Common use of Your commitments Clause in Contracts

Your commitments. The Lender has an interest in the Vehicle and/or property (collateral, other chattels 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.