CLIMB LOAN AGREEMENT
1
BORROWER INFORMATION AND LOAN DETAILS
BORROWER INFORMATION
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FULL NAME
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ADDRESS
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EMAIL ADDRESS
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HOME PHONE NUMBER
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CELL PHONE NUMBER
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BUSINESS PHONE NUMBER
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ext
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DATE OF BIRTH (mm/dd/yyyy)
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SOCIAL INSURANCE NUMBER (OPTIONAL)
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LOAN DETAILS
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PRINCIPAL LOAN AMOUNT
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ADMINISTRATION FEE
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TOTAL LOAN AMOUNT
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LOAN TERM
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months
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AMORTIZATION PERIOD
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months
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ANNUAL INTEREST RATE
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ANNUAL PERCENTAGE RATE
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PAYMENT FREQUENCY
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MINIMUM SCHEDULED PAYMENT
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FIRST PAYMENT DATE (mm/dd/yyyy)
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REOCCURING FEE
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$0
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TOTAL SCHEDULED PAYMENT
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PAYMENT METHOD
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EFT
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LOAN START DATE (mm/dd/yyyy)
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MATURITY DATE (mm/dd/yyyy)
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COST OF BORROWING (INTEREST + FEES)
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TOTAL COST OF BORROWING (PRINCIPAL + INTEREST + FEES)
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(a)
“Agreement” means this loan agreement and Amortization Schedule upon request hereto;
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(b)
“Amortization Schedule” means the schedule of amortizing repayments of the Principal Loan Amount. Amortization schedule available upon request;
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(c)
“Borrower” means the borrower including any applicable joint applicant or co-borrower as the case may be;
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(d)
“Interest” shall have the definition ascribed to it in Section 1 hereof;
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(e)
“Lender” means Climb Credit Inc.; and
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(f)
“Obligations” mean the Principal Loan Amount and any Interest thereon and any applicable fees and charges.
All additional capitalized terms not otherwise defined in this Section 2 shall be given the meaning ascribed to them in this Agreement.
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(a)
The Borrower agrees to repay the Obligations to the Lender. The Obligations will be paid in SCHEDULED installments (the “Minimum Scheduled Payment”), starting on the date specified in Section 1 of this Agreement. The Borrower will continue to make the Minimum Scheduled Payment until the Maturity Date specified in Section 1 of this Agreement, or until the Obligations have been repaid in full. The Lender will provide notice in writing to the Borrower when the Obligations have been repaid in full.
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(b)
The Lender will apply the Borrower’s payments to the Obligations in the following order:
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(i)
Interest on the Principal Loan Amount;
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(ii)
Other applicable fees and charges; and
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(iii)
the Principal Loan Amount.
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(c)
In the event a payment date falls on a date which is a Saturday, Sunday or a statutory holiday, the Borrower’s payment will not be applied until the next business day.
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(a)
The Borrower agrees to pay Interest on its Obligations when due. Any unpaid Obligations that have become due shall bear Interest daily from the date of advance and shall be compounded on a scheduled basis, not in advance. Interest will continue to be payable by the Borrower before and after;
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(b)
The aggregate “interest” (as defined in Section 347 (the “Criminal Code Section”) of the Criminal Code (Canada)), payable to the Lender under this Agreement shall not exceed the effective annual rate of interest permitted under the Criminal Code Section. Further, if any payment, collection or demand pursuant to this Agreement in respect of such “interest” is determined to be contrary to the provisions of the Criminal Code Section, such payment, collection, or demand shall be deemed to have been made by mutual mistake of the Lender and the Borrower and such “interest” shall be deemed to have been adjusted retroactively to the maximum amount permitted under the Criminal Code Sections, as follows:
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(i)
first, by reducing the amounts or rates of interest charged by the Lender; and
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(ii)
second, by reducing any fees, charges, expenses and other amounts charged by the Lender that would constitute “interest”.
If after the adjustments described above, the amount received by the Lender still exceeds the amount permitted under the Criminal Code Section, the Borrower may request, by notice in writing to the Lender, reimbursement from the Lender of the amounts in excess of the permitted amount.
5
ADJUSTMENT TO FINAL PAYMENT
If at the Maturity Date, the Obligations have not or will not be repaid by the Borrower in full, the Borrower agrees that it will immediately repay any and all unpaid Obligations. In the event the Borrower fails to immediately repay any and all unpaid Obligations to the Lender, the Lender may use the CLA to satisfy all or part of the unpaid Obligations.
The Borrower may prepay all of the unpaid Obligations at any time. However, the Borrower may only prepay part of the unpaid Obligations once per month. In the event that the Borrower prepays only part of the unpaid Obligations, the Borrower shall continue paying the Minimum Scheduled Payment until the unpaid Obligations have been paid by the Borrower in full.
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(a)
If an Event of Default takes place, the full amount of the unpaid Obligations will become immediately due and payable, without notice to the Borrower. Events of Default include, but are not limited to:
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(i)
Falsifying or misrepresenting any representation or warranty made by the Borrower;
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(ii)
Breaching any covenant or term contained in this Agreement;
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(iii)
Making a general assignment for the benefit of creditors, selling all, or substantially all, of the Borrower’s assets, or if the Borrower becomes insolvent or files for bankruptcy;
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(iv)
Borrower dies or is declared incompetent by a court of competent jurisdiction; or
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(v)
For any other reason in the sole discretion of the Lender,
(each an “Event of Default”).
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(b)
In an Event of Default, the Lender may charge an administration fee and collection fees of up to fifteen percent (15%) of the then outstanding unpaid Obligations, for non-payment of Obligations by the Borrower.
If an Event of Default occurs, the Lender, in its sole discretion, may:
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(a)
Terminate this Agreement; and
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(b)
Take possession of the CLA upon thirty (30) days’ written notice to the Borrower and retain any and all proceeds from the CLA, less any equity due to the Borrower, but less any applicable fees and charges.
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PROCEEDS OF DISPOSITION
Upon the earlier of:
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(a)
the Maturity Date; or
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(b)
an Event of Default;
the CLA will be applied by the Lender, without notice to the Borrower, to the following charges:
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(i)
Costs of collection;
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(ii)
Outstanding fees and charges;
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(iii)
Outstanding Interest;
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(iv)
Outstanding Principal Loan Amounts; and
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(v)
Any other amounts owed by the Borrower to the Lender.
If after such application of the CLA there remains a portion of the CLA remaining, it shall be returned to the Borrower pursuant to the terms of this Agreement.
The Lender may enforce its right to collect only the unpaid Interest on the Principal Loan Amount and any and all applicable fees and charges relating to the enforcement, without notice to the Borrower, and may exercise any available remedy that the Lender may now have or may subsequently have.
The Borrower will pay all of the Lender’s costs and expenses (including legal fees) in connection with enforcing, maintaining and administering the Lender’s rights herein.
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NO AUTOMATIC DISCHARGE
This Agreement shall not be, or deemed to be, automatically discharged due to the fulfillment of the Borrower’s Obligations owed to the Lender.
If at any time the Borrower’s Obligations have been satisfied then, upon written request from the Borrower to the Lender, the Lender shall discharge this Agreement and will deliver to the Borrower all necessary documents to effect such discharge.
The Borrower agrees to promptly provide the Lender with all information reasonably requested by the Lender and will promptly advise the Lender of any changes that may affect the terms of this Agreement.
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DISCLOSURE OF INFORMATION
The Borrower hereby consents to the Lender disclosing personal information of the Borrower, this Agreement and the Obligations to credit reporting agencies, creditors, the government and the Lender and its employees, officers, directors, and other third parties as may be required from time to time.
Unless otherwise stated, all references in this Agreement to dollar amounts, "dollars" or "$" are references to Canadian dollars.
If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement, or invalidate or render unenforceable such term or provision in any other jurisdiction.
This Agreement shall be governed by, and construed in accordance with, the laws of the Province of Ontario and the federal laws Canada applicable therein.
All notices under this Agreement shall be made in writing and shall be delivered by hand or by prepaid registered mail addressed to the Borrower’s address or the Lender’s address contained herein, as the case may be, or any other address that the Borrower or the Lender may specify in writing from time to time.
The covenants, representations and warranties in this Agreement are binding on the Borrower and any applicable joint applicant or co-borrower and on their heirs, representatives and assigns.
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AMENDMENTS OR MODIFICATIONS
No changes to this Agreement may be made unless in writing and signed by both the Lender and the Borrower.
This Agreement is between the Borrower and the Lender and by signing this Agreement the Borrower acknowledges;
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(i)
having received and having read a copy of this Agreement;
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(ii)
understanding the terms of this Agreement;
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(iii)
agreeing to be bound by such terms; and
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(iv)
agreeing to participate in a Pre-Authorized Debit arrangement in accordance with Section 1 hereof.
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(v)
You acknowledge that a consumer report/personal report containing credit or personal information will be referred to in connection with this agreement. You consent to us obtaining such a report from credit bureaus/consumer reporting agencies and other third parties as described in our Privacy Policy.
I/we agree to the terms and conditions attached to this Agreement.
Climb Credit Inc.
PRE-AUTHORIZED DEBIT (“PAD”) FORM (“Authorization”)
I/We hereby authorize Climb Credit Inc. to debit my account at Transit # Institution # Account # .
The amount of on a basis.
This PAD is for personal purposes.
In the event that any PAD is not honoured, due to non-sufficient funds or any other reason other than my/our revocation of this Authorization or non-compliance of the PAD with this Authorization, I/we authorize Climb Credit Inc. to re-present the PAD at its discretion and my/our Financial Institution to process such PAD without any pre-notice to me/us or any other consent by me/us. I/We also agree to have Climb Credit Inc. debit my/our Account for the $20.00 returned item fee.
I/We hereby waive any requirement for pre-notification of changes in the amounts and/or payment dates of Pre-Authorized Debits drawn against my/our Account at my/our Financial Institution in accordance with this Authorization.
I/We may revoke this Authorization at any time either orally or in writing subject to providing at least 30 days’ notice of revocation to Climb Credit Inc. I/We may obtain a sample cancellation form, or more information on my/our right to cancel this Authorization at my/our Financial Institution or by visiting www.payments.ca.
I/We have certain recourse rights if any debit does not comply with this Authorization. For example, I/we have the right to receive reimbursement for any debit that is not authorized or is not consistent with this Authorization. To obtain more information on my/our recourse rights, I/we may contact my/our Financial Institution or visit www.payments.ca.
I/we agree to the terms and conditions attached to this Authorization.
Climb Credit Inc.
82A Lakeshore Rd E, Mississauga, ON. L5G 1E1
1-844-500-9898
IN WHEREOF, the parties hereto have caused all Agreements included to be executed as of the date first written above.
