Common use of Your commitments Clause in Contracts

Your commitments. The Lender has an interest in the Vehicle and/or property (collateral and real property) detailed in Schedule C (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 Lender may be entitled to repossess and sell this property and the money you owe will be deemed as a disputed debt and the Lender will have the right to seek the Courts assistance in the recovery of the debt at your cost. Default Reporting If you fail to meet your commitments under the contract the Lender may provide information about that default to Equifax NZ for credit reporting purposes who may give information about the default to other Equifax customers. In the event of any default in payment and while the default continues you must pay the Default Fees on any unpaid balance. In the event of any breach of the contract or on enforcement of the contract, the default fees specified below are payable. Default fees: (i) A fee of $1.00 per day will apply from the time you fail to make a due payment until the arrears (including all default fees and all monies payable by reason of or in relation to your default) are paid. The daily default fee will be charged to your account on the same day and on the frequency as your payments are due. We will also charge to your account (Default fees): (ii) Missed Payment Fee of $30.00 is charged anytime you miss a payment, short pay or are late with a payment or other such default.

Your commitments. The Lender has an interest in the Vehicle and/or property (collateral and real property) detailed in Schedule C (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 Lender may be entitled to repossess and sell this property and the money you owe will be deemed as a disputed debt and the Lender will have the right to seek the Courts assistance in the recovery of the debt at your cost. Default Reporting If you fail to meet your commitments under the contract the Lender may provide information about that default to Equifax NZ NZ, or any other such Credit Agency, for credit reporting purposes who may give information about the default to other Equifax their customers. In the event of any default in payment and while the default continues you must pay the Default Fees on any unpaid balance. In the event of any breach of the contract or on enforcement of the contract, the default fees specified below are payable. Default fees: (i) A fee of $1.00 1.50 per day will apply from the time you fail to make a due payment until the arrears (including all default fees and all monies payable by reason of or in relation to your default) are paid. The daily default fee will be charged to your account on the same day and on the frequency as your payments are due. We will also charge to your account (Default fees): (ii) Missed Payment Fee of $30.00 is charged anytime you miss a payment, short pay or are late with a payment or other such default.