Responsibility for borrowing Sample Clauses
The 'Responsibility for borrowing' clause defines which party is accountable for any debts or obligations incurred through borrowing under the agreement. Typically, this clause specifies whether the borrower or another party is liable for repaying borrowed funds, including interest and associated costs, and may outline the conditions under which borrowing is permitted. Its core function is to clearly allocate financial responsibility, thereby preventing disputes over debt repayment and ensuring all parties understand their obligations regarding borrowed resources.
Responsibility for borrowing. 7.1) Individuals are personally responsible for any borrowings from the Bank.
7.2) Joint account holders are individually and jointly liable for any borrowings from the Bank. The Bank has the right to demand repayment from all or any account holders for all or part of such outstanding.
Responsibility for borrowing. If you are a sole trader you are personally responsible for any monies together with all interest, commission and other banking charges and expenses incurred in connection therewith your business owes to us.
Responsibility for borrowing a) Individual and sole traders are personally liable for any money owed to the Bank.
b) Joint account holders and partnerships are jointly and severally liable for money owed to the Bank, even if one of the account holders has subsequently ceased to be a partner unless there is an agreement between the Bank and the Customer in writing to the contrary.
c) Individuals authorized to give instructions on account of clubs, charitable organizations, churches groups and societies are individually and jointly liable for money owed to the Bank, unless otherwise agreed with the Bank.
d) The signatories to a company’s or a corporation’s account are not personally liable for money owed by such companies or corporations to the Bank, unless they entered into a separate agreement to this effect with the Bank.
Responsibility for borrowing. 8.1 Sole traders are personally responsible for any money owed to us.
8.2 For partnerships, as well as you being jointly liable for all monies owed to us, each partner, is personally liable for any such monies, even if he or she has subsequently ceased to be a partner, unless we have agreed otherwise in writing. We can demand repayment from all account holders for all or part of any amount owing to us.
8.3 For companies, mandated users are not normally liable for monies owed to us.
Responsibility for borrowing. 24.1 Individuals and sole traders are personally liable for any money owed to the Bank.
24.2 Joint Account holders and partnerships are jointly and severally liable for money owed to the Bank even if one of the Account holders has subsequently ceased to be a partner unless there is an agreement between the Bank and the Customer in writing on the same.
24.3 Individuals authorized to give instructions on Account of Clubs, Charities, Churches and Societies are individually and jointly liable for money owed to the Bank, unless otherwise agreed with the Bank.
Responsibility for borrowing. If you are a sole trader you are personally responsible for any monies together with all interest, commission and other banking charges and expenses incurred in connection therewith your business owes to us. If you are a partnership, personal representative or trustee: as well as the account holders being jointly liable for monies owed to us together with all interest, commission and other banking charges and expenses incurred in connection therewith, each partner, personal representative or trustee is individually liable for any such monies, even if he or she has subsequently ceased to be a partner, personal representative or trustee, unless we have agreed otherwise in writing. We have the right to demand repayment from all or any account holders and/or all or any such individuals for all or part of such monies. If you are limited partnership, then the general partners (including those limited partners who, as a matter of fact, act in the capacity of a general partner) will be liable for any monies together with all interest, commission and other banking charges and expenses incurred in connection therewith that the limited partnership owes to us. If you are a public limited company, private limited company or other incorporated body (which is limited by shares or guarantee) then the signatories are not normally personally liable for monies owed to us unless they have entered into a separate agreement with us. We reserve our rights, in our sole discretion, to require the directors or any other Authorised Person of to enter into such a separate agreement with us. If you are a limited liability partnership, then the signatories are not normally personally liable for monies owed to us unless they have entered into a separate agreement with us. We reserve our rights, in our sole discretion, to require the members or any other Authorised Person of to enter into such a separate agreement with us. If you are an unincorporated association or unlimited company the signatories may be personally liable for monies owed to us together with all interest, commission and other banking charges and expenses incurred in connection therewith. You should seek independent legal advice to determine the extent of your liability.
Responsibility for borrowing a) Individual and sole traders are personally liable for any money owed to the Bank.
b) Joint account holders and partnerships are jointly and severally liable for money owed to the Bank, even if one of the account holders has subsequently ceased to be a partner unless there is an agreement between the Bank and the Customer in writing to the contrary.
c) Individuals authorized to give instructions on account of clubs, charitable organizations, churches groups and societies are individually and jointly liable for money owed to the Bank, unless otherwise agreed with the Bank.
d) The signatories to a company’s or a corporation’s account are not personally liable for money owed by such companies or corporations to the Bank, unless they entered into a separate agreement to this effect with the Bank.
e) Clients under the MSME Packages will be eligible for an MSME Secured and/or Unsecured Credit Solutions subject to the Bank’s loan qualification criteria.