Conditions of Credit. The obtaining or maintaining of credit hereunder shall be subject to the terms and conditions contained in this Article 8.
Conditions of Credit. 98 5.1 Conditions Precedent to the Initial Borrowing ......................................... 98 5.2 Conditions Precedent to All Credit Events ............................................. 104
Conditions of Credit. The obligations of the Banks to make Loans and of the Issuing Bank to issue Letters of Credit hereunder are subject to (a) the Revolving Credit Commitments having become effective as provided in Section 7.01 below and (b) the satisfaction of the conditions set forth in Section 7.02 below.
Conditions of Credit. The obligation of the Term B Lenders to make the Term B Loans, the obligation of each Pre-Funded L/C Lender to fund its Pre-Funded L/C Deposit and the obligation of Issuing Bank to issue the Letter of Credit under this Agreement shall be subject to the fulfillment, at or prior to the Closing Date, of each of the following conditions:
Conditions of Credit. 16 Section 3.01.
Conditions of Credit. I. The Client agrees that the credit extension facility shall be provided at the absolute discretion of the Company and the Client has no authority to demand such facilities from the Company
II. The Company shall grant credit to its Clients only in instances where the credit granted is secured by listed securities.
III. The Client agrees to pay and settle the extended credit amount to the Company on demand of the Company.
IV. In the event that the Client fails to pay and settle the extended credit amount in accordance to the clause 2 hereof and /or on demand of the Company the Company may and is hereby authorized to force sell all or part of the securities portfolio without prior notice to the Client and recover all sums of money due and payable by the Client to the Company.
V. The Company shall not grant credit exceeding 50% of the market value of the Client’s pledged securities portfolio. In the event that the credit extended to the client exceeds 50% of the Market Value of the securities pledged by the Client, the Company shall inform the Client to make good such short fall by the next market day and the Client shall settle the outstanding and/or sell the securities to recover such shortfall.
VI. The Company shall be entitled to charge an interest on the outstanding amount at such rates as maybe mutually agreed subject to it not exceeding 0.1% per day (36.5% per annum) from the day after the settlement date.
VII. The Client agrees that the Company shall be entitled to recover any loss incurred by it in connection with this Agreement from the Client even after termination of this Agreement.
VIII. The Client shall at all times indemnify and keep fully indemnified the Company and/or its nominees, agents and correspondents against any and all costs (including costs of litigation), expenses, liabilities, claims and demands whatsoever in under or arising out of credit extension or any act done hereunder.
IX. This Agreement can be altered, amended and/or modified by the Parties mutually in writing. Provided however, if the rights and obligations of the Parties hereto are altered by virtue of change in Rules and regulations of the SEC/CSE, such changes shall be deemed to have been incorporated herein in modification of the rights and obligations of the Parties mentioned in this Agreement.
Conditions of Credit. 5.1 Conditions Precedent to the effectiveness of the Agreement.
Conditions of Credit. 3.1. The granting of credit (if any) is entirely discretionary to Bosun. Any credit facility may be withdrawn by Bosun at any time without prior notice to the Customer, and Xxxxx reserves the right to review the extent, nature and duration of such facilities at any time.
3.2. The Customer shall be liable for interest on all amounts that are not paid timeously at the maximum rate permitted by the National Credit Act, No. 34 of 2005 (“the Act”) as amended. Interest charged in terms of this clause 3.2 shall be compounded and capitalized monthly.
3.3. Unless otherwise specifically agreed by Xxxxx in writing, the Customer shall pay all sums due to Bosun in cash immediately upon presentation of account. Payment shall be made without deduction or set-off and payments shall not be withheld or deferred on account of any claim or counterclaim which the Customer may contend for.
3.4. All and any monies received by Bosun from the Customer shall be appropriated by Bosun in its sole and absolute discretion notwithstanding that the Customer might, when making payment, seek to appropriate the payment so made to any particular debt or portion of a debt.
3.5. The Customer agrees that the amount due and payable to Bosun, including interest, may be determined and proven by a Certificate signed by a director of Xxxxx (whose appointment need not be proved), which Certificate shall be prima facie proof of the Customer’s indebtedness to Bosun.
3.6. In the event of Xxxxx instructing attorneys to collect from the Customer an amount owing to Xxxxx, the Customer agrees to pay all costs on the scale as between attorney and client.
3.7. The Customer consents to Bosun making enquiries from a registered credit bureau or other credit provider in order for Bosun to conduct a credit assessment in respect of the Customer and/or to trace the Customer.
3.8. The Customer consents to Bosun submitting consumer credit information concerning the Customer to registered credit bureaus and to other credit providers.
3.9. In the event that the Customer commits any breach of these trading terms and conditions, including without limitation if any amount is not paid on due date, then the full amount owed by the Customer to Bosun shall immediately become due, owing and payable by the Customer to Bosun.
Conditions of Credit. 15 Section 3.01. Conditions Precedent to the Initial Borrowing.... 15 Section 3.02. Conditions Precedent to All Loans ............... 18
Conditions of Credit. The Company shall grant credit to Client only in instances where the credit granted is secured by listed securities.
