BORROWER’S DECLARATION Clause Samples
The Borrower's Declaration clause requires the borrower to formally affirm certain facts or conditions as part of a contract or agreement. Typically, this involves the borrower confirming the accuracy of information provided, their legal authority to enter into the agreement, and compliance with relevant laws or obligations. By including this clause, the agreement ensures that the lender can rely on the borrower's statements, thereby reducing the risk of misrepresentation and providing a basis for recourse if the declarations prove false.
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BORROWER’S DECLARATION. I hereby declare that the foregoing particulars are true to the best of my knowledge and belief and agree to abide by the society’s Loan policy, and any variations by the credit committee, in respect of the above. I hereby attach...
BORROWER’S DECLARATION. L▇▇▇▇▇ does not lend to Individuals or businesses who:
(a) willfully neglect applicable operating laws and regulations; engage in any money laundering activities or
(b) are involved in financing terrorist activities; or are involved in illegal or other activities that could harm L▇▇▇▇▇’s reputation The Borrower must disclose in writing to Lender il they:
(a) anticipate or are involved in any legal action, or any proceedings before any court. tribunal, board or agency or there are any unexecuted judgments rendered against them;
(b) are in default under any material contracts that affect their business or assets; have declared bankruptcy (discharged or undischarged) or have been the subject of other insolvency proceedings or proposals
(c) have been in arrears in the payment of income, business or property taxes, income tax, sales tax, payroll deductions, or similar payment obligations; have been convicted of a criminal offence (except for a conviction for which a pardon has been granted):
(d) have undergone any type of investigation or have been accused or convicted of any offenses related to fraud, money laundering or terrorist financing: or
(e) are aware of any of their directors, officers, shareholders, or partners being involved in any of the preceding issues, as applicable. If the Borrower fails to conduct his business in line with the integrity commitments and required disclosures set out above, Lender may consider this to be an event of default or cause lo end any contractual relationship between the borrower and Lender. Specifically, Lender may decline to provide further financial services or make any further loan disbursements, terminate their loan(s), demand immediate repayment of any outstanding loan balance or other amount due by the Borrower, or enforce L▇▇▇▇▇’s interest in any property pledged to secure their loan.
(a) They have read and affirm the integrity declaration;
(b) They consent to L▇▇▇▇▇’s collection, use, and disclosure of their personal information in the manner and for the purposes described above;
(c) They know of no reason Lender may have any concern with their business
BORROWER’S DECLARATION. A. I/We am/are director(s) of Axis Bank Limited and also a director(s) / partner(s), manager(s), managing agent (s), employee (s), or guarantor(s) or holder(s) of substantial interest of the borrower or its subsidiary or its holding company.
B. I/We am/are director(s) of any other bank or the subsidiaries of any of the banks or trustees of mutual funds / venture capital funds set up by the banks and also a director(s) / partner(s), manager(s), managing agent(s), employee(s) or guarantor(s) or holder(s) of substantial interest of the borrower.
C. I/We am/are the relative(s) of the director(s) of Axis Bank Limited or any other Bank, as defined by extant guidelines of RBI from time to time, and also a director(s) / partner(s) or guarantor(s) or major shareholder(s) or in control of the borrower or a major shareholder(s) or in control of the holding or subsidiary company of the borrower.
D. I/We am/are senior official(s) of the Bank or relative of the senior official of the Bank, as defined by extant guidelines of RBI from time to time, and also a director(s) / partner(s), or guarantor(s) or holder(s) of substantial interest of the borrower.
E. If any of the above clause is applicable, then please furnish the details. In case if any of the above stated declarations are breached during the tenor of the facility, the borrower shall inform the bank immediately. In case of non-compliance with the undertaking or giving wrong undertaking in relation to the provisions Connected Lending/Section 20 of the BR Act, at any time during the currency of loan, the Bank reserves the right to recall the loan immediately.
F. Politically exposed persons are individuals who are or have been entrusted with prominent public functions in a foreign country, e.g., Heads of States or Governments, senior politician, senior government/judicial/military officers, senior executives of state-owned corporations, important political party officials, etc. I declare that I am not a Politically Exposed Person (PEP), nor I am related to any Politically Exposed Person (PEP). I undertake that in the event of subsequently becoming a PEP, I will immediately intimate the Bank regarding the same.
11.I We further undertake as follows:
A. I/We will not invest or lend money except in the normal course of business or act as surety or Guarantor without getting the written consent of the Bank.
B. During the currency of the said credit facility, I/We agree not to dissolve and/or to reconstitute and/or to make ...
BORROWER’S DECLARATION. You understand the risks and costs of borrowing the principal debt from us.