Our Right to Cancel. If you fail to make any payment when due or subject to the requirement in this section, fail to comply with any provision in the Agreement (default), after notice and any right to cure required by applicable law, we have the right to cancel the SC and take any action permitted by law to collect what you owe, if any. Upon cancellation, you agree that we may collect and receive any refunds or proceeds with respect to the SC. We will apply those refunds and proceeds to your outstanding obligations under this Agreement. If there is a surplus in excess of One Dollar ($1.00), you are entitled to the surplus. Except where prohibited by applicable law, you hereby release and discharge us from any liability for damages with respect to cancellation of the SC as described in this section, and you shall indemnify and hold us harmless from any liabilities, claims, damages or causes of action for any action take as a result. Our failure to require strict performance of any provision in this Agreement or to exercise our rights under this Agreement will not waive or relinquish any future rights under this Agreement. POWER OF ATTORNEY: In the event you default under the terms of this Agreement, and if allowed by applicable law, you hereby irrevocably appoint us as your true and lawful attorney-in-fact with respect to the SC until all amounts payable hereunder are paid in full. If allowed by applicable law, you agree that we will have the full power under this power of attorney to (1) cancel or reinstate the SC, (2) endorse or execute, in your name, all checks issued and all other documents or instruments relating to the SC, (3) receive, demand, collect or sue for any amounts relating to the SC due and owing to us by the Administrator, Insurer, Seller or any other obligor, and (4) take such actions as are necessary to further the purposes of this Agreement.
Appears in 4 contracts
Samples: Payment Authorization Agreement, Payment Authorization Agreement, Payment Authorization Agreement
