Terms & Conditions - HSBC

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appropriate will constitute effective notice to the Cardholder thereof. 21. If more than one person and/or entity signs in the Debit Card application forms and agrees to be bound by these Terms and Conditions, the obligation and liabilities of such persons hereunder will be joint and several and, as the context may require, words herein denoting the singular only will be deemed to include the plural. Any notice hereunder to any one such person and/or entity will be deemed effective notification to all such persons and/or entities. 22. The Bank’s record of transactions processed with respect to the use of the Debit Card will be conclusive and binding for all purposes. 23. These Terms and Conditions shall be governed by and construed in accordance with the laws of Vietnam. These Terms and Conditions are made in English and Vietnamese. In case of discrepancies between the English and Vietnamese versions, the Vietnamese version shall prevail. Note: In these Terms and Conditions and any associated documents, any reference to “HSBC” or the “Bank” includes branches and subsidiaries of the Hongkong and Shanghai Banking Corporation Limited (HSBC) in Vietnam and their successors. Section VI Secured Credit Facility Home Mortgage – Secured Credit Facility: 1. Secured Credit: 1.1 Where a secured credit facility in Vietnam Dong (the “Secured Credit”) is granted to the Customer, the Customer will be notified by a facility letter which will set out (among others): (a) (b) (c) The credit limit and/or the basis upon which it is calculated; The applicable interest rate and/or the basis upon which it is calculated; and Any other terms for granting the Secured Credit. Such notification by letter constitutes a binding agreement as regards the granting of the Secured Credit on the Terms and Conditions listed in such letter (as varied from time to time) 1.2 The bank reserves the overriding right at any time to demand the immediate repayment of the Secured Credit outstanding and to withdraw the Secured Credit. Further, the Bank shall have discretion to cancel or suspend, or determine whether or not to permit drawings in relation to the Secured Credit for any reasons including without limitation the situation that (where the Customer is a salaried employee) no regular monthly salary is paid to an account of the Customer with the Bank after granting the Secured Credit. 1.3 Interest on the Secured Credit shall accrue at the rate or rates determined and shall be subject to variation from time to time by the Bank at its absolute discretion. This interest shall be payable monthly and on the same day of a Repayment Instalment or Repayment Instalment of Principal and Interest to the debit of the account to which the Secured Credit has been granted. 1.4 Overdue interest (if applicable) shall be charged at 150% of the prevailing interest rate 34
on any amount owed by Customer to the Bank under the Secured Credit at the time that such amount becomes overdue calculated from the time such amount becomes due until it is fully paid to the Bank. 1.5 The Customer will notify the Bank as soon as possible of any difficulty in repaying any amount outstanding under the Secured Credit. 1.6 The Secured Credit is subject to review at any time at the Bank’s sole discretion. 2. Security over Personal Assets: 2.1 In consideration of the Bank providing the Services and granting or continuing to make available the Secured Credit, the Customer as beneficial owner hereby charges, pledges and assigns the Secured Assets to the Bank as a continuing security for the payment by the Customer or the Secured Indebtedness. For the avoidance of doubt, no security will be created if no Secured Credit is granted by the Bank to the Customer. 2.2 In this Section: (a) (i) “Secured Assets” means all assets and property of the Customer which stand to the credit of the Customer at any time and from time to time of and up to an amount equal to the Secured Assets comprising, without limitation, real estates and all rights and benefits attached or accruing thereto and the proceeds thereof. For the purposes of this Section: “Secured Assets Value” means the value determined by the Bank to be appropriate to secure the Ceiling Limit from time to time in accordance with the loan-to-asset ratio specified and notified by the Bank to the Customer from time to time; and (ii) “Ceiling Limit” means the maximum principal amount of the Secured Credit (a) as elected by the Customer and accepted by the Bank or (b) if no such election has been made, as prescribed by the Bank from time to time. (b) Where the value of the assets and property (as conclusively determined by the Bank) at any relevant time exceeds the Secured Assets Value at that time, the “Secured Assets” shall mean as portion of the assets and property of and up to the Secured Assets Value at that time. “Secured Indebtedness” means all monies (including interest, fees, charges, costs and expenses) which are now or may at any time hereafter be or become, from time to time, due or owed to the Bank by the Customer with respect to the Secured Credit made available to the Customer hereby agrees are payable on demand. Any Consolidated Statement of Account signed as correct by any of the Bank’s duly authorized officers shall be conclusive evidence of the Secured Indebtedness. 2.3 The Customer hereby irrevocably and by way of security appoints the Bank to be the Customer’s attorney, act on the Customer’s behalf and as the Customer’s act, deed or otherwise, without any reference to or consent from the Customer, to execute all documents and to all things as may be required for the full exercise of all or any of the powers conferred on the Bank under this Section or as the Bank may deem expedient in connection with the Secured Assets. This power of attorney is coupled with an interest and is irrevocable and shall remain irrevocable as long as any Secured Indebtedness remains outstanding. The Customer ratifies and confirms and agrees to ratify and confirm any agreement, act or thing which any attorney appointed under this Clause may lawfully execute, seal, deliver or do. 35
Page 1 and 2: Terms & Conditions
Page 3 and 4: Premier Master Account Terms and Co
Page 5 and 6: 2.10 An inward remittance (whether
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Page 21 and 22: necessary or desirable in the discr
Page 23 and 24: 2. Foreign currency Time Deposits.
Page 25 and 26: fees will be debited to the Card Ac
Page 27 and 28: (a) The Cardholder shall be liable
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Page 31 and 32: 40. This Agreement will be governed
Page 33: the date of receiving proper notifi
Page 37 and 38: The Bank may, by giving notice (the
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Page 41 and 42: d. The Customer agrees and acknowle
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Page 45 and 46: g. The Bank may, without giving not
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Terms & Conditions - HSBC

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