TERMS OF APPLICATION

Important: Please read these terms, which form part of this Application.

Each of the Business and the owner/partner whose personal information is contained in the Application agreed to by the Business:

  1. certifies the information provided in this Application is accurate and complete and acknowledges you will be relying on such information,

  2. agrees, if requested, to provide you with additional information,

  3. agrees to the terms and conditions of this Application, including the Collection and Use of Information clause below, and

  4. agrees to be jointly and severally (in Quebec, solidarily) liable with the Business and its owners/partners to you for the reimbursement of the Loans once they are approved by you. Each of the officers of the Business agreeing to this application declares to be authorized to agree on behalf of and bind the Business.

If the Business has more than one owner/partner and I agree to the Application as an additional owner/partner, I:

  1. confirm the accuracy of the information contained in the Application agreed to on behalf of the Business,

  2. agree to the terms and conditions of this Application, including the Collection and Use of Information clause below, and

  3. agree to be jointly and severally (in Quebec, solidarily) liable to you, together with the Business and any owner/partner who has agreed to an Application, for the reimbursement of the Loans once they are approved by you.

Each of the Business and the owner/partner whose personal information is contained in the Application agreed to by the Business and if the Business has more than one owner/partner, each of the owner(s)/partner(s) who agrees to the Application as an additional owner/partner (each individually referred to as a "Party" ):

  1. agrees that you will be entitled to rely on any signature appearing on a facsimile transmission that purports to be a signature of the Party or of a representative of the Party as being authorized, valid and binding on the party, even if the signature was not, in fact, signed by the Party or its representative,

  2. agrees to keep originals of all documents and instructions transmitted to you by facsimile and will produce them to you on request, and

  3. agrees that a copy of a document transmitted by facsimile shall be admissible as evidence of its contents and its execution by the parties in the same manner as an original document, and expressly waives any right to object to its introduction in evidence, including any right to object based on the best evidence rule.

In this Application: "Business", "us" and "our" mean the business entity whose name appears in the Application agreed to by the Business; "I", "me" and "my" mean the owner/partner(s) agreeing to this Application; and "you" and "your" mean Royal Bank of Canada.

The Application which contains the Business information must be agreed to by the authorized signing officer(s) of the Business AND by the owner/partner whose personal information is contained in the same Application.

If the Business has more than one owner/partner, each additional owner/partner must complete the "About the Owner/Partner(s)" sections Application and submit it with the Application agreed to by the Business.

LOAN SPECIFIC TERMS


RBC Royal Bank Visa CreditLine for Small Business Card

  1. If a RBC Royal Bank Visa CreditLine for Small Business ("CLSB") card has been requested, then the Business is the "Applicant" and the owner/partner whose personal information is contained in the Application signed by the Business is the "Cardholder". The Applicant and the Cardholder:

    1. request you to open a CLSB account in the Applicant's name, issue a card to the Cardholder and renew and replace the card periodically,

    2. agree to comply with the RBC Royal Bank Visa CreditLine for Small Business Cardholder Agreement (the "Agreement") you will send to the Cardholder when you issue, renew or replace his/her card,

    3. agree to be jointly and severally (in Quebec, solidarily) liable to you for all amounts owed to you under the Agreement and,

    4. agree that if the Cardholder signs, uses or accepts his/her card, or the CLSB account is used, it will mean that the Applicant and the Cardholder have received and read the Agreement and have understood and agreed with you to everything written there.

    INTEREST RATE

    The Interest rate is the annual interest rate calculated by adding a premium of 0.9%, 1.9%, 2.9%, 3.9%, 4.9%, 5.9% or 6.9% to Royal Bank of Canada's Prime Interest Rate++. We will tell you what your initial premium is in a notice we will send together with your cards and may advise you of changes to that premium from time to time. The interest rate is calculated using the "Prime Interest Rate" in effect on the first Business Day of the month falling within the period covered by an account statement.

    ++ "Prime Interest Rate" means the annual rate of interest announced by Royal Bank of Canada from time to time as a reference rate then in effect for determining interest rates on Canadian dollar commercial loans in Canada and "Business Day" means a day on which the Royal Bank of Canada's main branch in Toronto, Ontario is open for business.

    MINIMUM PAYMENT

    It will normally be $100 plus the Interest and the Fees. If the outstanding balance is less than $100 or less than the calculated Minimum Payment, the outstanding balance will be the Minimum Payment. Any past due amounts will also be included in the Minimum Payment.

    RBC Royal Bank Visa Business Card

  2. If a RBC Royal Bank Visa Business Card has been requested:

    TO: Royal Bank of Canada

    Please open an RBC Royal Bank Visa Business Card Account (the "Account") in the name of the business Applicant, issue an RBC Royal Bank Visa Business Card (the "Card") on the Account to each Cardholder (as herein requested by the business Applicant), and renew and replace Cards periodically.

    The business Applicant and each business Owner certify that all information supplied to Royal Bank of Canada ("you") in this Application is true and complete and acknowledge that you will be relying on that information in connection with this Application and your on-going dealings with us.

    If a Cardholder signs, activates or uses their Card or their Account it will mean that we have received and read the RBC Royal Bank Visa Business Agreement and agree to and accept all of its terms.

    We will be jointly and severally (in Quebec, solidarily) liable to you for all Debt charged to the Account, no matter how it is incurred or who has incurred it and even though you may send Account statements to the business Applicant and not to any business Owner identified on this Application who may or may not also be a Cardholder - however, you will provide Account statements or other information about that Debt to any business Owner who has signed this Application at their request.

    You acknowledge and agree that you are required to provide a copy of the RBC Royal Bank Visa Business Agreement to each Cardholder prior to the issuance of any Card which outlines the Cardholder's responsibilities with respect to the use of their Card.

    Card Name Interest Rate Annual Card Fee Grace Period
    Visa Business 19.99% $12 for each card 21 days
    Visa Business Avion 19.99% $120 for first card / $50 for each supplementary card 17 days

    MINIMUM PAYMENT

    $10.00 or 3% of our New Balance as shown on the current Account Statement, whichever is higher, by the Payment Due Date shown in order to keep the Account up-to-date. If our new balance is less than or equal to $10, then we are required to pay the New Balance in full. Any past-due amounts will continue to be included in our Minimum Payment Amount.

    RBC Royal Bank Lease

  3. If a Lease under $50,000 has been requested, then each of the Business and I:

    1. acknowledge that you use an agent to process this Application, and consent to you and that entity disclosing information about the Business and I to each other, and consent to that entity, acting on your behalf to process this Application, collecting and using information about the Business and I in the ways which you are allowed to collect and use such information, and

    2. acknowledge that if approved, that entity will assume in its own right all obligations under this Application, and will be providing me/us directly (not as your agent) with a lease agreement for my/our consideration.

Collection and Use of Information:

From time to time,

  1. You may collect credit and other financially-related information (including information related to my transactions and those of the Business) about me and the Business ("Information") from me and the Business, from service arrangements that either the Business or I have made with or through you, from credit bureaux and other financial institutions, and from references that either the Business or I have provided to you; This could include:

    • information establishing our identity (for example, name, address, phone number, date of birth, etc.) and our background;

    • information related to transactions arising from our relationship with and through you, and from other financial institutions;

    • information we provide on an application for any of your products and services;

    • information for the provision of products and services;

    • information about financial behaviour such as our payment history and credit worthiness.
  2. You may use Information as follows:

    1. give it to credit bureaux, to other financial institutions, to persons with whom the Business or I have or may have financial or other business dealing and, with my consent or the consent of the Business, to other parties,

    2. to determine my financial situation or the financial situation of the Business,

    3. to provide either me or the Business with the services either the Business or I request from you, and

    4. give it to anyone who works with or for you, but only as needed for providing the services either the Business or I request from you. You may use my social insurance number for income tax reporting purposes if I have given that number to you; and
  3. You may also use Information for the following purposes:

    1. to promote your services to me and the Business and add it to client lists you prepare and use for this purpose, and

    2. share it with other members of RBC Financial Group® (where the law does not prohibit this) so that they may promote their services to me and the Business. You may also use my social insurance number as an aid to identify me with credit bureaux and other financial institutions for credit history file matching purposes.

We understand that you and each RBC company are separate, affiliated corporations. Other RBC companies include your affiliates which are engaged in the business of providing any one or more of the following services to the public: deposits, loans and other personal financial services; credit, charge and payment card services; trust and custodial services; securities and brokerage services; and insurance services.

Our right to access our information: We may obtain access to the information you hold about us at any time and review its content and accuracy, and have it amended as appropriate; however, access may be restricted as permitted or required by law. To request access to such information, to ask questions about your privacy policies or to request that the information not be used for any or all of the purposes outlined in "Other uses of Our information", we may do so now or at any time in the future by:

We may choose not to have this information shared or used for any of these other uses by contacting you as set out below, and in this event, we will not be refused credit or other services just for that reason. You will respect our choices and as mentioned above, our choices will be communicated to companies under RBC Financial Group to ensure that they are respected.

Either the Business or I may tell you to stop using Information in the ways described in (c) at any time by contacting my branch or the branch of the Business or by calling you toll free at 1-800-769-2520 (in the case of the Business) or 1-800-769-2511 (in my case).

You acknowledge that the use of the Information in the ways described in (c) is at my option or at the option of the Business, as the case may be, and that neither the Business or I will be refused credit or other services just because the Business or I has told you to stop using it in those ways.

For the purposes of (c) (ii), other members of RBC Financial Group include your affiliates which are engaged in the business of providing any one or more of the following services to the public in Canada: deposits, loans and other personal financial services; credit, charge and payment card services; trust and custodial services; securities and brokerage services; insurance services.

If either the Business or I is no longer your client, you may keep Information in your records so long as it is needed for the purposes described in (b) above. The Business and I consent to, and accept this as prior written notice of, your obtaining a credit report or other Information about me or the Business from time to time.

You publish a brochure about client privacy - "Straight Talk About Client Privacy" - which outlines some matters relating to Information (eg. where it is stored, how to verify or correct it, etc.). A copy of this brochure may be obtained at any of your branches in Canada or by calling you at the toll-free number shown above or by visiting your website at www.rbc.com/privacysecurity.