Terms & Conditions - HSBC

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.
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