LOAN FINANCE Sample Clauses

LOAN FINANCE. (a) The Purchaser agrees that this Agreement is not subject to the Purchaser obtaining a loan or financing in any form whatsoever from a bank or any other financial institution for the Purchase Price or any part thereof and that any failure to obtain such loan or financing shall not relieve the Purchaser of any of its obligations under this Agreement, which continue in full force and effect from the Effective Date. If requested by the Purchaser, the Seller may, in its absolute discretion, accept monies from a recognised bank or financial institution as a payment made on behalf of the Purchaser. (b) The Purchaser shall be solely responsible for the Seller for the performance of Purchaser’s obligations under this Agreement, notwithstanding that any financing facility that is arranged by him/it through a financier in respect of the Property is later withdrawn or is no longer available or the financing amount is reduced for any reason whatsoever except in cases where the financier has expressly undertaken to the Seller that it shall be irrevocably and unconditionally liable for the payment of the Purchase Price and any other amounts payable pursuant to this Agreement.
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LOAN FINANCEThe Allottee may, with the prior approval of the Company, raise and/or avail loan from banks and other housing finance companies for this purpose only. The Allottee agrees that the provisions of this Agreement are and shall continue to be subject and subordinate to the lien of any mortgage hereto before or hereafter made/created by the Company and any payments or expenses already made or incurred or which hereafter may be made or incurred pursuant to the terms thereof or incidental thereto or to protect the security thereof, to the fullest extent thereof and such mortgage(s) or encumbrances shall not constitute an objection to the title of the said Apartment or excuse the Allottee from making the payment of the Total Consideration of the said Apartment or performing all the Allottee’s other obligations hereunder or be the basis of any claim against or liability of the Company, provided that at the time of the execution of the Sale Deed/Conveyance Deed of the said Apartment, it shall be free and clear of all encumbrances, lien and charges whatsoever. Allottee(s) 10 Company
LOAN FINANCE. The following terms are applicable: 23.1 It is recorded that the finance suspensive condition mentioned in Item 13 of the Information Schedule (if applicable) has been inserted for the benefit of the Purchaser and may be waived at any time prior to the date for fulfilment thereof, by written notice of waiver, delivered to the Seller. 23.2 The Purchaser shall use its best efforts and endeavours to procure the fulfilment of the condition, and shall apply for such loan finance immediately after the Signature Date. If, despite such endeavours, the condition is not fulfilled (or waived) by or prior to the due date or by such extended date as the Parties hereto may agree in writing, then this Agreement shall fail to come into existence and be of no further force and/or effect. In such event, the status quo ante will be restored as far as possible and no Party will have any claim against the other in terms of this Agreement or arising from the failure of the condition, except where a Party deliberately frustrates the fulfilment of the condition. 23.3 Prior to the fulfilment of the suspensive condition, should the Seller receive a clean and unconditional offer for the Property which is not subject to a mortgage bond suspensive condition, and which offer the Seller is inclined to accept, then the Purchaser will be: 23.3.1 given a copy of the offer and notified in writing of such fact, and 23.3.2 the Purchaser shall have 72 (SEVENTY-TWO) hours (excluding weekends and public holidays) from time of receipt of such written notice to waive the benefit of the suspensive condition, thereby binding the Purchaser unconditionally to this Agreement, failing which, this Agreement will lapse and be of no further force and/or effect, and no Party will have claim whatsoever against the other arising from this Contract.
LOAN FINANCE. 3.2.1 In the event of the Purchaser requiring loan finance for the acquisition of the Subject Matter, this sale shall be subject to the condition precedent that the Purchaser is offered a loan by a recognised financial institution in the amount and by the date as specified in the Schedule, on the institution's usual terms and conditions relating to such loans (which may include the signing of suretyships). The Parties agree that the Seller shall be entitled to extend the aforesaid date with a further 30 (thirty) calendar days with written notice to the Purchaser. 3.2.2 This condition shall be deemed to have been fulfilled upon the Purchaser obtaining an offer from a recognised financial institution for a loan as herein envisaged. Should the Purchaser be unsuccessful in obtaining the finance, then the deposit and any interest accrued will be refunded to the Purchaser. 3.2.3 The Purchaser hereby undertakes to use his best endeavors to ensure that the loan is granted timeously and to sign and provide all such documents and to do all such things as may reasonably be necessary or required for purposes of obtaining the grant/approval of the loan and, after the loan has been granted, the registration of a mortgage bond. Should the Purchaser fail to sign and or provide all such documents and/or do all such things, any such failure shall be deemed to be a material breach of this agreement by the Purchaser. 3.2.4 The Purchaser acknowledges that it is fully aware of the requirements of the banks with regard to the maximum loan which banks are prepared to grant on the basis of income and commitments of the borrower and the Purchaser hereby warrants that its income is sufficient in relation to its commitments to meet the requirements of the bank in this regard and having regard to the amount of the loan to be applied for. 3.2.5 It is a condition of this agreement that in the event of the Purchaser’s application for a loan being successful, the registration of the mortgage bond shall be effected and registered by the Attorneys, unless agreed to otherwise in writing by the Seller. The Purchaser undertakes to procure that the financial institution from which the Purchaser obtains the loan instructs the Attorneys to attend to the registration of such bond. The Purchaser acknowledges that the convenience of the bond being registered by the same attorneys as will be attending to the transfer, justifies this condition. 3.2.6 Any conditions that the bank imposes when approving...
LOAN FINANCE. Each of the Shareholders shall use its commercially reasonable endeavours to procure that the Company's business is financed as far as practicable by borrowing from banks, financial institutions and other similar sources on commercially reasonable terms, but without allowing any prospective lender a right to participate in the share capital of the Company as a condition of any loan. Such financing shall be procured without any additional security by way of guarantee or otherwise from the Shareholders.
LOAN FINANCEThe Company shall have the right and authority to raise finance, loan from any Financial Institution/ Bank by way of mortgage/charge/securitization of receivables, subject to the condition that the said Unit shall be free from all encumbrances at the time of execution of the Conveyance Deed. Such mortgage or charge shall not affect the right and interest of the Allottee.
LOAN FINANCESubject to Section 7.4(a), following the subscription ------------ by the Shareholders of all Required Additional Equity Share Capital or otherwise at any time, the Shareholders may cause the Company to procure that the requirements of the Company for working capital to finance the Business are met, as far as reasonably practicable, by borrowings from banks and other similar sources on the most favorable terms reasonably obtainable as to interest, repayment and security, but without allowing a prospective lender a right to participate in the Equity Share Capital of the Company as a condition of a loan.
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LOAN FINANCE. Subject to the provisions of Clause 11, nothing shall prohibit any Limited Partner from lending money to the Partnership provided that any such lending is made by all Limited Partners in such proportions and on such terms as the Limited Partners (by means of Limited Partner Consent) and the General Partner may agree in writing (including, without limitation, for the purposes of financing the Acquisition). Repayment of such loans shall be in accordance with their respective terms.
LOAN FINANCE. 5.1 If item 4 of the Schedule is answered in the affirmative, then this sale is subject to the condition precedent that the Purchaser is granted a loan by a South African Bank or other credit provider, registered as such in terms of the National Credit Act, 34 of 2005, "the NCA", in the amount specified in item 4 of the Schedule. This condition will be deemed to have been fulfilled on the issue to the Purchaser by a registered credit provider of a written quotation and a written pre-agreement statement as contemplated in section 92 of the NCA, within 30 (thirty) days of the Signature Date, whether or not such quotation or pre- agreement statement is accepted by the Purchaser. The Purchaser undertakes to use his best endeavours to ensure that the loan referred to in this clause 5.1 is granted timeously and to cooperate with the Seller fully in order to ensure that the condition is fulfilled. The Purchaser acknowledges that the grant of the mortgage loan is subject to costs and charges levied in terms of the NCA. The Purchaser hereby agrees that his bond registration shall be attended to by Xxxxx Xxxxx Attorneys or a firm nominated by her to ease the registration process. 5.2 In the event that the condition precedent recorded in clause 5.1 is not fulfilled or waived by the Purchaser within the time period as provided for, this Agreement shall lapse and be of no further force or effect. In the event that this Agreement lapses as aforesaid, then the Seller shall instruct the Attorneys to refund to the Purchaser the deposit paid in terms of clause 4.1.1, together with accrued interest thereon, less the Attorneys administration fee referred to in clause 4.1.2 and, less an administration fee of R2000,00 (two thousand rand) plus VAT thereon, due to the Seller, which administration fee shall be released by the Attorneys to the Seller upon the lapsing as aforesaid. 5.3 Notwithstanding anything to the contrary contained in this clause 5, this Agreement shall operate irrevocably and in rem suam as a Power of Attorney in favour of the Seller, or the Agent, which shall have the power to apply for a loan on behalf of the Purchaser. 5.4 In the event that Item 4 of the Schedule is left blank, then this sale will be deemed to be a cash sale and the provisions of this clause 5 shall therefore not be applicable. 5.5 In the event that the Purchaser obtains loan finance as set out in this clause 5 and thereafter the financial institution granting such loan finance withdraws the...
LOAN FINANCEIn the event of loan finance being required, then the following shall apply: 22.1 This sale is subject to the suspensive condition that a bank or other registered financial institution, grants, on the security of a mortgage bond over the Property, a loan to the PURCHASER by the date and in the amount specified in item 4 of the Schedule. 22.2 The PURCHASER hereby grants an irrevocable power of Attorney in favour of the SELLER who shall be entitled, but not obligated, to apply for the said loan on behalf of the PURCHASER, and/or at the SELLER's discretion to provide collateral security, interim finance or appropriate guarantees for such loan and/or to apply for any additional loan as may be required. The PURCHASER acknowledges however that the Power in this Clause 22.2 in no way relieves the PURCHASER of his obligation to apply for the said loan from a bank or financial institution. The PURCHASER shall be entitled, by giving at any time prior to the time for its fulfillment, written notice to the SELLER or the SELLER's Attorneys waiving the said condition. 22.3 In the event of the condition referred to in Clause 22.1 not being fulfilled or waived timeously, then the condition in Clause 22.1 shall be deemed to be incapable of fulfillment and this Agreement shall be of no force and effect. 22.4 In the event of Clause 22.3 above applying, neither party shall have any claim against the other.
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