energy right® Program

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energy right® Program
Repayment Agreement

OMB No. 3316-0019
Expires: MM/DD/YYYY

Account No.
     

Distributor No.
     

Area No.
     
Distributor
     

Address
     
Participant’s Name
     

Address
     

Participant entered into an agreement on
     
(mm/dd/yy)  to participate in the energy right Program (Program) as made available by Distributor.  Since then, improvements eligible
for financing have been installed to Participant’s satisfaction in accordance with the Agreement to Participate and the Program requirements.

To repay the financing received from Distributor, Participant hereby promises to pay to the order of Distributor the sum of $
     
with interest on the unpaid principal balance at the rate 
of
     
% per year until paid.  This financing includes $
     
for installation of improvements under the Agreement to Participate and $
     
for
payment on Participant’s financing obligation under Participant’s Repayment Agreement dated
     
(mm/dd/yy).  Repayment shall be made in
     
consecutive monthly
installments as shown in the repayment schedule in the Truth and Lending Disclosure.  Each installment payment shall be applied first to the interest due, and the balance shall be applied to principal 
(Participant understands interest accrues on any unpaid balance for the actual time outstanding).

Interest begins to accrue 30 days prior to the date the first payment is due.  Participant can avoid paying interest by paying the AMOUNT FINANCED (shown in Truth in Lending Disclosure) in full prior to 
the date interest begins to accrue.

Participant understands that the FINANCE CHARGE and the TOTAL OF PAYMENTS as shown in the Truth in Lending Disclosure are estimates based on Distributor’s assumption that payments will be
made as scheduled (on the dates agreed upon).


Truth In Lending Disclosure









Annual Percentage Rate
Finance Charge
Amount Financed
Total of Payments



Itemization of the Amount Financed of $
     


The cost of your credit as 
The dollar 
The amount of credit 
The amount you will 








a yearly rate
amount the 
provided to you or 
have paid after you 



$
     
Amount given to you directly



credit will cost 
on your behalf
have made all pay-









you

ments as scheduled



$
     
Amount paid on your account


     
%
$
     
E
$
     
$
     
E






Your payment schedule will be






Number of Payments
Amount of Payments
When Payments are Due



Amount paid to others on your behalf:


     
     
     



$
     
to Public Officials


     
     
     











$
     
to
     







Security—You are giving a security interest in: 
Prepayment:  If you pay off early,


$
     
to
     

	(check the applicable box)
you will not have to pay a penalty.









Less; $
     
Prepaid finance charge.

 Not applicable
See your Program agreements for 





any additional information about 




 the goods or property being purchased.
nonpayment, default, any 





required repayment in full before 





     

the scheduled date, lack of 





prepayment penalties, and any




 fees: $
     

security interests.










E means an estimate	N/A means “not applicable”




Each party signing this Repayment Agreement waives presentment and notice of dishonor and agrees that Distributor may, without notice and without releasing such party from liability, grant extensions or renewals, add or release one or more parties, acquire additional security, or release any security.
It is understood that all or any part of the unpaid balance of Participant’s obligation to Distributor may be paid at any time without penalty, but that the Distributor need not credit partial payments of the unpaid balance more often than once a month.
Distributor may accept late payments, partial payments, or delay enforcing any of Distributor’s rights under this Repayment Agreement without losing those rights.
Participant will be in default under this Repayment Agreement if any of the following occurs:  (1) If Participant does not make a payment when due or perform all of Participant’s obligations to Distributor under this Repayment Agreement or any security arrangement Participant has with Distributor;  (2) If Participant has made a false or misleading statement in this or any other Program agreement;  (3) If Participant ceases to maintain an electric service account with Distributor for the home at which Distributor has made financing available;  (4) If Participant ceases to reside in the home at which Distributor has made financing available or if Participant ceases to use the home as residential premises;  (5) If Participant should die or, if a business entity, Participant should be terminated, dissolved, or reorganized;  (6) If Participant should have any proceeding under any bankruptcy or insolvency laws begun by or against Participant;  (7) If any suit should be instituted against Participant which Distributor deems to affect adversely Distributor’s interest in any of the improvements which Distributor has financed; or  (8) If Distributor should consider itself or Participant’s obligations unsafe or not completely secure or if Distributor should believe, in good faith, that the likelihood of Participant’s payment of other performance  under this Repayment Agreement has been impaired.
If Participant defaults in any of the above ways, all of Participant’s payment obligations to Distributor under this Repayment Agreement will, at Distributor’s option, immediately be due and payable without Distributor’s giving any advance notice.  Participant also agrees to pay Distributor any expense Distributor has paid for in the collection of amounts under this Repayment Agreement, including reasonable attorney fees, expenses, and court costs.
If Participant is a customer of Distributor, Participant understands that Participant’s obligation under this Repayment Agreement are subject to Distributor’s Rules and Regulations and other policies and that the amount of the monthly repayment will be included as part of Participant’s electric bill.

Notice:	Any holder of this consumer credit contract is subject to all claims and defenses which the debtor could assert against the seller of goods 
or services obtained with the proceeds hereof.  Recovery hereunder by the debtor shall not exceed amounts paid by the debtor hereunder.

Each of the undersigned has read this Repayment Agreement and the Truth in Lending Disclosure carefully, acknowledges that all spaces were completed before signing, and by signing below acknowledges receipt of a copy and agrees to be bound by the terms and conditions contained herein.







Participant’s Signature

Date

Participant’s Signature

Date

Each of the undersigned hereby agrees individually to be responsible to the same extent as Participant for making any payments to Distributor or fulfilling any other obligation of Participant hereunder
in the event Participant fails to make a payment on a timely basis or fails otherwise to satisfy any of Participant’s obligations to the Distributor.
Each of the undersigned also acknowledges Notice to Cosigner on the second page of this form.







Cosigner’s Signature

Date

Cosigner’s Signature

Date
This activity is in accord with the provisions of the Tennessee Valley Authority Act of 1933 (16 U.S.C. Secs. 831-831ee).  You are not required to participate.  
Information provided with go to distributors, TVA and the contractors assisting TVA in this program.  Your cooperation is appreciated.

energy right® Program
Notice to Cosigner

You are being asked to guarantee this debt.  Think carefully before you do.  If the borrower (Participant) doesn’t pay the debt, you will have to.  Be sure you can afford to pay if you have to and that you want to accept this responsibility.

You may have to pay up to the full amount of the debt if the borrower does not pay.  You may also have to pay late fees or collection costs, which increase this amount.

The creditor (Distributor) can collect this debt from you without first trying to collect from the borrower.  The creditor can use the same collection methods against you that can be used against the borrower such as suing you or garnishing your wages.  If this debt is ever in default, that fact may become a part of your credit record.

This notice is not the contract that makes you liable for the debt.