6. CONDITIONS PRECEDENT
- The Bank’s obligation to make any disbursement of the Short-Term Facility(ies) is conditional upon the Borrower opting in by accepting the terms and conditions of the Short-Term Facility..
- Upon sanction of the Loan amount following successful application, the Short-Term Facility will be disbursed immediately to the Borrowers current account.
- The Bank may approve the sum applied for by the Borrower or decline the application in its sole discretion without giving any reasons.
- Opting in by the Borrower shall be deemed conclusive evidence of the Borrower’s Agreement to be bound by ALL the terms and conditions of the Short-Term Facility and all applicable costs, fees and charges.
- The Borrower hereby irrevocably authorize the Bank to act on all applications received by the Bank from the Borrower (or purportedly from by the Borrower) through the OTG App and to hold the Borrower liable in respect thereof.
- The Bank shall be deemed to have acted properly and to have fully performed all the obligations owed to the Borrower notwithstanding that the application may have been initiated or sent in error or fraudulently, and the Borrower shall be bound by any applications which the Bank shall approve in the belief that such instructions have been sent by the Borrower.
- The Borrower agrees to release from and indemnify the Bank against all claims, losses, damages, costs and expenses howsoever arising in consequence of, or in any way related to the Bank having approved and disbursed the facility , or, declined to approve the Borrower’s application in accordance with the discretion conferred upon the Bank under this Agreement.
- You acknowledge that to the full extent permitted by law the Bank shall not be liable for any unauthorized application, disclosure, any activity or any incident on your OTG App in connection with your application for the Short-Term Facility by the fact of the knowledge and/or use or manipulation of your PIN, password, ID or any means whether or not occasioned by the Borrower’s negligence.