These Terms and Conditions form part of the Loan Agreement.
In these Terms and Conditions:
"Account" means the account that Brightside is authorized to debit for payments under the Loan Agreement, as indicated in this Loan Agreement. You can change the Account by notifying us in a manner acceptable to us.
"Borrower" or “You” means the individual named in the Customer Information section on the first page of the Loan Agreement.
“Brightside”, “We” or “Us” means ATB Financial, operating as Brightside.
"Interest" means interest calculated on the Principal Sum (or on such amount thereof remaining outstanding when the interest calculation is made) at the Interest Rate.
"Principal Sum" means the amount of the original loan made hereunder by Brightside to the Borrower, being the amount indicated as the Principal Sum on the first page of this Loan Agreement, payable in lawful money of Canada. Any missed (or late) payment of Interest (or any other payment to be made hereunder) shall be added to and form part of the Principal Sum.
"Term" is the number of months of the term of this loan, commencing on the First Payment date through and including the Maturity Date, all as indicated on the first page of the Loan Agreement.
Other capitalized terms used in these Terms and Conditions refer to the applicable date, interest rate or amount indicated on the first page of the Loan Agreement.
- Promise to pay
The Principal Sum, with Interest thereon (or on so much as, from time-to-time, remains unpaid to Brightside) at the Interest Rate, is due and payable in installments of the Payment Amount on each Payment Date, commencing on the First Payment Date through and including the Maturity Date (when, subject to renewal of such loan, the balance of monies hereby owing by you to us become due and payable, in full). You promise to pay to us in a manner acceptable to us, the Principal Sum plus Interest thereon (or on so much as, from time-to-time, remains unpaid to us) at the Interest Rate, calculated daily on the then-outstanding principal balance, as well after as before maturity, default or judgement, until the Principal Sum together with Interest is paid.
- Authorization to debit
We may debit the Account with all monies owing hereunder from time-to-time. In the event such account is held with a financial institution other than Brightside, then the Borrower agrees and authorizes Brightside to amend the authorization form (or comparable agreement between that other financial institution and us respecting the payments to be made hereunder) as may be required from time to time to accord with this Loan Agreement.
- Appropriation of payments
Any amount received by us which reduces the gross amount under this Loan Agreement will be applied in whatever manner we deem fit as between principal, interest and other sums payable hereunder.
You are entitled to prepay the entire outstanding balance under this Loan Agreement at any time without penalty and are entitled to make partial prepayments hereunder without penalty on any Payment Date.
- Events of default
The happening of any of the following shall constitute an event of default under this Loan Agreement
(“Event of Default”):
The Borrower fails when due to perform any obligation to Brightside.
Any representation or warranty made in this Loan Agreement or any other document or report furnished to us in respect of you proves to have been, or to have become, false or materially-misleading.
You become insolvent or make an assignment or proposal for the benefit of Your creditors, or a bankruptcy application or bankruptcy order is led or made against you, or a receiver of yours (or any part of your property) is appointed, or you commit or demonstrate an intention to commit any act of bankruptcy, or you otherwise become subject to the provisions of the Bankruptcy and Insolvency Act (Canada), R.S.C. 1985, c. B-3 (as amended) or any other Act for the benefit of your creditors.
Upon an Event of Default:
- a) we may seize or otherwise take possession of the Account (or any part thereof) and shall apply it toward the indebtedness arising hereunder and the surplus, if any, shall be disposed of according to law; and
- b) we, in our sole discretion, may declare, in accordance with applicable law, all or any of the indebtedness arising hereby which is not by its terms payable on demand to be immediately due and payable and proceed to collect the same as provided by law.
- Costs and expenses
You agree to pay all costs, charges and expenses reasonably incurred by us (including, without restriction, legal fees as between a solicitor and its own client, on a full indemnity basis) in:
(a) preparing this Loan Agreement, and preparing and registering the Security in connection herewith;
(b) insuring, taking custody of, preserving, maintaining, repairing, processing, preparing for disposition and disposing of the Security; and
(c) otherwise enforcing the indebtedness resulting from this Loan Agreement. All such costs, charges and expenses shall be a first charge on the proceeds of realization, collection or disposition of the Security and shall be secured thereby.
For the purpose of (a) assisting us in assessing (i) your creditworthiness or (ii) the ownership (or description) of any of the Security and (b) collecting all or any portion of the indebtedness owing by you to us hereunder, you consent to the disclosure and release to us of personal information, including, without restriction, motor vehicle information from Alberta Registries (or any other provincial government department with jurisdiction in that area).
This consent is effective from the date of this Loan Agreement and shall remain in effect until all related
indebtedness, liabilities and other obligations of you to us are completely satisfied.
Prior to expiration of the Term and in accordance with Alberta's Consumer Protection Act RSA 2000, c C-26.3 (together with the Regulations made thereunder including, without restriction, the Cost of Credit Disclosure Regulation, Alta. Reg. 198/1999), we may send to you (if by regular mail, to the last address on record with Brightside), a loan renewal offer presenting various options for renewal of this Loan Agreement. Provided that the Loan Agreement is not then in default and the balance of the Principal Sum with Interest thereunder is not paid in full within the Maturity Date, then, absent satisfactory instructions received by us from you, the Loan Agreement shall be renewed effective immediately upon expiry of the Maturity Date based upon the terms in the loan renewal offer determined by us in our sole discretion, and the terms of this Loan Agreement (as amended by the loan renewal offer) will otherwise remain in full force and effect.
E-mail instructions sent to us are sent at your risk. You acknowledge that we may rely on any such instructions; however, we are under no obligation to confirm receipt of the instructions. We will act upon such instructions as soon as is practical; however, we reserve the right, at our sole discretion, to require joint, written instructions by all of the Borrowers, or to refuse any instructions that are inconsistent with the terms of this Loan Agreement or for any other reason (including unacceptable identity verification or suspicious or unclear instructions). We may amend this Loan Agreement at any time by providing you with written notice at the last address for you in our records. The first transaction with respect to the loan following the notification of an amendment to this Loan Agreement will be deemed to be acceptance of the amendment as of the effective date set out in the notice.