NATIONAL CREDIT ACT. 27.1 If this Agreement is subject to the National Credit Act 34 of 2005, the Purchaser warrants that:
27.1.1 once the mortgage bond is approved and the pre-agreement quotation statement and quotation is accepted, the Purchaser shall not do anything that may cause the Purchaser to become over- indebted in terms of the National Credit Act or cause the bank to withdraw the bond approval;
27.1.2 the Purchaser shall not do anything between the date of acceptance of the pre-agreement statement and quotation and registration of the mortgage bond which may cause the Purchaser's financial situation to deteriorate;
27.1.3 at the time of signature of this Agreement the Purchaser is not:
27.1.3.1 over-indebted and/or;
27.1.3.2 subject to debt review and/or;
27.1.3.3 subject to an administration order. 28 PARTICIPATION QUOTA
28.1 Units in the Sectional Title Scheme shall be sold and utilized for residential purposes.
28.2 It is therefore agreed that the proposed Sectional Title Scheme in respect of the Development will accordingly be a scheme as envisaged in terms of Section 32(2) of the Act.
28.3 The Participation Quota of a Section shall be a percentage expressed to four decimal places, as determined by the Developer.
28.4 The total of the quotas allocated by the Developer to the residential sections shall be divided among them in proportion to a calculation of their quotas made in terms of Section 32(1) of the Act.
28.5 It is recorded by the Seller and Purchaser that the Participation Quotas were calculated from Architect drawings and that they may change after actual measurement of the completed Building and all constituent Sections.
NATIONAL CREDIT ACT. If this Agreement is subject to the National Credit Act 34 of 2005 (“the NCA”), the Purchaser warrants that:
28.1 Once the loan finance to be secured by a mortgage bond, is approved and the pre-agreement statement and quotation is accepted, the Purchaser shall not do anything that may cause the Purchaser to become over-indebted in terms of the NCA or cause the concerned bank to withdraw the said loan finance approval;
28.2 The Purchaser shall not do anything between the date of acceptance of the pre-agreement statement and quotation and registration of the mortgage bond which may cause the Purchaser’s financial situation to deteriorate;
28.3 At the time of signature of this Agreement, the Purchaser is not:
28.3.1 over-indebted; and/or
28.3.2 subject to debt review; and/or
28.3.3 subject to an administration order.
NATIONAL CREDIT ACT. In the event that this Agreement is subject to the National Credit Act 34 of 2005, the PURCHASER warrants that:
NATIONAL CREDIT ACT. You acknowledge that certain transactions contemplated in this Mandate may be subject to the provision of the National Credit Act and you will be, as may be necessary, required to complete the relevant documentation accordingly in circumstances where the National Credit Act should you require those transactions to proceed.
NATIONAL CREDIT ACT. 15.1 Emit is not a credit provider as defined in the National Credit Act 34 of 2005.
15.2 As such Emit does not levy fees, charges or interest on overdue accounts.
15.3 The Customer’s attention is, however, brought to the provisions of the Prescribed Rate of Interest Act No 55 of 1975, which prescribes the maximum rate of interest that may be claimed by a creditor in respect of an overdue debt.
15.4 Interest (as a form of damages) will therefore be charged at the prescribed rate, as gazetted from time to time, on all invoices and/or statements not paid within the agreed credit terms.
15.5 The Customer hereby consents to Emit performing a credit search on the customer’s record with one or more registered credit bureaus when assessing the Customer’s application for credit.
15.6 The Customer further consents that Emit is entitled to record the Customer’s payment history and payment conduct with any registered credit bureau from time to time.
NATIONAL CREDIT ACT. In the event that the Act applies to the Principal Agreement or to a specific transaction, any provision of the Principal Agreement or of the particular transaction concerned in conflict with the Act shall be deemed to be deleted and shall not apply.
NATIONAL CREDIT ACT. 11.1. In terms of the National Credit Act, it is recorded that -
11.1.1. the selling price of the Share Block is the Purchase Price;
11.1.2. the Administration Fee as set out in Clause 1, and any stamp duties shall form part of the principal debt;
11.1.3. the principal debt equals the aggregate of the amounts referred to in Clauses 11.1.1 and 11.1.2 above;
11.1.4. the amount of the finance charges in Rands and cents and calculated as an annual finance charge rate are indeterminable, but can be determined on a monthly basis taking into account the provisions of this Agreement, unless otherwise stipulated;
11.1.5. the Purchaser may at any time anticipate the due date of payment of any amount payable in terms of this Agreement.
NATIONAL CREDIT ACT. 15.1. The parties acknowledge that this Lease is not a credit agreement as contemplated by the National Credit Act No 34 of 2005 and is excluded from the operation of such Act by section 8(2)(b) thereof.
15.2. Notwithstanding that this Lease is excluded from the National Credit Act, should the Tenant default on the payment of any amount owing in terms of this lease and not remedy such default as contemplated by the breach clause (clause Error! Reference source not found.), then the Landlord shall have the right, without prejudice to any other rights it may have in law, to report such default and list the Tenant with any credit bureau, including but not limited to TPN.
NATIONAL CREDIT ACT. 15.1 EMLINK is not a credit provider as defined in the National Credit Act 34 of 2005.
15.2 As such EMLINK does not levy fees, charges or interest on overdue accounts.
15.3 The Customer’s attention is, however, brought to the provisions of the Prescribed Rate of Interest Act No 55 of 1975, which prescribes the maximum rate of interest that may be claimed by a creditor in respect of an overdue debt.
15.4 Interest (as a form of damages) will therefore be charged at the maximum prescribed rate, as gazetted from time to time, on all invoices and/or statements not paid within the agreed credit terms.
NATIONAL CREDIT ACT. 21.1. In the event that the National Credit Act (“the NCA”) applies to any transaction between Evolve Lubricants and a Customer, then-
21.2. If any provision of these terms and conditions are in conflict with the NCA, such conflicting terms and conditions shall not apply;
21.3. Evolve Lubricants and the Customer shall conclude an agreement in compliance with the NCA and Evolve Lubricants shall not be obliged to deliver any goods or provide any services until such agreement is signed;
21.4. The costs and charges which Evolve Lubricants is entitled to recover from the Customer shall be the maximum allowed by the NCA and Evolve Lubricants shall be obliged to comply with the NCA before instituting any legal proceedings against the Customer.
