Common use of Your commitments Clause in Contracts

Your commitments. Security Interest This is secured credit. You give us the security interests set out below. If you fail to meet your commitments under the contract or if you give a security interest in this property to another lender or someone else you will be in breach of this agreement and the creditor may be entitled to repossess and sell this property. If the creditor exercises its rights under its security interest and sells this property and the proceeds received from the sale are insufficient to repay the amount outstanding under the loan then you will remain liable for amount outstanding under the loan after the proceeds of sale are applied.