Debt cancellation product definition

Debt cancellation product means a written contractual arrangement between a credit union and a borrower modifying loan terms under which the credit union agrees to suspend or cancel all or part of the borrower’s obligation to repay an extension of credit from that credit union upon the occurrence of a specified event. The contractual arrangement may be in the form of a debt cancellation contract, a debt suspension agreement or other accord and may be separate from or a part of other loan documents. A debt cancellation product does not include a loan payment deferral arrangement which is the borrower’s unilateral election to defer repayment or the credit union’s unilateral decision to allow a deferral of repayment.
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Debt cancellation product means loan, lease, or retail
Sample 1
Debt cancellation product means a loan term or contractual arrangement modifying loan terms under which GE Bank agrees to cancel all or part of a GE/Macy's Accountholder's obligation to repay an extension of credit from GE Bank upon the occurrence of a specified event.
Sample 1

Examples of Debt cancellation product in a sentence

  • FACS shall invite new account applicants to enroll for, and shall enroll Accounthoulders who accept such invitation, in the Debt Cancellation Product at the point of sale.

  • FACS shall activate monthly billing for a GE/Macy's Accountholder who has confirmed enrollment in the Debt Cancellation Product.

  • Each month FACS shall receive and pay the invoices for service provided to FACS on behalf of GE Bank by GE Bank's third party service provider(s) in connection with the Debt Cancellation Product.

  • FACS shall cooperate with GE Bank to develop a mutually agreeable marketing calendar for the Debt Cancellation Product.

  • FACS shall provide information to GE Bank or its third party service provider(s) necessary to process claims for benefits under the Debt Cancellation Product.

  • Each month, FACS will provide to GE Bank a monthly reconciliation report that will set forth the calculation of the Debt Cancellation Product Net Revenue, based on data received by FACS from the third party service provider(s) utilized by GE Bank.

  • HSBC may offer a Debt Cancellation Product to Cardholders as set forth in Schedule 2.7” 2.

  • FACS shall process cancellation requests received from Accountholders or from GE Bank or its third party service provider(s) and provide Accountholders with the appropriate refunds in accordance with the Debt Cancellation Product.

Related to Debt cancellation product

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  • Combination Product means a product that includes a device for delivery or at least one active ingredient other than a Licensed Product.

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