Can
we help?Current Account
ALPHA TRUST (GLOBAL)
offers the Current Account facility for safe custody of your
cash. This facility, which is based on the legal contract, enables you
to wisely plan your monthly expenditure and allows you to manage your
financial needs without involving cash.
Features
Minimum opening
Introducer
required
Age requirement
Open to all, aged 18 and above
Types of Account
Individual
Account
Joint Account
Partnership
Account
Government
Account
Association
Account
Private Company
Account
Company Account
26. Terms & Conditions
Personal Financing-i Facility
Overview
The terms and conditions herein shall apply to
the Customers who have been granted Personal Financing-i Facility
(“Facility”) by Global Trust Micro Finance
, Phnom Penh (“the Bank”).
Accepting the Agreement
By signing the Bank’s application form for the
Facility, the Customer agrees to be bound by the following terms and
conditions.
The Customer’s usage of the Facility upon its
disbursement and the acceptance of statements of account sent to the
Customer by the ALPHA TRUST (GLOBAL)
shall be conclusive evidence of a binding contract between the
Customer and the Finance, and the said evidence can be used in any
Court of Law in the event of any dispute.
Mechanics of Financing
3.1
a.
Purchase of the Commodity by the Bank from the Broker
Pursuant to an offer to purchase a commodity by
the Customer from the Bank in the form as set out in Appendix C, the
Bank will buy the Commodity from the Broker.
b.
Purchase of the Commodity by the Customer from the Bank
Upon confirmation that the sale
from the Broker has gone through, the Bank shall perform an acceptance
of offer to purchase, concluding a transaction with the Customer on
the terms and conditions as contained herein. The Customer shall pay
the Sale Price on a deferred payment term (Appendix A) and the Bank
shall immediately enable the Customer to take constructive possession
of the Commodity.
c.
Sale of the Commodity by the Customer and the Bank acts as
agent
Pursuant to the appointment of
the Bank as sales agent as set out in Appendix B, the Customer shall
appoint the Bank as his agent to sell the Commodity for the purpose of
getting the Proceeds. The Bank shall sell the Commodity on a spot
payment basis with immediate delivery and the Proceeds will be
credited into the Customer’s accounts.
d.
Confirmation of Transaction
Upon conclusion of the above, the Bank will issue
to the Customer a Confirmation in the form as set out in Appendix D.
Definitions
In these Terms
and Conditions, where the context so admits the following words shall
have the meanings set out against them:-
Word
the Commodities acceptable by the
Global Trust Micro Finance ; the
commodities which to be purchased by the Customer from the Bank;
“Confirmation”
a notice of confirmation issued by
the Bank to the Customer confirming the sale of the Commodities from
the Bank to the Customer and from the Customer to the third party, as
the case may be;
“Event of Default" any of the
events specified in Clause 11 hereof;
“Guarantee” the Guarantee executed
by the Guarantor(s) in favor of the Bank guaranteeing the payment of
the Indebtedness (if applicable);
“Guarantor(s)” the person(s) who
executes the Guarantee guaranteeing the payment of the Indebtedness
(if applicable) and include their respective assigns, personal
representatives, executors, administrators and estates (if
applicable);
the Sale Price or any part thereof
outstanding and all other monies whatsoever including but not limited
to fees, costs (including legal costs on a solicitors and client
basis), charges and expenses due and payable to the Bank pursuant to
the Facility;
"Month"
a Gregorian calendar month;
the difference between the Sale
Price payable herein and the Facility and the method of recognition of
the profit margin as the Bank’s income shall be in accordance with the
Bank’s accounting policy prevailing at the material time;
“Proceeds”
the amount payable to the Customer
on the sale of the Commodities to any third party by the Bank as an
agent to the Customer which the amount also constitutes the Facility;
"Riel Cambodia"
the lawful currency of Cambodia and
relate to local payments to be made under these Terms and Conditions;
"Security"
the security
provided by the Security Party in securing the payment of Indebtedness
to the Bank and any other security for the time being or from time to
time constituting security for the obligations and liabilities
(including but not limited to the payment of the indebtedness) of the
Customer under and in connection with the Facility;
this terms and conditions,
the letter of appointment of the Bank as sales agent, and any other
security documents for the time being or from time to time
constituting security for the obligations and liabilities (including
but not limited to the payment of the Indebtedness) of the Customer
under and in connection with the Facility;
"Security Party"
the Customer and the party or
parties for the time being providing security for the obligations and
liabilities of the Customer (including but not limited to the payment
of the Indebtedness) under and in connection with the Facility;
“Sale Price”
the amount as stated in the
Confirmation payable by the Customer to the Bank for the sale of the
Commodities which includes the profit margin from the Bank to the
Customer;
5.
Interpretations
Words and expressions denoting the singular number only shall
include the plural and vice versa and words and expressions denoting
the masculine gender only shall include the feminine and neuter
gender.
Reference to clauses and schedules shall unless otherwise
expressly provided be references to Clauses of and the Schedules to
these Terms and Conditions.
The headings in these Terms and Conditions are inserted for convenience only and shall be ignored in construing the provisions of these Terms and Conditions.
Payment by the
Customer
b.
The Bank shall have absolute discretion to impose the Customer to pay
to the Bank a security deposit ("the Security Deposit") in which shall
be retained by the Bank for the due observance by the Customer of the
stipulations terms and conditions of these Terms and Conditions and
the Customer hereby authorizes the Bank to set-off and utilize the
Security Deposit for the purpose of payment of any installments due
and payable and other monies payable by the Customer under the
Facility PROVIDED ALWAYS THAT any balance of the Security Deposit
after deductions of any installments due and payable or other monies
payable by the Customer herein shall be refunded to the Customer on
full settlement of the Sale Price and all monies due and/or payable
herein.
7.
SMS Reminder
b.
The Customer is fully aware that the Customer receipt of each
Reminder may be delayed or prevented by factor(s) affecting the
relevant service provider(s), phone operator(s) and any other relevant
entities. The Customer accepts that the Bank neither guarantees the
delivery nor accuracy of the contents of each Reminder and shall not
be liable to the Customer or anyone else for losses or damages arising
from:
i.
a non-delivery, delayed delivery or wrongful delivery of each
Reminder;
8.
Telephone Monitoring and Recording
The Customer authorizes the Bank
to contact the Customers by telephone about the Facility. The Customer
agrees that the Bank may place such telephone calls using an automatic
dialing ant that such calls will not be unsolicited calls. From time
to time the Bank may monitor and/or record the telephone calls between
the Customer and the Bank. The Customer further agrees the Bank that
monitoring and/or recording may be done and that no additional notice
to the Customer or additional approval from the Customer is needed.
9.
Representations and Warranties by the Customer
The Customer represents and warrants to the Bank
as follows:
a.
that these Terms and Conditions constitute the legal valid and
binding obligations of the Customer enforceable in accordance with its
own terms and the obligations of the Customer thereunder do not
contravene any legislation or regulation binding on the Customer;
Upon the occurrence of any of the following
events at any time and regardless of whether the event is within or
beyond the control of the Customer: ‑
a.
if the Customer shall default in the payment of the
Indebtedness or any part thereof after the same shall have become due
whether formally demanded or not;
c.
if any representation or warranty made or deemed made the
Customer under this Terms and Conditions or which is contained in any
certificate, document or financial or other statement furnished at any
time pursuant to the terms of these Terms and
Conditions proves to have been incorrect in any material respect on or
as of the date made or deemed made;
e.
if the Customer becomes or is declared insolvent or consents to
the appointment of a trustee, custodian, intervener or receiver for it
or for what in the Bank's opinion is a substantial part of its assets,
or any such trustee, custodian, intervener or receiver is appointed,
or dissolution, reorganization, intervention, arrangement or
liquidation proceedings (or proceedings similar in purpose or effect)
are instituted by or against any of the Customer;
f.
if the Customer dies or insane;
q.
if any other event or events occur or circumstances arise which
in the opinion of the Bank will prevent the Customer from duly and
punctually performing or complying with its obligations under these
Terms and Conditions;
by written notice to
the Customer declare the Indebtedness immediately due and payable; and
enforce any or all of the remedies available to it.
It is expressly agreed and
declared that upon the occurrence of an Event of Default, the Bank
shall thereafter have the right to exercise all or any of the remedies
available whether under these Terms and Conditions or by statute or
otherwise and shall be entitled to exercise such remedies concurrently
including pursuing and completing all remedies of sale or possession
and a civil action to recover all monies due and owing to the Bank.
If the amount realized by the Bank on the sale, assignment and/ or
transfer of the asset of the Customer or any part thereof is less than
the Indebtedness and whether at such sale, assignment and/ or transfer
the Bank is the purchaser or otherwise, the Customer shall pay on
demand to the Bank the difference between the amount due and the
amount so realized.
Following an Event of Default, the Customer agrees that the Bank may
in its absolute discretion at anytime and with reasonable notice
combine or consolidate all or any account(s) of the Customer including
accounts in the name of the Bank and / or of the Customer (whether
current, deposit, investment, financing or of any other nature
whatsoever) with the liabilities, wheresoever’s situated as set-off
towards satisfaction of any sum due to the Bank under this Terms and
Conditions. The Bank shall give the Customer seven (7) days' advance
notice in writing and / or via electronic means prior to the set-off,
towards satisfaction of any sum due to the Bank under this Financing.
A
statement of account in writing stating the amount payable by the
Customer in respect of the Facility issued by or on behalf of the Bank
thereof shall in the absence of manifest error be conclusive evidence
that such amount is in fact due and payable by the Customer.
Indemnity
The Customer shall fully indemnify the Bank from and against any
expense including legal costs on a solicitors and client basis loss
damage claim or liability (as to the amount of which the Bank's
certificate shall, in the absence of manifest error be conclusive)
whatsoever in all respects which the Bank may incur sustain or suffer
as the consequence of the occurrence of an Event of Default or any act
deed or thing done by the Bank under the provisions of or otherwise in
connection with the Facility. Without prejudice to its generality, the
foregoing indemnity shall extend to any fees and other sums whatsoever
paid or unpaid and to any loss (including loss or profit, premium,
penalty or expenses which may be incurred in liquidating or employing
deposits from third parties).
No relaxation, forbearance, indulgence, failure or delay on the part
of the Bank in exercising nor any omission to exercise any right,
power, privilege or remedy accruing to the Bank under these Terms and
Conditions, or any security in favor of the Bank upon any default on
the part of the Customer shall impair any such right, power, privilege
or remedy or be construed as a waiver thereof or an acquiescence in
any default affect or impair any right, power, privilege or remedy of
the Bank in respect of any other or subsequent default nor shall any
single or partial exercise of any right or remedy prevent any further
or other exercise thereof or the exercise of any other right or
remedy. The rights and remedies herein provided are cumulative and not
exclusive of any other rights or remedies provided by law.
Time wherever
mentioned shall be of the essence of these Terms and Conditions.
Full
Payment
Notwithstanding
anything to the contrary contained herein, it is hereby agreed that on
the satisfaction by payment or otherwise of the Indebtedness all the
provisions herein contained shall cease to be of any effect but
without prejudice to the Bank's rights and remedies against the
Customer in respect of any antecedent claim or breach.
Reconstruction of
the Bank and the Customer
The securities, rights, liabilities, obligations created pursuant to
these Terms and Conditions shall continue to be valid and binding for
all purposes whatsoever notwithstanding any change by amalgamation, re‑construction
or otherwise which may be made in the constitution of the Bank and
similarly the liabilities and/or obligations created by these Terms
and Conditions shall continue to be valid and binding for all purposes
whatsoever notwithstanding any change by amalgamation, reconstruction
or otherwise howsoever in the constitution of the Customer and it is
expressly declared that no change of any sort whatsoever in relation
to or affecting the Customer shall in any way affect the security
liabilities and/or obligations created hereunder in relation to any
transaction whatsoever whether past, present or future.
The liability and obligations of the Customer shall not be impaired or
discharged by reason of any time forbearance or other indulgences
being granted by or with the consent of the Bank to the Customer or to
any person who or which may be in any way liable to pay any of the
monies secured hereby or by any other security in favor of the Bank or
by reason of any arrangement being entered into or composition
accepted by the Bank modifying the operation of law or otherwise the
rights and remedies of the Bank under these Terms and Conditions.
Variation of
Terms
It is hereby expressly agreed and declared by the parties hereto that
if the parties do mutually agree to vary or amend the terms and/or
conditions of these Terms and Conditions, the terms and/or conditions
of these Terms and Conditions may at any time and from time to time be
varied or amended by mutual consent of the parties hereto by means of
a mutual exchange of letters and thereupon such amendments and
variations shall be deemed to become effective and the relevant
provisions of these Terms and Conditions shall be deemed to have been
amended or varied accordingly and shall be read and construed as if
such amendments and variations had been incorporated in and had formed
part of these Terms and Conditions at the time of execution hereof
provide always that notwithstanding anything to the contrary
hereinbefore contained in this Clause, the Bank shall nevertheless, to
the extent permitted by law, be entitled at its absolute discretion to
vary or amend the terms and/or conditions of these Terms and
Conditions by notice in writing to the Customer and such amendments
and variations shall have similar effect as those hereinbefore
referred to in this Clause and nothing herein shall be construed so as
to restrict or curtail or prejudice any of the rights of the Bank
herein to vary or amend the terms and/or conditions without the
necessity to obtain the Customer’s consent or confirmation.
These Terms and Conditions shall be binding upon and ensure to the
benefit of the Bank and the Customer and their respective successors
in title and assigns except that the Customer may not assign its
rights or obligations thereunder or any interest therein without the
prior written consent of the Bank but the Customer shall nevertheless
remain liable for all its obligations hereunder in the event of any
non‑disclosure of any material fact pertaining to the
Customer's assignment which if disclosed would affect the Bank's
decision to agree to such assignment. All undertakings, agreements,
representations and warranties given, made or entered into by the
Customer under these Terms and Conditions shall survive the making of
any assignments thereunder.
The Customer
shall bear all stamp duties, fees, costs and expenses incurred in
connection with or incidental to the Facility and/or the Bank's
solicitors' fees (on a solicitors and client basis). In the event of
any action of law whatsoever in relation to the Facility or any other
instrument or document related thereto, the Customer in addition to
all sums which the Customer may be called upon to pay to the Bank will
pay the Bank's solicitors' fees (on a solicitors and client basis) and
all other costs and expenses of such demand action or suit.
Law
These Terms and
Conditions shall be governed by and construed in all respects in
accordance with the laws of Cambodia and the parties hereto hereby
submit to the jurisdiction of the Courts of Cambodia.
All monies
expended by the Bank in relation to the Facility from time to time for
and on behalf of the Customer and for its account shall be recoverable
from the Customer and shall be repaid on demand. In default of
payment, such monies shall be deemed to form part of the Indebtedness.
Any money received in relation to the Facility may be placed or kept
to the credit of a suspense account for so long as the Bank thinks fit
without any obligation in the meantime to apply the same or any part
thereof in or towards the discharge of any money or liabilities due or
incurred by the Customer to the Bank. Notwithstanding any such payment
in the event of any proceedings in or analogous to bankruptcy
liquidation or arrangement the Bank may prove for and agree to accept
any profit or composition in respect of the whole or any part of such
money and liabilities in the same manner as if these Terms and
Conditions.
The
Bank, and its servants or nominees may, at any time and the Customer
hereby consents to the same irrevocably, release information relating
to the Customer in respect of the Facility and/or the Indebtedness to
Bank Central Credit Unit or to any other approved agencies or in
compliance with the laws of Cambodia and the Customer shall be deemed
to have agreed to such disclosure.
Disclosure to
related companies etc
The Customer hereby agrees that as long as the Indebtedness continues
and/or as long as any monies are due from the Customer to the Bank,
the Bank shall be entitled to disclose information on the Facility
and/or the Indebtedness and/or the business of the Customer with the
Bank to companies which are or which in the future may be related to
the Bank.
If any change in applicable law, regulation or regulatory requirement
or in the interpretation or application thereof or if compliance by
the Bank with any applicable direction, request or requirement
(whether or not having the force of law) or any governmental or other
authority shall result in imposing on the Bank any condition burden or
obligation which renders it undesirable, in the absolute opinion of
the Bank, to make available or maintain the Facility, then upon notice
from the Bank, the Facility shall be deemed to be cancelled in which
event the Customer shall pay to the Bank the Indebtedness within seven
(7) days from the receipt by the Customer of such notice.
Any provision of
these Terms and Conditions which is invalid, unenforceable or
prohibited shall not affect the validity or enforceability of the
other provisions of these Terms and Conditions.
Notwithstanding any provision of these Terms and Conditions, the Bank
shall not be liable for any failure on the part of the Bank to perform
any obligation under these Terms and Conditions resulting directly or
indirectly from the action or inaction of any governmental or local
authority or any strike, boycott, blockade, act of God, civil
disturbance or cause beyond the control of the Bank.
It is hereby agreed that the Customer shall pay the Bank, by way of
compensation, a sum equivalent to one per centum (1%) per annum of the
overdue installment(s) until date of full payment and/or settlement
thereof or a sum equivalent to the prevailing National Reserve Bank
Interbank Money Market Rate of the Bank’s ‘r’ rate (i.e. the gross
dividend rate for the 12-months investment account) on the balance
principal amount outstanding upon maturity date or the expiry of the
Facility(s) provided always so that the above said rates may be varied
by the Khmer Advisory Council of the Bank from time to time and upon
receipt of notice on the variation thereof, it shall be applied in
such manner as approved by financial policies.
Service for
Notices Legal Process Etc
12
Security (if applicable)
The Security
12.2
Continuing Security
The security herein provided is
expressly intended to be and shall be a continuing security for all
moneys whatsoever now or hereafter and from time to time owing to the
Bank by the Customer whether alone or jointly and severally with
another or others and whether as principal or surety notwithstanding
that the Customer may at any time cease to be indebted to the Bank for
any period or periods.
12.2.2
12.3
Covenant to Provide Further Security
The Customer shall at any time if and when required by the Bank so to do, execute in favor of the Bank or as the Bank shall direct such legal or other mortgages, charges, assignments, transfers or agreements as the Bank shall require of and on all the Customer's estate, right, title and interest in any property or assets or business belonging to the Customer or which may hereafter be acquired by the Customer and the benefits of all licenses held in connection therewith to secure all moneys and liabilities hereby agreed to be paid or intended to be hereby secured and such mortgages, charges, assignments, transfers or agreements to be prepared by or on the Bank's behalf at the Customer's cost and to contain all such terms and conditions for the Bank's benefit as the Bank may require
