WHAT COULD HAPPEN IF YOU FAIL TO MEET YOUR COMMITMENTS. Security interest This is a secured loan. We will have a security interest in the Motor Vehicle described on the front page. If you fail to meet your commitments under this contract, we may be entitled to repossess and sell the Motor Vehicle. If we sell the Motor Vehicle and there is not enough money after the sale to cover what you owe us, you will, or may, remain indebted to us for the amount you would still owe. You should also note that if you give someone else a security interest over the Motor Vehicle you will be in breach under this contract and we may repossess and sell the Motor Vehicle and/or we may do anything else as set out in clause 13 of the General Terms of this contract. 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 this contract or on the enforcement of this contract, the default fees specified below are payable. The General Terms of this contract allow us to vary these fees and charges. Default interest is 5.00% over the annual interest rate or 18.00% p.a. whichever is the greater, and this default interest rate is payable in the event of a default in payment and while the default continues. Default fees: $ 20.00 Payable if any payment is dishonoured or reversed or unpaid $ 40.00 Payable on issue by us of a repossession warning notice $ 100.00 Payable on issue by us of a repossession warrant to our repossession agent $ 40.00 Payable on issue by us of a post-repossession notice
WHAT COULD HAPPEN IF YOU FAIL TO MEET YOUR COMMITMENTS. Security Interest We will have a security interest in the Vehicle (described on page 1). If you do not meet your commitments under this agreement, we may be entitled to retake repossess and sell the Vehicle and if there is a shortfall after the sale to cover what you owe us under this agreement as set out in clause 23, you will still owe us the shortfall. Also if you give someone else a security interest over the Vehicle you will be in breach under this agreement and we may retake repossess and sell the Vehicle and/or we may do anything else as set out in paragraph 28 of the General Terms.
WHAT COULD HAPPEN IF YOU FAIL TO MEET YOUR COMMITMENTS. Security interest We have a security interest in the property and the land described under the heading SECURITIES to secure performance of your obligations under this Agreement and the payment of money payable under this Agreement. If we hold a security interest in personal property, we will register our interest on the Personal Property Securities Register. If we hold a security interest in land, we will register a mortgage with Land Information New Zealand. The security interest secures the repayment of all money you owe us and the performance of all of your obligations to us, under this Agreement and any Collateral Document. The security interest gives us direct rights in the relevant property which we can exercise if you fail to meet your commitments under this Agreement, including if you grant a security interest over the same property to another person. These rights include the right to repossess and sell this property or land. If the proceeds of sale do not repay the Loan in full, you will remain liable to repay the outstanding balance. We confirm that no disabling devices will be fitted to any secured property.
WHAT COULD HAPPEN IF YOU FAIL TO MEET YOUR COMMITMENTS. Security interest The creditor has an interest in the property listed below (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 creditor may be entitled to repossess and sell this property. Personal Property - Collateral A security interest as defined in section 17 of the Personal Property Securities Xxx 0000, securing payment of all money secured and performance of all borrower's obligations under this agreement, to the extent of the value of the security interest, in; Other Chattels GENERAL SECURITY AGREEEMENT OVER ALL PRESENT AND AFTER ACQUIRED ASSETS AND PROPERTY Any other personal property as detailed in the attached Security Schedule A (if used). And otherwise in all present and after acquired personal property currently owned or that may be owned in the future by the borrower(s). Real Property - Land to be mortgaged A mortgage of land securing payment of all the money secured and performance of all borrower's obligations under this agreement, to the extent of the value of the land, in; Any other land as detailed in the attached Security Schedule A (if used). Any other land which you the borrower(s) own now or may own in the future Default Reporting If you fail to meet your commitments under the contract the creditor may provide information about that default to Veda Advantage and Veda Advantage may give information about the default to other Veda Advantage customers.
WHAT COULD HAPPEN IF YOU FAIL TO MEET YOUR COMMITMENTS. Default interest In the event of a breach of this Agreement and while the breach continues no default interest is payable, however you must continue to pay the usual interest charges as described above on any amounts in default.
WHAT COULD HAPPEN IF YOU FAIL TO MEET YOUR COMMITMENTS. Owner/s Address & Legal Description CT No 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 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.
WHAT COULD HAPPEN IF 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 lender 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 Security The security interest in the collateral is as defined in section 17 of the Personal Property Securities Act 1999 and it secures payment of all the unpaid balance and performance of all the collateral owner’s obligations under this contract (or the guarantee as the case may be) to the extent of the value of the collateral. If we sell collateral after we repossess it, and the net proceeds are not enough to repay what you owe us (the unpaid balance), you and any guarantor will owe us the difference. We may recover that amount from you and any guarantor. Whoever owns the collateral (you or a co-borrower or a guarantor) may not give security over the collateral to any other person or company and, if the owner does so, the owner will be in breach of this agreement and we may repossess and sell the collateral. 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 lender to vary these fees and charges. Default interest. Default interest is 45% per annum charged on any overdue instalment or overdue amount other than the unpaid balance. Default interest is charged from the time that you fall into financial default until you are no longer in financial default. It is calculated by multiplying the overdue instalment or overdue amount by the daily default interest rate. The daily default interest rate is calculated by dividing the annual default interest rate by 365. All default interest is debited to your account monthly. If we accelerate payment (call up payment early) of the unpaid balance we will only charge you default interest on the overdue instalments. Default fees. 1 Defaulted payment fee of $15.00 if any scheduled payment to the lender is made late after the date due, or is reversed or dishonoured or is otherwise not made without our being in default. If you miss an instalment we will charge you this fee. 2 Mileage fee if a staff member of ours travels to visit y...
WHAT COULD HAPPEN IF YOU FAIL TO MEET YOUR COMMITMENTS. Security interest We have a security interest in the property and the land described below under the heading SECURITIES to secure performance of your obligations under this Agreement and the payment of money payable under this Agreement. If we hold a security interest in personal property, we will register our interest on the Personal Property Securities Register. If we hold a security interest in land, we will register a mortgage with Land Information New Zealand. The security interest secures the repayment of all money you owe us and the performance of all of your obligations to us, under this Agreement and any Collateral Document. The security interest gives us direct rights in the relevant property which we can exercise if you fail to meet your commitments under this Agreement, including if you grant a security interest over the same property to another person. These rights include the right to repossess and sell this property or land. If the proceeds of sale do not repay the Loan in full, you will remain liable to repay the outstanding balance. We confirm that no disabling devices will be fitted to any secured property. Default interest and default fees If an Event of Default occurs under Clause 11.2 (a) of the General Terms, or if at any time the Maximum Amount or Maximum Credit Limit is exceeded, and while the relevant event continues, you may be charged Interest at the Default Rate on the unpaid amount or excess, as the case may be, and be charged the Fees as specified below. The Default Rate is .00% per annum above the annual interest rate. A default fee of $0.00 is charged for any breach by you under this Agreement or if we enforce this Agreement. The default fees and charges compensate us for the costs incurred by us in connection with enforcement or the remedy of a breach under this Agreement. Such costs could include debt collection and repossession fees.
WHAT COULD HAPPEN IF YOU FAIL TO MEET YOUR COMMITMENTS. Security interest This is secured credit. The lender has an interest in the property listed below to secure performance of your obligations under the contract, or the obligations of a guarantor under a guarantee, or the payment of money payable under the contract or guarantee, or any or all of them. 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. Description of security
WHAT COULD HAPPEN IF YOU FAIL TO MEET YOUR COMMITMENTS. Security interest This is a secured loan. We will have a security interest in the Property described on the front page. If you fail to meet your commitments under this contract, we may be entitled to repossess and sell the Property. If we sell the Property and there is not enough money after the sale to cover what you owe us, you will, or may, remain indebted to us for the amount you would still owe. You should also note that if you give someone else a security interest over the Property you will be in breach under this contract and we may repossess and sell the Property and/or we may do anything else as set out in clause 13 of the General Terms of this contract. 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 this contract or on the enforcement of this contract, the default fees specified below are payable. The General Terms of this contract allow us to vary these fees and charges. Default interest is 5.00% over the annual interest rate or 18.00% p.a. whichever is the greater, and this default interest rate is payable in the event of a default in payment and while the default continues. Default fees: $ 16.00 Payable if any payment is dishonoured or reversed or unpaid $ 20.00 Payable on issue by us of a repossession warning notice $ 100.00 Payable on issue by us of a repossession warrant to our repossession agent $ 50.00 Payable on issue by us of a post-repossession notice $ 10.00 Payable on issue of a Notice of Demand under an unsecured facility $ 50.00 Payable on a Service of Demand under an unsecured facility Full Prepayment If you pay the unpaid balance in full before the final payment is due (full prepayment), you will need to pay us the amount which is calculated at 90 percent of the amount derived by multiplying the total interest charges (as shown in this Disclosure Statement) by the sum of all the whole numbers from one to the number which is the number of complete months in the period of the contract still to go (both inclusive) and by dividing the product so obtained by the sum of all the whole numbers from one to the number which is the total number of complete months in the period of the contract (both inclusive). On every full prepayment an administrative charge of $200.00 is payable by you. The General Terms of this contract allow us to vary this charge. The methodology for the calculation of any loss and work...
