Terms and Conditions governing Citibank Berhad (the "Bank")'s Citibank Installment Loan (the "Loan") which shall automatically become binding on the applicant (the "Borrower") immediately upon approval of the Application herein.
LOAN AMOUNT The Loan amount shall be such principal sum as may be approved by the Bank and notified to the Borrower in writing, which sum shall not exceed the sum applied for.
PURPOSE OF LOAN The Borrower hereby covenants and undertakes that he shall use the loan solely for the purpose specified by him in the application form.
REPRESENTATIONS AND WARRANTIES The Borrower hereby represents and warrants that :
the Borrower has the capacity to execute, deliver and perform these terms and conditions;
the Borrower is not in default under any agreement to which the Borrower is a party or by which the Borrower may be bound and no litigation arbitration or administrative proceedings are presently current or pending or threatened against the Borrower;
all information furnished by the Borrower to the Bank in connection with the Loan are true and correct and there has been no omission which would render the information herein inaccurate or misleading;
there are no bankruptcy proceedings currently pending or threatened against the Borrower;
no Event of Default (as herein defined) has occurred.
INTEREST PAYMENT
When notifying the Borrower in writing that his application for the Loan has been approved, the Bank shall at the same time notify the Borrower of the rate of interest (the "Prescribed Rate") payable on the Loan.
The Borrower shall pay interest at the Prescribed Rate (or such other rate as the Bank may from time to time prescribe) calculated on daily basis and charged on principal amount outstanding for the relevant month from the date on which the Loan is disbursed on monthly rest up to the time of full settlement of the Loan and all accrued interest shall be payable as part of the Monthly Installments (as herein defined).
REPAYMENT
The Loan shall be repayable upon demand, which demand may be made by the Bank at any time and from time to time irrespective of whether or not an Event of Default (as herein defined) has occurred or is continuing and until such demand, the Loan shall be repaid by the number of monthly installments (the "Monthly Installments") in the amount stated in the Bank's letter notifying the Borrower of the Bank's approval of the Loan.
The Borrower shall commence payment of the Monthly Installments at the expiry of one (1) month from the date of full disbursement of the Loan and subsequent Monthly Installments shall be payable at successive intervals of one (1) month each.
The Borrower shall not be allowed to change the amount of the Monthly Installment unless with the prior written approval of the Bank which approval if given may be given subject to such terms and conditions as the Bank may decide. The decision of the Bank whether to give its approval or otherwise shall be final and conclusive and shall not be challenged on any grounds whatsoever.
EARLY SETTLEMENT
Subject to Clause 5, the Borrower shall be entitled to repay at any time the whole and not part of the amount outstanding under the Loan Provided always that in the event the Borrower shall make such repayment prior to reaching half of the approved Loan tenure, starting from the date of full disbursement of the Loan, the Borrower shall pay to the Bank an early settlement fee of a sum of Ringgit Two hundred or a sum equivalent to 3% of the outstanding balance of the Loan, whichever is the higher.
The prepaid amount shall not thereafter be available for redrawing.
DEFAULT INTEREST RATE
In the event the Borrower fails to pay any monies outstanding (other than the Monthly Installments) when due and payable to the Bank (whether principal, interest or otherwise), then, in addition and without prejudice to any other rights or remedies to which the Bank may be entitled, the Bank shall be entitled to charge default interest (in lieu of the interest at the Prescribed Rate) on such monies from the time of default up to the time of actual receipt of such monies by the Bank, such default interest to be charged at the rate of 1% per annum above the Prescribed Rate (or at such other rate as the Bank may stipulate from time to time).
LATE PAYMENT CHARGE In the event the Borrower fails to pay any Monthly Installment on the due date thereof, then, in addition and without prejudice to any other rights or remedies to which the Bank may be entitled, the Bank shall be entitled to charge the Borrower a late payment charge (in addition to interest at the Prescribed Rate) on the amount of such Monthly Installment from the time of default at the rate of 1% p.a. (or at such other rate as the Bank may stipulate from time to time) or/and by such mode or basis of computation as may be permitted by the Association of Banks in Malaysia or Bank Negara Malaysia as the Bank may determine from time to time.
VARIATION
The Bank shall be entitled at any time and from time to time to vary the rate of interest, manner and time of payment and modes of computation in any manner whatsoever without the Borrower's consent and shall give notice in writing to the Borrower of such its intention. Any such variation shall take immediate effect as from the date determined by the Bank as specified in such notice. Such notice shall be given in the manner provided under Clause 30.
Notwithstanding Clause 9(a) and Clause 30, any notice concerning any change in the Bank's BLR need not be given in the manner provided under Clause 9(a) or Clause 30 and the Bank shall be entitled to give such notice by or in any one or more of the following methods of notification:-
by posting a notice in the Bank's premises or on the Bank's web site or internet site stating such change and its effective date of change and such notice shall be deemed to have been received by or communicated to the Borrower on the date of posting of the notice in the Bank's premises or on the Bank's web site or internet site, as the case may be;
by way of a single publication in one or more newspapers of the Bank's choice of such change and its effective date of change and such notice shall be deemed to have been received by or communicated to the Borrower on the date of first publication in any such newspaper; or
by way of an insertion in or an enclosure with or an attachment to the Bank's statement of account to the Borrower stating such change and its effective date of change and such statement of account or notice (in the event that the notice is not inserted in the statement of account but is enclosed therewith or attached thereto) may be in the form of a computer generated statement or notice which requires no signature or may contain a printed or facsimile signature of an officer of the Bank and such notice shall be deemed to have been received by or communicated to the Borrower at the time such statement of account is deemed to have been given by the Bank to the Borrower in accordance with Clause 30.
Any failure or delay on the part of the Bank to give notice of the variation to the Borrower in accordance with the provisions herein shall not exempt the Borrower from its obligation to pay the varied interest, bank charges and/or other charges in accordance with the provisions herein.
EVENTS OF DEFAULT
All monies outstanding under the Loan together with interest thereon and all other monies relating thereto shall become immediately payable by the Borrower upon demand being made by the Bank or upon the occurrence of any of the following events ("Events of Default"):-
the default by the Borrower in the payment of any money payable to the Bank (whether principal or interest) after the same shall have become due whether formally demanded or not;
the default by the Borrower under any other provision herein which is not capable of remedy or which, being capable of remedy, is not remedied within seven (7) days of such default or after being required to do so by the Bank;
any representation, warranty or condition made or implied by the Borrower herein is incorrect or misleading in any material aspect;
the Borrower committing any act of bankruptcy or becoming bankrupt or entering into any composition or arrangement with or for the benefit of the creditors of the Borrower or allowing any judgment against the Borrower to remain unsatisfied for a period of seven (7) days from the relevant date thereof;
the Borrower becoming insane or dies;
the Borrower being prosecuted under any laws or serves any custodial sentence;
the Borrower being listed as a bad cheque offender under the Dishonoured Cheques Information System ("DCHEQS") guidelines issued by Bank Negara Malaysia;
any of the Borrower's indebtedness with the Bank or any other financial institution(s) becoming capable, in accordance with the relevant terms thereof of being declared due prematurely by reason of a default by the Borrower in the Borrower's obligations in respect of the same or if the Borrower fails to make payment in respect thereof on the due date of such indebtedness becoming enforceable;
the Borrower failing to comply with any of the bank's internal policies as originally implemented or as may be amended or varied from time to time,
the Bank shall in addition and without prejudice to any other rights or remedies to which the Bank may be entitled to recall or withdraw all other unsecured loans and/or such other credit facilities as the Bank may from time to time determine ("other related loan(s)") of the Borrower with the Bank in the event of default of the loan or if an event of default shall have occurred or is continuing notwithstanding that the credit balances and liabilities on such other related loans are not in default or have not been settled by the Borrower and the same shall apply to the Borrower in the event the Borrower defaulted in other related loans to suspend, recall and/or withdraw further disbursement of the loan herewith and the Bank retains the right to terminate all other related loans and any other facility services of the Bank as determined from time to time and thereupon the outstanding indebtedness shall upon demand become due and payable immediately,
any distress or execution is levied or enforced upon any of the Borrower's property;
any other events occur which in the sole opinion of the Bank could or might affect or prejudice the Borrower's ability or willingness to comply with all or any of the Borrower's obligations under these terms and conditions; and
the Bank in it sole discretion considering the Loan to be in jeopardy.
ILLEGALITY
If the Bank determines that the introduction or variation of any law, regulation or official directive (whether or not having the force of law) or any change in the interpretation or application thereof makes it unlawful for the Bank to maintain, fund or give effect to its obligations hereunder, the Bank shall forthwith give notice of such determination to the Borrower whereupon the Loan to such extent shall be cancelled and the Borrower will forthwith upon notice from the Bank repay all monies agreed to be paid by the Borrower hereunder.
INCREASED COSTS Where the Bank determines that, as a result of :-
the introduction or variation of any law, order, regulation or official directive (whether or not having the force of law); or
any change in the interpretation or application of any law, order, regulation or official directive (whether or not having the force of law) by any competent authority; or
compliance with any request (whether or not having the force of law) from Bank Negara Malaysia or other fiscal, monetary or other authority,
the:-
cost to the Bank of making available or continuing to make available the Loan is increased; or
amount of any sum received or receivable by the Bank in respect of the Loan or the effective return to the Bank under the Loan is reduced; or
Bank is obliged to make any payment (except in respect of tax on the Bank's overall net income) or forego any interest or other return on, or calculated by reference to, the amount of any sum received or receivable by the Bank from the Borrower under the Loan,
then the Bank shall notify the Borrower of the circumstances leading to the Bank's determination as above and:-
the Borrower shall on demand pay to the Bank such reasonable amounts as the Bank from time to time and at any time notify it to be necessary to compensate the Bank for such additional cost, reduction, payment or foregone interest or return provided that nothing herein contained shall prevent the Borrower from taking all necessary steps to mitigate the effect of such increased costs; and
at any time thereafter, so long as the circumstances giving rise to the obligation to make the compensating payment continues, the Borrower may upon giving the Bank not less than thirty (30) days' notice, cancel the Loan.
MARKET DISRUPTION
If in the opinion of the Bank, there has, since the date of application for the Loan, been a change in national or international monetary, financial, economic or political conditions or currency exchange rates or exchange control which would render the Loan temporarily or permanently commercially impractical or impossible, the Bank shall notify the Borrower thereof, and:-
whilst such circumstances exist, no utilisation of the Loan will be allowed;
the Bank shall negotiate in good faith for an alternative basis acceptable to the Bank for continuing the Loan; and
unless within thirty (30) days after the giving of such notice such circumstances cease to exist or an alternative basis acceptable to the Bank is arrived at, the Loan shall be cancelled.
INSURANCE
In the event the Borrower takes out a life insurance policy (which is optional) with an insurance company approved by the Bank, such insurance shall be for such amount and on such terms as the Bank may require to cover the rights and interests of the Bank for so long as the Loan is still subsisting. The insurance policy shall cover against such risks as the Bank may in its absolute discretion require and determine fit. The life insurance policy shall show the Bank's interest and the Bank reserves the right to pay the annual payment of premium by deducting upfront from the Loan sum prior to disbursement or debiting the Borrower's account to ensure continuity of cover. The original copy of the life insurance policy together with any renewal policies and receipts for payment of such policies must be lodged with the Bank. The Borrower further consents to the Bank disclosing to the insurance company any information whatsoever about the Borrower and/or the Loan for any purposes connected with the said insurance policy.
REVIEW
The Loan and the terms and conditions thereof are subject to review at any time and from time to time as the Bank deems fit irrespective of whether or not an Event of Default has occurred or is continuing. Upon such review, the Bank may unilaterally:-
suspend or cancel the whole or any part of the Loan;
declare the Loan to be forthwith due and payable and/or require the Borrower to procure the release and discharge of the Bank from all and any liability or obligation to make any payment from the Loan to any person;
vary the form, nature, manner, limit, terms and/or conditions of the Loan and/or in, by and/or under which the Loan is made available; and/or
without prejudice to the generality of Clause 15(c) above, impose additional terms and/or conditions in respect of the Loan;
by mere notice in writing to the Borrower and the Bank's rights hereunder shall not be prejudiced thereby.
CANCELLATION
Subject and without prejudice to the restrictions herein on the cancellation of the Loan or any part thereof, in the event that the Borrower decides to cancel the Loan or any portion thereof (whether before or after the Loan or any part thereof is available for utilization or has been utilized), the Borrower shall pay to the Bank on or before the proposed date of cancellation:-
the principal amount outstanding in respect of the Loan together with all interest and other monies outstanding from the Borrower to the Bank in respect of or arising from the Loan up to and including the proposed date of cancellation; and
an early settlement fee, if applicable, of a sum specified in Clause 6(a).
INDEMNITY
The Borrower shall fully indemnify and keep the Bank indemnified from and against any and all losses, damages, costs, charges, expenses and liabilities (as to the amount of which the statement of the Bank shall, in the absence of manifest error, be conclusive) which the Bank may sustain, incur or suffer as a consequence of the Bank agreeing to grant or making or continuing to make available the Loan to the Borrower or of the occurrence of any Event of Default irrespective of whether or not the Loan has been utilized. Without prejudice to its generality, the foregoing shall extend to any interest, fees or other sums whatsoever paid or payable on account of funds borrowed in order to carry any unpaid amount and to any loss (including but not limited to loss of profit), premium, penalty or expense which may be incurred in liquidating or employing deposits from third parties acquired to make, maintain or fund the Loan (or any part thereof) or any other amount due or to become due hereunder.
INFORMATION AND DISCLOSURE
The Borrower agrees as follows :
that the information furnished by the Borrower to the Bank, in connection with his Application for the Loan is true, accurate, complete and correct, and the Borrower shall promptly notify the Bank if it shall cease to be so and/or of any change thereto;
that the Bank is unconditionally and irrevocably requested and permitted (including, without limitation, for the purposes of section 30(1)(mmm) of the Central Bank of Malaysia Act 1958 and section 99(1)(a) of the Banking and Financial Institutions Act 1989) by the Borrower, and the Bank shall be entitled, from time to time and at any time whatsoever, for any purpose whatsoever (including but not limited to the assessment, evaluation or review of the Borrower's creditworthiness or credit status, data processing, statistical or risk analysis or the development or validation of credit score or credit policy by the Bank or the Bank's related or affiliated corporations) and to any extent howsoever as the Bank may deem fit:-
to have access to and/or to obtain, extract and/or utilize any information whatsoever relating to the Borrower from any source whatsoever (including but not limited to any credit information from Bank Negara Malaysia or the Credit Bureau or Central Credit Reference Information System established by Bank Negara Malaysia);
to extract, transfer, transmit, receive, record, process and/or store any of the information referred to in Clause 18(a) and Clause 18((b)(i) above and/or relating to the application to the Bank for a loan, the outcome of the application, the Loan and/or any other information whatsoever (howsoever obtained) relating to the Borrower, any account now or hereafter from time to time opened or maintained by the Borrower (whether alone or jointly with another or others) with the Bank and/or any credit or other banking facility, service or accommodation now or hereafter from time to time applied for (including but not limited to the outcome of any such application) by the Borrower (whether alone or jointly with another or others) from the Bank or granted to the Borrower (whether alone or jointly with another or others) by the Bank (collectively the "Information"):-
in any manner whatsoever;
by any means whatsoever;
in any form or medium whatsoever; and/or
from, to and/or at any place whatsoever (including but not limited to any regional or global centre) and wheresoever (whether within or outside Malaysia);
to rely upon and/or utilize (whether with or without any verification or further verification) any of the Information; and/or
to disclose and/or transfer any of the Information to any person or body whomsoever (even though such person or body may in turn further disclose and/or transfer such Information to any other person or body) and wheresoever situate (the persons and bodies referred to herein shall include but are not limited to Bank Negara Malaysia, the Credit Bureau, the Central Credit Reference Information System, any other authority agency bureau or body established or authorized by Bank Negara Malaysia, the Association of Banks in Malaysia, any other authority agency bureau or body having jurisdiction over the Bank, any authority agency bureau or body established or authorized by the Association of Banks in Malaysia or any other authority agency bureau or body having jurisdiction over the Bank, the EPF, any other authority, any person or body providing or proposing to provide security (including but not limited to any guarantee or indemnity) to the Bank in respect of the Loan and/or any other credit or other banking facility, service or accommodation referred to in Clause 18(b)(ii) above, any person or body proposing or considering tendering any payment towards the account of the monies payable in respect of the Loan and/or any other credit or other banking facility, service or accommodation referred to in Clause 18(b)(ii) above, the Bank's head office, the Bank's branch offices, any person or body to whom the Bank is associated with affiliated to or deemed to be related to, any agent or representative of the Bank, any assignee or transferee or potential assignee or transferee or other person proposing to enter into any contractual arrangement with the Bank and any of the Bank's advisers, consultants or solicitors, from time to time);
that, without prejudice to the generality of Clause 18(b) above, the Borrower authorizes the disclosure and/or transfer (from time to time and at any time whatsoever, for any purpose whatsoever (including but not limited to the purposes referred to in Clause 18(b) above), to any extent howsoever and in any manner by any means and in any form or medium whatsoever) of any of the Information to, between and/or by the Bank's head office, the Bank's branch offices, any person or body to whom the Bank is associated with affiliated to or deemed to be related to, any regional or global centre, any agent or representative of the Bank and/or any other person or body selected by the Bank, from time to time wheresoever situate (whether within or outside Malaysia) and each of them may in turn further disclose and/or transfer any of the Information as required by any law, court, legal process or as requested by any authority in accordance with which it is required to act as it may at its sole and absolute discretion determine;
that, without prejudice to the generality of Clause 18(b) and Clause 18(c) above, the Borrower's request, permission and authorization herein for the disclosure of the Information as provided for in or contemplated herein:-
shall constitute:-
the request for such disclosure that may be required from the Borrower pursuant to section 30(1)(mmm) of the Central Bank of Malaysia Act 1958;
the permission for such disclosure that may be required from the Borrower pursuant to section 99(1)(a) of the Banking and Financial Institutions Act 1989; and/or
the request, permission, authorization, approval or consent for or to such disclosure that may be required from the Borrower pursuant to any other requirement whether statutory, contractual or otherwise and whether or not having any force of law; and
shall remain in full force and effect for so long as:-
the Bank shall make available or continue to make available to the Borrower any credit or other banking facility, service or accommodation referred to in Clause 18(b)(ii) above irrespective of whether or not such credit or other banking facility, service or accommodation:-
is the Loan; or
was or shall be applied for by the Borrower from the Bank or offered, granted or made available by the Bank to the Borrower in the past or in the future; or
any money shall be outstanding or remain to be payable from the Borrower to the Bank in respect of any such credit or other banking facility, service or accommodation irrespective of whether or not such credit or other banking facility, service or accommodation shall have been terminated or shall otherwise have ceased to be available;
and the Borrower hereby confirms that no further request, permission, authorization, approval or consent shall be necessary or required from the Borrower in relation to any such disclosure;
that no liability to the Borrower shall arise from any disclosure and/or transfer of any of the Information (as provided for in or contemplated herein) under any circumstances or in any manner whatsoever for any loss or damage whatsoever (whether direct or indirect, foreseeable or unforeseeable) and howsoever arising (whether in contract, tort or otherwise (including but not limited to negligence)) including, without limitation, any loss or damage arising from or in relation to:-
the disclosure or transfer of the Information by the Bank or any other person or body;
the reliance on the Information by the Bank or any other person or body; or
the Information being inaccurate, incorrect, untrue, erroneous or misstated howsoever caused, including but not limited to:-
any act, omission or negligence of the Bank's or any other person or body (including, without limitation, any delay or omission to update or notify of any changes to the Information); or
any technical, hardware or software failure, interruption, breakdown or error;
that the Borrower's request, permission and authorization herein shall be in addition and without prejudice to any other future or existing request, permission, authorization, approval and/or consent that may be or have been given or deemed to have been given by the Borrower elsewhere whether in relation to the same subject matter or otherwise;
that, without prejudice to the generality of the foregoing provisions herein, the Bank has informed the Borrower that:-
a credit check will and may from time to time and at any time be made by the Bank on the Borrower with; and
the Borrower's application herein to the Bank for a loan would be and any future credit or other banking facility, service or accommodation which may be applied for by the Borrower from the Bank or offered, granted or made available by the Bank to the Borrower may be reported by the Bank to the Credit Bureau or the Central Credit Reference Information System established by Bank Negara Malaysia and/or such other person or body as the Bank may at the Bank's sole and absolute discretion deem fit;
that the Bank shall be entitled but shall be under no obligation whatsoever to verify or ensure that any of the Information is true, accurate, complete or correct or to update same or to notify any person or body whomsoever of any changes or updates relating thereto;
that the Borrower shall fully indemnify the Bank from and against any and all claims, actions, proceedings, losses, damages, costs, charges, expenses and liabilities (as to the amount of which the statement of the Bank shall, in the absence of manifest error, be conclusive) which may from time to time be brought against, sustained, incurred or suffered by the Bank in relation to any of the Information; and
that the acknowledgements, agreements, confirmations and declarations herein are applicable irrespective of whether or not the Loan is subsequently granted, made available, utilized, cancelled or otherwise terminated.
WAIVER AND INDULGENCE
The terms and conditions herein are inserted for the sole benefit of the Bank and may be waived by the Bank in whole or in part with or without conditions at the discretion of the Bank without prejudicing the rights of the Bank hereunder and any failure by the Bank to enforce any of the provisions hereunder or any forbearance delay or indulgence granted by the Bank to the Borrower shall not be construed as a waiver of the Bank's rights hereunder.
BANKING AND FINANCIAL INSTITUTIONS ACT, 1989
The approval and granting of the Loan to the Borrower is on condition that the Bank will not be in breach or contravention of any law legislation or regulation including but without limiting the generality of the foregoing, the provision of Section 62 of the Banking And Financial Institutions Act, 1989 or any other provisions thereof. In particular the Borrower declares to the Bank that none of his spouse, parents and children are in the employment of or directly related to any of the directors officers or employees of the Citibank group of companies. In the event any such relationship is established or discovered now or in future the Bank reserves the right forthwith to terminate and recall the Loan.
COST AND EXPENSES
All costs and charges incurred by the Bank in connection with the Loan (including, but not limited to, any review of the Loan) and/or the Bank's enforcement of its rights in relation to the Loan, the Bank's solicitors' fees (on a full indemnity basis) and stamp duty on the documentation (inclusive of all penalties for late payment thereof for any reason whatsoever), shall be borne by the Borrower and shall be payable by the Borrower immediately upon demand by the Bank irrespective of whether or not the Loan is utilized, suspended or cancelled and the Bank may deduct the amount thereof from the Loan sum prior to disbursement or to debit the amount thereof into the Borrower's account with the Bank without notice to the Borrower and such amount shall bear interest at such rate as the Bank may stipulate from time to time.
STATEMENT BY BANK A statement or notice by the manager or any duly authorized officer or agent of the Bank for the time being or computer generated notices issued by the Bank which do not require signatures issued by the Bank as to the amount of such balance and liabilities incurred or due to the Bank or as to the date of interest or the amount of interest payable shall be conclusive evidence for all purposes.
DUTY TO VERIFY STATEMENTS OF ACCOUNTS
The Borrower shall verify all statements of accounts sent to the Borrower by the Bank and revert to the Bank within seven (7) days of the date of such statements of accounts in the event of any discrepancy in such statements of accounts failing which such accounts shall be deemed to be conclusive and binding against the Borrower.
SUSPENSE ACCOUNT
Any money received by the Bank in respect of the Loan may be kept to the credit of a suspense account for so long as the Bank thinks fit without any obligation in the meantime to apply the same or any part thereof in or towards settlement of any liabilities due from the Borrower to the Bank.
SET-OFF/CONSOLIDATION OF ACCOUNT
The Bank shall be entitled (but shall not be obliged) at any time and without notice to the Borrower to combine, consolidate or merge all or any of the accounts and liabilities of the Borrower with and to the Bank anywhere whether in or outside Malaysia whether alone or jointly with any other person and may transfer or set-off any sums in credit in such account in or towards satisfaction of any of the liabilities of the Borrower whether actual or contingent, primary or collateral notwithstanding that the credit balances on such accounts and the liabilities on any other accounts may not be expressed in the same currency and the Bank is hereby authorized to effect any necessary conversions at the Bank's own rate of exchange then prevailing.
Without prejudice to the generality of the above, the Bank further reserves the right at any time and without notice to the Borrower to debit any of the accounts of the Borrower (whether in credit or debit) with the Bank for all payments howsoever due and payable by the Borrower to the Bank.
BANK NOT LIABLE
The Bank shall not be liable in any manner whatsoever and under any circumstances whatsoever for any of the following matters:-
paying into the bank account in accordance with the information provided by the Borrower under the heading "Manner of Disbursement of Loan" in the Application Form when such information provided by the Borrower is wrong; or
paying into the joint bank account in accordance with the information provided by the Borrower under the heading of "Manner of Disbursement of Loan" in the Application Form and the Loan was withdrawn by the joint account holder(s) or by any other person, whether authorized or otherwise.
ASSIGNMENT
The Terms and Conditions herein shall be binding upon, and enure to the benefit of the Borrower and the Bank and their respective estates, heirs, personal representatives, successors in title, assigns and any other persons for the time being deriving title under them except that the Borrower may not assign its rights or obligations hereunder. The Bank shall be entitled to assign and/or transfer the Loan and/or the whole or any part of its rights or obligations hereunder at any time without the concurrence of and without notice to the Borrower and the costs and expenses of the Bank and the assignee or transferee of or incidental to such assignment or transfer shall be borne and paid by the Borrower. Any recital or statement in the document of assignment or transfer of the amount due to the Bank in respect of the Loan shall be conclusive and binding for all purposes against the Borrower.
SEVERABILITY
Any term, condition, stipulation, provision, covenant or undertaking herein or any part thereof which is illegal, void, prohibited or unenforceable in any jurisdiction shall as to such jurisdiction be ineffective to the extent of such illegality, voidness, prohibition or unenforceability without invalidating the remaining provisions hereof or any part thereof and any such illegality, voidness, prohibition or unenforceability in any jurisdiction shall not invalidate or render illegal, void or unenforceable any such term, condition, stipulation, provision, covenant or undertaking in any other jurisdiction.
VARIATION OF TERMS BY MUTUAL AGREEMENT
Without prejudice to any other rights of the Bank hereunder, if the parties hereto do at any time and from time to time mutually agree to vary the terms or conditions of this Agreement, the terms and conditions of this Agreement may at any time and from time to time be varied by the mutual consent of the parties hereto by means of a mutual exchange of letters or such other means as the parties may agree upon from time to time and thereupon such variations shall be deemed to become effective and the relevant provisions of this Agreement shall be deemed to have been varied accordingly and shall be read and construed as if such variations had been incorporated in and had formed part of these Terms and Conditions provided always that nothing herein contained shall be construed to mean that any variation to these Terms and Conditions can only be effected by mutual consent and for purposes of clarification it is hereby expressly declared that where any of the terms or conditions hereof or the law permit unilateral variation by the Bank, such variation may be effected unilaterally by the Bank.
NOTICES
Every certificate or statement and every notice, demand or other communication under this Agreement shall be given in accordance with the provisions of any applicable law or in accordance with the Bank's Rules and Regulations (as herein defined) or in accordance with the following provisions of this Clause.
Subject as aforesaid:-
Every certificate or statement and every notice, demand or other communication hereunder shall be in writing and:-
any certificate, statement, notice, demand or other communication given or required to be given by the Borrower to the Bank hereunder shall be deemed duly given if addressed to the Bank and left at or sent by prepaid registered or recorded delivery post to the address of the Bank stated in the letter notifying the Borrower of the Bank's approval of the loan or at such other address as may from time to time be notified by the Bank to the Borrower for that purpose;
any certificate, statement, notice, demand or other communication given or required to be given by the Bank to the Borrower hereunder may be given by the Bank or on behalf of the Bank by any officer, solicitor or agent of the Bank and shall be deemed duly given:-
if addressed to the Borrower at and left at or sent by prepaid ordinary or registered or recorded delivery post to the Borrower at the address stated in the Application Form or at such other address as may from time to time be notified by the Borrower to the Bank for that purpose or at the Borrower's usual or last known place of abode or business or, as the case may be, the Borrower's registered office or usual or last known place of business.
Any certificate, statement, notice, demand or other communication shall be deemed to be given to and received by the Borrower:-
at the time the same is left at the address of the Borrower;
by post forty-eight (48) hours after posting notwithstanding that such certificate, statement, notice, demand or other communication is returned undelivered for any reason whatsoever;
Notwithstanding anything to the contrary herein contained it is hereby agreed that any certificate, statement, notice, demand or other communication given or required to be given to the Borrower hereunder may be computer generated in which case it:-
need not bear any signature; or
may contain a printed or facsimile signature.
SMS Reminder
We shall be entitled at any time and at our sole discretion to send you reminders in respect of the amount of the Specific Minimum Payment and the Payment Due Date each month "Reminders", whether or not you have requested for the same and you may be notified of each reminder via mobile phone (if supported by your phone operator) subject to the relevant term and charges of the phone operator.
You are fully aware that your receipt of each reminder may be delayed or prevented by factor(s) affecting the relevant provider(s), phone operator(s), currency market(s) and any other relevant entities. You accept we neither guarantee the delivery nor the accuracy of the content of each reminder and shall not be liable to you or anyone else for losses and damages arising from:
a non-delivery, delayed delivery or wrongful delivery of each reminder;
inaccurate content of each reminder; or
you use or reliance on the content of any Reminder for any purposes.
The information in respect of any reminder may be subject to certain time lags and/or delays. The feature of any reminder may at any time be varied or discontinued by us, with or without notice, at our absolute discretion.
In the event legal proceedings are instituted by the Bank against the Borrower, service of any legal process (including but not limited to originating process such as writ or summons) may be effected on the Borrower by forwarding a copy of the same by prepaid registered post to the Borrower's last know address in the Bank's records and such service shall on the fifth day after posting, be deemed to be good and sufficient service of such process.Where judgement of order had been obtained against the Borrower, service of the judgement or order may be effected in the same manner as set out herein and shall be deemed to have been duly served on the Borrower as herein provided.
INSTRUCTIONS VIA TELEPHONE OR FACSIMILE TRANSMISSION OR ELECTRONIC OR DIGITAL TRANSMISSION
In addition to and notwithstanding anything to the contrary contained in the provisions of Clause 30 and the Bank's Rules and Regulations, the Bank is hereby requested and authorized by the Borrower, but is not obliged, to rely upon and act in accordance with any certificate, statement, notice, demand or other communication given:-
via the telephone ("Telephone Instructions");
via facsimile transmission ("Fax Instructions"); or
via electronic or digital transmission ("Electronic Instructions");
which may from time to time be, or purport to be, given by or on behalf of the Borrower without inquiry or verification on the Bank's part as to the authority or identity of the person making or purporting to make such certificate, statement, notice, demand or other communication and regardless of the circumstances prevailing at the time of such certificate, statement, notice, demand or other communication provided that:-
in the case of Telephone Instructions, the person making or purporting to make such certificate, statement, notice, demand or other communication shall have:-
quoted or keyed in:-
the title or number of the relevant account of the Borrower with the Bank and the valid and current personal identifying code or number (if any) for such account or any personal information in relation to the Borrower which was previously furnished by the Borrower to the Bank; and/or
such information or particulars in accordance with the Bank's Rules and Regulations;
and/or
satisfied such requirements as may be required by the Bank or provided for in the Bank's Rules and Regulations;
in the case of Fax Instructions, such certificate, statement, notice, demand or other communication:
contains the title or number of the relevant account of the Borrower with the Bank and bears a signature which conforms to the signature of the Borrower, the Borrower's authorized signatory or the Borrower's authorized representative, as the case may be, in the Bank's records; and/or
satisfies such requirements as may be required by the Bank or provided for in the Bank's Rules and Regulations;
in the case of Electronic Instructions, the person making or purporting to make such certificate, statement, notice, demand or other communication shall have satisfied such requirements as may be required by the Bank or provided for in the Bank's Rules and Regulations.
The Bank shall be entitled (but not bound) to treat such certificate, statement, notice, demand or other communication as authentic and valid and fully authorized by and binding upon the Borrower and the Bank shall be entitled (but not bound) to take such steps in connection with or in reliance upon such certificate, statement, notice, demand or other communication as the Bank may consider appropriate, whether such certificate, statement, notice, demand or other communication includes instructions to pay money or otherwise to debit or credit any account, or relates to the disposition of any money, securities or documents, or relates to the change of any address or facsimile, telex or telephone number of the Borrower, or purports to bind the Borrower to any agreement or other arrangement with the Bank or with any other person or to commit the Borrower to any other type of transaction or arrangement whatsoever, regardless of the nature of the transaction or arrangement or the amount of money involved and notwithstanding any error or misunderstanding or lack of clarity or details in the terms of such certificate, statement, notice, demand or other communication
The Borrower agrees to keep any personal identifying code or number for any account of the Borrower with the Bank strictly confidential at all times and shall not disclose or permit it to be disclosed to any unauthorized person. The Borrower shall report to the Bank immediately if any such personal identifying code or number has become known to any unauthorized person. The Borrower shall bear all the consequences arising out of the Borrower's failure to comply with the Borrower's obligations under this Section.
All Fax Instructions shall be sent to the Bank at such facsimile number as may from time to time be notified by the Bank to the Borrower for the purposes of Fax Instructions
The Borrower hereby agrees and undertakes to indemnify the Bank and to keep the Bank indemnified against all losses, claims, actions, proceedings, demands, damages, costs and expenses incurred or sustained by the Bank of whatever nature and howsoever arising, out of or in connection with such certificates, statements, notices, demands or other communications given via the telephone or via facsimile transmission or via electronic or digital transmission.
GOVERNING LAW AND JURISDICTION
This Agreement shall be governed and construed in accordance with the laws of Malaysia. The parties hereby submit to the non-exclusive jurisdiction of the courts of Malaysia.
ENGLISH TEXT PREVAILS
In the event of any conflict or discrepancy between the English text of these Terms and Conditions and any translation thereof, the English text shall prevail.
ADDITIONAL TERMS AND CONDITIONS The Loan is subject to:-
the terms and conditions herein;
the Bank's general rules and regulations and terms and conditions governing the facilities and services and the accounts that are or may from time to time be made available or opened by the Bank for the Bank's customers as may be prescribed or stipulated by the Bank from time to time ("Bank's Rules and Regulations"); and
the directives, rules, regulations and guidelines issued from time to time by Bank Negara Malaysia, the Association of Banks in Malaysia and any other monetary, governmental or other authorities, agencies or bodies having jurisdiction over the Bank.
INTERPRETATION
In these Terms and Conditions:-
unless the context otherwise requires, words denoting the singular include the plural and vice versa, words denoting any gender include all genders, words denoting the whole include any part, words denoting a collection or group consisting of two (2) or more constituents thereof include any one or more of such constituents, references to a document include the same as from time to time varied in any manner or respect whatsoever or howsoever and any document from time to time issued or executed supplemental, in addition or in substitution to or for it and references to a person include a body of persons corporate or unincorporated;
any right, entitlement, discretion, liberty or power which may be exercised or any determination which may be made hereunder by the Bank may be exercised or made in the Bank's sole, absolute and unfettered discretion and the Bank shall not be obliged, whether at law or in equity, to give any reasons therefore;
the respective rates of interest provided for herein shall be applicable both before as well as after demand or judgment;
"month" means a period calculated from any specific day up to and including the day immediately before the day numerically corresponding to that specific day in the subsequent month or if there shall be no such day in such subsequent month, the last day of that month
headings and sub-headings are inserted for convenience only and have no legal effect.
