate headquarters.
Section 29. Card Program Rewards Program Terms
This Section was revised to remove references to forfeiture of Rewards and to add or elaborate upon the concepts of statement credits, credit balance refunds, limited redemption options, and notification of Rewards Program changes to align with operational updates.
Additionally, edits for the purpose of providing better clarity were made throughout the Section including changing all “Rebates” references to “Cash Back Rewards” as “Rebates” is a term no longer being used by Bank.