Installment Loan Terms & Conditions
- LOAN AGREEMENT.These Terms and Conditions (this “Agreement”) are a legally binding agreement between Rev19, LLC (“Lender”) and the applicant (“Borrower”) listed in the EMV Pay Later Application (the “Application”) and govern the terms of the loan made by Lender to Borrower pursuant to the Application (the “Loan”).
- PAYMENT TERMS. Borrower will pay the Loan in such amounts as selected on the Application in uninterrupted monthly intervals as set forth on the Application (each a “Payment Date”) until the principal amount of the Loan and accrued interest is paid in full. Payments will be made by ACH debit from Borrower’s account designated on the Application (the “Designated Account”), on each Payment Date. All payments shall be made in lawful money of the United States.
- LATE FEE. If any payment of principal or interest is not received by Lender in full within three (3) calendar days after the date on which such payment is due, Borrower shall pay Lender an additional amount equal to five percent (5%) of the amount of such payment, or the maximum amount permitted by applicable law, whichever is less (the “Late Fee”). Borrower authorizes Lender to withdraw the late payment amount plus the Late Fee by initiating ACH debit entries to the Designated Account. The Late Fee shall apply only to scheduled payments and shall not apply to any lump sum payment due upon acceleration. Borrower authorizes its financial institution to accept and to charge any debit entries initiated by Lender to the Designated Account and agrees to execute any further documentation required by such financial institution to accomplish such authorization. Such Late Fee shall be used to defray the expenses incurred by Lender in handling and processing the delinquent payment and to compensate Lender for the loss of the use of the delinquent payment. In the event that the Designated Account does not have adequate funds available to cover the payments due Lender, the account will be considered to have Non-Sufficient Funds (“NSF”) and Lender will assess an NSF fee of $15.00 per occurrence, to be automatically debited from the Designated Account.
- APPLICATION OF PAYMENTS.All sums paid hereunder shall be applied first to the payment of any fees, costs or expenses incurred by Lender under this Agreement, then to any Late Fee, then to any accrued and unpaid interest, with the balance, if any, to be applied to unpaid principal. The acceptance by Lender of any payment which is less than payment in full of all amounts due and owing at such time shall not constitute a waiver of Lender’s right to receive payment in full at such time or at any prior or subsequent time.
- PREPAYMENT.Borrower may, from time to time, prepay all or part of the outstanding principal balance of the Loan in accordance with the following: (a) Lender must receive Borrower’s written or telephonic prepayment notice by 10:00 a.m. on the day before the prepayment date, specifying the prepayment date; and (b) all accrued and unpaid interest on the loan amount must be paid in full on the prepayment date.
- EVENTS OF DEFAULT.The occurrence of any of the following events shall constitute an “Event of Default” under this Agreement:
(a)Failure to Pay. Borrower fails to pay within three (3) days when due any amount payable under this Agreement;
(b)Misrepresentation or Breach of Warranty. Any representation, warranty or certificate made or furnished by or on behalf of Borrower to Lender in connection with this Agreement shall be materially false, incorrect, or misleading;
(c)Assignment. Borrower assigns this Agreement or any rights hereunder without Lender’s prior written consent;
(d)Insolvency. Borrower shall become insolvent or admit its or his/her respective inability to pay its or his/her debts as they mature, or shall make an assignment for the benefit of its or his/her creditors, as the case may be;
(e)Consent to Insolvency Proceedings. Borrower shall: (i) makes an assignment for the benefit of its or his/her creditors; (ii) consents to the appointment of a custodian, receiver or trustee for itself or himself/herself or for a substantial part of its or his/her assets; or (iii) commences, or consents to the commencement or continuation of, any proceeding under any bankruptcy, reorganization, liquidation, insolvency or similar laws of any jurisdiction;
(f)Appointment of Custodian, Receiver, or Trustee. A custodian, receiver or trustee is appointed for Borrower or for a substantial part of its or his/her assets without its or his/her consent, and is not removed within sixty (60) days after such appointment;
(g)Commencement of Bankruptcy Proceedings. Proceedings are commenced against Borrower under any bankruptcy, reorganization, liquidation or similar laws of any jurisdiction;
(h)Entry of Judgment or Other Process. Any judgment(s) are rendered for the payment of money in excess of the sum of One Thousand Dollars ($1,000) individually or in the aggregate against Borrower, and such judgments remain unpaid, unvacated, unbonded, or unstayed by appeal or otherwise for a period of thirty (30) consecutive days, except as covered by adequate insurance with a reputable carrier as to which the relevant insurance company has acknowledged coverage;
(i)Insecurity of Lender. Lender in good faith deems itself financially insecure with respect to the repayment of the loan evidenced hereunder; or
(j)Use of Loan Proceeds. Borrower uses any of the proceeds of a loan evidenced hereunder for any purpose other than as stated herein.
- REMEDIES UPON DEFAULT.Upon the occurrence of an Event of Default and while such Event of Default is continuing, Lender may, without presentment, demand, protest or further notice of any kind (all of which are hereby expressly waived) and, notwithstanding the provisions contained in any other document or instrument executed or to be executed by Borrower to Lender hereunder or contained in any other agreement, take any one or more of the following actions:
(a)Declare the entire principal and any accrued interest under this Agreement to be immediately due and payable, and enforce payment thereof by any means permitted by law or in equity;
(b)Enforce the payment of sums of principal and interest then due (including any penalty interest or late payment charges as set forth herein);
(c)Require Borrower to take or refrain from taking any action which may be necessary to cure such Event of Default and obtain affirmative or negative injunctions or restraining orders with respect thereto;
(d)File suit for any sums owing or for damages; or
(e)Exercise any other remedy or right provided in law or in equity or permitted under this Agreement.
- OTHER REMEDIES; CUMULATIVE REMEDIES.Without limiting the generality of the foregoing, upon the occurrence of an Event of Default, Lender shall have, in addition to the rights and remedies given it by this Agreement, all those rights and remedies allowed by all applicable laws including, but without limitation, the Uniform Commercial Code. Lender may avail itself of any and all remedies available to it in equity, at law or under this Agreement. All remedies shall be cumulative and none shall be exclusive of any other.
- ENFORCEMENT COSTS.Borrower shall reimburse Lender for all costs and expenses incurred by Lender in the making or collection of the loan evidenced by this Agreement, including without limitation court costs and reasonable attorneys’ fees, appraisal fees, filing fees, audit and inspection fees and all other out of pocket costs and expenses incurred by Lender. These costs and expenses include without limitation any costs or expenses incurred by Lender in any bankruptcy, reorganization, insolvency or other similar proceeding.
- DEFAULT INTEREST.Following the occurrence of an Event of Default, Lender may impose a default interest charge of 5% per annum on the then outstanding Unpaid Obligations from the date the Event of Default occurred until a written waiver of the Event of Default by Lender or the payment by Borrower of the entire outstanding principal amount plus accrued and unpaid interest hereunder. For purposes hereof, as of any date, the “Unpaid Obligations” means the principal amount of this Agreement plus any accrued interest less the aggregate amount of all payments made by Borrower to Lender as of such date. Borrower shall pay all accrued and unpaid default interest on demand. The default interest charge will be in addition to the regular interest payment due and owing on the principal balance hereunder up to the maximum rate permissible under applicable law.
- MAXIMUM INTEREST ALLOWED BY LAW.Notwithstanding any provision to the contrary in this Agreement, in no event shall this Agreement require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law. If any such excess interest is contracted for, charged or received under this Agreement, or in the event that all of the principal balance shall be prepaid, so that under any of such circumstances the amount of interest contracted for, charged or received under this Agreement on the principal balance shall exceed the maximum amount of interest permitted by applicable law, then in such event (i) the provisions of this paragraph shall govern and control, (ii) neither Borrower nor any other person or entity now or hereafter liable for the payment hereof shall be obligated to pay the amount of such interest to the extent that it is in excess of the maximum amount of interest permitted by applicable law, (iii) any such excess which may have been collected shall be either applied as a credit against the then unpaid principal balance or refunded to Borrower, at the option of the Lender, and (iv) the effective rate of interest shall be automatically reduced to the maximum lawful contract rate allowed under applicable law as now or hereafter construed by the courts having jurisdiction thereof. Further, without limitation of the foregoing, all calculations of the rate of interest contracted for, charged or received under this Agreement which are made for the purpose of determining whether such rate exceeds the maximum lawful contract rate, shall be made, to the extent permitted by applicable law, by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of the indebtedness evidenced hereby, all interest at any time contracted for, charged or received from Borrower or otherwise by Lender in connection with such indebtedness; provided, however, that if any applicable state law is amended or the law of the United States of America preempts any applicable state law, so that it becomes lawful for the Lender to receive a greater simple interest per annum rate than is presently allowed, the Borrower agrees that, on the effective date of such amendment or preemption, as the case may be, the lawful maximum hereunder shall be increased to the maximum simple interest per annum rate allowed by the higher of the amended state law or the law of the United States of America.
- ACCELERATION. At any time after an Event of Default has occurred, Lender may, without protest, declare the entire principal and any accrued and unpaid interest underthis Agreement, together with all costs and expenses and other Unpaid Obligations, to be immediately due and payable, and enforce payment thereof by any means permitted by law or in equity.
- WAIVER OF NOTICE. Borrower hereby waives presentment, demand for payment, notice of nonpayment, protest, notice of protest, notice of dishonor, and all other notices in connection herewith, as well as filing of suit (if permitted by law) and diligence in collecting this Agreement, and agrees to pay (if permitted by law) all expenses incurred in collection, including Lender’s actual attorneys’ fees. Borrower hereby waives all benefits of valuation, appraisement and exemption laws.
- WAIVER OF JURY TRIAL.BORROWER HEREBY WAIVES UNCONDITIONALLY ALL RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION RELATED TO, BASED UPON OR ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENTS, AND ANY DEALINGS BETWEEN BORROWER AND LENDER. The scope of this waiver is intended to be all encompassing of any and all disputes that may be filed in any court. This waiver is irrevocable, and may not be modified either orally or in writing. This waiver shall also apply to any subsequent amendments, renewals, supplements or modifications to this Agreement and to any other documents or agreements relating to this Agreement or any related transaction. In the event of litigation, this Agreement may be filed as a written consent to trial by the court.
- GOVERNING LAW.This Agreement shall be governed by and construed in accordance with the substantive laws of the State of Texas (without regard to conflict of law principals). Should any provision of this Agreement be judged by an appropriate court of law as invalid, it shall not affect any of the remaining provisions whatsoever.
- JOINT AND SEVERAL LIABILITY. All Borrowers or Co-signors identified inthis Agreement shall be equally liable for the repayment of the loan described in this Agreement.
- LENDER’S INDULGENCE.No relaxation, indulgence, waiver, release or concession of any terms of this Agreement by Lender on one occasion shall be binding unless in writing and if granted shall not be applicable to any other or future occasion.
- MISCELLANEOUS.No delay on the part of Lender in the exercise of any power or right under this Agreement, or under any document or instrument executed in connection herewith, shall operate as a waiver thereof, nor shall a single or partial exercise of any other power or right. Borrower will at all times in good faith carry out of all the provisions of this Agreement. This Agreement may not be assigned by Borrower (by operation of law or otherwise) without the prior written consent of Lender. The terms of this Agreement shall be binding upon Borrower’s successors and shall accrue to the benefit and be enforceable by Lender and its successors and assigns.