Information accurate as of September 1, 2023

This is the Arvest Commercial Visa^® Credit Card Agreement (“Agreement”) under which ARVEST BANK, Fayetteville, Arkansas (“Issuer” or “we”), will issue to the company (“Company” or “you”) that agreed to the terms of this Agreement by its execution of the related application (”Application”) certain VISA^® credit cards and other access devices, including, without limitation, account numbers (each, a “Card” and collectively, “Cards”), for use by Company and its authorized employees to access credit in the course of Company’s business under the terms of the Application and this Agreement.

Issuer offers a corporate credit card program in which Company desires to participate. This Agreement is applicable to each of these business products: Visa^® Corporate Card, Visa^® Purchasing Card, and Visa^® ePayables program.

Company has designated in writing the employees authorized to use the Cards and may designate additional authorized employees in the future (each, an “Employee” and collectively, the “Employees”).

In consideration of Issuer issuing these Cards, Company and Issuer agree to the following terms and conditions:

1. Use of Cards. A Card may be used to make purchases (“Purchases”) from merchants honoring the Card. If requested by Company, loans (“Cash Advances”) may be obtained from any financial institution honoring the Card. Company hereby represents that it and its Employees will use the Card only for business purposes. Company shall be solely responsible for ensuring its Employees’ proper use of the Cards. Issuer will not be responsible for any merchant’s or financial institution’s failure or refusal to honor a Card. Company shall destroy all Cards immediately upon Issuer’s request.

2. Credit Limit and Account. Issuer will establish individual Employee accounts upon proper written authorization from Company, which accounts may be billed individually or as part of a central billing statement to Company (each, an “Account” or collectively, “Accounts”). The Accounts will be charged for Purchases, Cash Advances, Finance Charges, and all Other Fees, and will be credited for payments and other credits. Issuer has established an aggregate credit limit (“Aggregate Limit”) for the Company.

Company has also assigned individual Employee credit limits (“Individual Limits”) for each of the Accounts. The Employees have agreed that they will not exceed their Individual Limits. The total Purchases, Cash Advances, Finance Charges, and Other Fees outstanding at any one time may not exceed the applicable Individual Limits or the Company’s Aggregate Limit. Issuer may, however, in its sole discretion, honor charges in excess of the Employees’ Individual Limits or the Company’s Aggregate Limit, and this Agreement shall apply to such excess. In such event, Company agrees to pay, on the earlier of demand or the Payment Due Date (as hereinafter defined), all credit extended in excess of the Employees’ Individual Limits or the Company’s Aggregate Limit. If Company exceeds its Aggregate Limit or an Employee exceeds his or her Individual Limit, Company agrees to pay an Over Limit Fee (as hereinafter defined).

3. Promise to Pay. Company promises to pay Issuer, at its designated address, all Purchases and Cash Advances charged to the Accounts plus interest (“Finance Charge”) on such Purchases and Cash Advances and any other amounts due, all in U.S. Dollars and in accordance with the terms of this Agreement. To avoid being in default, Company must pay Issuer at least the minimum payment (“Minimum Payment”) shown on the monthly statement for each Account by the Payment Due Date. The Minimum Payment for each Account is calculated for each billing cycle and will be the greater of either $15 or 3% of the New Balance shown on the billing statement (“New Balance”); provided, that, if the New Balance is less than $15, Company must pay the balance owed. If any Other Fees (as described below) have been posted to the Account(s), the applicable fees will be included in the New Balance for purposes of calculating the normal Minimum Payment. If there are any amounts shown past due (“Past Due”) on the monthly statement, the Minimum Payment will include the amount determined by the normal Minimum Payment calculation plus the Past Due amount. Company must pay at least the Minimum Payment by the payment due date shown on the monthly statement (“Payment Due Date”), which is 25 days after the closing date shown on the monthly statement. For bi-weekly or weekly billing, your due date is at least two (2) days after the close of each billing cycle. For monthly or bi-weekly billing, Company agrees to pay a late fee (“Late Fee”) if Company does not pay at least the Minimum Payment on or within ten (10) days after the Payment Due Date. For weekly billing, Company agrees to pay a late fee (“Late Fee”) if Company does not pay at least the Minimum Payment on or within seven (7) days after the Payment Due. If Company is sent a central billing statement, that billing statement will reflect an aggregate Minimum Payment for all of the Accounts.

4. Finance Charge for Purchases. No Finance Charge will be imposed on Purchases if Company pays the New Balance shown on each statement in full by the Payment Due Date. If Company does not pay the New Balance in full by the Payment Due Date, a Finance Charge will be imposed on Purchases and determined by multiplying the average daily balance subject to Finance Charge for Purchases by the “Annual Percentage Rate” described below (“Purchase Finance Charge”).

5. Finance Charge for Cash Advances. Company shall pay a Finance Charge on all Cash Advances from the transaction date to the day the full payment is posted to the Account (“Cash Finance Charge”). Cash-like transactions, as described under the “Cash Advance Fees” section below, are considered Cash Advances and are subject to the Cash Finance Charge. If Company pays the Cash Advance balance in full, the Cash Finance Charge(s) that Company owes for the period from the last cycle closing date to the date payment is credited will appear on the next billing statement. The Cash Finance Charge will be determined by multiplying the average daily balance subject to Cash Finance Charge by the “Annual Percentage Rate for Cash Advances” described below.

6. Annual Percentage Rate. The Annual Percentage Rate (“APR”) applicable to your Account is shown on the account opening disclosures (“Disclosures”).

If the APR applicable to your Accounts is a variable rate, we calculate the APR by adding a percentage to the highest U.S. Prime Rate published in The Wall Street Journal (“WSJ”) on the last day of each month (“Prime Rate”). If the WSJ is not published on that day, we use the Prime Rate published in the immediately preceding edition. If the WSJ ceases publication or to publish the Prime Rate, we may use the Prime Rate published in any other newspaper of general circulation, or we may substitute a similar referenced rate at our sole discretion. The percentage added to the Prime Rate is shown on the Disclosures. A variable APR can either increase or decrease as the Prime Rate changes. A change in a variable APR will be effective for the billing cycle that ends in the second month after the Prime Rate changes. We use the APR to determine your Finance Charge on any outstanding balance you have not paid in full by the Payment Due Date. If the APR increases, your payment amount, and the Finance Charge may also increase. A variable APR applicable to your Account(s) can change each billing cycle. Your APR will not be higher than applicable state usury laws allow.

7. Application of Payments. Payments received Monday through Friday at any Issuer branch during branch hours will be credited the day they are received. If the Payment Due Date falls on a Saturday, Sunday, or a legal holiday, we will consider the payment to have been made on time if received by us on the next business day. Payments received by mail by 5 p.m., Central Time, will be credited on that business day. Although credit for payments will not be affected, we may delay increasing your available credit by the amount of any payment for up to ten (10) days following receipt of such payment. All payments shall be generally applied to your Account(s) for payment of the following items in the following order:

   a.    Cash Finance Charge
   b.    Purchase Finance Charge
   c.    Miscellaneous Charges
   d.    Old Cash Balance
   e.    Old Purchase Balance
   f.    Current Cash Advances
   g.    Current Purchases

However, we reserve the right to apply payments in any manner we choose

If you make an overpayment, we will credit the excess to your Account unless you request that we send you a check for the amount of the overpayment.

8. Other Fees. In addition to the charges specified above, Company agrees to pay the following fees which will be added to the Accounts (collectively, the “Other Fees”):

(a) Annual Fee. Any annual fee shown on the Disclosures;

(b) Returned Payment Fee. We will charge your Account a returned payment fee, as indicated on the Disclosures, each time a check or electronic payment cannot be processed or is not honored even if the payment is honored after we resubmit it. This fee will never exceed the Minimum Payment that was due immediately prior to the date on which the payment was returned to us;

(c) Over Limit Fee. We will charge an over limit fee as shown on the Disclosures. This fee is per Account in the event Company exceeds its Aggregate Limit or, in the event of an Employee paying an Account directly, the Employee exceeds his or her Individual Limit;

(d) Late Fee. For monthly or bi-weekly billing, we will charge a Late Fee, as disclosed on the Disclosures, per Account if Company or an Employee does not pay at least the Minimum Payment on or within ten (10) days after the Payment Due Date. For weekly billing, we will charge a Late Fee as disclosed on the Disclosures, per Account if the Company or an Employee does not pay at least the Minimum Payment on or within seven (7) days after the Payment Due Date. This fee will never exceed the Minimum Payment that was due immediately prior to the date on which the fee was assessed;

(e) Cash Advance Fee. We will charge a Cash Advance Fee, as shown on the Disclosures, in addition to the Cash Finance Charge. We will charge Cash Advance Fees on cash-like transactions made with your Card.  Cash-like transactions include purchases of traveler’s checks, money orders, foreign currency, lottery tickets, casino and similar in-person betting transactions, and wire transfers, and;

(f) Foreign Exchange/Currency Conversion. When you use your Card to make a Purchase or Cash Advance, or when you receive a credit in a foreign currency, the transaction will be converted into a U.S. dollar amount by VISA using their currency conversion procedures, and then they will send us the transaction amount. The exchange rate will be determined using either the range of rates available in the wholesale currency markets for the processing date (which may be different from the rate VISA receives) or a government-mandated rate in effect on that date. The exchange rate used by VISA may differ from the rate on the date of your transaction. If you receive a credit on a different day than the original transaction date, the exchange rate of the credit could be different from the original transaction amount. Foreign purchases may include online purchases from foreign merchants. You agree to accept the converted amount in U.S. dollars;

(g) Foreign Transaction Fee. We will charge a foreign transaction fee, as stated on the Disclosures, in addition to the currency conversion.

9. Billing Statements. At Company’s option, Issuer will send to Company a central billing statement at the end of each billing cycle selected by Issuer setting forth the payment(s) due Issuer and other information on each of the Accounts. If Company does not request a central billing statement, each Employee will receive a billing statement for the Account assigned to that Employee. Company agrees to examine each billing statement immediately upon receipt and to report any inaccuracies in debits, credits or computations to Issuer in writing within sixty (60) days of the billing date.

10. Company Responsibility. Company will be legally obligated to pay for Purchases, Cash Advances, Finance Charges and all Other Fees incurred by Company and its Employees. Subject to applicable law, Company will be liable and obligated to pay for all Purchases and Cash Advances made by use of the Cards, whether or not such use was authorized and whether or not there was actual, implied or apparent authority for such use. Company will be liable for all amounts incurred (whether billed or unbilled) prior to the time that (a) Company has contacted Issuer verbally (and confirms such verbal notification in writing within five (5) business days) advising Issuer that an Employee is no longer authorized to use the Card, AND (b) Company takes possession and destroys the Card issued to such Employee.

11. Restrictions on Use of Expired or Revoked Card(s). Company must not use or permit others to use any Card after it has expired or been canceled or revoked. Company agrees to surrender and shall cause an Employee to surrender any expired, canceled, or revoked Card upon Issuer demand or upon demand of any person or financial institution to whom Company or such Employee has presented the Card.

12. Unauthorized Use, Lost and Stolen Cards. Company agrees to notify Issuer in writing if a Card is lost or stolen or if Company suspects a Card is being used without Company’s permission. Telephoning Issuer at (800) 356-8085 will reduce the chances of a loss. Company may also contact us at www.arvest.com, or write to us at P.O. Box 6139, Norman, Oklahoma 73070. 

13. Liability for Unauthorized Use. Notwithstanding the provisions of Section 10 of this Agreement, Company will not be liable for any unauthorized use of the Cards that occurs after Company notifies Issuer at P.O. Box 6139, Norman, Oklahoma 73070 ((800) 356-8085), orally (with the confirmation required by Section 10) or in writing, of the loss, theft, or possible unauthorized use. For purposes of this Agreement, “unauthorized use” means the use of the Cards for which Company receives no benefit by persons other than those persons who Company advises Issuer in writing are authorized to use the Cards. Company agrees that usage of Cards by Employees holding valid Cards are with either actual, implied or apparent authority.

14. Default. The entire indebtedness due to Issuer under this Agreement shall, at Issuer’s option, without notice or demand, be immediately due and payable upon the occurrence of any of the following events: (a) Company’s failure to pay when due any amounts owing under this Agreement; (b) Company’s failure to comply with any other terms and conditions of this Agreement; (c) Company’s or any guarantor’s insolvency or bankruptcy; (d) the death of the sole proprietor or partner of any partnership, if Company is a sole proprietorship or partnership; (e) the appointment of a receiver for Company’s property; (f) the receipt of notice that any guarantor of Company’s obligations hereunder has withdrawn from future liability on the guaranty; or (g) Issuer deems itself insecure as to Company’s ability to pay all sums due under this Agreement. Issuer, in addition to any rights available to it under applicable law, shall have the right to setoff without notice all moneys owed by Company to Issuer against any of Company’s or its guarantors’ accounts maintained at Issuer. If an attorney is used to enforce or collect amounts due hereunder, Company shall be obligated to pay reasonable attorneys’ fees and any court costs due.

15. Change In Business. Company agrees to provide Issuer at least sixty (60) days’ prior written notice of its intent to (a) transfer or sell 10% or more of its total stock/equity interests or assets or liquidate; or (b) change the basic nature of its business. Notice shall be sent to Arvest Bank, P.O. Box 6139, Norman, Oklahoma 73070.

16. Credit Information. Company agrees to furnish Issuer with annual financial statements and other information from time to time (a minimum of at least once a year) at Issuer’s request. Company will promptly notify Issuer in writing of any material change in its financial condition. Company authorizes Issuer to furnish information concerning Company’s performance under this Agreement to third parties, including credit reporting agencies and Issuer’s affiliates.

17. Rights; Delay in Enforcement. Each right granted to Issuer by this Agreement or by law shall be cumulative and not exclusive, and Issuer may exercise each such right from time to time as necessary. Failure or delay of Issuer to enforce any provision of this Agreement shall not be deemed a waiver of such provision, and Issuer is not stopped from enforcing any such provision at a later time. Any waivers hereof must be in writing and signed by Issuer. Acceptance of any payments shall not waive or affect any prior demand or acceleration of the liabilities. Issuer may release any party to this Agreement without notice to any co-makers, sureties, guarantors, or assigns, and without affecting the liability of any party hereto. Issuer may sue one or more of the parties hereto without suing the others.

18. Consumer Disclosures. Company represents that the Cards and the related Accounts are to be used for business purposes only and acknowledges that consumer protection laws and regulations, including, without limitation, the Truth-in-Lending Act and Regulation Z, do not apply to this Agreement or the Purchases or Cash Advances made by use of the Cards. Company understands that Issuer may furnish it with printed material utilized by Issuer in connection with consumer credit card accounts which are governed by agreements and provisions of law different from those applicable to this Agreement. Company agrees to be bound by the terms of this Agreement notwithstanding any language inconsistent with any provision hereof which may appear on any such printed material.

19. Illegal Transaction. A Card may not be used for any illegal transaction or purpose, or for any gambling transaction conducted through the Internet.

20. Amendment Notices and Termination. Issuer has the right to amend this Agreement at any time upon written notice to Company, subject to any applicable state or federal notice requirements. Any change in Account terms or amendments to this Agreement shall apply both to any Purchases or Cash Advances after the effective date of such change and to any unpaid balance on Account(s) on the effective date of such change. Any notices required to be given by Issuer to Company shall be deemed given when deposited in the U.S. mail, postage prepaid, addressed to Company at the address shown on Issuer’s records. Company agrees to notify Issuer promptly of any changes in Company’s address. Company may notify or contact Issuer for reasons other than making a payment or regarding a billing error at: Arvest Bank, P.O. Box 6139, Norman, Oklahoma 73070. Issuer can accept changes of address from the U.S. Postal Service. Privileges granted hereunder can be terminated and/or limited at any time by Issuer, in its sole discretion, for any reason whatsoever, without prior notice; provided, that Issuer will attempt to notify Company promptly of any such termination or limitation. Any requests for Cash Advances or Purchases made or received by Issuer after termination or limitation may be returned to Company. On or before the effective date of termination, Company shall surrender to Issuer all Cards issued hereunder (cut in half for safety). Termination or limitation of privileges granted hereunder shall not affect Company’s obligations to pay any amounts due Issuer or otherwise becoming due under this Agreement.

21. Assignment. The provisions of this Agreement shall be binding upon, and shall inure to the benefit of, each of the parties hereto and to their respective successors and assigns. It is understood, however, that Company cannot assign its rights under the Agreement without the express written consent of Issuer. Issuer may transfer its rights and obligations under this Agreement and may sell or otherwise transfer amounts due or becoming due from Company hereunder in whole or in part at any time. In such event, this Agreement remains in full force and effect until such time (if any) that it is amended in accordance with Section 20 hereof.

22. Governing Law. This Agreement and all transactions hereunder will be governed by the laws and applicable regulations of the State of Oklahoma and the United States. Company will not be held liable for Finance Charges or other fees and charges greater than the maximum allowed by the law that applies.

Arvest Commercial Visa® Credit Card Terms & Conditions 

Information regarding costs of the cards described in this application accurate as of September 1, 2023. This information may change after that date. To find out what may have changed, call us at (855) 250-8505, write to us at PO Box 6139, Norman, OK 73070, or visit arvest.com/businesscards.

The chart below is accurate for each of these business products: Visa^® Corporate Credit Card, Visa^® Purchasing Credit Card, and Visa^® ePayables program.

Business Credit Card Interest Rates & Interest Charges

Business Credit Card Fees

Arvest Commercial Visa® Credit Card Agreement: For existing cardholders, to request a copy of your Arvest Commercial Visa® Credit Card Agreement, please call us at (855) 250-8505 or write to us at PO Box 6139, Norman, OK 73070.

Billing Rights: Information on your rights to dispute transactions and how to exercise those rights is provided in your Arvest Commercial Visa® Credit Card Agreement.

*Your application is a request for an Account with either Elite or Premier Business Pricing. We will first consider you for the pricing with the lowest rates. We determine your APR based on a review of your application and credit history.