GENERAL CONDITIONS OF CREDIT PRODUCTS. 15.1 Based on this agreement, client is entitled to use the credit product described under Article 16 of this Agreement. 15.2 Credit product mentioned under paragraph 15.1 of this Agreement is described in relevant part of the Agreement. General provisions of the credit product are defined by this article, while specific conditions are defined and regulated by the agreement on the corresponding credit product concluded by the Parties. As a rule, other types of credit products are issued on the basis of the agreement concluded between the Bank and the client on credit product services, which does not eliminate the possibility to issue any credit product directly on the basis of this Agreement. 15.3 In order to receive credit product, client must apply to the Bank with application (it is possible to receive some products by submitting application via electronic communications – telephone, internet, e-mail, etc.). Bank shall review the client’s application and make a decision on issuance or non-issuance of the credit product (Bank is not obliged to state the reason for non-issuance). 15.3.1 Client may, at any time, make a request through any remote channel/means of electronic communication of the Bank for receiving a copy of credit product agreements (including a copy of agreement on credit products obtained through remote channels) signed between the client and the bank and visit the Bank's branch / service center for taking the copy 15.4 Upon receipt of the credit product, client (debtor) will be obliged to repay it and to pay the interest profit in accordance with the provisions agreed with the Bank. 15.5 Monetary obligations of the client are secured as a rule by the amounts accumulated on his account (accounts). 15.6 If the client does not have settlement (current) account, application for issuing the credit product will be at the same time considered as the application to open the settlement (current) account and such account will be opened for the client prior to issuing the credit product. 15.7 In order to cover the credit product by the client/card holder with the amount transferred to the bank or with the existing amount on the account of card holder/client, first of all, insurance premium will be covered with the aforementioned amount, afterwards the penalties will be covered for delaying the payment term (if applicable), afterwards interest profit will be covered and finally, the basic amount of credit will be subject to coverage. Client is entitling the Bank to: 15.7.1 Amend the rule prescribed by Paragraph 15.7 of this Agreement; 15.7.2 To define independently the order of fulfilling obligations by the client (prioritizing), i.
Appears in 4 contracts
Samples: Banking Operations Agreement, Banking Operations Agreement, Banking Operations Agreement
GENERAL CONDITIONS OF CREDIT PRODUCTS. 15.1 Based on 16.1 On the basis of this agreement, client agreement the client/the cardholder is entitled to use various credit products.
16.1.1 Under this Agreement and a particular credit facility agreement the Bank is authorized (and not obliged) to disburse a credit (fully or partly) or service the client with any credit facility.
16.1.2 The client must fulfill/satisfy relevant precondition(s)/requirement(s) (if any) for the issuance of credit facility(ies) (including each tranche of the credit product described under Article 16 of this Agreementfacility).
15.2 Credit product mentioned under paragraph 15.1 16.1.3 Proceeding from the circumstances listed in these subparagraphs (16.1.1 – 16.1.2), the Bank is authorized not to issue the credit facility(ies)/terminate the issuance of this Agreement is described in relevant part any tranche of the Agreement. credit facility(ies) at its own discretion without explaining the reasons to the client (including in case a specific credit facility agreement is signed between the parties).
16.2 General provisions of the credit product are defined by this article, while specific conditions are defined and regulated by the agreement on the corresponding credit product concluded by the Parties. As a rule, other Other types of credit products product are issued generally under the agreement between the bank and the customer on the basis provision of the agreement concluded between the Bank and the client on credit product services, products which does not eliminate exclude the possibility to issue any of the credit product precuts directly on the basis of this Agreementagreement.
15.3 In 16.3 Customer must submit the application to the bank in order to receive the credit product, client must apply product (several products are allowed to be received on the Bank with basis of application (it is possible to receive some products by submitting application made via electronic communications – means of communication (telephone, internet, e-electronic mail, and etc.)). Bank The bank shall review consider the client’s application of the customer and make a decision on issuance shall decide whether to approve or non-issuance of deny the request for issuing the credit product (Bank the bank is not obliged to state comment on the reason for non-issuancereasons of denial).
15.3.1 16.3.1 Client may, at any time, make a request through any remote channel/means of electronic communication of the Bank for receiving a copy of credit product agreements (including a copy of agreement on credit products obtained through remote channels) signed between the client and the bank and visit the Bank's branch / service center for taking the copy.
15.4 Upon receipt of 16.4 After receiving the credit product, client product the customer (debtorborrower) will shall be obliged to repay return it and to pay the interest profit in accordance with fee as per the provisions conditions agreed with the Bankbank.
15.5 Monetary obligations 16.4.1 Interest is accrued to the Client’s outstanding liability towards the Bank and is calculated according to the actual days of use of the client facility based on a 365 day calendar
16.5 The client’s financial obligations are secured as a rule generally performed by way of the amounts funds accumulated on his account (accountshis/her account(s).
15.6 If 16.6 In the event the client does not have settlement (current) accounthas no current account at the bank, application for issuing the on credit product will be products shall at the same time considered be deemed as the application to on opening of a current account. The bank shall open the settlement (current) current account and such account will be opened for the client prior to issuing performing any of the credit productservices.
15.7 16.7 The amount that is given to the bank by the customer/card owner to pay off the credit product or the amount existing on the card owner’s/customer’s account shall be used to pay off insurance premium first, then the surcharge for delays (if such exist), the interest, and finally, the principle. The customer shall authorize the bank on the following:
16.7.1 Change the rule given in the paragraph 16.7 of this agreement;
16.8 In order the event of failure to pay monthly payments on time the client/the cardholder shall be under obligation to pay to the bank the delayed payment fee, whether fixed or on daily basis, which amount shall be determined in accordance with tariffs existing at the bank at the time of the occurred delay.
16.9 Penalty shall not apply to credit product, if the date of depositing the amount (payment) happens to be on the non-banking day. In this case, client will be liable to deposit the payable amount (to pay) on the relevant account on the next banking day.
16.10 In the event the client/the cardholder does not cover the credit product obtained through utilized credit product, accrued interest, fines (if any), insurance premium within the term agreed with the bank or fails to pay on time any commission determined by the bank, the bank shall have the right:
16.10.1 to satisfy its claim by way of arresting bank accounts and/or realization of any of the client’s/the cardholder’s assets (this right shall not in any manner restrict the right of the bank under paragraph 3.2 hereof), irrespective of whether the customer's obligation (bank's request) is secured with the right in rem (mortgage, pledge). Besides, the bank is authorized, at its discretion, to execute in the first place a writ/payment of the asset and intangible property of the Customer, which is not the object of a security of the Customer’s liabilities.
16.10.2 to request at any time that the client/the cardholder to enter into a mortgage or pledge agreement with the bank in order to secure the payment of liabilities incurred by way of credit line (in such event the client/the cardholder shall execute the relevant agreement in no later than 5 (five) working days from the request. Subject to the agreement the client/the cardholder shall mortgage or pledge the property subject to transfer of title thereupon to the bank, which shall not have a value less than aggregate amount of utilized credit product, accrued interest and fines and shall provide the registrations of the bank’s rights at the public registry. Expenses for execution of the agreement(s) and registrations of relevant rights shall be borne by the client/card holder the cardholder);
16.10.3 Require to be transferred the object of mortgage and/or pledge and after such transfer, assign the object of mortgage and/or pledge through direct sale or in any other manner prescribed by the Civil Code of Georgia, and after payment of all the costs related to sale, use the obtained amount for disbursement of funds under credit. If the funds obtained from the sale of the object of pledge cannot fully pay the borrower’s indebtedness, the bank may apply execution upon any client’s/borrower’s property (any thing and intangible property of the client);
16.11 In case the client/the borrower fails to pay monthly payments, accrued interest, fines or insurance premiums on time or in the event of any other material grounds the bank shall have the right to terminate unilaterally the credit and/or the relevant agreement and request the client/the borrower payment of all outstanding credits together with associated payables (interests, fines, etc.).
16.12 To apply for early repayment and/or termination of a bank credit, loan, overdraft, credit limit and/or any credit product under any agreement made with the Client/Borrower, (hereinafter referred to as the “Credit” for the purposes of Articles 16.12-16.17), including full or partial prepayment and/or refinancing of the credit, the Client/the Borrower shall submit to the Bank a respective application in writing (whether as a hardcopy or electronically). The Bank will satisfy the Client’s/the Borrower’s application on the day it is received (provided there are sufficient funds in the Client’s/the Borrower’s account(s)), or on the following banking day if the Client’s/the Borrower’s application was filed during non-banking hours. Despite the aforementioned, the Bank may satisfy the Client’s/the Borrower’s application within 5 (five) calendar days of receipt due to various (including, technical) reasons and/or for the need to establish some facts. Provided there are sufficient funds in the Client’s/the Borrower’s account(s), from the date of receipt of the Client’s/the Borrower’s application until full or partial prepayment of the loan, the credit will not accrue interest. Furthermore, in cases stipulated by the law, when prepaying fully or partially on a credit (in excess of 2 000 000 GEL or its equivalent in foreign currency) the Client/the Borrower shall submit a respective application to the Bank 14 (fourteen) calendar days prior to the planned date of prepayment, in which case the Bank has the right to continue interest accrual on the credit until the credit is fully or partially prepaid.
16.13 In case of prepayment of the part of the loan, the bank shall be authorized to unilaterally change the schedule (draft a new schedule) of payment of the loan, in which case, the Client/borrower shall become obliged to pay off the loan according to the new schedule of the bank. The new schedule shall be drawn up one of the following principle: 1)the payable amount(principal amount transferred (remainder of the credit) will be equally distributed over the remaining period until the loan is fully repaid; or 2) the period, remaining till full repayment of the credit will be reduced and the amount, payable in periodicity, envisaged by the schedule will remain unchanged.
16.14 In the event of submission of application on advance payment, the client/the borrower shall be under obligation to further supply the bank with all necessary information/documents directly or indirectly proving with the ability to determine the fact of refinancing or absence of other refinancing arrangements.
16.15 In the event the agreement provides for refinancing fees and the bank suspects the fact of a possible refinancing of such credit, the bank shall have the right to request at any time from the client/the borrower the delivery of any kind of information/documents within no later than 2 (two) banking days from the date of the receipt of the client’s/the borrower’s application of advance payment of the credit.
16.16 Refinancing of the credit shall mean advance repayment (payment before the agreed term) of the credit at JSC “TBC bank” carried out directly and/or indirectly, personally and/or through other person(s) by way of the funds obtained directly and/or indirectly, personally and/or through other person(s) from any other financial institution (commercial bank, microfinance organization, credit union and/or other entities).
16.17 The parties hereby agree on the following:
16.17.1 the bank shall not be under obligation to prove the fact of refinancing and shall have the right to make decision on imposition of the refinancing fee and/or relevant commission to the client/the borrower on the basis of information held by the bank derived from any kind of source whatsoever. The client/the borrower shall bear the burden of proof on the absence of the refinancing;
16.17.2 fees and/or commissions on refinancing and advance repayment shall be determined by the agreement(s) executed between the parties;
16.17.3 in the event the client/the borrower proves the non-existence of refinancing through the court, the bank shall be under obligation to reimburse to the client/the borrower solely the commissions and/or fees deducted without authorization of the client/the borrower. The client/the borrower hereby waives his/her right of claim in connection with the damage occurred as a result of the bank’s actions (in breach of the bank’s obligations hereunder).
16.18 In the event the bank request the client a submission of an insurance policy(with conditions set by the Bank) in connection with the use of a credit product, the client/the cardholder shall be under obligation:
16.18.1 Take out insurance with an insurance company approved by the Bank ,at rates/terms set by this company
16.18.2 to carry out the insurance in accordance with the requirements of the bank;
16.18.3 to indicate the bank as a sole beneficiary in the insurance policy.
16.18.4 If the term of the insurance policy is less the term of this Agreement/ additional agreement(s), submit to the Bank a renewed insurance policy not later than within 14 (fourteen) calendar days before the date of expiry of the existing insurance policy.
16.18.5 Pay the insurance premium and/or other related fees in the amount charged by the insurance company approved by the Bank. The payment of the insurance premium and/or other related fees is a mandatory payment related to the bank facility (including, a credit facility) and without the payment (or without undertaking the payment) thereof, the bank facility (including, a credit facility) will not be issued. The amount of the insurance premium and/or other related fees shall be set forth in a respective agreement and/or the insurance policy.
16.19 In the event the client/the cardholder fails to pay the insurance premium/ insurance fee according to the terms and conditions of this agreement/ additional agreement(s) and/or the insurance policy such failure shall be deemed as a delayed payment.
16.20 With the purpose of the Client's commitments guarantee, as well as the insurance continuity guarantee and/or in case of violation of commitments regarding insurance issues, the Borrower:
16.20.1 Agrees in advance to implement any activities related to the replacement of the insurance company upon the Bank’s requirement, terminate or renew insurance relations/agreement with the existing insurance company ;
16.20.2 Authorizes the Bank to process (including the provision for the insurance company in relevant time periods) information containing the Client’s personal data for the purpose of relations with insurance companies;
16.21 The client/the cardholder hereby consents to the right of the bank to deduct from any account of the client/the cardholder the insurance premium in accordance with conditions stipulated under paragraph 3.2 subject to monthly payment for the benefit of insurer (insurance company). If the amount is debited from a currency account(s), the equivalent will be calculated based on the account exchange rate set by the Bank on the day of card holder/debiting.
16.22 The client grants the bank an unconditional right to provide the guarantor(s) and/or any persons, whose property acts as the security for client, first of all, insurance premium will be covered ’s liabilities with the aforementioned amountinformation on the client’s liabilities with the bank and upon request, afterwards provide them with copy(s) of the penalties will be covered for delaying the payment term (if applicable), afterwards interest profit will be covered and finally, the basic amount of credit will be subject to coverage. Client is entitling corresponding agreements between the Bank to:
15.7.1 Amend the rule prescribed by Paragraph 15.7 of this Agreement;
15.7.2 To define independently the order of fulfilling obligations by and the client (prioritizingincluding the bank loan agreement).
16.23 TBC Bank JSC (address: 0 Xxxxxxxxxxxxx xxxxxx, Xxxxxxx) will collect/process all credit/non-credit and other relevant information about the Client that involves data supply and retrieval to/from CIB in compliance with procedures and terms envisaged by the Georgian legislation. Data described herein are processed for assessing the Client’s creditworthiness and will be accessible to creditor(s) and data receiver(s)/provider(s) connected to CIB, in compliance with rules envisaged by the Georgian legislation. At the request of the Client, the Data Processor is obliged to correct, update, complete, block, delete or destroy the data if they are incomplete, inaccurate, outdated, or were collected and processed unlawfully.
16.24 For the purpose of decision to be made with regard to the client’s credit and/or performing the liabilities of the client towards the bank (including repayment of the credit), i.the bank shall have the right to request and obtain any kind of private information on the client through third person(s) and administrative entities.
16.25 In case the customer violates any commitment under the agreement between him/her and the bank, or if it is necessary to protect business reputation of the bank and/or its legal interests, the bank shall be entitled to submit to the court/arbitration/National Bureau of Enforcement the information about the customer and/or use it like any document signed by the customer.
Appears in 2 contracts
Samples: Banking Operations Agreement, Banking Operations Agreement
GENERAL CONDITIONS OF CREDIT PRODUCTS. 15.1 Based on 16.1 On the basis of this agreement, agreement the client is entitled to use the credit product described products services stipulated under Article 17 hereof.
16.2 This Article 16 determines general rules for credit products contemplated in paragraph 16.1, whereas more detailed terms and conditions thereof are stipulated under relevant paragraphs of this Agreement.
15.2 agreement. Credit product mentioned under paragraph 15.1 products of this Agreement is described in relevant part of the Agreement. General provisions of the credit product are defined by this articleother types, while specific conditions are defined and regulated by the agreement on the corresponding credit product concluded by the Parties. As a ruleusually, other types of credit products are issued on the basis of the an agreement concluded between the Bank and the client on credit product services, signed by the bank and the client, which does not eliminate the possibility to issue exclude issuing of any other credit product directly or based on the basis of this Agreementagreement.
15.3 16.3 In order to receive a credit product, the client must had to apply to the Bank with bank through the application (it is possible to receive receiving of some products by submitting application via is allowable based on the application, submitted through the electronic communications – telephonemeans of communication (phone, internet, eE-mail, mail etc.). Bank shall review The bank considers the client’s application and make a decision on issuance decides about issuing or non-issuance of not issuing the credit product (Bank the bank is not obliged to state the reason for non-issuanceexplain reasons of any refusal).
15.3.1 Client may, at any time, make a request through any remote channel/means of electronic communication of 16.4 After receiving the Bank for receiving a copy of credit product agreements (including a copy of agreement on credit products obtained through remote channels) signed between the client and the bank and visit the Bank's branch / service center for taking the copy
15.4 Upon receipt of the credit product, client (debtor) will be obliged to repay return it and to pay the interest profit in accordance according to the agreed terms with the provisions agreed with the Bankbank.
15.5 Monetary obligations of the client are secured as a rule by the amounts accumulated on his account (accounts).
15.6 If the client does not have settlement (current) account, application for issuing the credit product will be at the same time considered as the application to open the settlement (current) account and such account will be opened for the client prior to issuing the credit product.
15.7 In order to cover the credit product 16.5 The funds transferred by the client/card holder with the amount transferred cardholder to the bank for covering the credit products or with the funds existing amount on the account of card holderclient’s/client, first of all, insurance premium will the cardholder’s accounts shall be covered with the aforementioned amount, afterwards the penalties will be covered applied for delaying the payment term of insurance premium, thereafter of delayed payment fee (if applicableany), afterwards thereafter of the interest profit will be covered and finally, at the basic end of principal amount of the credit will (The bank shall reserve the right to change the payment order indicated in this paragraph).
16.6 In the event of failure to pay monthly payments on time the client/the cardholder shall be subject under obligation to coverage. Client is entitling pay to the bank the delayed payment fee, whether fixed or on daily basis, which amount shall be determined in accordance with tariffs existing at the bank at the time of the occurred delay.
16.7 The client hereby authorizes the Bank to:
15.7.1 Amend 16.7.1 Change the rule prescribed by Paragraph 15.7 of this Agreementgiven in paragraph 16.7;
15.7.2 To define independently 16.7.2 determine itself the commitment order of fulfilling obligations (priority) for the client's responsibilities that is unilaterally decide, what amount (volume) and which credit product related to debt should be covered by the client (prioritizingby means of the amount(s) issued and/or credited to the client's account(s), i.which means that the client authorizes the bank to determine the commitment order (priority) for the client's responsibilities.
16.8 The delayed payment fee shall not accrue on the credit product, in case the payment date falls on a holiday. In that event
16.9 In the event the client/the cardholder does not cover the credit obtained through utilized credit product, accrued interest, fines (if any), insurance premium within the term agreed with the bank or fails to pay on time any commission determined by the bank, the bank shall have the right:
16.9.1 to satisfy its claim by way of realization any of the client’s/the cardholder’s assets (this right shall not in any manner restrict the right of the bank under paragraph 3.2 hereof);
16.9.2 to request at any time that the client/the cardholder to enter into a mortgage or pledge agreement with the bank in order to secure the payment of liabilities incurred by way of credit line (in such event the client/the cardholder shall execute the relevant agreement in no later than 5 (five) working days from the request. Subject to the agreement the client/the cardholder shall mortgage or pledge the property subject to transfer of title thereupon to the bank, which shall not have a value less than aggregate amount of utilized credit product, accrued interest and fines and shall provide the registrations of the bank’s rights at the public registry. Expenses for execution of the agreement(s) and registrations of relevant rights shall be borne by the client/the cardholder);
16.9.3 to request the transfer of mortgaged and/or pledged property to the bank and carry out direct sale or other kind of alienation in accordance with Georgian civil code and cover the credit with the amount remaining after payment of all realization expenses. In the event the amount obtained as a result of realization does not fully cover the client’s outstanding liabilities the bank shall have the right to commence execution towards any of the client’s/the borrower’s property.
16.10 In case the client/the borrower fails to pay monthly payments, accrued interest, fines or insurance premiums on time or in the event of any other material grounds the bank shall have the right to terminate unilaterally the credit and/or the relevant agreement and request the client/the borrower the payment of all outstanding credits together with associated payables (interests, fines, etc.).
16.11 The client is entitled to advance repayment of mortgage credit, consumer credit and/or auto-credit (for the purposes of paragraphs 16.10-16.15 hereinafter referred to as the “credit”), including advance full or partial return and/or refinancing of the credit by submitting the relevant written notification to the bank in 10 (ten) calendar days prior to estimated payment date and upon receipt of consent from the bank to that effect.
16.12 In the event of partial advance repayment of the credit by the client, the bank shall have the right to amend automatically the payment schedule (create a new schedule), whereupon the client shall be under obligation to make payments according to new schedule.
16.13 In the case if the bank does not change the credit covering schedule, the client is obliged to continue paying amount to the bank according to the existing schedule, in spite of having previously paid the amount to the bank.
16.14 In the event the agreement provides for refinancing fees and the bank suspects the fact of a possible refinancing of such credit, the bank shall have the right to request at any time from the client/the borrower the delivery of any kind of information/documents within no later than 2 (two) banking days from the date of the receipt of the client’s/the borrower’s application of advance payment of the credit.
16.15 Refinancing of the credit shall mean advance repayment (payment before the agreed term) of the credit at JSC “TBC bank” carried out directly and/or indirectly, personally and/or through other person(s) by way of the funds obtained directly and/or indirectly, personally and/or through other person(s) from any other financial institution (commercial bank, microfinance organization, credit union and/or other entities).
16.16 The parties hereby agree on the following:
16.16.1 the bank shall not be under obligation to prove the fact of refinancing and shall have the right to make decision on imposition of the refinancing free and/or relevant commission to the client/the borrower on the basis of information held by the bank derived from any kind of source whatsoever. The client/the borrower shall bear the burden of proof on the absence of the refinancing;
16.16.2 fees and/or commissions on refinancing and advance repayment shall be determined by the agreement executed between the parties;
16.16.3 in the event the client/the borrower proves the non-existence of refinancing through the court, the bank shall be under obligation to reimburse to the client/the borrower solely the commissions and/or fees deducted without authorization of the client/the borrower. The client/the borrower hereby waives its right of claim in connection with the damage occurred as a result of the bank’s actions (in breach of the bank’s obligations hereunder).
16.17 In the event the bank request the client a submission of an insurance policy in connection with the use of a credit product, the client/the cardholder shall be under obligation:
16.17.1 to execute an insurance agreement with any person acceptable to the bank in accordance with the pre- determined conditions and tariffs of such provider;
16.17.2 to carry out the insurance in accordance with the requirements of the bank;
16.17.3 to indicate the bank as a sole beneficiary in the insurance policy.
16.18 In the event the client/the cardholder fails to pay the insurance premium according to the terms and conditions of this agreement such failure shall be deemed as a delayed payment.
16.19 in the event of material deterioration of the terms of insurance or increase of insurance fees the client/the cardholder shall have the right to request the bank in writing the cancellation of the mandatory insurance requirement. The bank shall make decision on above cancellation unilaterally taking in consideration its credit rules and policies.
16.20 The client/the cardholder hereby consents to the right of the bank to deduct from any account of the client/the cardholder the insurance premium in accordance with conditions stipulated under paragraph 3.2 subject to monthly payment for the benefit of insurer (insurance company).
16.21 The client grants the bank an unconditional right to provide the guarantor(s) and/or the ledgor/mortgagor securing the financial liabilities of the client hereunder with the information on the client’s liabilities with the bank secured by the guarantee and/or pledged/mortgaged property of such person to whom the information is submitted.
16.22 In accordance with the agreement made between the bank and credit bureau (thereinafter the “bureau”), the bank shall have the right:
16.22.1 to provide the bureau with the negative and/or positive information with regard to the client. The client shall thereupon be recorded in the database of the bureau;
16.22.2 to acquaint himself with the information recorded at the bureau database on the client (including, with the client’s credit history).
16.23 For the purpose of decision to be made with regard to the client’s credit and/or performing the liabilities of the client towards the bank (including repayment of the credit), the bank shall have the right to request and obtain any kind of private information on the client through third person(s) and administrative entities.
16.24 In the event the client breaches its obligations under any agreement with the bank or if needed for the protection of bank’s business reputation and/or its legal interests exists, the bank shall have the right to deliver to the Court/the arbitration and/or use the information on the client.
16.25 In the case if the client violates a commitment made through any agreement, or it will be required in order to protect the bank’s business reputation or/and legal interests, the bank is entitled to submit the client-related information, as well as any document signed by the client, to the court/arbitrage/national bureau of enforcement and/or use it.
16.26 The bank is entitled:
16.26.1 In order to fulfill any arose duties, at any moment after the duties occurrence to write off (in a non- accept manner) a sum from the client’s any account without the client’s consent. In the case if the debt is set in a currency that is different from the currency on the account, the equivalent is determined based on the currency rate, set for the moment of the write-off;
16.26.2 to transfer the service fees to be paid by the client to the National Agency of Public Registry, MIA Service Agency and/or other administrative body and/or other credit granting-related fees (including insurance premiums), without the client’s further consent (non-accept manner) from any account of the client to the relevant person's account;
16.26.3 in order to pay a relevant sum to the person, from whom the client acquires an item or receives any services, using the bank-granted credit, to write-off the relevant sum from the client’s any account without the client’s further consent (non-accept manner), to convert the sum into the national currency, deposit it to the client’s GEL account and transfer to the relevant person’s account.
Appears in 1 contract
Samples: Banking Operations Agreement
GENERAL CONDITIONS OF CREDIT PRODUCTS. 15.1 Based on this agreement, client is entitled to use the credit product described under Article 16 of this Agreement.
15.2 Credit product mentioned under paragraph 15.1 of this Agreement is described in relevant part of the Agreement. General Agreement and this Article defines general provisions of the credit product are defined by this article, while specific conditions are defined and regulated by the agreement on the corresponding credit product concluded by the Partiesproducts. As a rule, other types of credit products are issued on the basis of the agreement concluded between the Bank and the client on credit product services, which does not eliminate the possibility to issue any credit product directly on the basis of this Agreement.
15.3 In order to receive credit product, client must apply to the Bank with application (it is possible to receive some products by submitting application via electronic communications – telephone, internet, e-mail, etc.). Bank shall review the client’s application and make a decision on issuance or non-non- issuance of the credit product (Bank is not obliged to state the reason for non-issuance).
15.3.1 Client may, at any time, make a request through any remote channel/means of electronic communication of the Bank for receiving a copy of credit product agreements (including a copy of agreement on credit products obtained through remote channels) signed between the client and the bank and visit the Bank's branch / service center for taking the copy
15.4 Upon receipt of the credit product, client (debtor) will be obliged to repay it and to pay the interest profit in accordance with the provisions agreed with the Bank.
15.5 Monetary obligations of the client are secured as a rule by the amounts accumulated on his account (accounts).
15.6 If the client does not have settlement (current) account, application for issuing the credit product will be at the same time considered as the application to open the settlement (current) account and such account will be opened for the client prior to issuing the credit product.
15.7 In order to cover the credit product by the client/card holder with the amount transferred to the bank or with the existing amount on the account of card holder/client, first of all, insurance premium will be covered with the aforementioned amount, afterwards the penalties will be covered for delaying the payment term (if applicable), afterwards interest profit will be covered and finally, the basic amount of credit will be subject to coverage. Client is entitling the Bank to:
15.7.1 Amend the rule prescribed by Paragraph 15.7 of this Agreement;
15.7.2 To define independently the order of fulfilling obligations by the client (prioritizing), i.
e. to decide independently the amount (quantity) and type of obligation related with any credit product, which must be covered by the amount (amounts), transferred to the Bank by the client and/or by the amount (amounts), which are existing on the account (accounts) of the client. This means, that the client authorizes the Bank to determine the order of fulfilling obligations (prioritizing) under the name of the client.
15.8 If monthly payment of amount is delayed, the client/card holder will be obliged to pay the penalty to the Bank for delay, which might comprise of fixed penalty and daily penalty, the amounts of which are determined according to the tariffs established by the Bank during the moment of delay.
15.9 Credit product will not accrue late payment interest if the day of deposit (transfer) of amounts coincides with the non-banking day. In such case, the Client shall deposit (pay) the payable sum to the relevant account on the following banking day.
15.10 In order to obtain the credit product, if within the timeframe agreed with the Bank, the client/card holder does not cover the credit obtained from the Bank, deposited interest, penalty (if applicable), insurance premium or does not pay on time any commission fee defined by the Bank, the Bank shall be entitled:
15.10.1 To secure its demand by selling any assets of the client/card holder (this right does not limit the right of the Bank arisen on the basis of paragraph 3.2 of this Article);
15.10.2 To demand from the client/card holder any time to conclude pledge or mortgage agreement in order to cover the debts originated by using the credit limit (In this case, client/card holder will be obliged to conclude relevant agreement with the Bank within no later than 5 (five) working days from the receipt of the request by the Bank, according to which the client/card holder shall secure the property to be received by the Bank by mortgage or pledge, the amount of which must not be less than the total sum of used credit product, deposited interest and the penalty. The client/card holder shall register the rights of the Bank in relevant registry. Expenses associated with the conclusion of the agreement (agreements) and the registration of rights, originated from the Agreement, in the registry will be carried by the client/card holder);
15.10.3 To request the transfer of pledge and/or mortgage object and after the transfer, to alienate the pledge and/or mortgage object by direct selling or other rules prescribed by the Civil Code and after covering the necessary expenses for realization, to use the received amount to cover the credit. If the amount received as a result of selling pledge and/or mortgage object does not fully cover the debtor’s debt, the Bank is authorized to direct enforcement on any property of the client/debtor.
15.11 In case of delay of payment of monthly amount, interest profit, penalty or insurance premium by the client/debtor, also in case of improper and untimely fulfillment (violation) of any pre-condition, additional condition, requirement of the Bank towards the client and/or any obligation undertaken by the client or in case of other significant basis, the Bank shall be authorized to terminate independently the credit relation and/or relevant agreement and/or demand from the client/debtor to return the credit product in addition to other due fees (interest profit, penalty and other).
15.12 Payment of any credit product in advance of the schedule (For purposes of paragraphs 15.12-15.17 of this Agreement, hereinafter referred to as “credit”) envisaged by bank credit, loan, overdraft, credit limit and/or any other agreement concluded with the client/debtor (including advance full or partial payment and/or refinancing of credit) is possible only 10 (ten) calendar days in advance to the due payment date after presenting written application to the Bank by the client/debtor.
15.13 In case of advance payment of the part of the credit, Bank shall have a right to automatically amend the schedule of credit coverage (to create a new schedule) and in this case, client/debtor will be obliged to cover the credit in accordance with the new schedule adopted by the Bank. In case, fi the Bank does not amend the coverage schedule, client will be obliged to continue paying the amounts to the Bank according to the existing schedule in spite of advance credit payment.
15.14 In case of presenting application to cover the credit in advance to the Bank, client/debtor shall be obliged to present the Bank with any information/document, which directly or indirectly provides opportunity to establish the fact of credit refinancing or rejects the fact of credit refinancing.
15.15 In case, if the relevant credit conditions foresee the commission fee for refinancing and the Bank shall have a doubt, that the refinancing is taking place, the Bank shall be authorized after receiving the application of the client/debtor regarding the advance payment of the credit, to request the client additionally to present any information/document related with credit refinancing within no later than 2 (two) banking days from the date of the request.
15.16 Credit refinancing shall include advance payment (prior to the agreed term) directly and/or indirectly, independently and/or with the help of other person (persons) of the credit obtained from TBC Bank with the amount issued by any financial institution (commercial bank, microfinance organization, credit union and/or other person) directly and/or indirectly, independently and/or with the help of other person (persons).
15.17 Parties agree, that:
15.17.1 Bank is not obliged to prove the fact of refinancing and it has a right, upon receipt of information on credit re-financing by any information sources, to make a decision on imposing relevant commission fee and/or penalty on the client/debtor, meaning that burden of proof related with the non-existence of the refinancing fact is upon the client/debtor;
15.17.2 Amount of advance payment and re-financing commission fee and/or penalty is determined by the agreement (agreements) concluded with the client/debtor;
15.17.3 In case, if client/debtor proves the non-existence of refinancing fact by applying to court, Bank will be obliged to return only the deducted commission fee and/or penalty, and the client/debtor refuses to compensate the damage caused by the Bank activities (by violating the obligations undertaken with this Agreement).
15.18 In case, if the Bank demands insurance policy by the client to use credit product, client/card holder will be obliged:
15.18.1 To conclude insurance agreement with one of the persons acceptable for the Bank, in accordance with the conditions and tariffs defined by the latter;
15.18.2 To implement the insurance in accordance with the conditions requested by the Bank.
15.18.3 To ensure the naming of Bank as the only beneficiary in the insurance policy.
15.19 In case, if the client/card holder does not pay insurance premium in accordance with the rule and timeframe prescribed by this Agreement, the debt shall be considered delayed.
15.20 In case of essential worsening of the insurance conditions or increase of insurance tariffs, client/card holder shall have a right to express the intention in writing to annul the requirement of obligatory insurance. Bank shall make a decision independently regarding the annulment of the requirement of obligatory insurance by applying its own credit principles and rules.
15.21 Client/card holder agrees, that the Bank shall deduct monthly insurance premium for the benefit of the insurer (insurance company) from any account of the client/card holder in accordance with the rules envisaged by paragraph 3.2 of this Agreement.
15.22 Client shall give unconditional right to the Bank, to provide information without the need of additional consent by the client, to the guarantor (guarantors) and/or persons, whose property secures the obligations of the client regarding those liabilities of the client towards the Bank, which are secured by the guarantee and/or property of the specific person receiving the information.
15.23 On the basis of the agreement concluded with the credit information bureau (hereinafter, referred to as “bureau”), the Bank is authorized:
15.23.1 To transfer the positive as well as negative information to the Bureau about the client, based on which, the client shall be registered in the Bureau database;
15.23.2 To introduce itself with the information about client registered in the Bureau database (including, client’s credit history).
15.24 Bank has a right to request and receive any personal information about the client held by third party (parties) or administrative bodies in order to make a decision on issuing the credit and/or to ensure the fulfillment of undertaken obligations by the client towards the Bank (including credit repayment).
15.25 If the client violates obligations undertaken by any agreement with the Bank or this will be necessary due to business reputation of the Bank and/or protection of legal interests, Bank shall have a right to transfer to the court/arbitration/National Enforcement Bureau and/or use the information about client, as well as any document signed by the client.
Appears in 1 contract
Samples: Banking Operations Agreement
GENERAL CONDITIONS OF CREDIT PRODUCTS. 15.1 Based on this agreement, client is entitled to use the credit product described under Article 16 of this Agreement.
15.2 Credit product mentioned under paragraph 15.1 of this Agreement is described in relevant part of the Agreement. General provisions of the credit product are defined by this article, while specific conditions are defined and regulated by the agreement on the corresponding credit product concluded by the Parties. As a rule, other types of credit products are issued on the basis of the agreement concluded between the Bank and the client on credit product services, which does not eliminate the possibility to issue any credit product directly on the basis of this Agreement.
15.2.1 This Agreement, as well as individual credit facility agreements, authorizes but does not oblige the Bank to disburse a credit (in full or any part thereof) or provide the Client with a credit service.
15.2.2 Before the disbursement of credit facility/ies (including individual tranches), the Client must satisfy respective condition(s) precedent / requirement(s) (if any).
15.2.3 Considering events mentioned in Subparagraphs 15.2.1 and 15.2.2 of the Agreement, the Bank, at its own discretion, may not disburse credit product(s) / suspend any tranche thereof without explaining the reason to the Client (even if the Parties have concluded a particular credit facility agreement).
15.3 In order to receive credit product, client must apply to the Bank with application (it is possible to receive some products by submitting application via electronic communications – telephone, internet, e-mail, etc.). Bank shall review the client’s application and make a decision on issuance or non-issuance of the credit product (Bank is not obliged to state the reason for non-issuance).
15.3.1 Client may, at any time, make a request through any remote channel/means of electronic communication of the Bank for receiving a copy of credit product agreements (including a copy of agreement on credit products obtained through remote channels) signed between the client and the bank and visit the Bank's branch / service center for taking the copy
15.4 Upon receipt of the credit product, client (debtor) will be obliged to repay it and to pay the interest profit in accordance with the provisions agreed with the Bank.
15.4.1 Interest is accrued to the Client’s outstanding liability towards the Bank and is calculated according to the actual days of use of the facility based on a 365 day calendar.
15.5 Monetary obligations of the client are secured as a rule by the amounts accumulated on his account (accounts).
15.6 If the client does not have settlement (current) account, application for issuing the credit product will be at the same time considered as the application to open the settlement (current) account and such account will be opened for the client prior to issuing the credit product.
15.7 In order to cover the credit product by the client/card holder with the amount transferred to the bank or with the existing amount on the account of card holder/client, first of all, insurance premium will be covered with the aforementioned amount, afterwards the penalties will be covered for delaying the payment term (if applicable), afterwards interest profit will be covered and finally, the basic amount of credit will be subject to coverage. Client is entitling the Bank to:
15.7.1 Amend the rule prescribed by Paragraph 15.7 of this Agreement;
15.7.2 15.8 If monthly payment of amount is delayed, the client/card holder will be obliged to pay the penalty to the Bank for delay, which might comprise of fixed penalty and daily penalty, the amounts of which are determined according to the tariffs established by the Bank during the moment of delay.
15.9 Credit product will not accrue late payment interest if the day of deposit (transfer) of amounts coincides with the non-banking day. In such case, the Client shall deposit (pay) the payable sum to the relevant account on the following banking day.
15.10 In order to obtain the credit product, if within the timeframe agreed with the Bank, the client/card holder does not cover the credit obtained from the Bank, deposited interest, penalty (if applicable), insurance premium or does not pay on time any commission fee defined by the Bank, the Bank shall be entitled:
15.10.1 To define secure its demand by arresting bank accounts and/or selling any assets of the client/card holder (this right does not limit the right of the Bank arisen on the basis of paragraph 3.2 of this Article) irrespective of whether the customer's obligation (bank's request) is secured with the right in rem (mortgage, pledge). Besides, the bank is authorized, at its discretion, to execute in the first place a writ/payment of the asset and intangible property of the Customer, which is not the object of a security of the Customer’s liabilities.
15.10.2 To demand from the client/card holder any time to conclude pledge or mortgage agreement in order to cover the debts originated by using the credit limit (In this case, client/card holder will be obliged to conclude relevant agreement with the Bank within no later than 5 (five) working days from the receipt of the request by the Bank, according to which the client/card holder shall secure the property to be received by the Bank by mortgage or pledge, the amount of which must not be less than the total sum of used credit product, deposited interest and the penalty. The client/card holder shall register the rights of the Bank in relevant registry. Expenses associated with the conclusion of the agreement (agreements) and the registration of rights, originated from the Agreement, in the registry will be carried by the client/card holder);
15.10.3 To request the transfer of pledge and/or mortgage object and after the transfer, to alienate the pledge and/or mortgage object by direct selling or other rules prescribed by the Civil Code and after covering the necessary expenses for realization, to use the received amount to cover the credit. If the amount received as a result of selling pledge and/or mortgage object does not fully cover the debtor’s debt, the Bank is authorized to direct enforcement on any property of the client/debtor.
15.11 In case of delay of payment of monthly amount, interest profit, penalty or insurance premium by the client/debtor, also in case of improper and untimely fulfillment (violation) of any pre-condition, additional condition, requirement of the Bank towards the client and/or any obligation undertaken by the client or in case of other significant basis, the Bank shall be authorized to terminate independently the credit relation and/or relevant agreement and/or demand from the client/debtor to return the credit product in addition to other due fees (interest profit, penalty and other).
15.12 Registration or/and cancellation of any request for repayment before due date of the bank credit, loan, overdraft, credit limit or/and any credit product (hereinafter referred to as the Credit for the purposes of paragraphs 15.12 – 15.17 of this Agreement) under any agreement concluded with the Client/Borrower (including repayment of the loan before due date as specified in the repayment schedule either in full or in part or/and refinancing thereof) shall be made by filing by the Client/Borrower of a written application (hard copy or soft copy) to the Bank. The Client’s/Borrower’s application is fulfilled by the Bank, (provided, that there are sufficient funds available at the Client’s/Borrower’s account(s)) on the date the application is received or the next business day if the application was filed by the Client/Borrower in non-business hours). However, the Bank may by various reasons (including technical ones) or/and in order to verify certain facts, fulfill the Client’s/Borrower’s application within 5 (five) calendar days upon receipt of fulfilling the application. During the period from the date of receipt of the Client’s/Xxxxxxxx’s application and when there are sufficient funds available at the Client’s/Borrower’s account(s), till the early repayment date of the Credit (either in full or in part), no interest will be charged to the Credit. Furthermore, in some cases as provided for by law, when repaying the Credit (an amount of which exceeds 2 000 000 GEL or its equivalent in foreign currencies) before due date either in full or in part, the Client/Borrower shall be liable to apply to the Bank 14 (fourteen) calendar days prior to the expected payment date.
15.13 In case of prepayment of the part of the loan, the bank shall be authorized to unilaterally change the payment schedule (draft a new schedule), in which case, the Client/borrower shall pay off the loan according to the new schedule of the bank. The new schedule shall be drawn up one of the following principle: 1)the payable amount(principal amount (remainder of the credit) will be equally distributed over the remaining period until the loan is fully repaid ; or 2) the period, remaining till full repayment of the credit will be reduced and the amount, payable in periodicity, envisaged by the schedule will remain unchanged.
15.14 In case of presenting application to cover the credit in advance to the Bank, client/debtor shall be obliged to present the Bank with any information/document, which directly or indirectly provides opportunity to establish the fact of credit refinancing or rejects the fact of credit refinancing.
15.15 In case, if the relevant credit conditions foresee the commission fee for refinancing and the Bank shall have a doubt, that the refinancing is taking place, the Bank shall be authorized after receiving the application of the client/debtor regarding the advance payment of the credit, to request the client additionally to present any information/document related with credit refinancing within no later than 2 (two) banking days from the date of the request.
15.16 Credit refinancing shall include advance payment (prior to the agreed term) directly and/or indirectly, independently and/or with the help of other person (persons) of the credit obtained from TBC Bank with the amount issued by any financial institution (commercial bank, microfinance organization, credit union and/or other person) directly and/or indirectly, independently and/or with the help of other person (persons).
15.17 Parties agree, that:
15.17.1 Bank is not obliged to prove the fact of refinancing and it has a right, upon receipt of information on credit re-financing by any information sources, to make a decision on imposing relevant commission fee and/or penalty on the client/debtor, meaning that burden of proof related with the non-existence of the refinancing fact is upon the client/debtor;
15.17.2 Amount of advance payment and re-financing commission fee and/or penalty is determined by the agreement (agreements) concluded with the client/debtor;
15.17.3 In case, if client/debtor proves the non-existence of refinancing fact by applying to court, Bank will be obliged to return only the deducted commission fee and/or penalty, and the client/debtor refuses to compensate the damage caused by the Bank activities (by violating the obligations undertaken with this Agreement).
15.18 In case, if the Bank demands insurance policy (with conditions set by the bank) by the client to use credit product, client/card holder will be obliged:
15.18.1 Take out insurance with an insurance company approved by the Bank, at rates/terms set by this company;
15.18.2 To implement the insurance in accordance with the conditions requested by the Bank.
15.18.3 To ensure the naming of Bank as the only beneficiary in the insurance policy.
15.18.4 If the term of the insurance policy is less the term of this Agreement/ additional agreement(s), submit to the Bank a renewed insurance policy not later than within 14 (fourteen) calendar days before the date of expiry of the existing insurance policy.
15.18.5 Pay the insurance premium and/or other related fees in the amount charged by the insurance company approved by the Bank. The payment of the insurance premium and/or other related fees is a mandatory payment related to the bank facility (including, a credit facility) and without the payment (or without undertaking the payment) thereof, the bank facility (including, a credit facility) will not be issued. The amount of the insurance premium and/or other related fees shall be set forth in a respective agreement and/or the insurance policy
15.19 In case, if the client/card holder does not pay insurance premium/insurance fee in accordance with the rule and timeframe prescribed by this Agreement/additional agreement(s) and/or the insurance policy, the debt shall be considered delayed.
15.20 In case of essential worsening of the insurance conditions or increase of insurance tariffs, client/card holder shall have a right to express the intention in writing to annul the requirement of obligatory insurance. Bank shall make a decision independently regarding the annulment of the requirement of obligatory insurance by applying its own credit principles and rules.
15.21 Client/card holder agrees, that the Bank shall deduct monthly insurance premium for the benefit of the insurer (insurance company) from any account of the client/card holder in accordance with the rules envisaged by paragraph 3.2 of this Agreement.
15.22 The client grants the bank an unconditional right to provide the guarantor(s) and/or any persons, whose property acts as the security for client’s liabilities with the information on the client’s liabilities with the bank and upon request, provide them with copy(s) of the corresponding agreements between the Bank and the client (including the bank loan agreement).
15.23 The Client gives consent and authorizes TBC Bank JSC (hereinafter the “Bank”) to process the Client’s data provided herein as well as in the Bank’s database and/or stored in the databases of the Credit Information Bureau(x) (hereinafter the Bureau) for the purpose of creditworthiness assessment, in compliance with rules and provisions stipulated by the law of Georgia. The Client is aware of the rights envisaged by the law of Georgia that upon the Client’s request, the Data Processor is obliged to correct, update, add, block, delete or destroy data if they are incomplete, inaccurate, outdated or obtained and processed unlawfully. This is a one- time consent and is valid within 30 working days from signing the Application. The Client is also aware and agrees that the Bank will obatain/process all credit/non-credit and other relevant information concerning me, which involves information provision and retrieval to/from the Bureau in compliance with the rules and conditions stipulated by the law of Georgia. This information is processed for the purpose of creditworthiness assessment and will be accessible to credit-granting organization(s) subscribed to the Bureau as well as to information provider(s) and receiver(s) in compliance with the law.
15.24 Bank has a right to request and receive any personal information about the client held by third party (parties) or administrative bodies in order to make a decision on issuing the credit and/or to ensure the fulfillment of undertaken obligations by the client towards the Bank (prioritizingincluding credit repayment).
15.25 If the client violates obligations undertaken by any agreement with the Bank or this will be necessary due to business reputation of the Bank and/or protection of legal interests, i.Bank shall have a right to transfer to the court/arbitration/National Enforcement Bureau and/or use the information about client, as well as any document signed by the client.
Appears in 1 contract
Samples: Banking Transactions Agreement
GENERAL CONDITIONS OF CREDIT PRODUCTS. 15.1 Based on this agreement, client is entitled to use the credit product described under Article 16 of this Agreement.
15.2 Credit product mentioned under paragraph 15.1 of this Agreement is described in relevant part of the Agreement. General provisions of the credit product are defined by this article, while specific conditions are defined and regulated by the agreement on the corresponding credit product concluded by the Parties. As a rule, other types of credit products are issued on the basis of the agreement concluded between the Bank and the client on credit product services, which does not eliminate the possibility to issue any credit product directly on the basis of this Agreement.
15.2.1 This Agreement, as well as individual credit facility agreements, authorizes but does not oblige the Bank to disburse a credit (in full or any part thereof) or provide the Client with a credit service.
15.2.2 Before the disbursement of credit facility/ies (including individual tranches), the Client must satisfy respective condition(s) precedent / requirement(s) (if any).
15.2.3 Considering events mentioned in Subparagraphs 15.2.1 and 15.2.2 of the Agreement, the Bank, at its own discretion, may not disburse credit product(s) / suspend any tranche thereof without explaining the reason to the Client (even if the Parties have concluded a particular credit facility agreement).
15.3 In order to receive credit product, client must apply to the Bank with application (it is possible to receive some products by submitting application via electronic communications – telephone, internet, e-mail, etc.). Bank shall review the client’s application and make a decision on issuance or non-issuance of the credit product (Bank is not obliged to state the reason for non-issuance).
15.3.1 Client may, at any time, make a request through any remote channel/means of electronic communication of the Bank for receiving a copy of credit product agreements (including a copy of agreement on credit products obtained through remote channels) signed between the client and the bank and visit the Bank's branch / service center for taking the copy
15.4 Upon receipt of the credit product, client (debtor) will be obliged to repay it and to pay the interest profit in accordance with the provisions agreed with the Bank.
15.4.1 Interest is accrued to the Client’s outstanding liability towards the Bank and is calculated according to the actual days of use of the facility based on a 365 day calendar.
15.5 Monetary obligations of the client are secured as a rule by the amounts accumulated on his account (accounts).
15.6 If the client does not have settlement (current) account, application for issuing the credit product will be at the same time considered as the application to open the settlement (current) account and such account will be opened for the client prior to issuing the credit product.
15.7 In order to cover the credit product by the client/card holder with the amount transferred to the bank or with the existing amount on the account of card holder/client, first of all, insurance premium will be covered with the aforementioned amount, afterwards the penalties will be covered for delaying the payment term (if applicable), afterwards interest profit will be covered and finally, the basic amount of credit will be subject to coverage. Client is entitling the Bank to:
15.7.1 Amend the rule prescribed by Paragraph 15.7 of this Agreement;
15.7.2 To define independently the order of fulfilling obligations by the client (prioritizing), i.
Appears in 1 contract
Samples: Banking Transactions Agreement
GENERAL CONDITIONS OF CREDIT PRODUCTS. 15.1 Based on this agreement, client is entitled to use the credit product described under Article 16 of this Agreement.
15.2 Credit product mentioned under paragraph 15.1 of this Agreement is described in relevant part of the Agreement. General provisions of the credit product are defined by this article, while specific conditions are defined and regulated by the agreement on the corresponding credit product concluded by the Parties. As a rule, other types of credit products are issued on the basis of the agreement concluded between the Bank and the client on credit product services, which does not eliminate the possibility to issue any credit product directly on the basis of this Agreement.
15.3 In order to receive credit product, client must apply to the Bank with application (it is possible to receive some products by submitting application via electronic communications – telephone, internet, e-mail, etc.). Bank shall review the client’s application and make a decision on issuance or non-non- issuance of the credit product (Bank is not obliged to state the reason for non-issuance).
15.3.1 Client may, at any time, make a request through any remote channel/means of electronic communication of the Bank for receiving a copy of credit product agreements (including a copy of agreement on credit products obtained through remote channels) signed between the client and the bank and visit the Bank's branch / service center for taking the copy
15.4 Upon receipt of the credit product, client (debtor) will be obliged to repay it and to pay the interest profit in accordance with the provisions agreed with the Bank.
15.5 Monetary obligations of the client are secured as a rule by the amounts accumulated on his account (accounts).
15.6 If the client does not have settlement (current) account, application for issuing the credit product will be at the same time considered as the application to open the settlement (current) account and such account will be opened for the client prior to issuing the credit product.
15.7 In order to cover the credit product by the client/card holder with the amount transferred to the bank or with the existing amount on the account of card holder/client, first of all, insurance premium will be covered with the aforementioned amount, afterwards the penalties will be covered for delaying the payment term (if applicable), afterwards interest profit will be covered and finally, the basic amount of credit will be subject to coverage. Client is entitling the Bank to:
15.7.1 Amend the rule prescribed by Paragraph 15.7 of this Agreement;
15.7.2 To define independently the order of fulfilling obligations by the client (prioritizing), i.
Appears in 1 contract
Samples: Banking Operations Agreement
GENERAL CONDITIONS OF CREDIT PRODUCTS. 15.1 Based on 16.1 On the basis of this agreement, client agreement the client/the cardholder is entitled to use the following credit products: simple consumer and student loans, prompt installment, credit limit permitted on plastic card or overdraft, installment card and credit card “Ertguli” and other credit products.
16.2 Each credit product described under Article 16 listed in the paragraph 16.1 of this Agreement.
15.2 Credit product mentioned under paragraph 15.1 of this Agreement agreement is described in relevant part corresponding section of the Agreementthis agreement. General provisions of the credit product are defined by this article, while specific conditions are defined and regulated by the agreement on the corresponding credit product concluded by the Parties. As a rule, other Other types of credit products product are issued generally under the agreement between the bank and the customer on the basis provision of the agreement concluded between the Bank and the client on credit product services, products which does not eliminate exclude the possibility to issue any of the credit product precuts directly on the basis of this Agreementagreement.
15.3 In 16.3 Customer must submit the application to the bank in order to receive the credit product, client must apply product (several products are allowed to be received on the Bank with basis of application (it is possible to receive some products by submitting application made via electronic communications – means of communication (telephone, internet, e-electronic mail, and etc.)). Bank The bank shall review consider the client’s application of the customer and make a decision on issuance shall decide whether to approve or non-issuance of deny the request for issuing the credit product (Bank the bank is not obliged to state comment on the reason for non-issuancereasons of denial).
15.3.1 16.3.1 Client may, at any time, make a request through any remote channel/means of electronic communication of the Bank for receiving a copy of credit product agreements (including a copy of agreement on credit products obtained through remote channels) signed between the client and the bank and visit the Bank's branch / service center for taking the copy.
15.4 Upon receipt of 16.4 After receiving the credit product, client product the customer (debtorborrower) will shall be obliged to repay return it and to pay the interest profit in accordance with fee as per the provisions conditions agreed with the Bankbank.
15.5 Monetary 16.5 The client’s financial obligations are generally performed by way of the client are secured as a rule by the amounts funds accumulated on his account (accountshis/her account(s).
15.6 If 16.6 In the event the client does not have settlement (current) accounthas no current account at the bank, application for issuing the on credit product will be products shall at the same time considered be deemed as the application to on opening of a current account. The bank shall open the settlement (current) current account and such account will be opened for the client prior to issuing performing any of the credit productservices.
15.7 16.7 The amount that is given to the bank by the customer/card owner to pay off the credit product or the amount existing on the card owner’s/customer’s account shall be used to pay off insurance premium first, then the surcharge for delays (if such exist), the interest, and finally, the principle. The customer shall authorize the bank on the following:
16.7.1 Change the rule given in the paragraph 16.7 of this agreement;
16.7.2 Bank shall determine the sequence (priority) of implementation of obligations by the customer at its own discretion, namely the bank can unilaterally decide on what sum (amount) and which indebtedness is to be paid off by the customer from the amount(s) given to the bank by the customer/card owner or the amount(s) on the card owner’s/customer’s account(s), meaning that the customer will grant the bank the authority to determine on the customer’s behalf the sequence (priority) of implementation of obligations by the customer.
16.8 In order the event of failure to pay monthly payments on time the client/the cardholder shall be under obligation to pay to the bank the delayed payment fee, whether fixed or on daily basis, which amount shall be determined in accordance with tariffs existing at the bank at the time of the occurred delay.
16.9 Penalty shall not apply to credit product, if the date of depositing the amount (payment) happens to be on the non-banking day. In this case, client will be liable to deposit the payable amount (to pay) on the relevant account on the next banking day.
16.10 In the event the client/the cardholder does not cover the credit product obtained through utilized credit product, accrued interest, fines (if any), insurance premium within the term agreed with the bank or fails to pay on time any commission determined by the bank, the bank shall have the right:
16.10.1 to satisfy its claim by way of arresting bank accounts and/or realization of any of the client’s/the cardholder’s assets (this right shall not in any manner restrict the right of the bank under paragraph 3.2 hereof), irrespective of whether the customer's obligation (bank's request) is secured with the right in rem (mortgage, pledge). Besides, the bank is authorized, at its discretion, to execute in the first place a writ/payment of the asset and intangible property of the Customer, which is not the object of a security of the Customer’s liabilities.
16.10.2 to request at any time that the client/the cardholder to enter into a mortgage or pledge agreement with the bank in order to secure the payment of liabilities incurred by way of credit line (in such event the client/the cardholder shall execute the relevant agreement in no later than 5 (five) working days from the request. Subject to the agreement the client/the cardholder shall mortgage or pledge the property subject to transfer of title thereupon to the bank, which shall not have a value less than aggregate amount of utilized credit product, accrued interest and fines and shall provide the registrations of the bank’s rights at the public registry. Expenses for execution of the agreement(s) and registrations of relevant rights shall be borne by the client/card holder the cardholder);
16.10.3 Require to be transferred the object of mortgage and/or pledge and after such transfer, assign the object of mortgage and/or pledge through direct sale or in any other manner prescribed by the Civil Code of Georgia, and after payment of all the costs related to sale, use the obtained amount for disbursement of funds under credit. If the funds obtained from the sale of the object of pledge cannot fully pay the borrower’s indebtedness, the bank may apply execution upon any client’s/borrower’s property (any thing and intangible property of the client);
16.11 In case the client/the borrower fails to pay monthly payments, accrued interest, fines or insurance premiums on time or in the event of any other material grounds the bank shall have the right to terminate unilaterally the credit and/or the relevant agreement and request the client/the borrower payment of all outstanding credits together with associated payables (interests, fines, etc.).
16.12 The client is entitled to advance repayment of mortgage credit, consumer credit and/or auto credit (for the amount transferred purposes of paragraphs 16.12-16.17 hereinafter referred to as the “credit”), including advance full or partial return and/or refinancing of the credit only by submitting the relevant written notification to the bank in 5 (five) calendar days prior to estimated payment date, and upon submission of written (printed or with electronic version) application to the existing bank by the Client/borrower to that effect.
16.13 In case of prepayment of the part of the loan, the bank shall be authorized to unilaterally change the schedule (draft a new schedule) of payment of the loan, in which case, the Client/borrower shall become obliged to pay off the loan according to the new schedule of the bank. The new schedule shall be drawn up one of the following principle: 1)the payable amount(principal amount on (remainder of the account of card holder/client, first of all, insurance premium credit) will be covered with equally distributed over the aforementioned amountremaining period until the loan is fully repaid; or 2) the period, afterwards remaining till full repayment of the penalties will be covered for delaying the payment term (if applicable), afterwards interest profit will be covered and finally, the basic amount of credit will be subject reduced and the amount, payable in periodicity, envisaged by the schedule will remain unchanged.
16.14 In the event of submission of application on advance payment, the client/the borrower shall be under obligation to coveragefurther supply the bank with all necessary information/documents directly or indirectly proving with the ability to determine the fact of refinancing or absence of other refinancing arrangements.
16.15 In the event the agreement provides for refinancing fees and the bank suspects the fact of a possible refinancing of such credit, the bank shall have the right to request at any time from the client/the borrower the delivery of any kind of information/documents within no later than 2 (two) banking days from the date of the receipt of the client’s/the borrower’s application of advance payment of the credit.
16.16 Refinancing of the credit shall mean advance repayment (payment before the agreed term) of the credit at JSC “TBC bank” carried out directly and/or indirectly, personally and/or through other person(s) by way of the funds obtained directly and/or indirectly, personally and/or through other person(s) from any other financial institution (commercial bank, microfinance organization, credit union and/or other entities).
16.17 The parties hereby agree on the following:
16.17.1 the bank shall not be under obligation to prove the fact of refinancing and shall have the right to make decision on imposition of the refinancing fee and/or relevant commission to the client/the borrower on the basis of information held by the bank derived from any kind of source whatsoever. The client/the borrower shall bear the burden of proof on the absence of the refinancing;
16.17.2 fees and/or commissions on refinancing and advance repayment shall be determined by the agreement(s) executed between the parties;
16.17.3 in the event the client/the borrower proves the non-existence of refinancing through the court, the bank shall be under obligation to reimburse to the client/the borrower solely the commissions and/or fees deducted without authorization of the client/the borrower. The client/the borrower hereby waives his/her right of claim in connection with the damage occurred as a result of the bank’s actions (in breach of the bank’s obligations hereunder).
16.18 In the event the bank request the client a submission of an insurance policy in connection with the use of a credit product, the client/the cardholder shall be under obligation:
16.18.1 to execute an insurance agreement with any person acceptable to the bank in accordance with the pre- determined conditions and tariffs of such provider;
16.18.2 to carry out the insurance in accordance with the requirements of the bank;
16.18.3 to indicate the bank as a sole beneficiary in the insurance policy.
16.19 In the event the client/the cardholder fails to pay the insurance premium according to the terms and conditions of this agreement such failure shall be deemed as a delayed payment.
16.20 With the purpose of the Client's commitments guarantee, as well as the insurance continuity guarantee and/or in case of violation of commitments regarding insurance issues, the Borrower in advance agrees to announce the full authority of the Bank:
16.20.1 To act on behalf of the Client is entitling and at his/her expense, respectively, with this purpose, to have relations with third parties (including insurance companies) on behalf of the Client and at his/her expense; to carry out any action related to the Insurer’s changes, to terminate any of the insurance relationships / agreements with the Insurer, connected with the Bank’s services; to process (including the provision for the insurance company in relevant time periods) information containing the Client’s personal data for the purpose of relations with insurance companies; to enter into and / or to sign any deal, notice, and / or any other document. The implementation of the mentioned rights by the Bank to:
15.7.1 Amend does not depend on any additional consent/agreement and/or Letter of Attorney from the rule prescribed by Paragraph 15.7 Client, and this right can not be restricted upon relations with third parties (including insurance companies), in case of this Agreement;
15.7.2 To define independently the order of fulfilling obligations right implementation by the client (prioritizing)Bank, i.the Client shall be obliged to pay Insurance Premium and / or other related charges of the amount, set by the insurance company, selected by the Bank.
16.21 The client/the cardholder hereby consents to the right of the bank to deduct from any account of the client/the cardholder the insurance premium in accordance with conditions stipulated under paragraph
Appears in 1 contract
Samples: Banking Operations Agreement
GENERAL CONDITIONS OF CREDIT PRODUCTS. 15.1 Based on this agreement, client is entitled to use the credit product described under Article 16 of this Artic6leof1this Agreement.
15.2 Credit product mentioned under paragraph 15.1 paragraph51.1 of this Agreement is described in relevant part of the Agreement. .General provisions of the credit product are defined by this article, while specific conditions are defined and regulated by the agreement on the corresponding corroensdping credit product concluded by the Parties. As a rule, other types of credit products are issued on the basis of the agreement concluded between the Bank and the client on credit product services, which does not eliminate the possibility to issue any credit rcedit product directly on the basis of this Agreement.
15.3 In order to receive credit product, client must apply to the Bank with application (it is possible to receive some products by submitting application via electronic communications – telephonecommunication±stelephone, internet, e-mail, etc.). Bank shall review the client’s application and make a decision on issuance or nonHWF %DQN VKDOO UHYLHZ WKH FOLHQW¶V-issuance of the is suDanScSe oOf LtheFDWLRQ credit product (Bank is not obliged to state the reason for nonn-issuanceoisnsuance).
15.3.1 Client may, at any time, make a request through any remote anreymote channel/means of meansof electronic communication of the Bank for Bankfor receiving a copy of credit product agreements (including a copy of agreement on credit products obtained through remote channels) signed between the client and the bank and visit the Bank's branch / service center for taking the copy
15.4 Upon receipt of the credit product, client (debtor) will be obliged to repay it and to pay the interest profit in accordance with the provisions agreed with the Bank.
15.4.1 QWHUHVW LV DFFUXHG WRlity toWwKarHds th&e OBaLnkHaQndWis¶cValc ulRatXedWacVcoWrdDinQg Gto LQJ OL the actual days of use of the facility based on a 365 day calendar.
15.5 Monetary obligations of the client are secured as a rule by the amounts accumulated on his account (accounts).
15.6 If the client does not have settlement (current) account, application for issuing the credit product will be at the same time considered as the application to open the settlement (current) account and such account will be opened for the client prior to issuing the credit productprodcut.
15.7 In order to cover the credit product by the client/card holder with the amount transferred to the bank or with the existing amount on the account of card holder/client, first of all, insurance premium will be covered with the aforementioned amount, afterwards atefrwards the penalties will be covered for delaying the payment term (if applicable), afterwards interest profit will be covered and finally, the basic amount of credit will be subject to coverage. Client is entitling the Bank to:
15.7.1 Amend the rule prescribed by Paragraph 15.7 51.7 of this Agreement;
15.7.2 To define independently the order of fulfilling obligations by the client (prioritizing), i.
Appears in 1 contract
Samples: Banking Operations Agreement
GENERAL CONDITIONS OF CREDIT PRODUCTS. 15.1 Based on this agreement, client is entitled to use the various credit product described under Article 16 of this Agreementproducts.
15.2 Credit product mentioned under paragraph 15.1 of this Agreement is described in relevant part of the Agreement. General provisions of the credit product are defined by this article, while specific conditions are defined and regulated by the agreement on the corresponding credit product concluded by the Parties. As a rule, other types of credit products are issued on the basis of the agreement concluded between the Bank and the client on credit product services, which does not eliminate the possibility to issue any credit product directly on the basis of this Agreement.
15.2.1 This Agreement, as well as individual credit facility agreements, authorizes but does not oblige the Bank to disburse a credit (in full or any part thereof) or provide the Client with a credit service.
15.2.2 Before the disbursement of credit facility/ies (including individual tranches), the Client must satisfy respective condition(s) precedent / requirement(s) (if any).
15.2.3 Considering events mentioned in Subparagraphs 15.2.1 and 15.2.2 of the Agreement, the Bank, at its own discretion, may not disburse credit product(s) / suspend any tranche thereof without explaining the reason to the Client (even if the Parties have concluded a particular credit facility agreement).
15.3 In order to receive credit product, client must apply to the Bank with application (it is possible to receive some products by submitting application via electronic communications – telephone, internet, e-mail, etc.). Bank shall review the client’s application and make a decision on issuance or non-issuance of the credit product (Bank is not obliged to state the reason for non-issuance).
15.3.1 Client may, at any time, make a request through any remote channel/means of electronic communication of the Bank for receiving a copy of credit product agreements (including a copy of agreement on credit products obtained through remote channels) signed between the client and the bank and visit the Bank's branch / service center for taking the copy
15.4 Upon receipt of the credit product, client (debtor) will be obliged to repay it and to pay the interest profit in accordance with the provisions agreed with the Bank.
15.4.1 Interest is accrued to the Client’s outstanding liability towards the Bank and is calculated according to the actual days of use of the facility based on a 365 day calendar.
15.5 Monetary obligations of the client are secured as a rule by the amounts accumulated on his account (accounts).
15.6 If the client does not have settlement (current) account, application for issuing the credit product will be at the same time considered as the application to open the settlement (current) account and such account will be opened for the client prior to issuing the credit product.
15.7 In order to cover the credit product by the client/card holder with the amount transferred to the bank or with the existing amount on the account of card holder/client, first of all, insurance premium will be covered with the aforementioned amount, afterwards the penalties will be covered for delaying the payment term (if applicable), afterwards interest profit will be covered and finally, the basic amount of credit will be subject to coverage. Client is entitling the Bank to:
15.7.1 Amend the rule prescribed by Paragraph 15.7 of this Agreement;
15.7.2 15.8 If monthly payment of amount is delayed, the client/card holder will be obliged to pay the penalty to the Bank for delay, which might comprise of fixed penalty and daily penalty, the amounts of which are determined according to the tariffs established by the Bank during the moment of delay.
15.9 Credit product will not accrue late payment interest if the day of deposit (transfer) of amounts coincides with the non-banking day. In such case, the Client shall deposit (pay) the payable sum to the relevant account on the following banking day.
15.10 In order to obtain the credit product, if within the timeframe agreed with the Bank, the client/card holder does not cover the credit obtained from the Bank, deposited interest, penalty (if applicable), insurance premium or does not pay on time any commission fee defined by the Bank, the Bank shall be entitled:
15.10.1 To define secure its demand by arresting bank accounts and/or selling any assets of the client/card holder (this right does not limit the right of the Bank arisen on the basis of paragraph 3.2 of this Article) irrespective of whether the customer's obligation (bank's request) is secured with the right in rem (mortgage, pledge). Besides, the bank is authorized, at its discretion, to execute in the first place a writ/payment of the asset and intangible property of the Customer, which is not the object of a security of the Customer’s liabilities.
15.10.2 To demand from the client/card holder any time to conclude pledge or mortgage agreement in order to cover the debts originated by using the credit limit (In this case, client/card holder will be obliged to conclude relevant agreement with the Bank within no later than 5 (five) working days from the receipt of the request by the Bank, according to which the client/card holder shall secure the property to be received by the Bank by mortgage or pledge, the amount of which must not be less than the total sum of used credit product, deposited interest and the penalty. The client/card holder shall register the rights of the Bank in relevant registry. Expenses associated with the conclusion of the agreement (agreements) and the registration of rights, originated from the Agreement, in the registry will be carried by the client/card holder);
15.10.3 To request the transfer of pledge and/or mortgage object and after the transfer, to alienate the pledge and/or mortgage object by direct selling or other rules prescribed by the Civil Code and after covering the necessary expenses for realization, to use the received amount to cover the credit. If the amount received as a result of selling pledge and/or mortgage object does not fully cover the debtor’s debt, the Bank is authorized to direct enforcement on any property of the client/debtor.
15.11 In case of delay of payment of monthly amount, interest profit, penalty or insurance premium by the client/debtor, also in case of improper and untimely fulfillment (violation) of any pre-condition, additional condition, requirement of the Bank towards the client and/or any obligation undertaken by the client or in case of other significant basis, the Bank shall be authorized to terminate independently the credit relation and/or relevant agreement and/or demand from the client/debtor to return the credit product in addition to other due fees (interest profit, penalty and other).
15.12 To apply for early repayment and/or early termination of a bank credit (loan), credit line, overdraft, credit limit and any credit facility (hereinafter referred to as the “Credit” for the purposes of Paragraphs 15.12- 15.17) under any agreement with the Client/the Borrower (including full or partial prepayment and/or refinancing of the credit), the Client/the Borrower shall submit to the Bank a respective application in writing (whether as a hardcopy or electronically). The Bank will satisfy the Client’s/the Borrower’s application on the day it is received (provided there are sufficient funds in the Client’s/the Borrower’s account(s)), or on the following banking day if the Client’s/the Borrower’s application was filed during non-banking hours. Despite the aforementioned, the Bank may satisfy the Client’s/the Borrower’s application within 5 (five) calendar days of receipt due to various (including, technical) reasons and/or for the need to establish some facts. From the date of receipt of the Client’s/the Borrower’s application, including in the absence of sufficient funds in the Client’s/the Borrower’s account(s), until full or partial prepayment of the loan, the credit will not accrue interest. Furthermore, in cases stipulated by the law, when prepaying fully or partially on a credit (in excess of 2 000 000 GEL or its equivalent in foreign currency) the Client/the Borrower may submit a respective application to the Bank 14 (fourteen) calendar days prior to the planned date of prepayment, in which case the Bank has the right to continue interest accrual on the credit until the credit is fully or partially prepaid.
15.13 In case of prepayment of the part of the loan, the bank shall be authorized to unilaterally change the payment schedule (draft a new schedule), in which case, the Client/borrower shall pay off the loan according to the new schedule of the bank. The new schedule shall be drawn up one of the following principle: 1) the payable amount (principal amount (remainder of the credit) will be equally distributed over the remaining period until the loan is fully repaid; or 2) the period, remaining till full repayment of the credit will be reduced and the amount, payable in periodicity, envisaged by the schedule will remain unchanged.
15.14 In case of presenting application to cover the credit in advance to the Bank, client/debtor shall be obliged to present the Bank with any information/document, which directly or indirectly provides opportunity to establish the fact of credit refinancing or rejects the fact of credit refinancing.
15.15 In case, if the relevant credit conditions foresee the commission fee for refinancing and the Bank shall have a doubt, that the refinancing is taking place, the Bank shall be authorized after receiving the application of the client/debtor regarding the advance payment of the credit, to request the client additionally to present any information/document related with credit refinancing within no later than 2 (two) banking days from the date of the request.
15.16 Credit refinancing shall include advance payment (prior to the agreed term) directly and/or indirectly, independently and/or with the help of other person (persons) of the credit obtained from TBC Bank with the amount issued by any financial institution (commercial bank, microfinance organization, credit union and/or other person) directly and/or indirectly, independently and/or with the help of other person (persons).
15.17 Parties agree, that:
15.17.1 Bank is not obliged to prove the fact of refinancing and it has a right, upon receipt of information on credit re-financing by any information sources, to make a decision on imposing relevant commission fee and/or penalty on the client/debtor, meaning that burden of proof related with the non-existence of the refinancing fact is upon the client/debtor;
15.17.2 Amount of advance payment and re-financing commission fee and/or penalty is determined by the agreement (agreements) concluded with the client/debtor;
15.17.3 In case, if client/debtor proves the non-existence of refinancing fact by applying to court, Bank will be obliged to return only the deducted commission fee and/or penalty, and the client/debtor refuses to compensate the damage caused by the Bank activities (by violating the obligations undertaken with this Agreement).
15.18 In case, if the Bank demands insurance policy (with conditions set by the bank) by the client to use credit product, client/card holder will be obliged:
15.18.1 Take out insurance with an insurance company approved by the Bank, at rates/terms set by this company;
15.18.2 To implement the insurance in accordance with the conditions requested by the Bank.
15.18.3 To ensure the naming of Bank as the only beneficiary in the insurance policy.
15.18.4 If the term of the insurance policy is less the term of this Agreement/ additional agreement(s), submit to the Bank a renewed insurance policy not later than within 14 (fourteen) calendar days before the date of expiry of the existing insurance policy.
15.18.5 Pay the insurance premium and/or other related fees in the amount charged by the insurance company approved by the Bank. The payment of the insurance premium and/or other related fees is a mandatory payment related to the bank facility (including, a credit facility) and without the payment (or without undertaking the payment) thereof, the bank facility (including, a credit facility) will not be issued. The amount of the insurance premium and/or other related fees shall be set forth in a respective agreement and/or the insurance policy
15.19 In case, if the client/card holder does not pay insurance premium/insurance fee in accordance with the rule and timeframe prescribed by this Agreement/additional agreement(s) and/or the insurance policy, the debt shall be considered delayed.
15.20 In case of essential worsening of the insurance conditions or increase of insurance tariffs, client/card holder shall have a right to express the intention in writing to annul the requirement of obligatory insurance. Bank shall make a decision independently regarding the annulment of the requirement of obligatory insurance by applying its own credit principles and rules.
15.21 Client/card holder agrees, that the Bank shall deduct monthly insurance premium for the benefit of the insurer (insurance company) from any account of the client/card holder in accordance with the rules envisaged by paragraph 3.2 of this Agreement.
15.22 The client grants the bank an unconditional right to provide the guarantor(s) and/or any persons, whose property acts as the security for client’s liabilities with the information on the client’s liabilities with the bank and upon request, provide them with copy(s) of the corresponding agreements between the Bank and the client (including the bank loan agreement).
15.23 TBC Bank JSC (address: 0 Xxxxxxxxxxxxx xxxxxx, Xxxxxxx) will collect/process all credit/non-credit and other relevant information about the Client that involves data supply and retrieval to/from CIB in compliance with procedures and terms envisaged by the Georgian legislation. Data described herein are processed for assessing the Client’s creditworthiness and will be accessible to creditor(s) and data receiver(s)/provider(s) connected to CIB, in compliance with rules envisaged by the Georgian legislation. At the request of the Client, the Data Processor is obliged to correct, update, complete, block, delete or destroy the data if they are incomplete, inaccurate, outdated, or were collected and processed unlawfully
15.24 Bank has a right to request and receive any personal information about the client held by third party (parties) or administrative bodies in order to make a decision on issuing the credit and/or to ensure the fulfillment of fulfilling undertaken obligations by the client towards the Bank (prioritizingincluding credit repayment).
15.25 If the client violates obligations undertaken by any agreement with the Bank or this will be necessary due to business reputation of the Bank and/or protection of legal interests, i.Bank shall have a right to transfer to the court/arbitration/National Enforcement Bureau and/or use the information about client, as well as any document signed by the client.
Appears in 1 contract
Samples: Banking Transactions Agreement
GENERAL CONDITIONS OF CREDIT PRODUCTS. 15.1 Based on this agreement, client is entitled to use the various credit product described under Article 16 of this Agreementproducts.
15.2 Credit product mentioned under paragraph 15.1 of this Agreement is described in relevant part of the Agreement. General provisions of the credit product are defined by this article, while specific conditions are defined and regulated by the agreement on the corresponding credit product concluded by the Parties. As a rule, other types of credit products are issued on the basis of the agreement concluded between the Bank and the client on credit product services, which does not eliminate the possibility to issue any credit product directly on the basis of this Agreement.
15.2.1 This Agreement, as well as individual credit facility agreements, authorizes but does not oblige the Bank to disburse a credit (in full or any part thereof) or provide the Client with a credit service.
15.2.2 Before the disbursement of credit facility/ies (including individual tranches), the Client must satisfy respective condition(s) precedent / requirement(s) (if any).
15.2.3 Considering events mentioned in Subparagraphs 15.2.1 and 15.2.2 of the Agreement, the Bank, at its own discretion, may not disburse credit product(s) / suspend any tranche thereof without explaining the reason to the Client (even if the Parties have concluded a particular credit facility agreement).
15.3 In order to receive credit product, client must apply to the Bank with application (it is possible to receive some products by submitting application via electronic communications – telephone, internet, e-mail, etc.). Bank shall review the client’s application and make a decision on issuance or non-issuance of the credit product (Bank is not obliged to state the reason for non-issuance).
15.3.1 Client may, at any time, make a request through any remote channel/means of electronic communication of the Bank for receiving a copy of credit product agreements (including a copy of agreement on credit products obtained through remote channels) signed between the client and the bank and visit the Bank's branch / service center for taking the copy
15.4 Upon receipt of the credit product, client (debtor) will be obliged to repay it and to pay the interest profit in accordance with the provisions agreed with the Bank.
15.4.1 Interest is accrued to the Client’s outstanding liability towards the Bank and is calculated according to the actual days of use of the facility based on a 365 day calendar.
15.5 Monetary obligations of the client are secured as a rule by the amounts accumulated on his account (accounts).
15.6 If the client does not have settlement (current) account, application for issuing the credit product will be at the same time considered as the application to open the settlement (current) account and such account will be opened for the client prior to issuing the credit product.
15.7 In order to cover the credit product by the client/card holder with the amount transferred to the bank or with the existing amount on the account of card holder/client, first of all, insurance premium will be covered with the aforementioned amount, afterwards the penalties will be covered for delaying the payment term (if applicable), afterwards interest profit will be covered and finally, the basic amount of credit will be subject to coverage. Client is entitling the Bank to:
15.7.1 Amend the rule prescribed by Paragraph 15.7 of this Agreement;
15.7.2 15.8 If monthly payment of amount is delayed, the client/card holder will be obliged to pay the penalty to the Bank for delay, which might comprise of fixed penalty and daily penalty, the amounts of which are determined according to the tariffs established by the Bank during the moment of delay.
15.9 Credit product will not accrue late payment interest if the day of deposit (transfer) of amounts coincides with the non-banking day. In such case, the Client shall deposit (pay) the payable sum to the relevant account on the following banking day.
15.10 In order to obtain the credit product, if within the timeframe agreed with the Bank, the client/card holder does not cover the credit obtained from the Bank, deposited interest, penalty (if applicable), insurance premium or does not pay on time any commission fee defined by the Bank, the Bank shall be entitled:
15.10.1 To define secure its demand by arresting bank accounts and/or selling any assets of the client/card holder (this right does not limit the right of the Bank arisen on the basis of paragraph 3.2 of this Article) irrespective of whether the customer's obligation (bank's request) is secured with the right in rem (mortgage, pledge). Besides, the bank is authorized, at its discretion, to execute in the first place a writ/payment of the asset and intangible property of the Customer, which is not the object of a security of the Customer’s liabilities.
15.10.2 To demand from the client/card holder any time to conclude pledge or mortgage agreement in order to cover the debts originated by using the credit limit (In this case, client/card holder will be obliged to conclude relevant agreement with the Bank within no later than 5 (five) working days from the receipt of the request by the Bank, according to which the client/card holder shall secure the property to be received by the Bank by mortgage or pledge, the amount of which must not be less than the total sum of used credit product, deposited interest and the penalty. The client/card holder shall register the rights of the Bank in relevant registry. Expenses associated with the conclusion of the agreement (agreements) and the registration of rights, originated from the Agreement, in the registry will be carried by the client/card holder);
15.10.3 To request the transfer of pledge and/or mortgage object and after the transfer, to alienate the pledge and/or mortgage object by direct selling or other rules prescribed by the Civil Code and after covering the necessary expenses for realization, to use the received amount to cover the credit. If the amount received as a result of selling pledge and/or mortgage object does not fully cover the debtor’s debt, the Bank is authorized to direct enforcement on any property of the client/debtor.
15.11 In case of delay of payment of monthly amount, interest profit, penalty or insurance premium by the client/debtor, also in case of improper and untimely fulfillment (violation) of any pre-condition, additional condition, requirement of the Bank towards the client and/or any obligation undertaken by the client or in case of other significant basis, the Bank shall be authorized to terminate independently the credit relation and/or relevant agreement and/or demand from the client/debtor to return the credit product in addition to other due fees (interest profit, penalty and other).
15.12 To apply for early repayment and/or early termination of a bank credit (loan), credit line, overdraft, credit limit and any credit facility (hereinafter referred to as the “Credit” for the purposes of Paragraphs 15.12- 15.17) under any agreement with the Client/the Borrower (including full or partial prepayment and/or refinancing of the credit), the Client/the Borrower shall submit to the Bank a respective application in writing (whether as a hardcopy or electronically). The Bank will satisfy the Client’s/the Borrower’s application on the day it is received (provided there are sufficient funds in the Client’s/the Borrower’s account(s)), or on the following banking day if the Client’s/the Borrower’s application was filed during non- banking hours. Despite the aforementioned, the Bank may satisfy the Client’s/the Borrower’s application within 5 (five) calendar days of receipt due to various (including, technical) reasons and/or for the need to establish some facts. From the date of receipt of the Client’s/the Borrower’s application, including in the absence of sufficient funds in the Client’s/the Borrower’s account(s), until full or partial prepayment of the loan, the credit will not accrue interest. Furthermore, in cases stipulated by the law, when prepaying fully or partially on a credit (in excess of 2 000 000 GEL or its equivalent in foreign currency) the Client/the Borrower may submit a respective application to the Bank 14 (fourteen) calendar days prior to the planned date of prepayment, in which case the Bank has the right to continue interest accrual on the credit until the credit is fully or partially prepaid.
15.13 In case of prepayment of the part of the loan, the bank shall be authorized to unilaterally change the payment schedule (draft a new schedule), in which case, the Client/borrower shall pay off the loan according to the new schedule of the bank. The new schedule shall be drawn up one of the following principle: 1)the payable amount(principal amount (remainder of the credit) will be equally distributed over the remaining period until the loan is fully repaid ; or 2) the period, remaining till full repayment of the credit will be reduced and the amount, payable in periodicity, envisaged by the schedule will remain unchanged.
15.14 In case of presenting application to cover the credit in advance to the Bank, client/debtor shall be obliged to present the Bank with any information/document, which directly or indirectly provides opportunity to establish the fact of credit refinancing or rejects the fact of credit refinancing.
15.15 In case, if the relevant credit conditions foresee the commission fee for refinancing and the Bank shall have a doubt, that the refinancing is taking place, the Bank shall be authorized after receiving the application of the client/debtor regarding the advance payment of the credit, to request the client additionally to present any information/document related with credit refinancing within no later than 2 (two) banking days from the date of the request.
15.16 Credit refinancing shall include advance payment (prior to the agreed term) directly and/or indirectly, independently and/or with the help of other person (persons) of the credit obtained from TBC Bank with the amount issued by any financial institution (commercial bank, microfinance organization, credit union and/or other person) directly and/or indirectly, independently and/or with the help of other person (persons).
15.17 Parties agree, that:
15.17.1 Bank is not obliged to prove the fact of refinancing and it has a right, upon receipt of information on credit re-financing by any information sources, to make a decision on imposing relevant commission fee and/or penalty on the client/debtor, meaning that burden of proof related with the non-existence of the refinancing fact is upon the client/debtor;
15.17.2 Amount of advance payment and re-financing commission fee and/or penalty is determined by the agreement (agreements) concluded with the client/debtor;
15.17.3 In case, if client/debtor proves the non-existence of refinancing fact by applying to court, Bank will be obliged to return only the deducted commission fee and/or penalty, and the client/debtor refuses to compensate the damage caused by the Bank activities (by violating the obligations undertaken with this Agreement).
15.18 In case, if the Bank demands insurance policy (with conditions set by the bank) by the client to use credit product, client/card holder will be obliged:
15.18.1 Take out insurance with an insurance company approved by the Bank, at rates/terms set by this company;
15.18.2 To implement the insurance in accordance with the conditions requested by the Bank.
15.18.3 To ensure the naming of Bank as the only beneficiary in the insurance policy.
15.18.4 If the term of the insurance policy is less the term of this Agreement/ additional agreement(s), submit to the Bank a renewed insurance policy not later than within 14 (fourteen) calendar days before the date of expiry of the existing insurance policy.
15.18.5 Pay the insurance premium and/or other related fees in the amount charged by the insurance company approved by the Bank. The payment of the insurance premium and/or other related fees is a mandatory payment related to the bank facility (including, a credit facility) and without the payment (or without undertaking the payment) thereof, the bank facility (including, a credit facility) will not be issued. The amount of the insurance premium and/or other related fees shall be set forth in a respective agreement and/or the insurance policy
15.19 In case, if the client/card holder does not pay insurance premium/insurance fee in accordance with the rule and timeframe prescribed by this Agreement/additional agreement(s) and/or the insurance policy, the debt shall be considered delayed.
15.20 In case of essential worsening of the insurance conditions or increase of insurance tariffs, client/card holder shall have a right to express the intention in writing to annul the requirement of obligatory insurance. Bank shall make a decision independently regarding the annulment of the requirement of obligatory insurance by applying its own credit principles and rules.
15.21 Client/card holder agrees, that the Bank shall deduct monthly insurance premium for the benefit of the insurer (insurance company) from any account of the client/card holder in accordance with the rules envisaged by paragraph 3.2 of this Agreement.
15.22 The client grants the bank an unconditional right to provide the guarantor(s) and/or any persons, whose property acts as the security for client’s liabilities with the information on the client’s liabilities with the bank and upon request, provide them with copy(s) of the corresponding agreements between the Bank and the client (including the bank loan agreement).
15.23 TBC Bank JSC (address: 0 Xxxxxxxxxxxxx xxxxxx, Xxxxxxx) will collect/process all credit/non-credit and other relevant information about the Client that involves data supply and retrieval to/from CIB in compliance with procedures and terms envisaged by the Georgian legislation. Data described herein are processed for assessing the Client’s creditworthiness and will be accessible to creditor(s) and data receiver(s)/provider(s) connected to CIB, in compliance with rules envisaged by the Georgian legislation. At the request of the Client, the Data Processor is obliged to correct, update, complete, block, delete or destroy the data if they are incomplete, inaccurate, outdated, or were collected and processed unlawfully
15.24 Bank has a right to request and receive any personal information about the client held by third party (parties) or administrative bodies in order to make a decision on issuing the credit and/or to ensure the fulfillment of fulfilling undertaken obligations by the client towards the Bank (prioritizingincluding credit repayment).
15.25 If the client violates obligations undertaken by any agreement with the Bank or this will be necessary due to business reputation of the Bank and/or protection of legal interests, i.Bank shall have a right to transfer to the court/arbitration/National Enforcement Bureau and/or use the information about client, as well as any document signed by the client.
Appears in 1 contract
Samples: Banking Transactions Agreement
GENERAL CONDITIONS OF CREDIT PRODUCTS. 15.1 Based on this agreement, client is entitled to use the credit product described under Article 16 of this Agreement.
15.2 Credit product mentioned under paragraph 15.1 of this Agreement is described in relevant part of the Agreement. General provisions of the credit product are defined by this article, while specific conditions are defined and regulated by the agreement on the corresponding credit product concluded by the Parties. As a rule, other types of credit products are issued on the basis of the agreement concluded between the Bank and the client on credit product services, which does not eliminate the possibility to issue any credit product directly on the basis of this Agreement.
15.2.1 This Agreement, as well as individual credit facility agreements, authorizes but does not oblige the Bank to disburse a credit (in full or any part thereof) or provide the Client with a credit service.
15.2.2 Before the disbursement of credit facility/ies (including individual tranches), the Client must satisfy respective condition(s) precedent / requirement(s) (if any).
15.2.3 Considering events mentioned in Subparagraphs 15.2.1 and 15.2.2 of the Agreement, the Bank, at its own discretion, may not disburse credit product(s) / suspend any tranche thereof without explaining the reason to the Client (even if the Parties have concluded a particular credit facility agreement).
15.3 In order to receive credit product, client must apply to the Bank with application (it is possible to receive some products by submitting application via electronic communications – telephone, internet, e-mail, etc.). Bank shall review the client’s application and make a decision on issuance or non-issuance of the credit product (Bank is not obliged to state the reason for non-issuance).
15.3.1 Client may, at any time, make a request through any remote channel/means of electronic communication of the Bank for receiving a copy of credit product agreements (including a copy of agreement on credit products obtained through remote channels) signed between the client and the bank and visit the Bank's branch / service center for taking the copy
15.4 Upon receipt of the credit product, client (debtor) will be obliged to repay it and to pay the interest profit in accordance with the provisions agreed with the Bank.
15.4.1 Interest is accrued to the Client’s outstanding liability towards the Bank and is calculated according to the actual days of use of the facility based on a 365 day calendar.
15.5 Monetary obligations of the client are secured as a rule by the amounts accumulated on his account (accounts).
15.6 If the client does not have settlement (current) account, application for issuing the credit product will be at the same time considered as the application to open the settlement (current) account and such account will be opened for the client prior to issuing the credit product.
15.7 In order to cover the credit product by the client/card holder with the amount transferred to the bank or with the existing amount on the account of card holder/client, first of all, insurance premium will be covered with the aforementioned amount, afterwards the penalties will be covered for delaying the payment term (if applicable), afterwards interest profit will be covered and finally, the basic amount of credit will be subject to coverage. Client is entitling the Bank to:
15.7.1 Amend the rule prescribed by Paragraph 15.7 of this Agreement;
15.7.2 To define independently the order of fulfilling obligations by the client (prioritizing), i.
e. to decide independently the amount (quantity) and type of obligation related with any credit product, which must be covered by the amount (amounts), transferred to the Bank by the client and/or by the amount (amounts), which are existing on the account (accounts) of the client. This means, that the client authorizes the Bank to determine the order of fulfilling obligations (prioritizing) under the name of the client.
15.8 If monthly payment of amount is delayed, the client/card holder will be obliged to pay the penalty to the Bank for delay, which might comprise of fixed penalty and daily penalty, the amounts of which are determined according to the tariffs established by the Bank during the moment of delay.
15.9 Credit product will not accrue late payment interest if the day of deposit (transfer) of amounts coincides with the non-banking day. In such case, the Client shall deposit (pay) the payable sum to the relevant account on the following banking day.
15.10 In order to obtain the credit product, if within the timeframe agreed with the Bank, the client/card holder does not cover the credit obtained from the Bank, deposited interest, penalty (if applicable), insurance premium or does not pay on time any commission fee defined by the Bank, the Bank shall be entitled:
15.10.1 To secure its demand by arresting bank accounts and/or selling any assets of the client/card holder (this right does not limit the right of the Bank arisen on the basis of paragraph 3.2 of this Article) irrespective of whether the customer's obligation (bank's request) is secured with the right in rem (mortgage, pledge). Besides, the bank is authorized, at its discretion, to execute in the first place a writ/payment of the asset and intangible property of the Customer, which is not the object of a security of the Customer’s liabilities.
15.10.2 To demand from the client/card holder any time to conclude pledge or mortgage agreement in order to cover the debts originated by using the credit limit (In this case, client/card holder will be obliged to conclude relevant agreement with the Bank within no later than 5 (five) working days from the receipt of the request by the Bank, according to which the client/card holder shall secure the property to be received by the Bank by mortgage or pledge, the amount of which must not be less than the total sum of used credit product, deposited interest and the penalty. The client/card holder shall register the rights of the Bank in relevant registry. Expenses associated with the conclusion of the agreement (agreements) and the registration of rights, originated from the Agreement, in the registry will be carried by the client/card holder);
15.10.3 To request the transfer of pledge and/or mortgage object and after the transfer, to alienate the pledge and/or mortgage object by direct selling or other rules prescribed by the Civil Code and after covering the necessary expenses for realization, to use the received amount to cover the credit. If the amount received as a result of selling pledge and/or mortgage object does not fully cover the debtor’s debt, the Bank is authorized to direct enforcement on any property of the client/debtor.
15.11 In case of delay of payment of monthly amount, interest profit, penalty or insurance premium by the client/debtor, also in case of improper and untimely fulfillment (violation) of any pre-condition, additional condition, requirement of the Bank towards the client and/or any obligation undertaken by the client or in case of other significant basis, the Bank shall be authorized to terminate independently the credit relation and/or relevant agreement and/or demand from the client/debtor to return the credit product in addition to other due fees (interest profit, penalty and other).
15.12 Registration or/and cancellation of any request for repayment before due date of the bank credit, loan, overdraft, credit limit or/and any credit product (hereinafter referred to as the Credit for the purposes of paragraphs 15.12 – 15.17 of this Agreement) under any agreement concluded with the Client/Borrower (including repayment of the loan before due date as specified in the repayment schedule either in full or in part or/and refinancing thereof) shall be made by filing by the Client/Borrower of a written application (hard copy or soft copy) to the Bank. The Client’s/Borrower’s application is fulfilled by the Bank, (provided, that there are sufficient funds available at the Client’s/Borrower’s account(s)) on the date the application is received or the next business day if the application was filed by the Client/Borrower in non-business hours). However, the Bank may by various reasons (including technical ones) or/and in order to verify certain facts, fulfill the Client’s/Borrower’s application within 5 (five) calendar days upon receipt of the application. During the period from the date of receipt of the Client’s/Xxxxxxxx’s application and when there are sufficient funds available at the Client’s/Borrower’s account(s), till the early repayment date of the Credit (either in full or in part), no interest will be charged to the Credit. Furthermore, in some cases as provided for by law, when repaying the Credit (an amount of which exceeds 2 000 000 GEL or its equivalent in foreign currencies) before due date either in full or in part, the Client/Borrower shall be liable to apply to the Bank 14 (fourteen) calendar days prior to the expected payment date.
15.13 In case of prepayment of the part of the loan, the bank shall be authorized to unilaterally change the payment schedule (draft a new schedule), in which case, the Client/borrower shall pay off the loan according to the new schedule of the bank. The new schedule shall be drawn up one of the following principle: 1)the payable amount(principal amount (remainder of the credit) will be equally distributed over the remaining period until the loan is fully repaid ; or 2) the period, remaining till full repayment of the credit will be reduced and the amount, payable in periodicity, envisaged by the schedule will remain unchanged.
15.14 In case of presenting application to cover the credit in advance to the Bank, client/debtor shall be obliged to present the Bank with any information/document, which directly or indirectly provides opportunity to establish the fact of credit refinancing or rejects the fact of credit refinancing.
15.15 In case, if the relevant credit conditions foresee the commission fee for refinancing and the Bank shall have a doubt, that the refinancing is taking place, the Bank shall be authorized after receiving the application of the client/debtor regarding the advance payment of the credit, to request the client additionally to present any information/document related with credit refinancing within no later than 2 (two) banking days from the date of the request.
15.16 Credit refinancing shall include advance payment (prior to the agreed term) directly and/or indirectly, independently and/or with the help of other person (persons) of the credit obtained from TBC Bank with the amount issued by any financial institution (commercial bank, microfinance organization, credit union and/or other person) directly and/or indirectly, independently and/or with the help of other person (persons).
15.17 Parties agree, that:
15.17.1 Bank is not obliged to prove the fact of refinancing and it has a right, upon receipt of information on credit re-financing by any information sources, to make a decision on imposing relevant commission fee and/or penalty on the client/debtor, meaning that burden of proof related with the non-existence of the refinancing fact is upon the client/debtor;
15.17.2 Amount of advance payment and re-financing commission fee and/or penalty is determined by the agreement (agreements) concluded with the client/debtor;
15.17.3 In case, if client/debtor proves the non-existence of refinancing fact by applying to court, Bank will be obliged to return only the deducted commission fee and/or penalty, and the client/debtor refuses to compensate the damage caused by the Bank activities (by violating the obligations undertaken with this Agreement).
15.18 In case, if the Bank demands insurance policy (with conditions set by the bank) by the client to use credit product, client/card holder will be obliged:
15.18.1 Take out insurance with an insurance company approved by the Bank, at rates/terms set by this company;
15.18.2 To implement the insurance in accordance with the conditions requested by the Bank.
15.18.3 To ensure the naming of Bank as the only beneficiary in the insurance policy.
15.18.4 If the term of the insurance policy is less the term of this Agreement/ additional agreement(s), submit to the Bank a renewed insurance policy not later than within 14 (fourteen) calendar days before the date of expiry of the existing insurance policy.
15.18.5 Pay the insurance premium and/or other related fees in the amount charged by the insurance company approved by the Bank. The payment of the insurance premium and/or other related fees is a mandatory payment related to the bank facility (including, a credit facility) and without the payment (or without undertaking the payment) thereof, the bank facility (including, a credit facility) will not be issued. The amount of the insurance premium and/or other related fees shall be set forth in a respective agreement and/or the insurance policy
15.19 In case, if the client/card holder does not pay insurance premium/insurance fee in accordance with the rule and timeframe prescribed by this Agreement/additional agreement(s) and/or the insurance policy, the debt shall be considered delayed.
15.20 In case of essential worsening of the insurance conditions or increase of insurance tariffs, client/card holder shall have a right to express the intention in writing to annul the requirement of obligatory insurance. Bank shall make a decision independently regarding the annulment of the requirement of obligatory insurance by applying its own credit principles and rules.
15.21 Client/card holder agrees, that the Bank shall deduct monthly insurance premium for the benefit of the insurer (insurance company) from any account of the client/card holder in accordance with the rules envisaged by paragraph 3.2 of this Agreement.
15.22 The client grants the bank an unconditional right to provide the guarantor(s) and/or any persons, whose property acts as the security for client’s liabilities with the information on the client’s liabilities with the bank and upon request, provide them with copy(s) of the corresponding agreements between the Bank and the client (including the bank loan agreement).
15.23 The Client gives consent and authorizes TBC Bank JSC (hereinafter the “Bank”) to process the Client’s data provided herein as well as in the Bank’s database and/or stored in the databases of the Credit Information Bureau(x) (hereinafter the Bureau) for the purpose of creditworthiness assessment, in compliance with rules and provisions stipulated by the law of Georgia. The Client is aware of the rights envisaged by the law of Georgia that upon the Client’s request, the Data Processor is obliged to correct, update, add, block, delete or destroy data if they are incomplete, inaccurate, outdated or obtained and processed unlawfully. This is a one-time consent and is valid within 30 working days from signing the Application. The Client is also aware and agrees that the Bank will obatain/process all credit/non-credit and other relevant information concerning me, which involves information provision and retrieval to/from the Bureau in compliance with the rules and conditions stipulated by the law of Georgia. This information is processed for the purpose of creditworthiness assessment and will be accessible to credit- granting organization(s) subscribed to the Bureau as well as to information provider(s) and receiver(s) in compliance with the law.
15.24 Bank has a right to request and receive any personal information about the client held by third party (parties) or administrative bodies in order to make a decision on issuing the credit and/or to ensure the fulfillment of undertaken obligations by the client towards the Bank (including credit repayment).
15.25 If the client violates obligations undertaken by any agreement with the Bank or this will be necessary due to business reputation of the Bank and/or protection of legal interests, Bank shall have a right to transfer to the court/arbitration/National Enforcement Bureau and/or use the information about client, as well as any document signed by the client.
Appears in 1 contract
Samples: Banking Transactions Agreement
GENERAL CONDITIONS OF CREDIT PRODUCTS. 15.1 Based on this agreement, client is entitled to use the credit product described under Article 16 of this Artic6leof1this Agreement.
15.2 Credit product mentioned under paragraph 15.1 paragraph51.1 of this Agreement is described in relevant part of the Agreement. .General provisions of the credit product are defined by this article, while specific conditions are defined and regulated by the agreement on the corresponding corroensdping credit product concluded by the Parties. As a rule, other types of credit products are issued on the basis of the agreement concluded between the Bank and the client on credit product services, which does not eliminate the possibility to issue any credit rcedit product directly on the basis of this Agreement.
15.3 In order to receive credit product, client must apply to the Bank with application (it is possible to receive some products by submitting application via electronic communications – telephonecommunication–stelephone, internet, e-mail, etc.). Bank shall review the client’s application and make a decision on issuance or nonclient’s-issuance of the issuaanpcpe olf ithecation credit product (Bank is not obliged to state the reason for nonn-issuanceoisnsuance).
15.3.1 Client may, at any time, make a request through any remote anreymote channel/means of meansof electronic communication of the Bank for Bankfor receiving a copy of credit product agreements (including a copy of agreement on credit products obtained through remote channels) signed between the client and the bank and visit the Bank's branch / service center for taking the copy
15.4 Upon receipt of the credit product, client (debtor) will be obliged to repay it and to pay the interest profit in accordance with the provisions agreed with the Bank.
15.4.1 Interest is accrued tolity totwhareds thCe lBainkeanndtis’csalculoatuedtacscotrdainng dto ing li the actual days of use of the facility based on a 365 day calendar.
15.5 Monetary obligations of the client are secured as a rule by the amounts accumulated on his account (accounts).
15.6 If the client does not have settlement (current) account, application for issuing the credit product will be at the same time considered as the application to open the settlement (current) account and such account will be opened for the client prior to issuing the credit productprodcut.
15.7 In order to cover the credit product by the client/card holder with the amount transferred to the bank or with the existing amount on the account of card holder/client, first of all, insurance premium will be covered with the aforementioned amount, afterwards atefrwards the penalties will be covered for delaying the payment term (if applicable), afterwards interest profit will be covered and finally, the basic amount of credit will be subject to coverage. Client is entitling the Bank to:
15.7.1 Amend the rule prescribed by Paragraph 15.7 51.7 of this Agreement;
15.7.2 To define independently the order of fulfilling obligations by the client (prioritizing), i.
Appears in 1 contract
Samples: Banking Operations Agreement
GENERAL CONDITIONS OF CREDIT PRODUCTS. 15.1 Based on 16.1 On the basis of this agreement, agreement the client is entitled to use the credit product described products services stipulated under Article 17 hereof.
16.2 This Article 16 determines general rules for credit products contemplated in paragraph 16.1, whereas more detailed terms and conditions thereof are stipulated under relevant paragraphs of this Agreement.
15.2 agreement. Credit product mentioned under paragraph 15.1 products of this Agreement is described in relevant part of the Agreement. General provisions of the credit product are defined by this articleother types, while specific conditions are defined and regulated by the agreement on the corresponding credit product concluded by the Parties. As a ruleusually, other types of credit products are issued on the basis of the an agreement concluded between the Bank and the client on credit product services, signed by the bank and the client, which does not eliminate the possibility to issue exclude issuing of any other credit product directly or based on the basis of this Agreementagreement.
15.3 16.3 In order to receive a credit product, the client must had to apply to the Bank with bank through the application (it is possible to receive receiving of some products by submitting application via is allowable based on the application, submitted through the electronic communications – telephonemeans of communication (phone, internet, eE-mail, mail etc.). Bank shall review The bank considers the client’s application and make a decision on issuance decides about issuing or non-issuance of not issuing the credit product (Bank the bank is not obliged to state the reason for non-issuanceexplain reasons of any refusal).
15.3.1 Client may, at any time, make a request through any remote channel/means of electronic communication of 16.4 After receiving the Bank for receiving a copy of credit product agreements (including a copy of agreement on credit products obtained through remote channels) signed between the client and the bank and visit the Bank's branch / service center for taking the copy
15.4 Upon receipt of the credit product, client (debtor) will be obliged to repay return it and to pay the interest profit in accordance according to the agreed terms with the provisions agreed with the Bankbank.
15.5 Monetary obligations of the client are secured as a rule by the amounts accumulated on his account (accounts).
15.6 If the client does not have settlement (current) account, application for issuing the credit product will be at the same time considered as the application to open the settlement (current) account and such account will be opened for the client prior to issuing the credit product.
15.7 In order to cover the credit product 16.5 The funds transferred by the client/card holder with the amount transferred cardholder to the bank for covering the credit products or with the funds existing amount on the account of card holderclient’s/client, first of all, insurance premium will the cardholder’s accounts shall be covered with the aforementioned amount, afterwards the penalties will be covered applied for delaying the payment term of insurance premium, thereafter of delayed payment fee (if applicableany), afterwards thereafter of the interest profit will be covered and finally, at the basic end of principal amount of the credit will (The bank shall reserve the right to change the payment order indicated in this paragraph).
16.6 In the event of failure to pay monthly payments on time the client/the cardholder shall be subject under obligation to coverage. Client is entitling pay to the bank the delayed payment fee, whether fixed or on daily basis, which amount shall be determined in accordance with tariffs existing at the bank at the time of the occurred delay.
16.7 The client hereby authorizes the Bank to:
15.7.1 Amend 16.7.1 Change the rule prescribed by Paragraph 15.7 of this Agreementgiven in paragraph 16.7;
15.7.2 To define independently 16.7.2 determine itself the commitment order of fulfilling obligations (priority) for the client's responsibilities that is unilaterally decide, what amount (volume) and which credit product related to debt should be covered by the client (prioritizingby means of the amount(s) issued and/or credited to the client's account(s), i.which means that the client authorizes the bank to determine the commitment order (priority) for the client's responsibilities.
16.8 The delayed payment fee shall not accrue on the credit product, in case the payment date falls on a holiday. In that event
16.9 In the event the client/the cardholder does not cover the credit obtained through utilized credit product, accrued interest, fines (if any), insurance premium within the term agreed with the bank or fails to pay on time any commission determined by the bank, the bank shall have the right:
16.9.1 to satisfy its claim by way of realization any of the client’s/the cardholder’s assets (this right shall not in any manner restrict the right of the bank under paragraph 3.2 hereof);
16.9.2 to request at any time that the client/the cardholder to enter into a mortgage or pledge agreement with the bank in order to secure the payment of liabilities incurred by way of credit line (in such event the client/the cardholder shall execute the relevant agreement in no later than 5 (five) working days from the request. Subject to the agreement the client/the cardholder shall mortgage or pledge the property subject to transfer of title thereupon to the bank, which shall not have a value less than aggregate amount of utilized credit product, accrued interest and fines and shall provide the registrations of the bank’s rights at the public registry. Expenses for execution of the agreement(s) and registrations of relevant rights shall be borne by the client/the cardholder);
16.9.3 to request the transfer of mortgaged and/or pledged property to the bank and carry out direct sale or other kind of alienation in accordance with Georgian civil code and cover the credit with the amount remaining after payment of all realization expenses. In the event the amount obtained as a result of realization does not fully cover the client’s outstanding liabilities the bank shall have the right to commence execution towards any of the client’s/the borrower’s property.
16.10 In case the client/the borrower fails to pay monthly payments, accrued interest, fines or insurance premiums on time or in the event of any other material grounds the bank shall have the right to terminate unilaterally the credit and/or the relevant agreement and request the client/the borrower the payment of all outstanding credits together with associated payables (interests, fines, etc.).
16.11 The client is entitled to advance repayment of mortgage credit, consumer credit and/or auto-credit (for the purposes of paragraphs 16.10-16.15 hereinafter referred to as the “credit”), including advance full or partial return and/or refinancing of the credit by submitting the relevant written notification to the bank in 10 (ten) calendar days prior to estimated payment date and upon receipt of consent from the bank to that effect.
16.12 In the event of partial advance repayment of the credit by the client, the bank shall have the right to amend automatically the payment schedule (create a new schedule), whereupon the client shall be under obligation to make payments according to new schedule.
16.13 In the case if the bank does not change the credit covering schedule, the client is obliged to continue paying amount to the bank according to the existing schedule, in spite of having previously paid the amount to the bank.
16.14 In the event the agreement provides for refinancing fees and the bank suspects the fact of a possible refinancing of such credit, the bank shall have the right to request at any time from the client/the borrower the delivery of any kind of information/documents within no later than 2 (two) banking days from the date of the receipt of the client’s/the borrower’s application of advance payment of the credit.
16.15 Refinancing of the credit shall mean advance repayment (payment before the agreed term) of the credit at JSC “TBC bank” carried out directly and/or indirectly, personally and/or through other person(s) by way of the funds obtained directly and/or indirectly, personally and/or through other person(s) from any other financial institution (commercial bank, microfinance organization, credit union and/or other entities).
16.16 The parties hereby agree on the following:
16.16.1 the bank shall not be under obligation to prove the fact of refinancing and shall have the right to make decision on imposition of the refinancing free and/or relevant commission to the client/the borrower on the basis of information held by the bank derived from any kind of source whatsoever. The client/the borrower shall bear the burden of proof on the absence of the refinancing;
16.16.2 fees and/or commissions on refinancing and advance repayment shall be determined by the agreement executed between the parties;
16.16.3 in the event the client/the borrower proves the non-existence of refinancing through the court, the bank shall be under obligation to reimburse to the client/the borrower solely the commissions and/or fees deducted without authorization of the client/the borrower. The client/the borrower hereby waives its right of claim in connection with the damage occurred as a result of the bank’s actions (in breach of the bank’s obligations hereunder).
16.17 In the event the bank request the client a submission of an insurance policy in connection with the use of a credit product, the client/the cardholder shall be under obligation:
16.17.1 to execute an insurance agreement with any person acceptable to the bank in accordance with the pre-determined conditions and tariffs of such provider;
16.17.2 to carry out the insurance in accordance with the requirements of the bank;
16.17.3 to indicate the bank as a sole beneficiary in the insurance policy.
16.18 In the event the client/the cardholder fails to pay the insurance premium according to the terms and conditions of this agreement such failure shall be deemed as a delayed payment.
16.19 in the event of material deterioration of the terms of insurance or increase of insurance fees the client/the cardholder shall have the right to request the bank in writing the cancellation of the mandatory insurance requirement. The bank shall make decision on above cancellation unilaterally taking in consideration its credit rules and policies.
16.20 The client/the cardholder hereby consents to the right of the bank to deduct from any account of the client/the cardholder the insurance premium in accordance with conditions stipulated under paragraph 3.2 subject to monthly payment for the benefit of insurer (insurance company).
16.21 The client grants the bank an unconditional right to provide the guarantor(s) and/or the ledgor/mortgagor securing the financial liabilities of the client hereunder with the information on the client’s liabilities with the bank secured by the guarantee and/or pledged/mortgaged property of such person to whom the information is submitted.
16.22 In accordance with the agreement made between the bank and credit bureau (thereinafter the “bureau”), the bank shall have the right:
16.22.1 to provide the bureau with the negative and/or positive information with regard to the client. The client shall thereupon be recorded in the database of the bureau;
16.22.2 to acquaint himself with the information recorded at the bureau database on the client (including, with the client’s credit history).
16.23 For the purpose of decision to be made with regard to the client’s credit and/or performing the liabilities of the client towards the bank (including repayment of the credit), the bank shall have the right to request and obtain any kind of private information on the client through third person(s) and administrative entities.
16.24 In the event the client breaches its obligations under any agreement with the bank or if needed for the protection of bank’s business reputation and/or its legal interests exists, the bank shall have the right to deliver to the Court/the arbitration and/or use the information on the client.
16.25 In the case if the client violates a commitment made through any agreement, or it will be required in order to protect the bank’s business reputation or/and legal interests, the bank is entitled to submit the client- related information, as well as any document signed by the client, to the court/arbitrage/national bureau of enforcement and/or use it.
16.26 The bank is entitled:
16.26.1 In order to fulfill any arose duties, at any moment after the duties occurrence to write off (in a non-accept manner) a sum from the client’s any account without the client’s consent. In the case if the debt is set in a currency that is different from the currency on the account, the equivalent is determined based on the currency rate, set for the moment of the write-off;
16.26.2 to transfer the service fees to be paid by the client to the National Agency of Public Registry, MIA Service Agency and/or other administrative body and/or other credit granting-related fees (including insurance premiums), without the client’s further consent (non-accept manner) from any account of the client to the relevant person's account;
16.26.3 in order to pay a relevant sum to the person, from whom the client acquires an item or receives any services, using the bank-granted credit, to write-off the relevant sum from the client’s any account without the client’s further consent (non-accept manner), to convert the sum into the national currency, deposit it to the client’s GEL account and transfer to the relevant person’s account.
Appears in 1 contract
Samples: Banking Operations Agreement
GENERAL CONDITIONS OF CREDIT PRODUCTS. 15.1 Based on 16.1 On the basis of this agreement, agreement the client is entitled to use the credit product described products services stipulated under Article 17 hereof.
16.2 This Article 16 determines general rules for credit products contemplated in paragraph 16.1, whereas more detailed terms and conditions thereof are stipulated under relevant paragraphs of this Agreement.
15.2 agreement. Credit product mentioned under paragraph 15.1 products of this Agreement is described in relevant part of the Agreement. General provisions of the credit product are defined by this articleother types, while specific conditions are defined and regulated by the agreement on the corresponding credit product concluded by the Parties. As a ruleusually, other types of credit products are issued on the basis of the an agreement concluded between the Bank and the client on credit product services, signed by the bank and the client, which does not eliminate the possibility to issue exclude issuing of any other credit product directly or based on the basis of this Agreementagreement.
15.3 16.3 In order to receive a credit product, the client must had to apply to the Bank with bank through the application (it is possible to receive receiving of some products by submitting application via is allowable based on the application, submitted through the electronic communications – telephonemeans of communication (phone, internet, eE-mail, mail etc.). Bank shall review The bank considers the client’s application and make a decision on issuance decides about issuing or non-issuance of not issuing the credit product (Bank the bank is not obliged to state the reason for non-issuanceexplain reasons of any refusal).
15.3.1 Client may, at any time, make a request through any remote channel/means of electronic communication of 16.4 After receiving the Bank for receiving a copy of credit product agreements (including a copy of agreement on credit products obtained through remote channels) signed between the client and the bank and visit the Bank's branch / service center for taking the copy
15.4 Upon receipt of the credit product, client (debtor) will be obliged to repay return it and to pay the interest profit in accordance according to the agreed terms with the provisions agreed with the Bankbank.
15.5 Monetary obligations of the client are secured as a rule by the amounts accumulated on his account (accounts).
15.6 If the client does not have settlement (current) account, application for issuing the credit product will be at the same time considered as the application to open the settlement (current) account and such account will be opened for the client prior to issuing the credit product.
15.7 In order to cover the credit product 16.5 The funds transferred by the client/card holder with the amount transferred cardholder to the bank for covering the credit products or with the funds existing amount on the account of card holderclient’s/client, first of all, insurance premium will the cardholder’s accounts shall be covered with the aforementioned amount, afterwards the penalties will be covered applied for delaying the payment term of insurance premium, thereafter of delayed payment fee (if applicableany), afterwards thereafter of the interest profit will be covered and finally, at the basic end of principal amount of the credit will (The bank shall reserve the right to change the payment order indicated in this paragraph).
16.6 In the event of failure to pay monthly payments on time the client/the cardholder shall be subject under obligation to coverage. Client is entitling pay to the bank the delayed payment fee, whether fixed or on daily basis, which amount shall be determined in accordance with tariffs existing at the bank at the time of the occurred delay.
16.7 The client hereby authorizes the Bank to:
15.7.1 Amend 16.7.1 Change the rule prescribed by Paragraph 15.7 of this Agreementgiven in paragraph 16.7;
15.7.2 To define independently 16.7.2 determine itself the commitment order of fulfilling obligations (priority) for the client's responsibilities that is unilaterally decide, what amount (volume) and which credit product related to debt should be covered by the client (prioritizingby means of the amount(s) issued and/or credited to the client's account(s), i.which means that the client authorizes the bank to determine the commitment order (priority) for the client's responsibilities.
16.8 The delayed payment fee shall not accrue on the credit product, in case the payment date falls on a holiday. In that event
16.9 In the event the client/the cardholder does not cover the credit obtained through utilized credit product, accrued interest, fines (if any), insurance premium within the term agreed with the bank or fails to pay on time any commission determined by the bank, the bank shall have the right:
16.9.1 to satisfy its claim by way of realization any of the client’s/the cardholder’s assets (this right shall not in any manner restrict the right of the bank under paragraph 3.2 hereof);
16.9.2 to request at any time that the client/the cardholder to enter into a mortgage or pledge agreement with the bank in order to secure the payment of liabilities incurred by way of credit line (in such event the client/the cardholder shall execute the relevant agreement in no later than 5 (five) working days from the request. Subject to the agreement the client/the cardholder shall mortgage or pledge the property subject to transfer of title thereupon to the bank, which shall not have a value less than aggregate amount of utilized credit product, accrued interest and fines and shall provide the registrations of the bank’s rights at the public registry. Expenses for execution of the agreement(s) and registrations of relevant rights shall be borne by the client/the cardholder);
16.9.3 to request the transfer of mortgaged and/or pledged property to the bank and carry out direct sale or other kind of alienation in accordance with Georgian civil code and cover the credit with the amount remaining after payment of all realization expenses. In the event the amount obtained as a result of realization does not fully cover the client’s outstanding liabilities the bank shall have the right to commence execution towards any of the client’s/the borrower’s property.
16.10 In case the client/the borrower fails to pay monthly payments, accrued interest, fines or insurance premiums on time or in the event of any other material grounds the bank shall have the right to terminate unilaterally the credit and/or the relevant agreement and request the client/the borrower the payment of all outstanding credits together with associated payables (interests, fines, etc.).
16.11 The client is entitled to advance repayment of mortgage credit, consumer credit and/or auto-credit (for the purposes of paragraphs 16.10-16.15 hereinafter referred to as the “credit”), including advance full or partial return and/or refinancing of the credit by submitting the relevant written notification to the bank in 10 (ten) calendar days prior to estimated payment date and upon receipt of consent from the bank to that effect.
16.12 In the event of partial advance repayment of the credit by the client, the bank shall have the right to amend automatically the payment schedule (create a new schedule), whereupon the client shall be under obligation to make payments according to new schedule.
16.13 In the case if the bank does not change the credit covering schedule, the client is obliged to continue paying amount to the bank according to the existing schedule, in spite of having previously paid the amount to the bank.
16.14 In the event the agreement provides for refinancing fees and the bank suspects the fact of a possible refinancing of such credit, the bank shall have the right to request at any time from the client/the borrower the delivery of any kind of information/documents within no later than 2 (two) banking days from the date of the receipt of the client’s/the borrower’s application of advance payment of the credit.
16.15 Refinancing of the credit shall mean advance repayment (payment before the agreed term) of the credit at JSC “TBC bank” carried out directly and/or indirectly, personally and/or through other person(s) by way of the funds obtained directly and/or indirectly, personally and/or through other person(s) from any other financial institution (commercial bank, microfinance organization, credit union and/or other entities).
16.16 The parties hereby agree on the following:
16.16.1 the bank shall not be under obligation to prove the fact of refinancing and shall have the right to make decision on imposition of the refinancing free and/or relevant commission to the client/the borrower on the basis of information held by the bank derived from any kind of source whatsoever. The client/the borrower shall bear the burden of proof on the absence of the refinancing;
16.16.2 fees and/or commissions on refinancing and advance repayment shall be determined by the agreement executed between the parties;
16.16.3 in the event the client/the borrower proves the non-existence of refinancing through the court, the bank shall be under obligation to reimburse to the client/the borrower solely the commissions and/or fees deducted without authorization of the client/the borrower. The client/the borrower hereby waives its right of claim in connection with the damage occurred as a result of the bank’s actions (in breach of the bank’s obligations hereunder).
16.17 In the event the bank request the client a submission of an insurance policy in connection with the use of a credit product, the client/the cardholder shall be under obligation:
16.17.1 to execute an insurance agreement with any person acceptable to the bank in accordance with the pre-determined conditions and tariffs of such provider;
16.17.2 to carry out the insurance in accordance with the requirements of the bank;
16.17.3 to indicate the bank as a sole beneficiary in the insurance policy.
16.18 In the event the client/the cardholder fails to pay the insurance premium according to the terms and conditions of this agreement such failure shall be deemed as a delayed payment.
16.19 in the event of material deterioration of the terms of insurance or increase of insurance fees the client/the cardholder shall have the right to request the bank in writing the cancellation of the mandatory insurance requirement. The bank shall make decision on above cancellation unilaterally taking in consideration its credit rules and policies.
16.20 The client/the cardholder hereby consents to the right of the bank to deduct from any account of the client/the cardholder the insurance premium in accordance with conditions stipulated under paragraph 3.2 subject to monthly payment for the benefit of insurer (insurance company).
16.21 The client grants the bank an unconditional right to provide the guarantor(s) and/or the ledgor/mortgagor securing the financial liabilities of the client hereunder with the information on the client’s liabilities with the bank secured by the guarantee and/or pledged/mortgaged property of such person to whom the information is submitted.
16.22 In accordance with the agreement made between the bank and credit bureau (thereinafter the “bureau”), the bank shall have the right:
16.22.1 to provide the bureau with the negative and/or positive information with regard to the client. The client shall thereupon be recorded in the database of the bureau;
16.22.2 to acquaint himself with the information recorded at the bureau database on the client (including, with the client’s credit history).
16.23 For the purpose of decision to be made with regard to the client’s credit and/or performing the liabilities of the client towards the bank (including repayment of the credit), the bank shall have the right to request and obtain any kind of private information on the client through third person(s) and administrative entities.
16.24 In the event the client breaches its obligations under any agreement with the bank or if needed for the protection of bank’s business reputation and/or its legal interests exists, the bank shall have the right to deliver to the Court/the arbitration and/or use the information on the client.
16.25 In the case if the client violates a commitment made through any agreement, or it will be required in order to protect the bank’s business reputation or/and legal interests, the bank is entitled to submit the client- related information, as well as any document signed by the client, to the court/arbitrage/national bureau of enforcement and/or use it.
16.26 The bank is entitled:
16.26.1 In order to fulfill any arose duties, at any moment after the duties occurrence to write off (in a non- accept manner) a sum from the client’s any account without the client’s consent. In the case if the debt is set in a currency that is different from the currency on the account, the equivalent is determined based on the currency rate, set for the moment of the write-off;
16.26.2 to transfer the service fees to be paid by the client to the National Agency of Public Registry, MIA Service Agency and/or other administrative body and/or other credit granting-related fees (including insurance premiums), without the client’s further consent (non-accept manner) from any account of the client to the relevant person's account;
16.26.3 in order to pay a relevant sum to the person, from whom the client acquires an item or receives any services, using the bank-granted credit, to write-off the relevant sum from the client’s any account without the client’s further consent (non-accept manner), to convert the sum into the national currency, deposit it to the client’s GEL account and transfer to the relevant person’s account.
Appears in 1 contract
Samples: Banking Operations Agreement
GENERAL CONDITIONS OF CREDIT PRODUCTS. 15.1 Based on this agreement, client is entitled to use the credit product described under Article 16 of this Agreement.
15.2 Credit product mentioned under paragraph 15.1 of this Agreement is described in relevant part of the Agreement. General provisions of the credit product are defined by this article, while specific conditions are defined and regulated by the agreement on the corresponding credit product concluded by the Parties. As a rule, other types of credit products are issued on the basis of the agreement concluded between the Bank and the client on credit product services, which does not eliminate the possibility to issue any credit product directly on the basis of this Agreement.
15.3 In order to receive credit product, client must apply to the Bank with application (it is possible to receive some products by submitting application via electronic communications – telephone, internet, e-mail, etc.). Bank shall review the client’s application and make a decision on issuance or non-issuance of the credit product (Bank is not obliged to state the reason for non-issuance).
15.3.1 Client may, at any time, make a request through any remote channel/means of electronic communication of the Bank for receiving a copy of credit product agreements (including a copy of agreement on credit products obtained through remote channels) signed between the client and the bank and visit the Bank's branch / service center for taking the copy
15.4 Upon receipt of the credit product, client (debtor) will be obliged to repay it and to pay the interest profit in accordance with the provisions agreed with the Bank.
15.4.1 Interest is accrued to the Client’s outstanding liability towards the Bank and is calculated according to the actual days of use of the facility based on a 365 day calendar.
15.5 Monetary obligations of the client are secured as a rule by the amounts accumulated on his account (accounts).
15.6 If the client does not have settlement (current) account, application for issuing the credit product will be at the same time considered as the application to open the settlement (current) account and such account will be opened for the client prior to issuing the credit product.
15.7 In order to cover the credit product by the client/card holder with the amount transferred to the bank or with the existing amount on the account of card holder/client, first of all, insurance premium will be covered with the aforementioned amount, afterwards the penalties will be covered for delaying the payment term (if applicable), afterwards interest profit will be covered and finally, the basic amount of credit will be subject to coverage. Client is entitling the Bank to:
15.7.1 Amend the rule prescribed by Paragraph 15.7 of this Agreement;
15.7.2 To define independently the order of fulfilling obligations by the client (prioritizing), i.
e. to decide independently the amount (quantity) and type of obligation related with any credit product, which must be covered by the amount (amounts), transferred to the Bank by the client and/or by the amount (amounts), which are existing on the account (accounts) of the client. This means, that the client authorizes the Bank to determine the order of fulfilling obligations (prioritizing) under the name of the client.
15.8 If monthly payment of amount is delayed, the client/card holder will be obliged to pay the penalty to the Bank for delay, which might comprise of fixed penalty and daily penalty, the amounts of which are determined according to the tariffs established by the Bank during the moment of delay.
15.9 Credit product will not accrue late payment interest if the day of deposit (transfer) of amounts coincides with the non-banking day. In such case, the Client shall deposit (pay) the payable sum to the relevant account on the following banking day.
15.10 In order to obtain the credit product, if within the timeframe agreed with the Bank, the client/card holder does not cover the credit obtained from the Bank, deposited interest, penalty (if applicable), insurance premium or does not pay on time any commission fee defined by the Bank, the Bank shall be entitled:
15.10.1 To secure its demand by arresting bank accounts and/or selling any assets of the client/card holder (this right does not limit the right of the Bank arisen on the basis of paragraph 3.2 of this Article) irrespective of whether the customer's obligation (bank's request) is secured with the right in rem (mortgage, pledge). Besides, the bank is authorized, at its discretion, to execute in the first place a writ/payment of the asset and intangible property of the Customer, which is not the object of a security of the Customer’s liabilities.
15.10.2 To demand from the client/card holder any time to conclude pledge or mortgage agreement in order to cover the debts originated by using the credit limit (In this case, client/card holder will be obliged to conclude relevant agreement with the Bank within no later than 5 (five) working days from the receipt of the request by the Bank, according to which the client/card holder shall secure the property to be received by the Bank by mortgage or pledge, the amount of which must not be less than the total sum of used credit product, deposited interest and the penalty. The client/card holder shall register the rights of the Bank in relevant registry. Expenses associated with the conclusion of the agreement (agreements) and the registration of rights, originated from the Agreement, in the registry will be carried by the client/card holder);
15.10.3 To request the transfer of pledge and/or mortgage object and after the transfer, to alienate the pledge and/or mortgage object by direct selling or other rules prescribed by the Civil Code and after covering the necessary expenses for realization, to use the received amount to cover the credit. If the amount received as a result of selling pledge and/or mortgage object does not fully cover the debtor’s debt, the Bank is authorized to direct enforcement on any property of the client/debtor.
15.11 In case of delay of payment of monthly amount, interest profit, penalty or insurance premium by the client/debtor, also in case of improper and untimely fulfillment (violation) of any pre-condition, additional condition, requirement of the Bank towards the client and/or any obligation undertaken by the client or in case of other significant basis, the Bank shall be authorized to terminate independently the credit relation and/or relevant agreement and/or demand from the client/debtor to return the credit product in addition to other due fees (interest profit, penalty and other).
15.12 Registration or/and cancellation of any request for repayment before due date of the bank credit, loan, overdraft, credit limit or/and any credit product (hereinafter referred to as the Credit for the purposes of paragraphs 15.12 – 15.17 of this Agreement) under any agreement concluded with the Client/Borrower (including repayment of the loan before due date as specified in the repayment schedule either in full or in part or/and refinancing thereof) shall be made by filing by the Client/Borrower of a written application (hard copy or soft copy) to the Bank. The Client’s/Borrower’s application is fulfilled by the Bank, (provided, that there are sufficient funds available at the Client’s/Borrower’s account(s)) on the date the application is received or the next business day if the application was filed by the Client/Borrower in non-business hours). However, the Bank may by various reasons (including technical ones) or/and in order to verify certain facts, fulfill the Client’s/Borrower’s application within 5 (five) calendar days upon receipt of the application. During the period from the date of receipt of the Client’s/Xxxxxxxx’s application and when there are sufficient funds available at the Client’s/Borrower’s account(s), till the early repayment date of the Credit (either in full or in part), no interest will be charged to the Credit. Furthermore, in some cases as provided for by law, when repaying the Credit (an amount of which exceeds 2 000 000 GEL or its equivalent in foreign currencies) before due date either in full or in part, the Client/Borrower shall be liable to apply to the Bank 14 (fourteen) calendar days prior to the expected payment date.
15.13 In case of prepayment of the part of the loan, the bank shall be authorized to unilaterally change the payment schedule (draft a new schedule), in which case, the Client/borrower shall pay off the loan according to the new schedule of the bank. The new schedule shall be drawn up one of the following principle: 1)the payable amount(principal amount (remainder of the credit) will be equally distributed over the remaining period until the loan is fully repaid ; or 2) the period, remaining till full repayment of the credit will be reduced and the amount, payable in periodicity, envisaged by the schedule will remain unchanged.
15.14 In case of presenting application to cover the credit in advance to the Bank, client/debtor shall be obliged to present the Bank with any information/document, which directly or indirectly provides opportunity to establish the fact of credit refinancing or rejects the fact of credit refinancing.
15.15 In case, if the relevant credit conditions foresee the commission fee for refinancing and the Bank shall have a doubt, that the refinancing is taking place, the Bank shall be authorized after receiving the application of the client/debtor regarding the advance payment of the credit, to request the client additionally to present any information/document related with credit refinancing within no later than 2 (two) banking days from the date of the request.
15.16 Credit refinancing shall include advance payment (prior to the agreed term) directly and/or indirectly, independently and/or with the help of other person (persons) of the credit obtained from TBC Bank with the amount issued by any financial institution (commercial bank, microfinance organization, credit union and/or other person) directly and/or indirectly, independently and/or with the help of other person (persons).
15.17 Parties agree, that:
15.17.1 Bank is not obliged to prove the fact of refinancing and it has a right, upon receipt of information on credit re-financing by any information sources, to make a decision on imposing relevant commission fee and/or penalty on the client/debtor, meaning that burden of proof related with the non-existence of the refinancing fact is upon the client/debtor;
15.17.2 Amount of advance payment and re-financing commission fee and/or penalty is determined by the agreement (agreements) concluded with the client/debtor;
15.17.3 In case, if client/debtor proves the non-existence of refinancing fact by applying to court, Bank will be obliged to return only the deducted commission fee and/or penalty, and the client/debtor refuses to compensate the damage caused by the Bank activities (by violating the obligations undertaken with this Agreement).
15.18 In case, if the Bank demands insurance policy (with conditions set by the bank) by the client to use credit product, client/card holder will be obliged:
15.18.1 Take out insurance with an insurance company approved by the Bank, at rates/terms set by this company;
15.18.2 To implement the insurance in accordance with the conditions requested by the Bank.
15.18.3 To ensure the naming of Bank as the only beneficiary in the insurance policy.
15.18.4 If the term of the insurance policy is less the term of this Agreement/ additional agreement(s), submit to the Bank a renewed insurance policy not later than within 14 (fourteen) calendar days before the date of expiry of the existing insurance policy.
15.18.5 Pay the insurance premium and/or other related fees in the amount charged by the insurance company approved by the Bank. The payment of the insurance premium and/or other related fees is a mandatory payment related to the bank facility (including, a credit facility) and without the payment (or without undertaking the payment) thereof, the bank facility (including, a credit facility) will not be issued. The amount of the insurance premium and/or other related fees shall be set forth in a respective agreement and/or the insurance policy
15.19 In case, if the client/card holder does not pay insurance premium/insurance fee in accordance with the rule and timeframe prescribed by this Agreement/additional agreement(s) and/or the insurance policy, the debt shall be considered delayed.
15.20 In case of essential worsening of the insurance conditions or increase of insurance tariffs, client/card holder shall have a right to express the intention in writing to annul the requirement of obligatory insurance. Bank shall make a decision independently regarding the annulment of the requirement of obligatory insurance by applying its own credit principles and rules.
15.21 Client/card holder agrees, that the Bank shall deduct monthly insurance premium for the benefit of the insurer (insurance company) from any account of the client/card holder in accordance with the rules envisaged by paragraph 3.2 of this Agreement.
15.22 The client grants the bank an unconditional right to provide the guarantor(s) and/or any persons, whose property acts as the security for client’s liabilities with the information on the client’s liabilities with the bank and upon request, provide them with copy(s) of the corresponding agreements between the Bank and the client (including the bank loan agreement).
15.23 The Client gives consent and authorizes TBC Bank JSC (hereinafter the “Bank”) to process the Client’s data provided herein as well as in the Bank’s database and/or stored in the databases of the Credit Information Bureau(x) (hereinafter the Bureau) for the purpose of creditworthiness assessment, in compliance with rules and provisions stipulated by the law of Georgia. The Client is aware of the rights envisaged by the law of Georgia that upon the Client’s request, the Data Processor is obliged to correct, update, add, block, delete or destroy data if they are incomplete, inaccurate, outdated or obtained and processed unlawfully. This is a one-time consent and is valid within 30 working days from signing the Application. The Client is also aware and agrees that the Bank will obatain/process all credit/non-credit and other relevant information concerning me, which involves information provision and retrieval to/from the Bureau in compliance with the rules and conditions stipulated by the law of Georgia. This information is processed for the purpose of creditworthiness assessment and will be accessible to credit- granting organization(s) subscribed to the Bureau as well as to information provider(s) and receiver(s) in compliance with the law.
15.24 Bank has a right to request and receive any personal information about the client held by third party (parties) or administrative bodies in order to make a decision on issuing the credit and/or to ensure the fulfillment of undertaken obligations by the client towards the Bank (including credit repayment).
15.25 If the client violates obligations undertaken by any agreement with the Bank or this will be necessary due to business reputation of the Bank and/or protection of legal interests, Bank shall have a right to transfer to the court/arbitration/National Enforcement Bureau and/or use the information about client, as well as any document signed by the client.
Appears in 1 contract
Samples: Banking Operations Agreement
GENERAL CONDITIONS OF CREDIT PRODUCTS. 15.1 Based on this agreement, client is entitled to use the credit product described under Article 16 of this Agreement.
15.2 Credit product mentioned under paragraph 15.1 of this Agreement is described in relevant part of the Agreement. General provisions of the credit product are defined by this article, while specific conditions are defined and regulated by the agreement on the corresponding credit product concluded by the Parties. As a rule, other types of credit products are issued on the basis of the agreement concluded between the Bank and the client on credit product services, which does not eliminate the possibility to issue any credit product directly on the basis of this Agreement.
15.3 In order to receive credit product, client must apply to the Bank with application (it is possible to receive some products by submitting application via electronic communications – telephone, internet, e-mail, etc.). Bank shall review the client’s application and make a decision on issuance or non-non- issuance of the credit product (Bank is not obliged to state the reason for non-issuance).
15.3.1 Client may, at any time, make a request through any remote channel/means of electronic communication of the Bank for receiving a copy of credit product agreements (including a copy of agreement on credit products obtained through remote channels) signed between the client and the bank and visit the Bank's branch / service center for taking the copy
15.4 Upon receipt of the credit product, client (debtor) will be obliged to repay it and to pay the interest profit in accordance with the provisions agreed with the Bank.
15.5 Monetary obligations of the client are secured as a rule by the amounts accumulated on his account (accounts).
15.6 If the client does not have settlement (current) account, application for issuing the credit product will be at the same time considered as the application to open the settlement (current) account and such account will be opened for the client prior to issuing the credit product.
15.7 In order to cover the credit product by the client/card holder with the amount transferred to the bank or with the existing amount on the account of card holder/client, first of all, insurance premium will be covered with the aforementioned amount, afterwards the penalties will be covered for delaying the payment term (if applicable), afterwards interest profit will be covered and finally, the basic amount of credit will be subject to coverage. Client is entitling the Bank to:
15.7.1 Amend the rule prescribed by Paragraph 15.7 of this Agreement;
15.7.2 To define independently the order of fulfilling obligations by the client (prioritizing), i.
e. to decide independently the amount (quantity) and type of obligation related with any credit product, which must be covered by the amount (amounts), transferred to the Bank by the client and/or by the amount (amounts), which are existing on the account (accounts) of the client. This means, that the client authorizes the Bank to determine the order of fulfilling obligations (prioritizing) under the name of the client.
15.8 If monthly payment of amount is delayed, the client/card holder will be obliged to pay the penalty to the Bank for delay, which might comprise of fixed penalty and daily penalty, the amounts of which are determined according to the tariffs established by the Bank during the moment of delay.
15.9 Credit product will not accrue late payment interest if the day of deposit (transfer) of amounts coincides with the non-banking day. In such case, the Client shall deposit (pay) the payable sum to the relevant account on the following banking day.
15.10 In order to obtain the credit product, if within the timeframe agreed with the Bank, the client/card holder does not cover the credit obtained from the Bank, deposited interest, penalty (if applicable), insurance premium or does not pay on time any commission fee defined by the Bank, the Bank shall be entitled:
15.10.1 To secure its demand by arresting bank accounts and/or selling any assets of the client/card holder (this right does not limit the right of the Bank arisen on the basis of paragraph 3.2 of this Article) irrespective of whether the customer's obligation (bank's request) is secured with the right in rem (mortgage, pledge). Besides, the bank is authorized, at its discretion, to execute in the first place a writ/payment of the asset and intangible property of the Customer, which is not the object of a security of the Customer’s liabilities.
15.10.2 To demand from the client/card holder any time to conclude pledge or mortgage agreement in order to cover the debts originated by using the credit limit (In this case, client/card holder will be obliged to conclude relevant agreement with the Bank within no later than 5 (five) working days from the receipt of the request by the Bank, according to which the client/card holder shall secure the property to be received by the Bank by mortgage or pledge, the amount of which must not be less than the total sum of used credit product, deposited interest and the penalty. The client/card holder shall register the rights of the Bank in relevant registry. Expenses associated with the conclusion of the agreement (agreements) and the registration of rights, originated from the Agreement, in the registry will be carried by the client/card holder);
15.10.3 To request the transfer of pledge and/or mortgage object and after the transfer, to alienate the pledge and/or mortgage object by direct selling or other rules prescribed by the Civil Code and after covering the necessary expenses for realization, to use the received amount to cover the credit. If the amount received as a result of selling pledge and/or mortgage object does not fully cover the debtor’s debt, the Bank is authorized to direct enforcement on any property of the client/debtor.
15.11 In case of delay of payment of monthly amount, interest profit, penalty or insurance premium by the client/debtor, also in case of improper and untimely fulfillment (violation) of any pre-condition, additional condition, requirement of the Bank towards the client and/or any obligation undertaken by the client or in case of other significant basis, the Bank shall be authorized to terminate independently the credit relation and/or relevant agreement and/or demand from the client/debtor to return the credit product in addition to other due fees (interest profit, penalty and other).
15.12 The client is entitled to advance repayment of bank credit, loan, overdraft, credit limit and/or any credit product provided for by any contract signed with the Client/Borrower (for the purposes of paragraphs 15.12-15.17 hereinafter referred to as the “credit”) prior to the date specified in the schedule of payment (including advance full or partial return and/or refinancing of the credit) only by submitting the relevant written (printed or electronic version) application to the bank by the Client/borrower within 5 (five) calendar days prior to estimated payment date. Besides, in the cases provided for by the legislation, upon advance full or partial repayment, the Bank is entitled to specify to the Client a longer period for prior notice than specified in the present paragraph.
15.13 In case of prepayment of the part of the loan, the bank shall be authorized to unilaterally change the payment schedule (draft a new schedule), in which case, the Client/borrower shall pay off the loan according to the new schedule of the bank. The new schedule shall be drawn up one of the following principle: 1)the payable amount(principal amount (remainder of the credit) will be equally distributed over the remaining period until the loan is fully repaid ; or 2) the period, remaining till full repayment of the credit will be reduced and the amount, payable in periodicity, envisaged by the schedule will remain unchanged.
15.14 In case of presenting application to cover the credit in advance to the Bank, client/debtor shall be obliged to present the Bank with any information/document, which directly or indirectly provides opportunity to establish the fact of credit refinancing or rejects the fact of credit refinancing.
15.15 In case, if the relevant credit conditions foresee the commission fee for refinancing and the Bank shall have a doubt, that the refinancing is taking place, the Bank shall be authorized after receiving the application of the client/debtor regarding the advance payment of the credit, to request the client additionally to present any information/document related with credit refinancing within no later than 2 (two) banking days from the date of the request.
15.16 Credit refinancing shall include advance payment (prior to the agreed term) directly and/or indirectly, independently and/or with the help of other person (persons) of the credit obtained from TBC Bank with the amount issued by any financial institution (commercial bank, microfinance organization, credit union and/or other person) directly and/or indirectly, independently and/or with the help of other person (persons).
15.17 Parties agree, that:
15.17.1 Bank is not obliged to prove the fact of refinancing and it has a right, upon receipt of information on credit re-financing by any information sources, to make a decision on imposing relevant commission fee and/or penalty on the client/debtor, meaning that burden of proof related with the non-existence of the refinancing fact is upon the client/debtor;
15.17.2 Amount of advance payment and re-financing commission fee and/or penalty is determined by the agreement (agreements) concluded with the client/debtor;
15.17.3 In case, if client/debtor proves the non-existence of refinancing fact by applying to court, Bank will be obliged to return only the deducted commission fee and/or penalty, and the client/debtor refuses to compensate the damage caused by the Bank activities (by violating the obligations undertaken with this Agreement).
15.18 In case, if the Bank demands insurance policy by the client to use credit product, client/card holder will be obliged:
15.18.1 To conclude insurance agreement with one of the persons acceptable for the Bank, in accordance with the conditions and tariffs defined by the latter;
15.18.2 To implement the insurance in accordance with the conditions requested by the Bank.
15.18.3 To ensure the naming of Bank as the only beneficiary in the insurance policy.
15.19 In case, if the client/card holder does not pay insurance premium in accordance with the rule and timeframe prescribed by this Agreement, the debt shall be considered delayed.
15.20 In case of essential worsening of the insurance conditions or increase of insurance tariffs, client/card holder shall have a right to express the intention in writing to annul the requirement of obligatory insurance. Bank shall make a decision independently regarding the annulment of the requirement of obligatory insurance by applying its own credit principles and rules.
15.21 Client/card holder agrees, that the Bank shall deduct monthly insurance premium for the benefit of the insurer (insurance company) from any account of the client/card holder in accordance with the rules envisaged by paragraph 3.2 of this Agreement.
15.22 The client grants the bank an unconditional right to provide the guarantor(s) and/or any persons, whose property acts as the security for client’s liabilities with the information on the client’s liabilities with the bank and upon request, provide them with copy(s) of the corresponding agreements between the Bank and the client (including the bank loan agreement).
15.23 The client agrees that JSC “TBC Bank”, in accordance with the procedure stipulated by the legislation and the agreement concluded with the Credit Information Bureau (hereinafter referred to as “the Bureau”), shall be authorized to: a) with the purpose to render banking services to the client effectively and without interruption, b) with the purpose to process the application/request of the client on receipt of the credit products, c) with the purpose to monitor the current credit product(s) of the client, d) with the purpose to unilaterally offer the credit products to the client (without client’s application) and to implement these objectives, at any time, without further consent of the client, to transfer any data of the client to the Bureau (positive, as well as negative) or/and become familiar with any information of the client kept in the electronic database of the Bureau (process any information about the client in any volume and amount, as required for achievement of specific goal); with such consent the client acknowledges and confirms that the power granted to JSC “TBC Bank” is not limited in time, which grants the right to the bank to check any information kept about the client in the electronic database of the Bureau at any time (in any volume and amount, as required for achievement of specific goal), in order to achieve the objectives listed above. In addition, the client confirms that he/she is aware of his/her own rights and he/she can, at any time, receive information from the Bureau about the data processed in relation to him/her, request to make amendments/additions and require the Bank to terminate further processing of the data, except for the case when the client benefits from the current credit product(s) at the Bank.
15.24 Bank has a right to request and receive any personal information about the client held by third party (parties) or administrative bodies in order to make a decision on issuing the credit and/or to ensure the fulfillment of undertaken obligations by the client towards the Bank (including credit repayment).
15.25 If the client violates obligations undertaken by any agreement with the Bank or this will be necessary due to business reputation of the Bank and/or protection of legal interests, Bank shall have a right to transfer to the court/arbitration/National Enforcement Bureau and/or use the information about client, as well as any document signed by the client.
Appears in 1 contract
Samples: Banking Operations Agreement
GENERAL CONDITIONS OF CREDIT PRODUCTS. 15.1 Based on this agreement, client is entitled to use the credit product described under Article 16 of this Agreement.
15.2 Credit product mentioned under paragraph 15.1 of this Agreement is described in relevant part of the Agreement. General Agreement and this Article defines general provisions of the credit product are defined by this article, while specific conditions are defined and regulated by the agreement on the corresponding credit product concluded by the Partiesproducts. As a rule, other types of credit products are issued on the basis of the agreement concluded between the Bank and the client on credit product services, which does not eliminate the possibility to issue any credit product directly on the basis of this Agreement.
15.3 In order to receive credit product, client must apply to the Bank with application (it is possible to receive some products by submitting application via electronic communications – telephone, internet, e-mail, etc.). Bank shall review the client’s application and make a decision on issuance or non-issuance of the credit product (Bank is not obliged to state the reason for non-issuance).
15.3.1 Client may, at any time, make a request through any remote channel/means of electronic communication of the Bank for receiving a copy of credit product agreements (including a copy of agreement on credit products obtained through remote channels) signed between the client and the bank and visit the Bank's branch / service center for taking the copy
15.4 Upon receipt of the credit product, client (debtor) will be obliged to repay it and to pay the interest profit in accordance with the provisions agreed with the Bank.
15.5 Monetary obligations of the client are secured as a rule by the amounts accumulated on his account (accounts).
15.6 If the client does not have settlement (current) account, application for issuing the credit product will be at the same time considered as the application to open the settlement (current) account and such account will be opened for the client prior to issuing the credit product.
15.7 In order to cover the credit product by the client/card holder with the amount transferred to the bank or with the existing amount on the account of card holder/client, first of all, insurance premium will be covered with the aforementioned amount, afterwards the penalties will be covered for delaying the payment term (if applicable), afterwards interest profit will be covered and finally, the basic amount of credit will be subject to coverage. Client is entitling the Bank to:
15.7.1 Amend the rule prescribed by Paragraph 15.7 of this Agreement;
15.7.2 To define independently the order of fulfilling obligations by the client (prioritizing), i.
e. to decide independently the amount (quantity) and type of obligation related with any credit product, which must be covered by the amount (amounts), transferred to the Bank by the client and/or by the amount (amounts), which are existing on the account (accounts) of the client. This means, that the client authorizes the Bank to determine the order of fulfilling obligations (prioritizing) under the name of the client.
15.8 If monthly payment of amount is delayed, the client/card holder will be obliged to pay the penalty to the Bank for delay, which might comprise of fixed penalty and daily penalty, the amounts of which are determined according to the tariffs established by the Bank during the moment of delay.
15.9 Credit product will not be subject to penalty, if date of depositing the amount (payment) will coincide with the holiday/non-working day. In this case, client will be obliged to deposit (to pay) the due amount on relevant account on the next working day.
15.10 In order to obtain the credit product, if within the timeframe agreed with the Bank, the client/card holder does not cover the credit obtained from the Bank, deposited interest, penalty (if applicable), insurance premium or does not pay on time any commission fee defined by the Bank, the Bank shall be entitled:
15.10.1 To secure its demand by selling any assets of the client/card holder (this right does not limit the right of the Bank arisen on the basis of paragraph 3.2 of this Article);
15.10.2 To demand from the client/card holder any time to conclude pledge or mortgage agreement in order to cover the debts originated by using the credit limit (In this case, client/card holder will be obliged to conclude relevant agreement with the Bank within no later than 5 (five) working days from the receipt of the request by the Bank, according to which the client/card holder shall secure the property to be received by the Bank by mortgage or pledge, the amount of which must not be less than the total sum of used credit product, deposited interest and the penalty. The client/card holder shall register the rights of the Bank in relevant registry. Expenses associated with the conclusion of the agreement (agreements) and the registration of rights, originated from the Agreement, in the registry will be carried by the client/card holder);
15.10.3 To request the transfer of pledge and/or mortgage object and after the transfer, to alienate the pledge and/or mortgage object by direct selling or other rules prescribed by the Civil Code and after covering the necessary expenses for realization, to use the received amount to cover the credit. If the amount received as a result of selling pledge and/or mortgage object does not fully cover the debtor’s debt, the Bank is authorized to direct enforcement on any property of the client/debtor.
15.11 In case of delay of payment of monthly amount, interest profit, penalty or insurance premium by the client/debtor, also in case of improper and untimely fulfillment (violation) of any pre-condition, additional condition, requirement of the Bank towards the client and/or any obligation undertaken by the client or in case of other significant basis, the Bank shall be authorized to terminate independently the credit relation and/or relevant agreement and/or demand from the client/debtor to return the credit product in addition to other due fees (interest profit, penalty and other).
15.12 Payment of any credit product in advance of the schedule (For purposes of paragraphs 15.12-15.17 of this Agreement, hereinafter referred to as “credit”) envisaged by bank credit, loan, overdraft, credit limit and/or any other agreement concluded with the client/debtor (including advance full or partial payment and/or refinancing of credit) is possible only 10 (ten) calendar days in advance to the due payment date after presenting written application to the Bank by the client/debtor.
15.13 In case of advance payment of the part of the credit, Bank shall have a right to automatically amend the schedule of credit coverage (to create a new schedule) and in this case, client/debtor will be obliged to cover the credit in accordance with the new schedule adopted by the Bank. In case, fi the Bank does not amend the coverage schedule, client will be obliged to continue paying the amounts to the Bank according to the existing schedule in spite of advance credit payment.
15.14 In case of presenting application to cover the credit in advance to the Bank, client/debtor shall be obliged to present the Bank with any information/document, which directly or indirectly provides opportunity to establish the fact of credit refinancing or rejects the fact of credit refinancing.
15.15 In case, if the relevant credit conditions foresee the commission fee for refinancing and the Bank shall have a doubt, that the refinancing is taking place, the Bank shall be authorized after receiving the application of the client/debtor regarding the advance payment of the credit, to request the client additionally to present any information/document related with credit refinancing within no later than 2 (two) banking days from the date of the request.
15.16 Credit refinancing shall include advance payment (prior to the agreed term) directly and/or indirectly, independently and/or with the help of other person (persons) of the credit obtained from TBC Bank with the amount issued by any financial institution (commercial bank, microfinance organization, credit union and/or other person) directly and/or indirectly, independently and/or with the help of other person (persons).
15.17 Parties agree, that:
15.17.1 Bank is not obliged to prove the fact of refinancing and it has a right, upon receipt of information on credit re-financing by any information sources, to make a decision on imposing relevant commission fee and/or penalty on the client/debtor, meaning that burden of proof related with the non-existence of the refinancing fact is upon the client/debtor;
15.17.2 Amount of advance payment and re-financing commission fee and/or penalty is determined by the agreement (agreements) concluded with the client/debtor;
15.17.3 In case, if client/debtor proves the non-existence of refinancing fact by applying to court, Bank will be obliged to return only the deducted commission fee and/or penalty, and the client/debtor refuses to compensate the damage caused by the Bank activities (by violating the obligations undertaken with this Agreement).
15.18 In case, if the Bank demands insurance policy by the client to use credit product, client/card holder will be obliged:
15.18.1 To conclude insurance agreement with one of the persons acceptable for the Bank, in accordance with the conditions and tariffs defined by the latter;
15.18.2 To implement the insurance in accordance with the conditions requested by the Bank.
15.18.3 To ensure the naming of Bank as the only beneficiary in the insurance policy.
15.19 In case, if the client/card holder does not pay insurance premium in accordance with the rule and timeframe prescribed by this Agreement, the debt shall be considered delayed.
15.20 In case of essential worsening of the insurance conditions or increase of insurance tariffs, client/card holder shall have a right to express the intention in writing to annul the requirement of obligatory insurance. Bank shall make a decision independently regarding the annulment of the requirement of obligatory insurance by applying its own credit principles and rules.
15.21 Client/card holder agrees, that the Bank shall deduct monthly insurance premium for the benefit of the insurer (insurance company) from any account of the client/card holder in accordance with the rules envisaged by paragraph 3.2 of this Agreement.
15.22 Client shall give unconditional right to the Bank, to provide information without the need of additional consent by the client, to the guarantor (guarantors) and/or persons, whose property secures the obligations of the client regarding those liabilities of the client towards the Bank, which are secured by the guarantee and/or property of the specific person receiving the information.
15.23 On the basis of the agreement concluded with the credit information bureau (hereinafter, referred to as “bureau”), the Bank is authorized:
15.23.1 To transfer the positive as well as negative information to the Bureau about the client, based on which, the client shall be registered in the Bureau database;
15.23.2 To introduce itself with the information about client registered in the Bureau database (including, client’s credit history).
15.24 Bank has a right to request and receive any personal information about the client held by third party (parties) or administrative bodies in order to make a decision on issuing the credit and/or to ensure the fulfillment of undertaken obligations by the client towards the Bank (including credit repayment).
15.25 If the client violates obligations undertaken by any agreement with the Bank or this will be necessary due to business reputation of the Bank and/or protection of legal interests, Bank shall have a right to transfer to the court/arbitration/National Enforcement Bureau and/or use the information about client, as well as any document signed by the client.
15.26 Bank is authorized:
15.26.1 In order to fulfill any imposed obligations, to deduct amount from any account of the client after the origin of such obligation and without additional consent of the client. In case if the debt is in a currency different from the currency of the amount on the account, the equivalent is determined by the exchange rate determined by the Bank during the moment of deduction;
15.26.2 Without further consent of the client, to transfer the service fee for the National Agency of Public Registry, Service Agency of the Ministry of Internal Affairs and/or other type of fee for other administrative body and/or other type of fee related with issuance of credit (including insurance premium) from any account of the client to the account of the relevant person;
15.26.3 To deduct relevant amount from any account of the client without further consent of the client in order to pay the amount to the person, from whom the client will purchase the thing or receive service with the help of issued credit, and to convert the amount into national currency, to deposit the amount in GEL account of the client and to transfer the amount to the account of the relevant person.
Appears in 1 contract
Samples: Banking Operations Agreement
GENERAL CONDITIONS OF CREDIT PRODUCTS. 15.1 Based on this agreement, client is entitled to use the various credit product described under Article 16 of this Agreementproducts.
15.2 Credit product mentioned under paragraph 15.1 of this Agreement is described in relevant part of the Agreement. General provisions of the credit product are defined by this article, while specific conditions are defined and regulated by the agreement on the corresponding credit product concluded by the Parties. As a rule, other types of credit products are issued on the basis of the agreement concluded between the Bank and the client on credit product services, which does not eliminate the possibility to issue any credit product directly on the basis of this Agreement.
15.2.1 This Agreement, as well as individual credit facility agreements, authorizes but does not oblige the Bank to disburse a credit (in full or any part thereof) or provide the Client with a credit service.
15.2.2 Before the disbursement of credit facility/ies (including individual tranches), the Client must satisfy respective condition(s) precedent / requirement(s) (if any).
15.2.3 Considering events mentioned in Subparagraphs 15.2.1 and 15.2.2 of the Agreement, the Bank, at its own discretion, may not disburse credit product(s) / suspend any tranche thereof without explaining the reason to the Client (even if the Parties have concluded a particular credit facility agreement).
15.3 In order to receive credit product, client must apply to the Bank with application (it is possible to receive some products by submitting application via electronic communications – telephone, internet, e-mail, etc.). Bank shall review the client’s application and make a decision on issuance or non-non- issuance of the credit product (Bank is not obliged to state the reason for non-issuance).
15.3.1 Client may, at any time, make a request through any remote channel/means of electronic communication of the Bank for receiving a copy of credit product agreements (including a copy of agreement on credit products obtained through remote channels) signed between the client and the bank and visit the Bank's branch / service center for taking the copy
15.4 Upon receipt of the credit product, client (debtor) will be obliged to repay it and to pay the interest profit in accordance with the provisions agreed with the Bank.
15.4.1 Interest is accrued to the Client’s outstanding liability towards the Bank and is calculated according to the actual days of use of the facility based on a 365 day calendar.
15.5 Monetary obligations of the client are secured as a rule by the amounts accumulated on his account (accounts).
15.6 If the client does not have settlement (current) account, application for issuing the credit product will be at the same time considered as the application to open the settlement (current) account and such account will be opened for the client prior to issuing the credit product.
15.7 In order to cover the credit product by the client/card holder with the amount transferred to the bank or with the existing amount on the account of card holder/client, first of all, insurance premium will be covered with the aforementioned amount, afterwards the penalties will be covered for delaying the payment term (if applicable), afterwards interest profit will be covered and finally, the basic amount of credit will be subject to coverage. Client is entitling the Bank to:
15.7.1 Amend the rule prescribed by Paragraph 15.7 of this Agreement;
15.7.2 15.8 If monthly payment of amount is delayed, the client/card holder will be obliged to pay the penalty to the Bank for delay, which might comprise of fixed penalty and daily penalty, the amounts of which are determined according to the tariffs established by the Bank during the moment of delay.
15.9 Credit product will not accrue late payment interest if the day of deposit (transfer) of amounts coincides with the non-banking day. In such case, the Client shall deposit (pay) the payable sum to the relevant account on the following banking day.
15.10 In order to obtain the credit product, if within the timeframe agreed with the Bank, the client/card holder does not cover the credit obtained from the Bank, deposited interest, penalty (if applicable), insurance premium or does not pay on time any commission fee defined by the Bank, the Bank shall be entitled:
15.10.1 To define secure its demand by arresting bank accounts and/or selling any assets of the client/card holder (this right does not limit the right of the Bank arisen on the basis of paragraph 3.2 of this Article) irrespective of whether the customer's obligation (bank's request) is secured with the right in rem (mortgage, pledge). Besides, the bank is authorized, at its discretion, to execute in the first place a writ/payment of the asset and intangible property of the Customer, which is not the object of a security of the Customer’s liabilities.
15.10.2 To demand from the client/card holder any time to conclude pledge or mortgage agreement in order to cover the debts originated by using the credit limit (In this case, client/card holder will be obliged to conclude relevant agreement with the Bank within no later than 5 (five) working days from the receipt of the request by the Bank, according to which the client/card holder shall secure the property to be received by the Bank by mortgage or pledge, the amount of which must not be less than the total sum of used credit product, deposited interest and the penalty. The client/card holder shall register the rights of the Bank in relevant registry. Expenses associated with the conclusion of the agreement (agreements) and the registration of rights, originated from the Agreement, in the registry will be carried by the client/card holder);
15.10.3 To request the transfer of pledge and/or mortgage object and after the transfer, to alienate the pledge and/or mortgage object by direct selling or other rules prescribed by the Civil Code and after covering the necessary expenses for realization, to use the received amount to cover the credit. If the amount received as a result of selling pledge and/or mortgage object does not fully cover the debtor’s debt, the Bank is authorized to direct enforcement on any property of the client/debtor.
15.11 In case of delay of payment of monthly amount, interest profit, penalty or insurance premium by the client/debtor, also in case of improper and untimely fulfillment (violation) of any pre-condition, additional condition, requirement of the Bank towards the client and/or any obligation undertaken by the client or in case of other significant basis, the Bank shall be authorized to terminate independently the credit relation and/or relevant agreement and/or demand from the client/debtor to return the credit product in addition to other due fees (interest profit, penalty and other).
15.12 To apply for early repayment and/or early termination of a bank credit (loan), credit line, overdraft, credit limit and any credit facility (hereinafter referred to as the “Credit” for the purposes of Paragraphs 15.12-15.17) under any agreement with the Client/the Borrower (including full or partial prepayment and/or refinancing of the credit), the Client/the Borrower shall submit to the Bank a respective application in writing (whether as a hardcopy or electronically). The Bank will satisfy the Client’s/the Borrower’s application on the day it is received (provided there are sufficient funds in the Client’s/the Borrower’s account(s)), or on the following banking day if the Client’s/the Borrower’s application was filed during non-banking hours. Despite the aforementioned, the Bank may satisfy the Client’s/the Borrower’s application within 5 (five) calendar days of receipt due to various (including, technical) reasons and/or for the need to establish some facts. From the date of receipt of the Client’s/the Borrower’s application, including in the absence of sufficient funds in the Client’s/the Borrower’s account(s), until full or partial prepayment of the loan, the credit will not accrue interest. Furthermore, in cases stipulated by the law, when prepaying fully or partially on a credit (in excess of 2 000 000 GEL or its equivalent in foreign currency) the Client/the Borrower may submit a respective application to the Bank 14 (fourteen) calendar days prior to the planned date of prepayment, in which case the Bank has the right to continue interest accrual on the credit until the credit is fully or partially prepaid.
15.13 In case of prepayment of the part of the loan, the bank shall be authorized to unilaterally change the payment schedule (draft a new schedule), in which case, the Client/borrower shall pay off the loan according to the new schedule of the bank. The new schedule shall be drawn up one of the following principle: 1)the payable amount(principal amount (remainder of the credit) will be equally distributed over the remaining period until the loan is fully repaid ; or 2) the period, remaining till full repayment of the credit will be reduced and the amount, payable in periodicity, envisaged by the schedule will remain unchanged.
15.14 In case of presenting application to cover the credit in advance to the Bank, client/debtor shall be obliged to present the Bank with any information/document, which directly or indirectly provides opportunity to establish the fact of credit refinancing or rejects the fact of credit refinancing.
15.15 In case, if the relevant credit conditions foresee the commission fee for refinancing and the Bank shall have a doubt, that the refinancing is taking place, the Bank shall be authorized after receiving the application of the client/debtor regarding the advance payment of the credit, to request the client additionally to present any information/document related with credit refinancing within no later than 2 (two) banking days from the date of the request.
15.16 Credit refinancing shall include advance payment (prior to the agreed term) directly and/or indirectly, independently and/or with the help of other person (persons) of the credit obtained from TBC Bank with the amount issued by any financial institution (commercial bank, microfinance organization, credit union and/or other person) directly and/or indirectly, independently and/or with the help of other person (persons).
15.17 Parties agree, that:
15.17.1 Bank is not obliged to prove the fact of refinancing and it has a right, upon receipt of information on credit re-financing by any information sources, to make a decision on imposing relevant commission fee and/or penalty on the client/debtor, meaning that burden of proof related with the non-existence of the refinancing fact is upon the client/debtor;
15.17.2 Amount of advance payment and re-financing commission fee and/or penalty is determined by the agreement (agreements) concluded with the client/debtor;
15.17.3 In case, if client/debtor proves the non-existence of refinancing fact by applying to court, Bank will be obliged to return only the deducted commission fee and/or penalty, and the client/debtor refuses to compensate the damage caused by the Bank activities (by violating the obligations undertaken with this Agreement).
15.18 In case, if the Bank demands insurance policy (with conditions set by the bank) by the client to use credit product, client/card holder will be obliged:
15.18.1 Take out insurance with an insurance company approved by the Bank, at rates/terms set by this company;
15.18.2 To implement the insurance in accordance with the conditions requested by the Bank.
15.18.3 To ensure the naming of Bank as the only beneficiary in the insurance policy.
15.18.4 If the term of the insurance policy is less the term of this Agreement/ additional agreement(s), submit to the Bank a renewed insurance policy not later than within 14 (fourteen) calendar days before the date of expiry of the existing insurance policy.
15.18.5 Pay the insurance premium and/or other related fees in the amount charged by the insurance company approved by the Bank. The payment of the insurance premium and/or other related fees is a mandatory payment related to the bank facility (including, a credit facility) and without the payment (or without undertaking the payment) thereof, the bank facility (including, a credit facility) will not be issued. The amount of the insurance premium and/or other related fees shall be set forth in a respective agreement and/or the insurance policy
15.19 In case, if the client/card holder does not pay insurance premium/insurance fee in accordance with the rule and timeframe prescribed by this Agreement/additional agreement(s) and/or the insurance policy, the debt shall be considered delayed.
15.20 In case of essential worsening of the insurance conditions or increase of insurance tariffs, client/card holder shall have a right to express the intention in writing to annul the requirement of obligatory insurance. Bank shall make a decision independently regarding the annulment of the requirement of obligatory insurance by applying its own credit principles and rules.
15.21 Client/card holder agrees, that the Bank shall deduct monthly insurance premium for the benefit of the insurer (insurance company) from any account of the client/card holder in accordance with the rules envisaged by paragraph 3.2 of this Agreement.
15.22 The client grants the bank an unconditional right to provide the guarantor(s) and/or any persons, whose property acts as the security for client’s liabilities with the information on the client’s liabilities with the bank and upon request, provide them with copy(s) of the corresponding agreements between the Bank and the client (including the bank loan agreement).
15.23 TBC Bank JSC (address: 0 Xxxxxxxxxxxxx xxxxxx, Xxxxxxx) will collect/process all credit/non-credit and other relevant information about the Client that involves data supply and retrieval to/from CIB in compliance with procedures and terms envisaged by the Georgian legislation. Data described herein are processed for assessing the Client’s creditworthiness and will be accessible to creditor(s) and data receiver(s)/provider(s) connected to CIB, in compliance with rules envisaged by the Georgian legislation. At the request of the Client, the Data Processor is obliged to correct, update, complete, block, delete or destroy the data if they are incomplete, inaccurate, outdated, or were collected and processed unlawfully
15.24 Bank has a right to request and receive any personal information about the client held by third party (parties) or administrative bodies in order to make a decision on issuing the credit and/or to ensure the fulfillment of fulfilling undertaken obligations by the client towards the Bank (prioritizingincluding credit repayment).
15.25 If the client violates obligations undertaken by any agreement with the Bank or this will be necessary due to business reputation of the Bank and/or protection of legal interests, i.Bank shall have a right to transfer to the court/arbitration/National Enforcement Bureau and/or use the information about client, as well as any document signed by the client.
Appears in 1 contract
Samples: Banking Transactions Agreement
GENERAL CONDITIONS OF CREDIT PRODUCTS. 15.1 Based on this agreement, client is entitled to use the credit product described under Article 16 of this Agreement.
15.2 Credit product mentioned under paragraph 15.1 of this Agreement is described in relevant part of the Agreement. General Agreement and this Article defines general provisions of the credit product are defined by this article, while specific conditions are defined and regulated by the agreement on the corresponding credit product concluded by the Partiesproducts. As a rule, other types of credit products are issued on the basis of the agreement concluded between the Bank and the client on credit product services, which does not eliminate the possibility to issue any credit product directly on the basis of this Agreement.
15.3 In order to receive credit product, client must apply to the Bank with application (it is possible to receive some products by submitting application via electronic communications – telephone, internet, e-mail, etc.). Bank shall review the client’s application and make a decision on issuance or non-non- issuance of the credit product (Bank is not obliged to state the reason for non-issuance).
15.3.1 Client may, at any time, make a request through any remote channel/means of electronic communication of the Bank for receiving a copy of credit product agreements (including a copy of agreement on credit products obtained through remote channels) signed between the client and the bank and visit the Bank's branch / service center for taking the copy
15.4 Upon receipt of the credit product, client (debtor) will be obliged to repay it and to pay the interest profit in accordance with the provisions agreed with the Bank.
15.5 Monetary obligations of the client are secured as a rule by the amounts accumulated on his account (accounts).
15.6 If the client does not have settlement (current) account, application for issuing the credit product will be at the same time considered as the application to open the settlement (current) account and such account will be opened for the client prior to issuing the credit product.
15.7 In order to cover the credit product by the client/card holder with the amount transferred to the bank or with the existing amount on the account of card holder/client, first of all, insurance premium will be covered with the aforementioned amount, afterwards the penalties will be covered for delaying the payment term (if applicable), afterwards interest profit will be covered and finally, the basic amount of credit will be subject to coverage. Client is entitling the Bank to:
15.7.1 Amend the rule prescribed by Paragraph 15.7 of this Agreement;
15.7.2 To define independently the order of fulfilling obligations by the client (prioritizing), i.
e. to decide independently the amount (quantity) and type of obligation related with any credit product, which must be covered by the amount (amounts), transferred to the Bank by the client and/or by the amount (amounts), which are existing on the account (accounts) of the client. This means, that the client authorizes the Bank to determine the order of fulfilling obligations (prioritizing) under the name of the client.
15.8 If monthly payment of amount is delayed, the client/card holder will be obliged to pay the penalty to the Bank for delay, which might comprise of fixed penalty and daily penalty, the amounts of which are determined according to the tariffs established by the Bank during the moment of delay.
15.9 Credit product will not be subject to penalty, if date of depositing the amount (payment) will coincide with the holiday/non-working day. In this case, client will be obliged to deposit (to pay) the due amount on relevant account on the next working day.
15.10 In order to obtain the credit product, if within the timeframe agreed with the Bank, the client/card holder does not cover the credit obtained from the Bank, deposited interest, penalty (if applicable), insurance premium or does not pay on time any commission fee defined by the Bank, the Bank shall be entitled:
15.10.1 To secure its demand by selling any assets of the client/card holder (this right does not limit the right of the Bank arisen on the basis of paragraph 3.2 of this Article);
15.10.2 To demand from the client/card holder any time to conclude pledge or mortgage agreement in order to cover the debts originated by using the credit limit (In this case, client/card holder will be obliged to conclude relevant agreement with the Bank within no later than 5 (five) working days from the receipt of the request by the Bank, according to which the client/card holder shall secure the property to be received by the Bank by mortgage or pledge, the amount of which must not be less than the total sum of used credit product, deposited interest and the penalty. The client/card holder shall register the rights of the Bank in relevant registry. Expenses associated with the conclusion of the agreement (agreements) and the registration of rights, originated from the Agreement, in the registry will be carried by the client/card holder);
15.10.3 To request the transfer of pledge and/or mortgage object and after the transfer, to alienate the pledge and/or mortgage object by direct selling or other rules prescribed by the Civil Code and after covering the necessary expenses for realization, to use the received amount to cover the credit. If the amount received as a result of selling pledge and/or mortgage object does not fully cover the debtor’s debt, the Bank is authorized to direct enforcement on any property of the client/debtor.
15.11 In case of delay of payment of monthly amount, interest profit, penalty or insurance premium by the client/debtor, also in case of improper and untimely fulfillment (violation) of any pre-condition, additional condition, requirement of the Bank towards the client and/or any obligation undertaken by the client or in case of other significant basis, the Bank shall be authorized to terminate independently the credit relation and/or relevant agreement and/or demand from the client/debtor to return the credit product in addition to other due fees (interest profit, penalty and other).
15.12 Payment of any credit product in advance of the schedule (For purposes of paragraphs 15.12-15.17 of this Agreement, hereinafter referred to as “credit”) envisaged by bank credit, loan, overdraft, credit limit and/or any other agreement concluded with the client/debtor (including advance full or partial payment and/or refinancing of credit) is possible only 10 (ten) calendar days in advance to the due payment date after presenting written application to the Bank by the client/debtor.
15.13 In case of advance payment of the part of the credit, Bank shall have a right to automatically amend the schedule of credit coverage (to create a new schedule) and in this case, client/debtor will be obliged to cover the credit in accordance with the new schedule adopted by the Bank. In case, fi the Bank does not amend the coverage schedule, client will be obliged to continue paying the amounts to the Bank according to the existing schedule in spite of advance credit payment.
15.14 In case of presenting application to cover the credit in advance to the Bank, client/debtor shall be obliged to present the Bank with any information/document, which directly or indirectly provides opportunity to establish the fact of credit refinancing or rejects the fact of credit refinancing.
15.15 In case, if the relevant credit conditions foresee the commission fee for refinancing and the Bank shall have a doubt, that the refinancing is taking place, the Bank shall be authorized after receiving the application of the client/debtor regarding the advance payment of the credit, to request the client additionally to present any information/document related with credit refinancing within no later than 2 (two) banking days from the date of the request.
15.16 Credit refinancing shall include advance payment (prior to the agreed term) directly and/or indirectly, independently and/or with the help of other person (persons) of the credit obtained from TBC Bank with the amount issued by any financial institution (commercial bank, microfinance organization, credit union and/or other person) directly and/or indirectly, independently and/or with the help of other person (persons).
15.17 Parties agree, that:
15.17.1 Bank is not obliged to prove the fact of refinancing and it has a right, upon receipt of information on credit re-financing by any information sources, to make a decision on imposing relevant commission fee and/or penalty on the client/debtor, meaning that burden of proof related with the non-existence of the refinancing fact is upon the client/debtor;
15.17.2 Amount of advance payment and re-financing commission fee and/or penalty is determined by the agreement (agreements) concluded with the client/debtor;
15.17.3 In case, if client/debtor proves the non-existence of refinancing fact by applying to court, Bank will be obliged to return only the deducted commission fee and/or penalty, and the client/debtor refuses to compensate the damage caused by the Bank activities (by violating the obligations undertaken with this Agreement).
15.18 In case, if the Bank demands insurance policy by the client to use credit product, client/card holder will be obliged:
15.18.1 To conclude insurance agreement with one of the persons acceptable for the Bank, in accordance with the conditions and tariffs defined by the latter;
15.18.2 To implement the insurance in accordance with the conditions requested by the Bank.
15.18.3 To ensure the naming of Bank as the only beneficiary in the insurance policy.
15.19 In case, if the client/card holder does not pay insurance premium in accordance with the rule and timeframe prescribed by this Agreement, the debt shall be considered delayed.
15.20 In case of essential worsening of the insurance conditions or increase of insurance tariffs, client/card holder shall have a right to express the intention in writing to annul the requirement of obligatory insurance. Bank shall make a decision independently regarding the annulment of the requirement of obligatory insurance by applying its own credit principles and rules.
15.21 Client/card holder agrees, that the Bank shall deduct monthly insurance premium for the benefit of the insurer (insurance company) from any account of the client/card holder in accordance with the rules envisaged by paragraph 3.2 of this Agreement.
15.22 Client shall give unconditional right to the Bank, to provide information without the need of additional consent by the client, to the guarantor (guarantors) and/or persons, whose property secures the obligations of the client regarding those liabilities of the client towards the Bank, which are secured by the guarantee and/or property of the specific person receiving the information.
15.23 On the basis of the agreement concluded with the credit information bureau (hereinafter, referred to as “bureau”), the Bank is authorized:
15.23.1 To transfer the positive as well as negative information to the Bureau about the client, based on which, the client shall be registered in the Bureau database;
15.23.2 To introduce itself with the information about client registered in the Bureau database (including, client’s credit history).
15.24 Bank has a right to request and receive any personal information about the client held by third party (parties) or administrative bodies in order to make a decision on issuing the credit and/or to ensure the fulfillment of undertaken obligations by the client towards the Bank (including credit repayment).
15.25 If the client violates obligations undertaken by any agreement with the Bank or this will be necessary due to business reputation of the Bank and/or protection of legal interests, Bank shall have a right to transfer to the court/arbitration/National Enforcement Bureau and/or use the information about client, as well as any document signed by the client.
Appears in 1 contract
Samples: Banking Operations Agreement
