Liv Cash Terms and Conditions

Liv Cash Terms and Conditions

DECLARATION AND TERMS AND CONDITIONS The LIV Cash facility application form, the terms and conditions below and any other document entered into between the Borrower and the Bank shall constitute the agreement between the Borrower and the Bank (the “Agreement”).

1. The above account holder (hereinafter referred to as the “Customer”/ “Borrower”) hereby entitles and authorizes Emirates NBD Bank P.J.S.C. (the “Bank”) to obtain, from time to time, my/our credit report from the Al Etihad Credit Bureau and any other source of information for the purposes of assessing my/our creditworthiness and determining my/our eligibility for any products, banking services or credit facilities offered by the Bank, including but not limited to any renewals, amendments, restructurings, extensions or enhancements thereto. The Customer/ Borrower also authorizes the Bank to provide such information as may be required under applicable law and regulations to obtain any such credit report (“Undertaking”). This Undertaking shall remain in force and effect and may not be terminated or amended without the Bank’s prior written consent.

2. This Undertaking shall be governed by the laws of the United Arab Emirates (the “UAE”), and any dispute arising between the Bank and the Customer / Borrower with regards to this Undertaking shall be subject to the exclusive jurisdiction of the courts of the UAE.

3. I hereby declare that the information furnished by me in this application and in all supporting documentation is true and correct.

4. I authorise the Bank to obtain any information that the Bank may require in respect of this application from any other person, company or institution as the case may be.

5. If this application is sanctioned, I authorise the Bank to debit my above account, every month with charges as agreed by me and interest on any overdrawn balance at the interest rate shown below in clause 6. Such interest shall be compounded if not paid. I undertake to ensure that there is a sufficient credit balance in my account to meet my interest payment on due dates

6. Interest

a) The rate of interest shall be (refer to the price plan (the “Price Plan”) for LIV Cash Price Plan | Liv - Digital Lifestyle Banking ) (after rate renewal is based on the Bank’s prevailing rate).

b) I understand and agree that, the Bank reserves the right to change the above interest rate, at its sole discretion and taking into consideration the market prevailing interest rate, by providing me a sixty (60) days’ prior written notice. I hereby waive all rights of contestation to any such change in the interest rate and further waive all defenses howsoever in the regard.

7. If the LIV Cash facility remains due for a period of three months from the date on which the account first becomes overdrawn, the Bank shall be entitled to declare the entire outstanding amount and interest thereon as due and payable by me immediately.

8. I hereby confirm that I have read and I agree to abide by the Interest Charge and any other charges outlined in the Price Plan which is available on the Bank’s official website Price Plan | Liv - Digital Lifestyle Banking. The charges are subject to change from time to time at the Bank’s discretion and are updated on periodic basis. I agree to routinely refer to the Bank’s website for such Price Plan to stay updated of any change in fees. Finance Charges will be applicable on the utilized LIV Cash amount and calculated on the number of days used.

9. I hereby agree that the LIV Cash Limit sanctioned by the Bank is at the Bank’s discretion and may be lower than the Requested LIV Cash Limit and I will not contest or reject the assigned LIV Cash Limit. I authorize the Bank to amend my limit as deemed appropriate in accordance with my prevailing credit standing.

10. I understand and agree that the LIV Cash facility approved by the Bank under this Agreement is subject to auto renewal at the Banks sole discretion and such renewal shall be subject to the terms and conditions of this Agreement (as amended or replaced from time to time) or such other terms and conditions notified to me by the Bank from time to time.

11. I agree that the LIV Cash facility may be withdrawn by the Bank at any time and that I must repay the Bank all outstanding on my account upon demand. In particular, I accept that the Bank may withdraw the facility immediately if;

a) my present employment should terminate for any reason and/or if my monthly salary or part thereof is transferred to any other bank or institution without the prior written consent of the Bank;

b) I violate and/or breach any of the undertakings provide by me under this Agreement;

c) at any time, the information or documents submitted by me are incorrect or any acknowledgement or undertaking submitted or provided by me to the Bank under this Agreement are invalid;

d) in the Bank’s opinion there are grounds which could lead to my and/or my guarantors inability, as per the Central Bank’s prevailing regulations, to fulfill my/our obligations under this Agreement;

e) I leave the United Arab Emirates permanently or as a result of my demise;

f) In the opinion of the Bank, if my account has been used to effect any suspicious transactions; and

g) Any other instance of default

12. I agree that the facilities offered hereunder shall be repayable on demand and reviewed by the Bank periodically. I further agree that, continuation and/or renewal of the facilities shall be at the sole discretion of the Bank and unless notified otherwise in writing by the Bank, the facilities shall continue to be available on the terms and conditions contained herein.

13. I hereby agree that these terms including any non-contractual obligations arising out of or in connection with them, will be governed by the laws of the UAE. I agree to the exclusive jurisdiction of the courts of the Applicable Emirate to settle any dispute arising out of or in connection with these terms provided that the Bank may bring proceedings in any other jurisdiction (inside or outside the UAE) if it deems appropriate.

14. I agree to review each account statement and communication received from the Bank on my registered email id. I agree to notify the Bank in writing of any objection and/or discrepancy within thirty (30) days of the statement and/or communication date failing which the account statement and/or communication will be deemed to be correct and accepted by me

15. If the facilities granted under this Agreement is to more than one Borrower, all the Borrowers shall be jointly and severally be responsible for the payment of all obligations under this Agreement. The Bank shall have the right, at its absolute discretion, to claim from any of the Borrowers singly or jointly as the Bank deems appropriate.

16. I agree not to assign or transfer to third parties any of my rights or obligations under this Agreement without obtaining a prior written consent from the Bank. I understand and agree that the Bank shall have the absolute right to assign or transfer any of its rights under this Agreement in addition to mortgages, guarantees, or any other securities to any authority without having to obtain my consent on any such assignment or transfer.

I agree that the submitted information is correct and complete. I have read, understood and agree to be bound by the above terms and conditions (and any amendments or additions thereto) which I expressly agree to and accept