Consolidation Loan. 3.6.1 Disbursement will be made directly to creditors.
Consolidation Loan. Where you conclude a Consolidation Loan Agreement through Direct Axis in terms of which certain of your existing credit agreements are to be settled and closed, you acknowledge and confirm that: • you have requested Direct Axis to utilise the proceeds of your Consolidation Loan to settle certain of your existing accounts as specified by you • you have further requested that Direct Axis instruct the relevant creditor to close such accounts and to terminate any credit facility that may exist under any such agreement • should it subsequently transpire that the amount paid by Direct Axis was insufficient to settle any account, you will pay any shortfall directly to the creditor and will communicate with the creditor to ensure that the account is then closed and any credit facility on the account terminated • should it subsequently transpire that for any other reason the creditor omitted to close your account and/or terminate any credit facility on the account, you will liaise directly with the creditor to ensure this occurs • you will not incur any further debt on any credit facility that you may have on any of the specified accounts from the date of this Agreement even if the creditor omits to terminate the facility • should a creditor omit to refund to you any amount due to you as result of your account being in credit for any reason, you will contact the creditor directly in this regard • your obligation to repay all amounts owing in terms of this Consolidation Loan Agreement shall remain unaffected by any act or omission on the part of the creditor, and this will include any instance where a credit provider omits to credit the settlement amount to the correct account number. You further agree that neither Direct Axis nor the Credit Provider will be liable for: • any claims, loss, damages or liability suffered or incurred by you arising in connection with any fraudulent, unauthorised or mistaken transaction, payment instruction, reversal or error correction made by the creditor listed on the Consolidation Loan Agreement. • any cause or event outside the reasonable control of Direct Axis or the Credit Provider • any indirect, consequential or incidental loss, damages or liability suffered or incurred in any circumstances whatsoever in connection with services or products supplied by the creditor listed on the Consolidation Loan Agreement. We reserve the right to withdraw from the Agreement by giving written notice thereof should any new or previously undiscl...
Consolidation Loan. On the date of this agreement, Lender shall lend Borrower the amount necessary to pay off the loans that are identified on the list attached to this agreement as Schedule 4. Borrower’s indebtedness for such loan shall be evidenced by a note of even date (“Consolidation Note”). Simultaneously with the payoff, Borrower shall terminate the credit facilities that gave rise to the discharged indebtedness. Promptly thereafter Borrower shall provide Lender with all documents requested by Lender to evidence the release of all mortgages, security interests, and other liens that secured directly or indirectly the discharged indebtedness.
