Collection and recovery. The Group adopts a standardized collection and recovery procedure. The Finance Department of the Group is responsible for collecting the repayment funds from a borrower. However, if a borrower defaults or delays in repaying any of the outstanding sums, the Finance Department will inform the Business Department of the Group which will be responsible for following up and collecting the repayment funds from the borrower. In the case of a proposed extension of a loan, such proposal will be regarded as a new loan application subject to the due diligence and approval process described above. In accordance with the terms of the relevant loan agreement, the Group, among other remedies, will be entitled to charge default interest on the total outstanding balance of the principal amount of a loan and the interest payments accrued thereto. If a borrower fails to repay the loan including any part of the principal amount and/or accrued interest, the Group may initiate legal proceedings against such borrower to enforce the Group’s right to recover the outstanding sums from such borrower after the Group have sought to recover the outstanding sums through other means but to no avail.
Collection and recovery. (a) Each Seller shall act in the recovery of the sums due under the Transferred Receivables transferred by it as would a prudent and informed businessman, and be no less diligent than it would have been in recovering sums due under Transferred Receivables if it had not transferred such receivables to the Bank.
