Common use of Loan Services Clause in Contracts

Loan Services. Disclosures and Declarations: 1. Channel Partner hereby agree to share with OYO or upload on OYO Platform, certain information and documents as may be necessary for the Channel Partner to apply for credit facilities from Banks, Financial Institutions, Non-Banking Companies (‘Lenders’) to expand Channel Partner's online business on ▇▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇▇.▇▇▇ or through mail. 2. Channel partner further authorize OYO and any of the third parties engaged by ▇▇▇ to share with the Lenders details relating to Channel Partner's business on OYO’s website/platform including but not limited to contact details, SRN, URN, Prepaid & Post-paid Sales data, bank statements, latest, income tax returns, GST Returns, relevant financial documents and payment history as may be necessary for the purpose contemplated herein. 3. On Channel Partner’s request, OYO has agreed to assist Channel Partner and forward the above referred information and/or documents to any of the Lenders or any other person which OYO may deem appropriate, from time to time, enabling Lenders to assess Channel Partner’s credit worthiness and eligibility for credit facilities. Channel Partner acknowledges and agrees that the Lenders shall run an inquiry on credit bureau report of Channel Partner, its Proprietor/Partner(s)/Director(s)/Guarantor(s) to check credit history of Channel Partner. Channel Partner agrees that such action or disclosure of information/documents shall not be regarded as unauthorized action/disclosure and Channel Partner shall not hold OYO responsible for any loss or damage arising out of such action/disclosure. Channel Partner acknowledges and accepts and accords no objection if it receives any call(s), SMS(s) or e-mail(s) from the Lender or any agency appointed by ▇▇▇▇▇▇ in the process of credit assessment. Channel Partner acknowledges that this does not in any way constitute an obligation on OYO to procure credit facilities for Channel Partners or constitute a warranty by OYO that credit facilities will be available. 4. OYO will not edit content uploaded/shared on the OYO Platform. 5. Channel Partner warrants to OYO that all information provided hereunder is true and accurate in all respects. Channel Partner will promptly update if any of the information Channel Partner provides hereunder, changes. 6. OYO does not warrant uninterrupted access to the OYO Platform, and access to the OYO Platform may be suspended, restricted or terminated at any time. 7. Channel Partner warrants that Channel Partner has taken all reasonable precautions to ensure that any data or document Channel Partner uploads or otherwise submits to the OYO Platform is free from viruses and anything else which may have a contaminating or destructive effect on any part of the OYO Platform or any other technology. 8. The content and material available on the OYO Platform is for informational purposes only and should not be regarded as an offer, solicitation, invitation, advice or recommendation to buy or sell any financial services or banking product. 9. Channel Partner acknowledges and agrees that the offer/sanctioning of credit facilities is solely at discretion of Lenders without any obligation to update Channel Partner about the status or to give reason(s) for rejection. Channel Partner understands that Lenders may share with OYO information relating to sanction of credit facilities, repayment details and related documents which OYO shall keep confidential. 10. OYO owns all present and future copyright, registered and unregistered trademarks, design rights, unregistered designs, database rights and all other present and future intellectual property rights and rights in the nature of intellectual property rights existing in or in relation to the OYO Platform. 11. Channel Partner agrees to indemnify and hold harmless OYO against and reimburse for all losses, suits, claims, damages and demands arising out of Channel Partner’s breach or default in repayment of the financial or credit facilities granted by any ▇▇▇▇▇▇. 12. Channel Partner shall be liable to OYO for any loss or damage suffered by OYO as a result of any breach of these terms and conditions or any fraudulent use of the OYO Platform. 13. These terms and conditions shall be applicable in addition to the other terms and conditions of the OYO Platform. OYO may update or amend these terms and conditions from time to time to comply with law or to meet our changing business requirements. OYO may not always be able to give Channel Partner advanced notice of such updates or amendments but OYO will always post them on the OYO Platform so that Channel Partner can view them before using the OYO Platform. By continuing to use the OYO Platform, Channel Partner agrees to be bound by the terms of these updates and amendments. 14. If any of these terms and conditions is found to be illegal, invalid or unenforceable by any court of competent jurisdiction, the remainder shall continue in full force and effect. 15. No single or partial exercise, or failure or delay in exercising any right, power or remedy by OYO shall constitute a waiver by OYO of, or impair or preclude any further exercise of, that or any right, power or remedy arising under these terms and conditions or otherwise. 16. T & C for interested partners: a). The Hotel Partner shall be eligible to avail the financial assistance from OYO’s financing partners under this scheme for such tenor/duration/term as mentioned in respective partners sanction letter(s), provided that the agreement with OYO should have at least 6 months or more validity than loan tenure. If Hotel Partner seeks to avail financial assistance beyond the term mentioned herein, the Hotel Partner shall contact the OYO officials and get the agreement renewed/extended before disbursal. This agreement would be binding with Hotel Partner and OYO b). If the Hotel Partners is having lease arrangement with property owner(s) , it shall be eligible to avail the financial assistance from OYO’s financing partners under this scheme for such tenor/duration/term as mentioned in respective partners sanction letter(s),, provided that the last instalment of the loan falls due at least 6 months prior to expiry date of the lease deed executed between the Hotel Partner and Lessor. If Hotel Partner seeks to avail financial assistance beyond the term mentioned herein, Hotel Partner shall contact his / her lessor and get the lease deed renewed/extended before disbursal. c). Hotel partners needs to repay the loan and take no objections/no dues certificate from Financiers, in case , they intend to revoke the agreement with OYO and/or with the Lessor. The Hotel Partner shall allow OYO to deploy POS/EDC and CMS (Cash Pickup Facility) as per the its guidelines, and Hotel Partner shall ensure payment of at least 50% of its weekly business through POS/EDC and CMS to make them eligible for payment of Association Bonus under this scheme. d). Hotel partners agrees to abide by all the terms & Condition of agreement with OYO and respective financing partner (As applicable time to time) and shall report suo moto any breach/occurrence of any event leading to breach of this terms and conditions. The OYO shall ensure the deployment of POS at the premises of its Hotel Partner having business in a metro city within 4 working days (TAT) starting from day of approval of the request and POS deployment shall be completed within 7 Working days (TAT) from the day of approval of the request at the premises of its Hotel Partner having business in a non-metro city, through its authorized vendors. e). Select Hotel Partner shall be entitled to receive Association Bonus after 30 days from the date of disbursement, only if Hotel Partner makes timely repayment of OYO take rate (Margin/Fee) & Financier EMI and is in compliance of all the terms and conditions mentioned herein.. 17. Association Bonus (Interest Component) (Referred as AB) Payout Policy a). AB Start Date: AB will be given once the property is live.

Loan Services. Disclosures and Declarations: 1. Channel Partner hereby agree to share with OYO or upload on OYO Platform, certain information and documents as may be necessary for the Channel Partner to apply for credit facilities from Banks, Financial Institutions, Non-Banking Companies (‘Lenders’) to expand Channel Partner's online business on ▇▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇▇.▇▇▇ or through mail. 2. Channel partner further authorize OYO and any of the third parties engaged by ▇▇▇ to share with the Lenders details relating to Channel Partner's business on OYO’s website/platform including but not limited to contact details, SRN, URN, Prepaid & Post-paid Sales data, bank statements, latest, income tax returns, GST Returns, relevant financial documents and payment history as may be necessary for the purpose contemplated herein. 3. On Channel Partner’s request, OYO has agreed to assist Channel Partner and forward the above referred information and/or documents to any of the Lenders or any other person which OYO may deem appropriate, from time to time, enabling Lenders ▇▇▇▇▇▇▇ to assess Channel Partner’s credit worthiness and eligibility for credit facilities. Channel Partner acknowledges and agrees that the Lenders shall run an inquiry on credit bureau report of Channel Partner, its Proprietor/Partner(s)/Director(s)/Guarantor(s) to check credit history of Channel Partner. Channel Partner agrees that such action or disclosure of information/documents shall not be regarded as unauthorized action/disclosure and Channel Partner shall not hold OYO responsible for any loss or damage arising out of such action/disclosure. Channel Partner acknowledges and accepts and accords no objection if it receives any call(s), SMS(s) or e-mail(s) from the Lender or any agency appointed by ▇▇▇▇▇▇ in the process of credit assessment. Channel Partner acknowledges that this does not in any way constitute an obligation on OYO to procure credit facilities for Channel Partners or constitute a warranty by OYO that credit facilities will be available. 4. OYO will not edit content uploaded/shared on the OYO Platform. 5. Channel Partner warrants to OYO that all information provided hereunder is true and accurate in all respects. Channel Partner will promptly update if any of the information Channel Partner provides hereunder, changes. 6. OYO does not warrant uninterrupted access to the OYO Platform, and access to the OYO Platform may be suspended, restricted or terminated at any time. 7. Channel Partner warrants that Channel Partner has taken all reasonable precautions to ensure that any data or document Channel Partner uploads or otherwise submits to the OYO Platform is free from viruses and anything else which may have a contaminating or destructive effect on any part of the OYO Platform or any other technology. 8. The content and material available on the OYO Platform is for informational purposes only and should not be regarded as an offer, solicitation, invitation, advice or recommendation to buy or sell any financial services or banking product. 9. Channel Partner acknowledges and agrees that the offer/sanctioning of credit facilities is solely at discretion of Lenders without any obligation to update Channel Partner about the status or to give reason(s) for rejection. Channel Partner understands that Lenders may share with OYO information relating to sanction of credit facilities, repayment details and related documents which OYO shall keep confidential. 10. OYO owns all present and future copyright, registered and unregistered trademarks, design rights, unregistered designs, database rights and all other present and future intellectual property rights and rights in the nature of intellectual property rights existing in or in relation to the OYO Platform. 11. Channel Partner agrees to indemnify and hold harmless OYO against and reimburse for all losses, suits, claims, damages and demands arising out of Channel Partner’s breach or default in repayment of the financial or credit facilities granted by any ▇▇▇▇▇▇. 12. Channel Partner shall be liable to OYO for any loss or damage suffered by OYO as a result of any breach of these terms and conditions or any fraudulent use of the OYO Platform. 13. These terms and conditions shall be applicable in addition to the other terms and conditions of the OYO Platform. OYO may update or amend these terms and conditions from time to time to comply with law or to meet our changing business requirements. OYO may not always be able to give Channel Partner advanced notice of such updates or amendments but OYO will always post them on the OYO Platform so that Channel Partner can view them before using the OYO Platform. By continuing to use the OYO Platform, Channel Partner agrees to be bound by the terms of these updates and amendments. 14. If any of these terms and conditions is found to be illegal, invalid or unenforceable by any court of competent jurisdiction, the remainder shall continue in full force and effect. 15. No single or partial exercise, or failure or delay in exercising any right, power or remedy by OYO shall constitute a waiver by OYO of, or impair or preclude any further exercise of, that or any right, power or remedy arising under these terms and conditions or otherwise. 16. T & C for interested partners: a). The Hotel Partner shall be eligible to avail the financial assistance from OYO’s financing partners under this scheme for such tenor/duration/term as mentioned in respective partners sanction letter(s), provided that the agreement with OYO should have at least 6 months or more validity than loan tenure. If Hotel Partner seeks to avail financial assistance beyond the term mentioned herein, the Hotel Partner shall contact the OYO officials and get the agreement renewed/extended before disbursal. This agreement would be binding with Hotel Partner and OYO b). If the Hotel Partners is having lease arrangement with property owner(s) , it shall be eligible to avail the financial assistance from OYO’s financing partners under this scheme for such tenor/duration/term as mentioned in respective partners sanction letter(s),, provided that the last instalment of the loan falls due at least 6 months prior to expiry date of the lease deed executed between the Hotel Partner and Lessor. If Hotel Partner seeks to avail financial assistance beyond the term mentioned herein, Hotel Partner shall contact his / her lessor and get the lease deed renewed/extended before disbursal. c). Hotel partners needs to repay the loan and take no objections/no dues certificate from Financiers, in case , they intend to revoke the agreement with OYO and/or with the Lessor. The Hotel Partner shall allow OYO to deploy POS/EDC and CMS (Cash Pickup Facility) as per the its guidelines, and Hotel Partner shall ensure payment of at least 50% of its weekly business through POS/EDC and CMS to make them eligible for payment of Association Bonus under this scheme. d). Hotel partners agrees to abide by all the terms & Condition of agreement with OYO and respective financing partner (As applicable time to time) and shall report suo moto any breach/occurrence of any event leading to breach of this terms and conditions. The OYO shall ensure the deployment of POS at the premises of its Hotel Partner having business in a metro city within 4 working days (TAT) starting from day of approval of the request and POS deployment shall be completed within 7 Working days (TAT) from the day of approval of the request at the premises of its Hotel Partner having business in a non-metro city, through its authorized vendors. e). Select Hotel Partner shall be entitled to receive Association Bonus after 30 days from the date of disbursement, only if Hotel Partner makes timely repayment of OYO take rate (Margin/Fee) & Financier EMI and is in compliance of all the terms and conditions mentioned herein.. 17. Association Bonus (Interest Component) (Referred as AB) Payout Policy a). AB Start Date: AB will be given once the property is live.