Loan Offer Letter definition
Examples of Loan Offer Letter in a sentence
Procedure for advance intimation of the change in the rate of interest / EMI Intimation about the changes in the rate of interest / EMI will be given by way of Letters / Emails /SMSs as per the terms and conditions of the Loan Offer Letter.
All information furnished by the Borrower to MFI in connection with the Loan is true, complete and accurate in all material respects as of the date it was provided, and the Borrower has made full disclosure to MFI prior to the date of the Loan Offer Letter of all facts in relation to the Borrower’s business and assets to enable MFI to obtain a true and correct view of the financial condition, business and assets of the Borrower.
The Borrower shall keep all his/her property and assets of an insurable nature insured with a well-established reputable insurance company against such risks and to a value such as a prudent person carrying on a similar business to that of the Borrower would normally insure such property and assets, subject to any insurance requirements as may be specified in the Loan Offer Letter.
The Loan Offer Letter shall be governed and construed in accordance with the laws of Ireland.
The Borrower shall prepare, update and supply to MFI promptly such up- to-date financial and other information in relation to the Borrower and his/her SME Business may from time to time specify or as may be specified in the Loan Offer Letter and shall ensure that all accounts and other financial information submitted to MFI are prepared consistently and in accordance with generally accepted accounting principles in Ireland.
The Borrower shall use the Loan for the purpose specified in the Loan Offer Letter, and shall prepare, update and make available documentation which will verify this, and that the Loan is being properly implemented.
No litigation, arbitration or other proceeding is taking place (including without limitation any action under any environmental law or regulation), pending, or threatened against the Borrower’s assets or any part of the Borrower's assets or revenues which, in the opinion of MFI, is likely to have a material adverse effect on his/her ability to perform fully his/her obligations under the Loan Offer Letter.
The Borrower has the power to enter into and perform its obligations under the Loan Offer Letter, and all necessary action has been taken to authorise the creation, delivery and performance of the Loan Offer Letter, and the entering into of the Loan Offer Letter will not constitute a breach of any restrictions applicable to him/her.
It shall ensure that MFI’s claims against the Borrower under the Loan Offer Letter rank at least equally with the claims of all the Borrower's other unsecured and unsubordinated creditors save those whose claims are preferred by any bankruptcy, insolvency, liquidation or other similar laws of general application.
If at any time one or more of the terms and conditions of the Loan Offer Letter either becomes invalid, illegal or unenforceable in any respect under any law, the legality, validity, or enforceability of the remaining provisions will not in any way be affected or impaired thereby.