YOU FAIL TO MEET YOUR COMMITMENTS Clause Samples

YOU FAIL TO MEET YOUR COMMITMENTS. Security Interest If you fail to meet your commitments under this contract, then to the extent of the security interest we may be entitled to repossess and sell this property and if the net proceeds that we receive from a sale of the property are insufficient to repay the total amount owing to us then you will remain indebted to us for the remaining balance owing after the application of the net proceeds to the loan.
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YOU FAIL TO MEET YOUR COMMITMENTS. Default interest
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YOU FAIL TO MEET YOUR COMMITMENTS. Security Interest This is secured credit. We take an interest in the property listed below to secure performance of your obligations under the contract and the payment of money due under the contract. If you fail to meet your commitments under this contract, then to the extent of the security interest we may be entitled to repossess and sell this property and if the net proceeds that we receive from a sale of the property are insufficient to repay the total amount owing to us then you will remain indebted to us for the remaining balance owing after the application of the net proceeds to the loan. You are required to ask us for our consent before you give a security interest in the personal or real property listed below to anyone else. If you give a security interest to someone else without obtaining our consent, you will breach this contract and we may require you to repay the total amount owing to us. If you don’t pay us when we demand it we may exercise our rights to repossess and/ or sell the property subject to our security interest.
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YOU FAIL TO MEET YOUR COMMITMENTS. Default interest charges and default fees
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YOU FAIL TO MEET YOUR COMMITMENTS. 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 creditor to vary these fees and charges. Default interest is the sum of the Annual Interest Rate + 5% per annum. Default interest will be charged on any overdue amounts, payable from the due date until the relevant overdue amount is paid. Interest at the annual interest rate will continue to accrue on all other amounts payable under the contract. Default fees: $10.00
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YOU FAIL TO MEET YOUR COMMITMENTS. Security Interest DESCRIPTION OF SECURITY INTEREST Property which is or will be subject to a security interest Personal Property – Collateral
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YOU FAIL TO MEET YOUR COMMITMENTS. [Table_Collateral] All other existing and future security at any time granted by the Borrower, Guarantor or third party as security for the payment of the Moneys Owed and the performance of the obligations under this Agreement and the Security Documents All security interests cover all obligations, unless otherwise specified in the security agreement. If we have to sell the security and it does not repay the loan, you remain liable for the outstanding amount. 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 creditor to vary these fees and charges.
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YOU FAIL TO MEET YOUR COMMITMENTS. Security Interest Description of security interest(s): WHAT COULD HAPPEN IF YOU FAIL TO MEET YOUR COMMITMENTS (continued from previous page) Default interest charges and default fees
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Related to YOU FAIL TO MEET YOUR COMMITMENTS

  • Termination and Reduction of Revolving Commitments (a) Unless previously terminated, the Revolving Commitments shall terminate on the Maturity Date. (b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Commitments; provided that (i) each partial reduction of the Revolving Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.08, the sum of the Aggregate Total Exposure would exceed the total Commitments. (c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or another transaction, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Commitments shall be permanent. Each reduction of the Revolving Commitments shall be applied to the Lenders in accordance with their respective Applicable Percentages. (d) If, after giving effect to any reduction of the Revolving Commitments, the Letter of Credit Sublimit exceeds the amount of the Revolving Commitments, such Letter of Credit Sublimit shall be automatically reduced by the amount of such excess.

  • Termination or Reduction of Revolving Commitments The Borrower shall have the right, upon not less than three Business Days’ notice to the Administrative Agent, to terminate the Revolving Commitments or, from time to time, to reduce the amount of the Revolving Commitments; provided that no such termination or reduction of Revolving Commitments shall be permitted if, after giving effect thereto and to any prepayments of the Revolving Loans and Swingline Loans made on the effective date thereof, the Total Revolving Extensions of Credit would exceed the Total Revolving Commitments. Any such reduction shall be in an amount equal to $1,000,000, or a whole multiple thereof, and shall reduce permanently the Revolving Commitments then in effect.

  • Termination or Reduction of Revolving Credit Commitments The Borrower shall have the right, upon not less than three Business Days’ notice to the Administrative Agent (which shall promptly notify each Lender thereof), to terminate the Revolving Credit Commitments or, from time to time, to reduce the amount of the Revolving Credit Commitments; provided that no such termination or reduction of Revolving Credit Commitments shall be permitted if, after giving effect thereto and to any prepayments of the Revolving Credit Loans made on the effective date thereof, the Total Revolving Extensions of Credit would exceed the Total Revolving Credit Commitments. Any such reduction shall be in an amount equal to $1,000,000, or a whole multiple thereof, and shall reduce permanently the Revolving Credit Commitments then in effect.

  • Provisions Related to Extended Revolving Credit Commitments If the maturity date in respect of any tranche of Revolving Credit Commitments occurs prior to the expiration of any Letter of Credit, then (i) if one or more other tranches of Revolving Credit Commitments in respect of which the maturity date shall not have occurred are then in effect, such Letters of Credit shall automatically be deemed to have been issued (including for purposes of the obligations of the Revolving Credit Lenders to purchase participations therein and to make Revolving Credit Loans and payments in respect thereof pursuant to Section 2.03(d)) under (and ratably participated in by Lenders pursuant to) the Revolving Credit Commitments in respect of such non-terminating tranches up to an aggregate amount not to exceed the aggregate principal amount of the unutilized Revolving Credit Commitments thereunder at such time (it being understood that no partial face amount of any Letter of Credit may be so reallocated) and (ii) to the extent not reallocated pursuant to immediately preceding clause (i), the Borrower shall Cash Collateralize any such Letter of Credit in accordance with Section 2.17. If, for any reason, such Cash Collateral is not provided or the reallocation does not occur, the Revolving Credit Lenders under the maturing tranche shall continue to be responsible for their participating interests in the Letters of Credit. Except to the extent of reallocations of participations pursuant to clause (i) of the second preceding sentence, the occurrence of a maturity date with respect to a given tranche of Revolving Credit Commitments shall have no effect upon (and shall not diminish) the percentage participations of the Revolving Credit Lenders in any Letter of Credit issued before such maturity date. Commencing with the maturity date of any tranche of Revolving Credit Commitments, the sublimit for Letters of Credit shall be agreed with the Lenders under the extended tranches.

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