Common use of METHODS OF SETTLEMENT Clause in Contracts

METHODS OF SETTLEMENT. 11.1 The card will allow credit facilities to the cardholder and the credit limit will be periodically communicated to him on his bank statement. SBM will send to the cardholder by post or other electronic means on the address given by him, a monthly statement of all transactions effected. The nonreceipt by the cardholder of the relative monthly statements does not, in any way, discharge the cardholder from the payments obligations as laid down below. The debit balance of the cardholder’s credit card account will be settled in one of the following ways as selected by the cardholder: i) Payment in full of the amount due, or ii) Mandatory minimum payment as shown on the cardholder’s statement iii) Pre-arranged fixed payments and dates The cardholder will effect the payments referred to in previous paragraph in accordance with the usual SBM procedures. 11.2 Finance charges (Interest) will accrue if debit balance has not been paid in full and/or if cash advance transactions have been performed. 11.3 The cardholder is allowed a revolving credit, which consists in his credit facility being adjusted by an amount equivalent to each refund effected by him within his overall credit limit. The cardholder will, in no circumstances, exceed the authorized credit limit. The cardholder will ensure, before effecting a payment by credit card, that he has sufficient funds standing to the credit of his credit card account, or that the transaction is within the credit limit set by SBM. 11.4 Payments made to the cardholder or for his account in pursuance to the present agreement will be subject to the provisions of Articles 2150-I of the Civil Code relating to the special privilege of the banker.

METHODS OF SETTLEMENT. 11.1 The card will allow credit facilities to the cardholder and the credit limit will be periodically communicated to him on his bank statement. SBM will send to the cardholder by post or other electronic means on the address given by him/her, a monthly statement of all transactions effected. The nonreceipt non- receipt by the cardholder of the relative monthly statements does not, in any way, discharge the cardholder from the payments obligations as laid down below. The debit balance of the cardholder’s credit card account will be settled in one of the following ways as selected by the cardholder: (i) Payment in full of the amount due, or (ii) Mandatory minimum payment as shown on the cardholder’s statement (iii) Pre-arranged fixed payments and dates The cardholder will effect the payments referred to in previous paragraph in accordance with the usual SBM procedures. 11.2 Finance charges (Interest) will accrue if debit balance has not been paid in full and/or if cash advance transactions have been performed. 11.3 The cardholder is allowed a revolving credit, which consists in his his/her credit facility being adjusted by an amount equivalent to each refund effected by him him/her within his his/her overall everyday credit limit. The cardholder will, in no circumstances, exceed the authorized credit limit. The cardholder will ensure, before effecting a payment by credit card, that he he/she has sufficient funds standing to the credit of his his/her credit card account, or that the transaction is within the credit limit set by SBM. 11.4 Payments made to the cardholder or for his his/her account in pursuance to the present agreement will be subject to the provisions of Articles 2150-I of the Civil Code relating to the special privilege of the banker.

METHODS OF SETTLEMENT. 11.1 The card will allow credit facilities to the cardholder and the credit limit will be periodically communicated to him on his bank statement. SBM will send to the cardholder by post or other electronic means on the address given by him, a monthly statement of all transactions effected. The nonreceipt non receipt by the cardholder of the relative monthly statements does not, in any way, discharge the cardholder from the payments obligations as laid down below. The debit balance of the cardholder’s credit card account will be settled in one of the following ways as selected by the cardholdercardholder on the last working day of each month: (i) Payment in full of the amount due, or (ii) Mandatory minimum payment as shown on the cardholder’s statement. (iii) Pre-arranged fixed payments and dates The cardholder will effect the payments referred to in previous paragraph in accordance with the usual SBM procedures. 11.2 Finance charges (Interest) will accrue if debit balance has not been paid in full and/or if cash advance transactions have been performed. 11.3 The cardholder is allowed a revolving credit, which consists in his credit facility being adjusted by an amount equivalent to each refund effected by him within his overall credit limit. The cardholder will, in no circumstances, exceed the authorized credit limit. The cardholder will ensure, before effecting a payment by credit card, that he has sufficient funds standing to the credit of his credit card account, or that the transaction is within the credit limit set by SBM. 11.4 Payments made to the cardholder or for his account in pursuance to the present agreement will be subject to the provisions of Articles 2150-I of the Civil Code relating to the special privilege of the banker. 11.5 The cardholder shall ensure that there are sufficient funds standing to the credit of the credit card account for the purpose of settlement, at least one day before the payment date. Should there be insufficient funds one day before the payment date, the cardholder may be charged late payment and other fees, as applicable.

METHODS OF SETTLEMENT. 11.1 The card will allow credit facilities to the cardholder and the credit limit will be periodically communicated to him on his bank statement. SBM will send to the cardholder by post or other electronic means on the address given by him, a monthly statement of all transactions effected. The nonreceipt non receipt by the cardholder of the relative monthly statements does not, in any way, discharge the cardholder from the payments obligations as laid down below. The debit balance of the cardholder’s credit card account will be settled in one of the following ways as selected by the cardholder: (i) Payment in full of the amount due, or (ii) Mandatory minimum payment as shown on the cardholder’s statement. (iii) Pre-arranged fixed payments and dates The cardholder will effect the payments referred to in previous paragraph in accordance with the usual SBM procedures. 11.2 Finance charges (Interest) will accrue if debit balance has not been paid in full and/or if cash advance transactions have been performed. 11.3 The cardholder is allowed a revolving credit, which consists in his credit facility being adjusted by an amount equivalent to each refund effected by him within his overall credit limit. The cardholder will, in no circumstances, exceed the authorized credit limit. The cardholder will ensure, before effecting a payment by credit card, that he has sufficient funds standing to the credit of his credit card account, or that the transaction is within the credit limit set by SBM. 11.4 Payments made to the cardholder or for his account in pursuance to the present agreement will be subject to the provisions of Articles 2150-I of the Civil Code relating to the special privilege of the banker.

METHODS OF SETTLEMENT. 11.1 11.1. The card will Card shall allow credit facilities to the cardholder Cardholder and the credit limit will Credit Limit shall be periodically communicated to him on his bank statement. 11.2. SBM will The Bank shall send to the cardholder by post or other electronic means on the address given by him, principal Cardholder a monthly statement of all transactions effectedeffected by electronic means or by post. The nonreceipt non-receipt by the cardholder Cardholder of the relative monthly statements does not, in any way, discharge the cardholder Cardholder from the payments obligations obligation as laid down belowin Clause 11.3. 11.3. The debit balance of the cardholderCardholder’s credit card account will Credit Card Account shall be settled in one of the following ways as selected by the cardholderCardholder: i) 11.3.1. Payment in full of the amount due, as at statement date; or ii) 11.3.2. Mandatory minimum payment as shown on the cardholderCardholder’s statement. iii) Pre-arranged fixed payments and dates 11.4. The cardholder will Cardholder shall effect the payments referred to in previous paragraph Clause 11.3 in accordance with the usual SBM Bank procedures. For the Cardholders having a bank account, a Direct Debit Instruction shall be established at no cost to the Cardholder and shall be carried out by the Bank subject to the current/savings Account to be debited showing a sufficient available balance on payment due date. 11.2 Finance charges (Interest) will accrue if debit balance has not been paid in full and/or if cash advance transactions have been performed. 11.3 11.5. The cardholder Cardholder is allowed a revolving credit, which consists in his credit facility being adjusted by an amount equivalent to each refund effected by him within his overall credit limitCredit Limit. The cardholder willCardholder shall, in no circumstances, exceed the authorized credit limitauthorised Credit Limit. 11.6. The cardholder will ensure, before Before effecting a payment by credit cardCredit Card, the Cardholder shall ensure that he has sufficient funds standing to the credit of available on his credit card account, Credit Card Account or that the transaction is falls within the credit limit set authorised by SBMthe Bank. 11.4 11.7. The debit balance of the Cardholder’s Credit Card Account shall be charged with interest at such rate as may from time to time be fixed by the Bank and shall be computed on the daily debit balance. Cash withdrawals shall incur interest as soon as a transaction is effective as from the transaction date whereas purchases are charged with interest as from date transaction is posted to the Credit Card Account. 11.8. Payments made to the cardholder Cardholder or for his account Credit Card Account in pursuance to the present agreement will of this Terms and Conditions shall be subject to the provisions of Articles 2150-I 1 and following of the Mauritian Civil Code relating to the special privilege of the banker. 11.9. Transactions effected in foreign currency shall be converted into the currency of the Card on the date the transaction is processed as follows: The transaction shall be converted at the rate set by Mastercard on the processing date of the transaction plus any additional fee/ charge by Mastercard. In addition, the Bank shall include a charge on the conversion amount as referred to in Clause 16.5 below. 11.10. The Cardholder must pay the bank immediately (and in full): 11.10.1. Any late mandatory minimum payment. 11.10.2. Any amount the Cardholder has spent exceeding his Credit Limit. 11.10.3. The amount of any transaction which causes this agreement to terminate. 11.11. If Cardholder has not made the mandatory minimum payment by the due date, a late payment fee* shall be charged. At the same time, interest on the balance carried forward will still apply. Furthermore, the status of the account will change and additional transactions will not be allowed on the card until balance due is cleared. 11.12. All amounts or balance remaining unpaid under this agreement shall become immediately due and demandable to the Cardholder upon the occurrence of the following: 11.12.1. The Cardholder committing any breach of the Terms and Conditions herein contained; and/or 11.12.2. The death of the Cardholder; and/or 11.12.3. An order or judgement has been issued or delivered against the Cardholder, whether by default or otherwise.

METHODS OF SETTLEMENT. 11.1 10.1 The card will allow credit facilities to the cardholder and the credit limit will be periodically communicated to him on his bank statement. SBM will send to the cardholder by post or other electronic means on the address given by him, a monthly statement of all transactions effected. The nonreceipt by the cardholder of the relative monthly statements does not, in any way, discharge the cardholder from the payments obligations as laid down below. The debit balance of the cardholder’s credit card account will be settled in one of the following ways as selected by the cardholder: (i) Payment in full of the amount due, or (ii) Mandatory minimum payment as shown on the cardholder’s statement (iii) Pre-arranged fixed payments and dates The cardholder will effect the payments referred to in previous paragraph in accordance with the usual SBM procedures. 11.2 10.2 Finance charges (Interest) will accrue if debit balance has not been paid in full and/or if cash advance transactions have been performed. 11.3 10.3 The cardholder is allowed a revolving credit, which consists in his credit facility being adjusted by an amount equivalent to each refund effected by him within his overall credit limit. The cardholder will, in no circumstances, exceed the authorized credit limit. The cardholder will ensure, before effecting a payment by credit card, that he has sufficient funds standing to the credit of his credit card account, or that the transaction is within the credit limit set by SBM. 11.4 10.4 Payments made to the cardholder or for his account in pursuance to the present agreement will be subject to the provisions of Articles 2150-I of the Civil Code relating to the special privilege of the banker.

METHODS OF SETTLEMENT. 11.1 10.1. The card will Card shall allow credit facilities to the cardholder Cardholder and the credit limit will Credit Limit shall be periodically communicated to him on his bank statement. 10.2. SBM will The Bank shall send to the cardholder by post or other electronic means on the address given by him, principal Cardholder a monthly statement of all transactions effectedeffected by electronic means or by post. The nonreceipt non-receipt by the cardholder Cardholder of the relative monthly statements does not, in any way, discharge the cardholder Cardholder from the payments obligations obligation as laid down belowin Clause 11.3. 10.3. The debit balance of the cardholderCardholder’s credit card account will Credit Card Account shall be settled in one of the following ways as selected by the cardholderCardholder: i) 10.3.1. Payment in full of the amount due, as at statement date; or ii) 10.3.2. Mandatory minimum payment as shown on the cardholderCardholder’s statement. iii) Pre-arranged fixed payments and dates 10.4. The cardholder will Cardholder shall effect the payments referred to in previous paragraph Clause 11.3 in accordance with the usual SBM Bank procedures. For the Cardholders having a bank account, a Direct Debit Instruction shall be established at no cost to the Cardholder and shall be carried out by the Bank subject to the current/savings Account to be debited showing a sufficient available balance on payment due date. 11.2 Finance charges (Interest) will accrue if debit balance has not been paid in full and/or if cash advance transactions have been performed. 11.3 10.5. The cardholder Cardholder is allowed a revolving credit, which consists in his credit facility being adjusted by an amount equivalent to each refund effected by him within his overall credit limitCredit Limit. The cardholder willCardholder shall, in no circumstances, exceed the authorized credit limitauthorised Credit Limit. 10.6. The cardholder will ensure, before Before effecting a payment by credit cardCredit Card, the Cardholder shall ensure that he has sufficient funds standing to the credit of available on his credit card account, Credit Card Account or that the transaction is falls within the credit limit set authorised by SBMthe Bank. 11.4 10.7. The debit balance of the Cardholder’s Credit Card Account shall be charged with interest at such rate as may from time to time be fixed by the Bank and shall be computed on the daily debit balance. Cash withdrawals shall incur interest as soon as a transaction is effective as from the transaction date whereas purchases are charged with interest as from date transaction is posted to the Credit Card Account. 10.8. Payments made to the cardholder Cardholder or for his account Credit Card Account in pursuance to the present agreement will of this Terms and Conditions shall be subject to the provisions of Articles 2150-I 1 and following of the Mauritian Civil Code relating to the special privilege of the banker. 10.9. Transactions effected in foreign currency shall be converted into the currency of the Card on the date the transaction is processed as follows: The transaction shall be converted at the rate set by VISA on the processing date of the transaction plus any additional fee/charge by VISA. In addition, the Bank shall include a charge on the conversion amount as referred to in Clause 16.5 below. 10.10. The Cardholder must pay the bank immediately (and in full): 10.10.1. Any late mandatory minimum payment. 10.10.2. Any amount the Cardholder has spent exceeding his Credit Limit. 10.10.3. The amount of any transaction which causes this agreement to terminate. 10.11. If Cardholder has not made the mandatory minimum payment by the due date, a late payment fee* shall be charged. At the same time, interest on the balance carried forward will still apply. Furthermore, the status of the account will change and additional transactions will not be allowed on the card until balance due is cleared. 10.12. All amounts or balance remaining unpaid under this agreement shall become immediately due and demandable to the Cardholder upon the occurrence of the following: 10.12.1. The Cardholder committing any breach of the Terms and Conditions herein contained; and/or 10.12.2. The death of the Cardholder; and/or 10.12.3. An order or judgement has been issued or delivered against the Cardholder, whether by default or otherwise.

METHODS OF SETTLEMENT. 11.1 The card will allow credit facilities to the cardholder and the credit limit will be periodically communicated to him on his bank statement. SBM will send to the cardholder by post or other electronic means on the address given by him, a monthly statement of all transactions effected. The nonreceipt non receipt by the cardholder of the relative monthly statements does not, in any way, discharge the cardholder from the payments obligations as laid down below. The debit balance of the cardholder’s credit card account will be settled in one of the following ways as selected by the cardholder: (i) Payment in full of the amount due, or (ii) Mandatory minimum payment as shown on the cardholder’s statement. (iii) Pre-arranged fixed payments and dates The cardholder will effect the payments referred to in previous paragraph in accordance with the usual SBM procedures. 11.2 Finance charges (Interest) will accrue if debit balance has not been paid in full and/or if cash advance transactions have been performed. 11.3 The cardholder is allowed a revolving credit, which consists in his credit facility being adjusted by an amount equivalent to each refund effected by him within his overall credit limit. The cardholder will, in no circumstances, exceed the authorized credit limit. The cardholder will ensure, before effecting a payment by credit card, that he has sufficient funds standing to the credit of his credit card account, or that the transaction is within the credit limit set by SBM. 11.4 Payments made to the cardholder or for his account in pursuance to the present agreement will be subject to the provisions of Articles 2150-I of the Civil Code relating to the special privilege of the banker. 11.5 The cardholder shall ensure that there are sufficient funds standing to the credit of the credit card account for the purpose of settlement, at least one day before the payment date. Should there be insufficient funds one day before the payment date, the cardholder may be charged late payment and other fees, as applicable.

METHODS OF SETTLEMENT. 11.1 The card will allow credit facilities to the cardholder and the credit limit will be periodically communicated to him on his bank statement. SBM will send to the cardholder by post or other electronic means on the address given by him/her, a monthly statement of all transactions effected. The nonreceipt non- receipt by the cardholder of the relative monthly statements does not, in any way, discharge the cardholder from the payments obligations as laid down below. The debit balance of the cardholder’s credit card account will be settled in one of the following ways as selected by the cardholdercardholder on the last working day of each month: (i) Payment in full of the amount due, or (ii) Mandatory minimum payment as shown on the cardholder’s statement (iii) Pre-arranged fixed payments and dates The cardholder will effect the payments referred to in previous paragraph in accordance with the usual SBM procedures. 11.2 Finance charges (Interest) will accrue if debit balance has not been paid in full and/or if cash advance transactions have been performed. 11.3 The cardholder is allowed a revolving credit, which consists in his his/her credit facility being adjusted by an amount equivalent to each refund effected by him him/her within his his/her overall everyday credit limit. The cardholder will, in no circumstances, exceed the authorized credit limit. The cardholder will ensure, before effecting a payment by credit card, that he he/she has sufficient funds standing to the credit of his his/her credit card account, or that the transaction is within the credit limit set by SBM. 11.4 The cardholder shall at all times, ensure that the account used for the purpose of settlement, is always sufficiently funded. 11.5 Payments made to the cardholder or for his his/her account in pursuance to the present agreement will be subject to the provisions of Articles 2150-I of the Civil Code relating to the special privilege of the banker.

METHODS OF SETTLEMENT. 11.1 The card will allow credit facilities to the cardholder and the credit limit will be periodically communicated to him on his bank statement. SBM will send to the cardholder by post or other electronic means on the address given by him, a monthly statement of all transactions effected. The nonreceipt non receipt by the cardholder of the relative monthly statements does not, in any way, discharge the cardholder from the payments obligations as laid down below. The debit balance of the cardholder’s credit card account will be settled in one of the following ways as selected by the cardholdercardholder on the last working day of each month: (i) Payment in full of the amount due, or (ii) Mandatory minimum payment as shown on the cardholder’s statement. (iii) Pre-arranged fixed payments and dates The cardholder will effect the payments referred to in previous paragraph in accordance with the usual SBM procedures. 11.2 Finance charges (Interest) will accrue if debit balance has not been paid in full and/or if cash advance transactions have been performed. 11.3 The cardholder is allowed a revolving credit, which consists in his credit facility being adjusted by an amount equivalent to each refund effected by him within his overall credit limit. The cardholder will, in no circumstances, exceed the authorized credit limit. The cardholder will ensure, before effecting a payment by credit card, that he has sufficient funds standing to the credit of his credit card account, or that the transaction is within the credit limit set by SBM. 11.4 The cardholder shall at all times, ensure that the account used for the purpose of settlement, is always sufficiently funded. 11.5 Payments made to the cardholder or for his account in pursuance to the present agreement will be subject to the provisions of Articles 2150-I of the Civil Code relating to the special privilege of the banker.

METHODS OF SETTLEMENT. 11.1 The card will allow credit facilities to the cardholder and the credit limit will be periodically communicated to him on his bank statement. SBM will send to the cardholder by post or other electronic means on the address given by him/her, a monthly statement of all transactions effected. The nonreceipt non- receipt by the cardholder of the relative monthly statements does not, in any way, discharge the cardholder from the payments obligations as laid down below. The debit balance of the cardholder’s credit card account will be settled in one of the following ways as selected by the cardholder: (i) Payment in full of the amount due, or (ii) Mandatory minimum payment as shown on the cardholder’s statement (iii) Pre-arranged fixed payments and dates The cardholder will effect the payments referred to in previous paragraph in accordance with the usual SBM procedures. 11.2 Finance charges (Interest) will accrue if debit balance has not been paid in full and/or if cash advance transactions have been performed. 11.3 The cardholder is allowed a revolving credit, which consists in his his/her credit facility being adjusted by an amount equivalent to each refund effected by him him/her within his his/her overall everyday credit limit. The cardholder will, in no circumstances, exceed the authorized credit limit. The cardholder will ensure, before effecting a payment by credit card, that s/he has sufficient funds standing to the credit of his his/her credit card account, or that the transaction is within the credit limit set by SBM. 11.4 Payments made to the cardholder or for his his/her account in pursuance to the present agreement will be subject to the provisions of Articles 2150-I of the Civil Code relating to the special privilege of the banker.

METHODS OF SETTLEMENT. 11.1 12.1. The card will Card shall allow credit facilities to the cardholder Cardholder and the credit limit will Credit Limit shall be periodically communicated to him on his bank statement. 12.2. SBM will ABL shall send to the cardholder by post or other electronic means on the address given by him, Cardholder a monthly statement of all transactions effectedTransactions effected by the method of delivery specified by the Cardholder in the Card application form. The nonreceipt Cardholder agrees to let ABL know in writing within 30 days after the date of the monthly statement if the Cardholder thinks anything may be incorrect. The non-receipt by the cardholder Cardholder of the relative monthly statements does not, in any way, discharge the cardholder Cardholder from the his payments obligations as laid down belowobligations. 12.3. The debit balance of the cardholder’s credit card account will Credit Card Account shall be settled in one of the following ways as selected by the cardholderCardholder: i) a. Payment at any time in part or in full of the amount duedebit balance, or ii) b. Mandatory minimum payment as shown on the cardholder’s statementCardholder's statement by the payment due date. This is the minimum amount you are required to pay to avoid late payment charges. The minimum payment due is 5% of the total amount due on your Card. iii) Pre-arranged fixed payments and dates 12.4. The cardholder will Cardholder shall effect the payments referred to in previous paragraph 12.3 above in accordance with usual ABL procedures. An automatic payment order established by the usual SBM proceduresCardholder shall be carried out by ABL subject to the current/savings account to be debited showing a sufficient available balance at the time of opening of ABL on payment due date. 11.2 Finance charges (Interest) will accrue if debit balance has not been paid in full and/or if cash advance transactions have been performed. 11.3 The cardholder is allowed a revolving credit, which consists in his credit facility being adjusted by an amount equivalent to each refund effected by him within his overall credit limit12.5. The cardholder willCardholder shall, in no circumstances, exceed the authorized credit limitCredit Limit. The cardholder will Cardholder shall ensure, before effecting a payment by credit cardthe Card, that he has sufficient funds standing to the credit of his credit card accountCredit Card Account, or that the transaction Transaction is within the credit limit Credit Limit set by SBMthe ABL. 11.4 Payments made 12.6. The debit balance of the Credit Card Account shall be charged with interest in accordance with paragraph 17 below. 12.7. In addition to any general right of set-off or other rights conferred by law or under any agreement (including the right of set-off pursuant to article 2150 of the Mauritian Civil Code), the Bank may, without notice, combine or consolidate the outstanding balance on the Credit Card Account with any other account(s) which the Cardholder maintains with the Bank and set-off or transfer any money standing to the cardholder credit of such other account(s) in or for his account in pursuance towards satisfaction of the Cardholder’s liability to the present agreement will be subject to the provisions of Articles 2150-I of the Civil Code relating to the special privilege of the bankerBank under this Agreement.

METHODS OF SETTLEMENT. 11.1 The card will allow credit facilities to the cardholder and the credit limit will be periodically communicated to him on his bank statement. SBM will send to the cardholder by post or other electronic means on the address given by him/her, a monthly statement of all transactions effected. The nonreceipt non- receipt by the cardholder of the relative monthly statements does not, in any way, discharge the cardholder from the payments obligations as laid down below. The debit balance of the cardholder’s credit card account will be settled in one of the following ways as selected by the cardholdercardholder on the last working day of each month: (i) Payment in full of the amount due, or (ii) Mandatory minimum payment as shown on the cardholder’s statement (iii) Pre-arranged fixed payments and dates The cardholder will effect the payments referred to in previous paragraph in accordance with the usual SBM procedures. 11.2 Finance charges (Interest) will accrue if debit balance has not been paid in full and/or if cash advance transactions have been performed. 11.3 The cardholder is allowed a revolving credit, which consists in his his/her credit facility being adjusted by an amount equivalent to each refund effected by him him/her within his his/her overall everyday credit limit. The cardholder will, in no circumstances, exceed the authorized credit limit. The cardholder will ensure, before effecting a payment by credit card, that he he/she has sufficient funds standing to the credit of his his/her credit card account, or that the transaction is within the credit limit set by SBM. 11.4 Payments made to the cardholder or for his his/her account in pursuance to the present agreement will be subject to the provisions of Articles 2150-I of the Civil Code relating to the special privilege of the banker. 11.5 The cardholder shall ensure that there are sufficient funds standing to the credit of the credit card account for the purpose of settlement, at least one day before the payment date. Should there be insufficient funds one day before the payment date, the cardholder may be charged late payment and other fees, as applicable.