Obligation on ERA Clause Samples

Obligation on ERA. I am obligated, on the date I agree to this Agreement, to accept an ERA if HSBC approves my application, unless HSBC approves me for a smaller ERA than the amount set forth in the Total of Payments section in the TILA Disclosure Statement above. If I am approved for a smaller ERA, I will be provided with a replacement TILA Disclosure Statement and I will be obligated to accept the smaller ERA if I accept the ERA proceeds. My loan will begin, and HSBC will earn the finance charge, when I am approved for the ERA and a transfer is initiated to my bank account.