Friendly Loans definition
Examples of Friendly Loans in a sentence
For this purpose, the Borrower assigns, by way of security to Friendly Loans, all of the Borrower’s rights, title and interests in and all benefits relating to such insurance policies, the proceeds thereof and any money otherwise payable by any person in respect of damage to or loss of the Collateral.
Friendly Loans may take and keep possession of all or part of the Collateral.
Although Friendly Loans will take reasonable care not to damage any goods or property during the repossession, the Borrower will not hold Friendly Loans liable in any way to the Borrower or anyone claiming through the Borrower for any such damage, including any claims for consequential loss or damage.
The Borrower will punctually pay all premiums for the insurance and will (if Friendly Loans requires) deliver the insurance policies and the premium receipts to Friendly Loans.
Friendly Loans will advise the Borrower in writing of any transfer of Friendly Loans’ rights under this contract but the terms of the contract will not change (other than the identity of the lender).
If any payment is received before a date specified in the Payment Schedule, Friendly Loans may credit that payment in accordance with the Payment Schedule and section 46(3) of the CCCFA.
If required by Friendly Loans, the Borrower must insure the Collateral in the names of the Borrower and Friendly Loans (including Friendly Loans’ assignees) for their respective rights and interests with an insurer approved by Friendly Loans.
Friendly Loans is entitled to receive all money payable under any of such policies or payable by any other person in respect of damage to or loss of the Collateral.
Until all such money has been paid Friendly Loans’ security interest in the Collateral will continue and will not be released by Friendly Loans.
The terms of this contract are binding on Friendly Loans and the Borrower except where they may conflict with the Laws.