YOU FAIL TO MEET YOUR COMMITMENTS. Security Interest This is secured credit. We take an interest in the property listed below to secure performance of your obligations under the contract and the payment of money due under the contract. If you fail to meet your commitments under this contract, then to the extent of the security interest we may be entitled to repossess and sell this property and if the net proceeds that we receive from a sale of the property are insufficient to repay the total amount owing to us then you will remain indebted to us for the remaining balance owing after the application of the net proceeds to the loan. You are required to ask us for our consent before you give a security interest in the personal or real property listed below to anyone else. If you give a security interest to someone else without obtaining our consent, you will breach this contract and we may require you to repay the total amount owing to us. If you don’t pay us when we demand it we may exercise our rights to repossess and/ or sell the property subject to our security interest.
YOU FAIL TO MEET YOUR COMMITMENTS. Security Interest This is secured credit. If you fail to meet your commitments under the contract, the creditor may be entitled to repossess and sell this property. Description of security interest(s): We have a registered security interest over the following property. [Table_Collateral] All other existing and future security at any time granted by the Borrower, Guarantor or third party as security for the payment of the Moneys Owed and the performance of the obligations under this Agreement and the Security Documents All security interests cover all obligations, unless otherwise specified in the security agreement. If we have to sell the security and it does not repay the loan, you remain liable for the outstanding amount. WHAT COULD HAPPEN IF YOU FAIL TO MEET YOUR COMMITMENTS (continued from previous page) Default interest charges and default fees In the event of a default in payment and while the default continues you must pay the default interest charges. In the event of a breach of the contract or on the enforcement of the contract, the default fees specified below are payable. Your credit contract may allow the creditor to vary these fees and charges.
YOU FAIL TO MEET YOUR COMMITMENTS. Default interest In the event of a breach of this Agreement and while the breach continues you must pay the default interest charges as set out below: • No default interest is payable under this Agreement. You must continue to pay the usual interest charges as described above on any amounts in default.
YOU FAIL TO MEET YOUR COMMITMENTS. Default interest charges and default fees In the event of a default in payment and while the default continues you must pay the default interest charges. In the event of a breach of the contract or on the enforcement of the contract, the default fees specified below are payable. Your credit contract may allow the creditor to vary these fees and charges. Default interest is the sum of the Annual Interest Rate + 5% per annum. Default interest will be charged on any overdue amounts, payable from the due date until the relevant overdue amount is paid. Interest at the annual interest rate will continue to accrue on all other amounts payable under the contract. Default fees: $ .
YOU FAIL TO MEET YOUR COMMITMENTS. [Table_Collateral] All other existing and future security at any time granted by the Borrower, Guarantor or third party as security for the payment of the Moneys Owed and the performance of the obligations under this Agreement and the Security Documents All security interests cover all obligations, unless otherwise specified in the security agreement. If we have to sell the security and it does not repay the loan, you remain liable for the outstanding amount. WHAT COULD HAPPEN IF YOU FAIL TO MEET YOUR COMMITMENTS (continued from previous page) Default interest charges and default fees In the event of a default in payment and while the default continues you must pay the default interest charges. In the event of a breach of the contract or on the enforcement of the contract, the default fees specified below are payable. Your credit contract may allow the creditor to vary these fees and charges.
YOU FAIL TO MEET YOUR COMMITMENTS. Security Interest This is secured credit. If you fail to meet your commitments under the contract, then to the extent of the security interest the creditor may be entitled to sell or repossess and sell this property. DESCRIPTION OF SECURITY INTEREST Property which is or will be subject to a security interest Personal Property – Collateral
