Common use of Contract Debt Clause in Contracts

Contract Debt. Contract debt at any time means the loan on the contract, plus the interest we have charges that is not yet due and that we have not yet added to the loan. Loan Value.--You may borrow any amount up to the difference between the loan value and any existing contract debt. At any time the loan value is 90% of the net cash value. There is one exception. If the contract is I default, the loan value during the days of grace is what it was on the date of default.

Contract Debt. Contract debt at any time means the loan on the contract, plus the interest we have charges that is not yet due and that we have not yet added to the loan. Loan Value.--You may borrow any amount up to the difference between the loan value and any existing contract debt. At any time the loan value is 90% of the net cash value. There is one exception. If the contract is I in default, the loan value during the days of grace is what it was on the date of default.