SUBJECT TO STATE REGULATION
LENDER: Spectrum Mobile Equipment, LLC, on behalf of itself and its service providing affiliates (collectively, "Spectrum") 400 Washington Blvd, Stamford, CT 06902, (833) 224-6603
LOAN AGREEMENT # [Order number]
SPECTRUM ACCOUNT # [MobileAccountNumber]
BORROWER'S NAME: [name], the Spectrum Account Holder
BORROWER'S CONTACT NUMBER: [Mobile or Contact Number]
BORROWER'S ADDRESS: [Address]
DESCRIPTION OF MOBILE DEVICE(S): [Device]/[Customer Nickname for Device]
(collectively, "Device")
YOU, meaning the Borrower named above, agree to pay Spectrum, the Lender named above, the Total of Payments described in the Truth in Lending Disclosure according to the terms of this Loan Agreement (this "Loan Agreement").
TRUTH IN LENDING DISCLOSURE
| ANNUAL PERCENTAGE RATE The cost of your loan as a yearly rate |
0% |
|---|---|
| FINANCE CHARGE The dollar amount the loan will cost you |
$0.00 |
| AMOUNT FINANCED The loan amount provided to you |
$[AmountFinanced] |
| TOTAL OF PAYMENTS The amount you will have paid after you have made all payments as scheduled |
$[AmountFinanced] |
Your payment schedule will be:
| NUMBER OF PAYMENTS | AMOUNT OF PAYMENTS | WHEN PAYMENTS ARE DUE |
|---|
Late Charge: No late charge is imposed under this Loan Agreement.
Prepayment: If you pay off early, you will not have to pay a penalty.
See your Terms of Service (defined below) for any additional information about nonpayment, default, any required repayment in full before the scheduled date, and prepayment refunds and penalties as it related to your Mobile Service.
THIS LOAN AGREEMENT GOVERNING THE MOBILE DEVICE(S) YOU ARE RECEIVING FROM SPECTRUM, INCLUDES A BINDING ARBITRATION PROVISION SET FORTH IN THE SPECTRUM RESIDENTIAL GENERAL TERMS AND CONDITIONS OF SERVICE, WHICH INCLUDES A WAIVER OF CLASS ACTIONS AND PROVISIONS FOR OPTING OUT OF ARBITRATION.
Itemization of Amount Financed of $[AmountFinanced]
Amount given to you directly: $[AmountFinanced]
LOAN AGREEMENT
1. INCORPORATION OF TERMS OF SERVICE.
YOU HAVE SEPARATELY ENTERED INTO SPECTRUM RESIDENTIAL GENERAL TERMS AND CONDITIONS OF SERVICE AND DEPENDING ON THE SPECIFIC SPECTRUM SERVICE YOU ARE USING WITH A DEVICE AT ANY GIVEN TIME, THE APPLICABLE SPECTRUM RESIDENTIAL MOBILE, INTERNET, CABLE OR BUSINESS SERVICES TERMS AND CONDITIONS (COLLECTIVELY, THE "TERMS OF SERVICE"). ALTHOUGH THE TERMS OF SERVICE ARE COMPRISED OF SEPARATE DOCUMENTS. EXCEPT AS PROHIBITED BY APPLICABLE LAW, THE SECTIONS GOVERNING ARBITRATION, WAIVERS AND LIMITATIONS OF LIABILITY, DISCLAIMER OF WARRANTIES, DISPUTES, AND OTHER PROVISIONS OF YOUR TERMS OF SERVICE ARE HEREBY INCORPORATED BY THIS REFERENCE IN THIS LOAN AGREEMENT, AND SHALL SURVIVE TERMINATION OF YOUR TERMS OF SERVICE. SPECIFICALLY, ANY DISPUTES UNDER THIS LOAN AGREEMENT SHALL BE RESOLVED IN ACCORDANCE WITH YOUR TERMS OF SERVICE UNDER THE HEADING: "ARBITRATION." OUTSIDE OF ANY ARBITRATION BETWEEN THE PARTIES, WHICH REMAIN GOVERNED SOLELY BY THE ARBITRATION CLAUSE CONTAINED IN THE TERMS OF SERVICE.
2. USE OF LOAN PROCEEDS.
You hereby represent and warrant to us that you have provided complete and accurate information regarding the amount you owe on the retail installment contract or other financing obtained to purchase the Device (the "Existing Financing"). You agree to use the proceeds of the loan provided pursuant to this Loan Agreement solely for the purpose of repaying amounts you owe on the Existing Financing.
3. PAYMENTS.
We will charge the payment method associated with your Spectrum Mobile account every month for the amounts due under this Loan Agreement. Payments are due on the due date set forth in your billing statement as established under the Terms of Service. The initial payment is due on the first billing cycle date after Spectrum ships a Mobile SIM to you. If the payment authorization fails for the full amount due for any Spectrum Service(s), the Device(s) connected to your Spectrum Mobile account then we, at our sole discretion and in accordance with and subject to applicable law, may suspend or disconnect any or all Spectrum Service(s) (or any portion thereof) provided by Spectrum. You are required to maintain a current valid payment method on your account at all times.
4. PREPAYMENT.
You may pay the total amount due under this Loan Agreement at any time before the final scheduled payment is due, and you will not have to pay a penalty. Additional payments that you elect to make beyond the monthly amount due will be applied to your Loan Agreement balance and the number of outstanding payments, or final payment amount, as applicable will be reduced accordingly. You will still be charged the same monthly payment amount on your bill cycle date, until the full amount due is satisfied.
5. RISK OF LOSS.
You bear the entire risk of loss, theft or damage to the Device from any cause during the term of this Loan Agreement. Even if the Device is lost, stolen or damaged, you remain obligated for the Total of Payments in the Truth in Lending Disclosure.
SPECTRUM HEREBY DISCLAIMS ANY AND ALL CLAIMS ARISING FROM OR ASSOCIATED WITH THE FAILURE, OPERABILITY, PERFORMANCE, DEFECTS OR LOSS, LIABILITY OR DAMAGES ARISING FROM USE OF ANY DEVICE, ANY OF WHICH SHALL REMAIN MATTERS EXCLUSIVELY BETWEEN YOU AND THE MANUFACTURER OF SUCH DEVICE.
6. DEFAULT AND REMEDIES.
We shall have the right to suspend the service to and functionality of your Device(s) and/or terminate this Loan Agreement, any other Spectrum Service(s) for any one or more of the following reasons (each a "Default"):
(i) failure to pay amounts due under this Loan Agreement or under the Terms of Service with respect to any Service provided to you by Spectrum;
(ii) you breach any covenant, representation or warranty under this Loan Agreement;
(iii) your default in the performance of any other obligation under applicable law that is not cured within ten (10) days after written notice to you (subject to any applicable laws requiring a different notice and cure period);
(iv) for any reason the Device you financed under this Loan Agreement is disconnected from Spectrum Mobile Service; or
(v) Spectrum terminates your Mobile Service(s) for any other event of Default under this Loan Agreement or the Terms of Service.
To the extent permitted by applicable law, upon a Default we have the right to require you to pay immediately (A) the entire remaining balance in full under this Loan Agreement, and (B) any actual and reasonable costs of collection.
7. ASSIGNMENT.
We may, without your consent, and without giving you notice, assign or transfer this Loan Agreement or any payment or any other sums due or to become due hereunder. In such event our assignee will have, to the extent transferred or assigned to it, all our rights, powers, privileges and remedies under this Loan Agreement.
You agree you will not (A) sell or offer to sell or transfer or enter into any lease with respect to the Device covered by this Loan Agreement without our prior written consent nor (B) assign this Loan Agreement or any interest in it to another party.
8. ELECTRONIC ACCESS TO LOAN AGREEMENT/OTHER COMMUNICATIONS.
By accepting below, you acknowledge that you have access to Spectrum's Website at https://www.spectrum.com/policies/residential-terms.html where a standard form of this Loan Agreement and related privacy and other disclosures will be available to you, and you agree to receive any disclosure, notice, or other communication via email. If at any time after entering into this Loan Agreement you want a copy of this Loan Agreement, you may call (833) 224-6603 and request a copy be emailed to you.
NOTICE TO BUYER
1. Do not accept this Loan Agreement before you read it or if it contains any blank spaces for information that is available at the time you accept this Loan Agreement.
2. You are entitled to a completely filled-in copy of this Loan Agreement. Keep it to protect your legal rights.
3. Under the law, you have the right to pay off in advance the full amount due at any time. If you desire to prepay the full amount due, the amount due will be furnished upon request.
4. This contract is covered by state and federal laws, and you have the rights of a buyer under such laws.
5. You have a right to a copy of this Loan Agreement; keep it to protect your rights. You may pay off the full amount at any time. Please review the entire Loan
Agreement, including the Notice to Buyer provisions, before accepting.
LOAN AGREEMENT AND TRUTH IN LENDING DISCLOSURE
I acknowledge that I have read this Loan Agreement and received a signed copy from the Lender, Spectrum
____________________________
Borrower's Signature (date)
