Default and Right of Offset. In the event Owner/Servicer shall fail to pay to Subservicer any sums due and payable to Subservicer under this Agreement when and as the same shall be due and payable, whether as compensation, reimbursement, or otherwise, Owner/Servicer shall be deemed in default of its obligations hereunder, and Subservicer shall promptly notify Owner/Servicer in writing of such default. If the breach is not cured, Subservicer shall be entitled to adjust Owner/Servicer’s “net service fee due” in set-off of the amount of any sum so owing and unpaid. This provision shall not impair Subservicer’s right to be reimbursed in accordance with the terms of this Agreement.
Default and Right of Offset. In the event Owner/Servicer shall fail to pay to Subservicer any sums due and payable to Subservicer under this Agreement when and as the same shall be due and payable, whether as compensation, reimbursement, or otherwise, or if Owner/Servicer is in default hereunder in any other respect, Subservicer shall be entitled to adjust Owner/Servicer’s “net service fee due” in set-off of the amount of any sum so owing and unpaid. This provision shall not impair Subservicer’s right to be reimbursed as provided herein or to exercise all other remedies permitted by law.
Default and Right of Offset. We may elect to declare all amounts owed to us as immediately due and payable without notice or demand of any kind to you if (i) the Card is cancelled or surrender is demanded by us; (ii) you default in any payment due; (iii) you are declared deceased, bankrupt or insolvent; (iv) any attachment or garnishment proceedings are initiated against you or your property; (v) you violate any part of this Agreement or any other written Agreement you have with us; (vi) you make any false or misleading statements in any credit application or update of credit information; or (vii) anything else happens which we believe may substantially reduce your ability to repay what you owe. If you have other loans from us or take out other loans with us in the future, collateral securing those loans will also secure your obligations under this Agreement. In addition to other remedies, subject to limitations of applicable federal and state law you grant the Virginia Credit Union, Inc. a security interest in and a right of offset (Virginia Code § 6.2-1359) in all monies and accounts including share, share draft and share certificate accounts and other amounts held by the Virginia Credit Union, Inc., whether held in special, general or held in safe keeping and to which you have an ownership interest. Every such security interest may be exercised without demand upon or notice to you. No such security interest or right of offset shall be deemed to have been waiver by any act or conduct on our part, or any failure to enforce such security interest or to exercise such right of setoff, or by any delay in doing so. Every security interest or right of setoff shall continue in full force and effect until such security interest or right of offset is specifically waived or released by an instrument in writing executed by us. UNLESS you expressly agree otherwise Household Goods (as defined in applicable law) and your dwelling will not secure your obligations under this Agreement even if the Virginia Credit Union, Inc. has or later acquires a security interest in household goods or a mortgage on the dwelling. You agree to pay all costs incurred by us in collecting your indebtedness or in enforcing this Agreement, including Attorneys’ fees of 33 1/3% of the unpaid balance or such greater amount as may be reasonable and just and also those costs, expenses and attorneys’ fees incurred in appellate, bankruptcy and post-judgment proceedings except to the extent such costs, fees or expenses are prohi...
