American Express® Line of Credit Terms & Conditions
New Zealand April 2005

American Express Line of Credit Terms and Conditions of Use

These Conditions constitute your agreement with Centurion Finance Limited governing your use of an American Express Line of Credit. By requesting the opening of an American Express Line of Credit and by activating your American Express Line of Credit, you will be agreeing with Centurion Finance Limited to these Conditions. These Conditions do not contain all the conditions of your agreement with us. Further conditions and information are contained in the Financial Table and form part of these Conditions.

1. Definitions
In these Conditions the words “you” and “your” mean the person or Company in whose name an American Express Line of Credit has been opened. The words “we”, “our” and “us” refer to Centurion Finance Limited of 67-69 Symonds Street, Auckland 1001.
“Account” or “Line of Credit Account” means an American Express line of credit opened by us, for use by you as requested by you.
The term “Card” refers to the American Express Card issued to you by American Express International (NZ), Inc., (“American Express”), 67-69 Symonds Street, Auckland 1001, the use of which is governed by the terms and conditions under which it was issued.
“Company” means an organisation, firm, business partnership or corporate entity.
“ATM” means an automatic teller machine approved by us for use by you with your American Express Card. "Cash Advances" refers to cash obtained from ATMs.
“Supplementary Card” means an American Express Card issued at your request to a third person, the Supplementary Cardmember.
“Statement” means a monthly statement sent by us to you at your last notified address which will contain all details of dealings by you and/or any Supplementary Card on your Account.

2. Opening an American Express Line of Credit
On receipt of your request for an American Express Line of Credit and confirmation from American Express of your Card application acceptance we shall open an Account in your name to enable you to make deposits and withdrawals of monies through the Account.

3. Deposits
All monies deposited will be credited to your Line of Credit
Account and shall be held by us on an on-demand basis.
(Cheque deposits are subject to verification and clearance through the banking system).

4. Withdrawals
You acknowledge and agree that we can debit your Account in respect of the receipt by us of a withdrawal voucher signed by you or by your authorised agent, or upon a withdrawal of monies from an ATM on use of your Card or any Supplementary Card together with the personal identification number (PIN) issued to you, or upon any cheque made payable by you to Centurion Finance Limited or American Express International (NZ), Inc., being dishonoured, and upon any
transfer of funds from your Line of Credit Account to your nominated bank account.

5. Insurance
We identify insurance providers and products that may be of interest to some of our cardmembers. In this role, we do not act as an agent or fiduciary for you, and we may act on behalf of the insurance provider, as permitted by law. We want you to be aware that we receive commissions from providers and
commissions may vary by provider and product. Also, in some cases, an American Express entity may be the reinsurer and may earn reinsurance income. The arrangements we have with certain providers, including the potential to reinsure products, may also influence what products we identify. We do not
require you to purchase any insurance product, and you may choose to cover your insurance needs from other sources.

6. Foreign Currency Withdrawals and Cash Advances
All foreign currency withdrawals and Cash Advances have been converted into New Zealand Dollars on the date we processed the withdrawal or Cash Advance. Non-U.S. Dollar Charges have been converted through U.S. Dollars, by converting the withdrawal or Cash Advance amount into U.S. Dollars and then by converting that U.S. Dollar amount into New Zealand Dollars. U.S. Dollar withdrawals and Cash Advances have been converted directly into New Zealand Dollars.
As agreed, unless a specific rate was required by law, the American Express treasury system has used conversion rates based on interbank rates (selected from customary industry sources) from the business day prior to the processing date, increased by a single currency conversion commission of 2%.Any withdrawals or Cash Advances converted by third parties prior to being submitted to us have been at rates selected by them.

7. Overdraft Facility And Account Balance
On the opening of your Account we shall advise you of the amount of overdraft available to you. Such overdraft may be varied by us at any time on notice to you.
When your Account is in overdraft the outstanding balance is repayable by you to us on demand. You acknowledge and agree that such demand for payment made by us can be sent by post to you at your last known address.

8. Interest
You acknowledge and agree that interest shall be payable by you on any debit balance on your Account, the Interest is to be calculated on a daily basis at the Annual Percentage Rate determined by us. We may change the Annual Percentage Rate from time to time
and notify you on your Account Statement, or in writing to your last known billing address or published in major newspapers, or in any other manner allowable or required by law. The Annual Percentage Rate at the commencement of this agreement is set out in the Rates & fees table online.

9. Account Repayments
You must pay us the minimum payment and past due amounts shown in each monthly statement. We calculate the minimum payment as set out in the Financial Table.
The minimum payment due date is shown on the statement. Past due amounts must be paid to us immediately after you receive the statement (even though the minimum payment is due later).
You may, if you wish, without penalty:
      1. pay us more than the minimum payment;
      2. pay us the minimum payment before it is due (including by making a number of partial payments).
Failing payment by you of the requisite minimum payment, an overdue account fee may be debited by us to your Account on the unpaid minimum payment at a rate of interest as determined by us from time to time and notified in advance.
Similarly if you exceed your approved overdraft in your Account, an overlimit fee will also be debited by us to your Account on the amount of the excess, at a rate of interest as determined by us from time to time.
Should any minimum payments not be received by us, we may also suspend all activity on the Line of Credit Account and any Card Accounts you hold, without notice to you.

10. Account Fees
You agree to pay us fees relating to the issue or use of your Account and any related services when they are due for payment. These include, by way of example but not by way of limitation Cash Advance fees and Facility Fees. The amounts of fees payable by you are set out in the Financial Table.
You agree to pay all reasonable expenses incurred by us in the event of the dishonour of any cheques paid by you to your Account and all legal expenses incurred by us in recovering or attempting to recover amounts due to us on your Account pursuant to these Conditions.

11. Monthly Statement
Once a month we will send you or make available a statement for each statement period during which there is any activity or balance outstanding on your Account.
The statement will, where applicable and amongst other things:

• identify debits, credits, adjustments, fees and all other charges to your Account during the statement period
• disclose interest charges, statement date, opening balance, closing balance, overdraft limit, overdraft available at statement date, minimum payment due and its due date
• disclose any past due amounts.

13. Liability
Where you have applied for a Card and any other persons have applied with you for a Supplementary Card and a request made by you for an Account, you shall be liable for all debit balances appearing in your Account until payment in full is made.
The Supplementary Cardmember shall be deemed to be an authorised user of the Account opened for your benefit, in your name, and entitled to operate the Account in all respects as you are entitled to.

14. Supplementary Card Operation of Account
The Supplementary Cardmember shall be deemed to be an authorised user of the Account opened for your benefit, in your name, and entitled to operate the Account in all respects as you are entitled to.

15. Express Cash^TM
This clause 15 constitutes the agreement between you and American Express International (NZ), Inc. for Express Cash Services. In order to participate in this programme, you must have an Account with Centurion Finance Limited.

a) Scope of Agreement
This Agreement covers your participation in the Express Cash Programme offered by American Express (the "Programme").
The Programme enables you and, if you wish, your Supplementary Cardmembers, to use your Card to obtain Cash Advances from ATMs operated by any bank or other financial institution that participates in our Express Cash Network.
b) Personal Identification Number (PIN)
We issue you with your own PIN. Each time you wish to use your Card in an ATM, you must enter your PIN in the machine after inserting your Card. You must take all reasonable precautions to prevent any other person from learning your PIN or using your Card. For example, you should never keep any
record of your PIN with your Card or with any article which is carried with your Card or which is likely to be lost or stolen at the same time as your Card.
c) Limits on Cash Advances
A periodic cash limit, set out in the Financial Table, applies to all Cash Advances. We may vary that limit or impose other limits at our discretion, based upon the status of your Account. Also, the bank or other financial institution which operates an ATM may impose its own transaction limits for security reasons or otherwise.
Notwithstanding our restrictions on the amount and frequency of withdrawals to be debited to your Account you acknowledge and agree that at no time by an ATM withdrawal will you exceed your overdraft available to you on your Account.
d) Payment for Cash Advances
Each time you obtain a Cash Advance from an ATM you authorise us to debit your Account with the New Zealand dollar value of the transaction plus applicable charges. The Terms and Conditions relating to your Account shall apply to all sums debited to your Account by your use of your Card under this Programme.
e) Liability for Unauthorised Transactions and Advisability of Prompt Reporting
You must advise us immediately if you believe your Card or your PIN has been lost, stolen or used without your permission.
If your Card is lost in New Zealand, telephone Cardmember Services. If your Card is lost overseas notify your nearest American Express Travel Service or Representative Office.
You are liable for all electronic fund transfers initiated by you, and for electronic fund transfers where your Card and/or PIN have been made available to and used by another person. All such use of your Card will be treated as authorised use.
Your liability in the event of unauthorised use shall not exceed the balance of your Account (including any prearranged credit).
f) In Case of Errors or Questions About Your Transaction
Write or call us as soon as you can if you think your statement or receipt is wrong or if you need more information about a transaction listed on your statement or receipt.
g) Termination or SuspensionWe may also revoke or suspend your right to participate in the Express Cash Programme at our discretion. You may terminate your participation in the Programme but must do so by writing to us.
Your right to participate in the Programme will also be terminated if your Card and/or Line of Credit Account are cancelled for any reason.
h) Binding Agreement
Your signature on the Acceptance Form constitutes acceptance of the agreement contained in this clause 15.
i) Law
The provision and use of the Express Cash Service as construed in the agreement shall be regulated in accordance with New Zealand law.
j) Withdrawals
Any withdrawals by you with your Card in an ATM will be debited to your American Express Line of Credit, and this recording by us will be conclusive and binding in the absence of a material error on our part.
You authorise us to debit to your Account any statutory charges, levies, fees or charges relating to transactions on your Account.
You will be responsible under these Conditions for transactions by you and by any Supplementary Cardmember enrolled in the Account at your request.
k) Delay, Damage and Loss
We shall not be liable for any delay, damage or loss occasioned to you by the malfunction of an ATM. Nor shall we be liable for any loss, damage or delay caused as a consequence of your reliance on use of an ATM or electronic funds transfer device, for any reason whatsoever.

16.Taxes and Duties
You must pay any government tax, duty or other charge
imposed by law in any country in respect of your Account, your
use of it or any other transaction on the Account.
We may charge to your Account in advance the full amount or a reasonable part of that tax, duty or other charge (as determined by us) except as prohibited by law.

17. Enforcement Expenses
You will pay us our reasonable costs that are reasonably incurred by us in recovering or attempting to recover charges from you or otherwise enforcing our rights under these Conditions, including legal fees on a solicitor/client basis, except as prohibited by law.

18. No Waiver of Our Rights
Our forbearance, delay or failure to exercise any power or right under these Conditions does not waive that power or right. A single or partial exercise of a power or right does not prevent a further exercise of that or any other power or right.

19. Assignment
We may assign any of our rights under these Conditions at any time without your consent to our parent, a subsidiary, or a related entity.

20. Applicable Law
To the extent that any applicable law would make a provision of these Conditions void, illegal or unenforceable, or a provision of these Conditions would breach any applicable law, these Conditions are to be read as if that provision were varied to the extent necessary to comply with the law or, if necessary,
omitted.

21. Changing these Conditions and the Financial Table
Our rights
We may change these Conditions or the Financial Table including the Annual Percentage Rate at any time by giving you notice either in writing to your last known billing address or by advertisement in public notices columns of major newspapers or in any other manner allowable or required by law.
Your rights
If you do not wish to accept any change to these Conditions you may cancel your Account by giving us written notice of the cancellation. You will still be liable for the outstanding balance on your Account (see Section 11 for cancellations).

22. Notices
Subject to any other period imposed by law, you will be deemed to have received any notice we give you under these Conditions seven days after we send it, unless you actually receive it earlier. We may send any notices to you at your last billing address as shown on our records.

23. Privacy Act and Consent
In accordance with the Privacy Act, you can access personal information about you held by us, and advise if you think it is inaccurate, incomplete or out-of-date.
To arrange access to personal information about you, or enquire generally about privacy matters, write to – The Privacy Officer, American Express International (NZ), Inc., PO Box 4005, Auckland.
In this clause ‘personal information’ means information about you, including your financial circumstances, credit worthiness, credit history, credit standing, credit capacity, your use of the Line of Credit and conduct of your Account.
You agree that, subject to the Privacy Act, we and our agents may do the following (and other persons mentioned below can disclose personal information to us for these purposes):

• Information from credit reporting agencies. Obtain credit reports about you from credit reporting agencies to assess your application or to collect overdue payments from you, and obtain personal information from a business that provides commercial credit worthiness information.
• Disclose to credit reporting agencies. Disclose personal information to credit reporting agencies before, during or after providing credit to you. This includes, but is not limited to:

  - that you applied for a Line of Credit and the overdraft
  limit, and that we are a credit provider to you;
  - advice about Line of Credit payments which are in collection (and advice that payments are no longer overdue);
  - advice that cheque(s) drawn by you, or direct debit requests to your bank account which you have authorised us to make, have been dishonoured;
  - our opinion that you do not intend to meet your credit obligations; and
  - that credit provided to you has been paid or otherwise discharged.

• Credit providers. Exchange personal information with credit providers named in your application for the Line of Credit or in a credit report issued by a credit reporting agency.
  - assessing your credit worthiness, your application for the Line of Credit and for any subsequent application you make for credit;
  - notifying other credit providers of your default or failure to comply with these conditions;
  - exchanging information about your Line of Credit Account where you are in default with other credit providers;
  - approving or declining a transaction you wish to make with the Line of Credit; and
  - our administration of your Account.
• Persons you tell us about. Exchange personal information with any person whose name you give us from time to time. This includes, for example, for the
  purpose of confirming your employment and income details with any employer, landlord/mortgagee, accountant, financial adviser or tax agent named in your
  application for the Line of Credit.
• Supplementary Card. You authorise us to give the Supplementary Cardmember information about the use of the Account, by way of example but not by way of limitation, to all transactions, the Account balance andany personal details.
• Collection agent. If you are in default under the Line of Credit Account, notify and exchange personal information with our collection agent.
• Co-brand partners. Provide personal information to any organisation whose name, logo or trademark appears on your application for the Line of Credit or on the Line of Credit issued to you for marketing, planning, product development and research purposes and seek from and exchange with such organisations personal informationabout you.
• Marketing lists. Use personal information for marketing purposes. This includes putting your name and contact details on marketing lists for the purpose of offering you goods or services of an American Express company or of any third party acting on behalf of American Express, by mail, email or telephone or having our related companies do so directly. Please call 0800 263 936 if you wish us toremove your name from our marketing lists.
  Please allow 6-8 weeks to process your request.
• Our service providers. Transfer personal information confidentially to our related companies and other organisations which issue or service the Centurion Finance Limited Line of Credit or provide services to us. This includes transferring personal information to the United States or other countries for data processing and servicing.
• Call monitoring. Monitor and record your telephone conversations with us from time to time for staff training and service quality control purposes.

You understand and agree that we at times may become legally obligated to disclose information about you and your account(s) to others. When we become legally obligated to disclose such information to others, we will endeavour to notify you at your last known address prior to disclosure unless we are prohibited by law or prevented by circumstance from doing so.

24. Governing Law
These Conditions are governed by the laws of New Zealand.