Xxxxxxxx's Representations, Warranties and Covenants. Borrower represents, warrants, covenants, and agrees:
Xxxxxxxx's Representations, Warranties and Covenants. Effective upon the opening of the Card Account, and continuing until termination of this Agreement and satisfaction of all obligations of Borrower hereunder, the Borrower covenants, represents, and warrants the following:
Xxxxxxxx's Representations, Warranties and Covenants. This section will list all borrower's rights under this mortgage contract, as well as any warranties that will be included as part of the agreement. Examples of sections here would include: Existence and Ownership; Financial Information; Condition of Properties; Physical Condition; Survey; Security
Xxxxxxxx's Representations, Warranties and Covenants. The Borrower represents, warrants and covenants to and for the benefit of the Bank on a continuing basis the representations, warranties and covenants as mentioned in the Schedule (if any) and that:
(i) That the insurance policy purchased or proposed to be purchased by the Borrower through the Bank, if any, will be purely his/her/their voluntary action and is not linked to availment of any credit facility from the Bank. Any grievance, claim, query, complaint or issue pertaining to insurance of policy would lie solely with the relevant insurance company only, at its discretion and the decision of the insurance company shall be final and binding in all such cases. The Bank has no role or risk participation in this regard and therefore, the Bank shall not be responsible and liable in any manner whatsoever.
(ii) The Bank will deduct the insurance premium (i.e. approved and accepted insurance premium amount) from the disbursement amount.
(iii) The premium amount for covering insurance as specified hereinabove has been offered to the Borrower as a Facility by the Bank and the same will be paid to the insurance company subject to necessary clearance from the insurance company. The benefit will be accrued to the Borrower only on issuance of policy by the insurance company. The Bank is not responsible and liable for happening of any event/deficiency from the disbursement date or during the period of the policy by insurance company. The sum assured may vary as per the date of issuance based on date of birth or as per the terms and conditions of the policy and the insurance partner chosen.
(iv) In case of incomplete insurance application form received by the insurance partner or in case of medical requirement being raised by the insurance partner, the Bank will not be held responsible for non-issuance of the policy. Also, in case the requirement is not completed within a designated time, the premium remitted to insurance partner will be refunded by the insurance partner and adjusted in the loan account and further outstanding balance, if any, shall be claimed from the Borrower or if Facility is closed, the refund amount shall be paid to the Borrower through other means like issuing of demand draft.
(v) The Bank is a first loss payee and has a first claim on the proceeds of the insurance policy and the Bank shall have a right to appropriate the amount payable by the Borrower under the Facility to the Bank; from the sum received from the insurance company; in the event...
Xxxxxxxx's Representations, Warranties and Covenants
