Common use of WHAT COULD HAPPEN IF YOU FAIL TO MEET YOUR COMMITMENTS Clause in Contracts

WHAT COULD HAPPEN IF YOU FAIL TO MEET YOUR COMMITMENTS. Security interest The creditor has an interest in the property listed below (and on any attached schedules if used) to secure performance of your obligations under the contract, or the payment of money payable under the contract, or both. If you fail to meet your commitments under the contract, then to the extent of the security interest the creditor may be entitled to repossess and sell this property. Personal Property - Collateral A security interest as defined in section 17 of the Personal Property Securities Xxx 0000, securing payment of all money secured and performance of all borrower's obligations under this agreement, to the extent of the value of the security interest, in; Other Chattels GENERAL SECURITY AGREEEMENT OVER ALL PRESENT AND AFTER ACQUIRED ASSETS AND PROPERTY Any other personal property as detailed in the attached Security Schedule A (if used). And otherwise in all present and after acquired personal property currently owned or that may be owned in the future by the borrower(s). Real Property - Land to be mortgaged A mortgage of land securing payment of all the money secured and performance of all borrower's obligations under this agreement, to the extent of the value of the land, in; Any other land as detailed in the attached Security Schedule A (if used). Any other land which you the borrower(s) own now or may own in the future Default Reporting If you fail to meet your commitments under the contract the creditor may provide information about that default to Veda Advantage and Veda Advantage may give information about the default to other Veda Advantage customers.