Examples of Debt Consolidation in a sentence
The Debt Consolidation Facility shall consist of the Debt Consolidation Loan Account and the accompanying Revolving Credit Facility (the “Debt Consolidation Facility”).
You shall make prompt payment of the monthly repayment amount to us on or before the due dates for payment as stated in the Approval Letter until full payment of the outstanding on the Debt Consolidation Loan Account has been received by us.
You understand and agree that if any of your activities or circumstances in connection with the Debt Consolidation Facility may, in our sole and absolute discretion, expose us to legal or reputational risk or actual or potential regulatory or enforcement actions, we shall have the right to immediately terminate Debt Consolidation Facility.
Without prejudice to Clause 4.3 of the Terms and Conditions, any sums paid or recovered in respect of your liabilities hereunder, under the Agreement or the Debt Consolidation Facility is less than the amount then owing, we may apply that sum to interest, fees, principal or any amount due in such proportion and order, and generally in such manner as we in our absolute discretion think fit, including crediting the same or part thereof to a suspense account.
You shall pay interest on the outstanding on the Debt Consolidation Loan Account at such rate(s) indicated in the Approval Letter or as we may from time to time at our discretion specify by notice to you with effect from the Debt Consolidation Date.
We shall have the right at our absolute discretion at any time to vary, amend, terminate, reduce, suspend or cancel all or any part of the Debt Consolidation Facility and/or any term of the Agreement and/or to demand immediate payment of all moneys and liabilities (whether actual or contingent) owing under the Debt Consolidation Facility.
You shall pay a prepayment fee at such rate(s) as we may from time to time prescribe should the Debt Consolidation Loan Account be fully paid before the end of the tenure.
You hereby represent, warrant and undertake that none of the proceeds in respect of the Debt Consolidation Facility shall be applied whether directly or indirectly in breach of all applicable laws, statutes, rules, regulations, notices, orders, rulings, directives, circulars, guidelines or practice notes relating to combating financial crime, fraud, bribery, corruption, money-laundering, terrorism financing and any international sanctions (“AML/CFT Laws”).
Without prejudice to the terms in the Terms and Conditions, the Debt Consolidation Facility and the Agreement may be reviewed from time to time and at any time by us at our absolute discretion and nothing hereunder, or under the Agreement shall be deemed to impose on us any obligation at law or in equity to make or to continue to make the Debt Consolidation Facility available.
No statement will be sent for any period during which the Debt Consolidation Facility is not utilised.