Application for Packing Credit / Open Account Receivables Financing - Terms and Conditions

 

In consideration of you granting to us the financing requested for, we hereby agree to all terms and conditions stipulated below as well as the terms and conditions set out in your general banking terms and conditions as well as any letter of offer or any facility letter from you to us.

Irrespective of the type of financing provided or to be provided to us and without prejudice to the provisions set out below, we warrant and/or agree that:

  • There is a genuine, underlying transaction for the sale / purchase of the Goods.
  • We will at your request provide other documents evidencing the transaction.
  • We have not obtained and shall not obtain any other form of type of financing from any party other than you for the Goods or the Letter of Credit.
  • We will repay you the full amount of loan or financing extended to us on due date as well as all outstanding interest, charges and commissions due to you.
  • On maturity of the loan, you are authorised to deduct our account with you and we undertake to indemnify or repay you of all outstanding amounts including principal, interest, charges and commissions.

In the event that you provide us with Loan Packing Credit

  1. We agree to deposit the Letter of Credit issued in our favour with you and to nominate you, either as negotiating bank or collecting bank of the Letter of Credit, at your option.
  2. We undertake to deliver to you shipping and other documents to be presented under the Letter of Credit.
  3. We warrant that the loan extended to us herewith would be used solely to purchase the Goods in performance of a genuine contract of sale with the applicant of the Letter of Credit.
  4. We agree to repay the loan extended to us immediately in the event that we are unable to ship part or all of the Goods

The Contracts (Rights of Third Parties) Act 2001 does not apply to confer any rights on any party who is not a party to this application.

 

This Agreement is governed by Singapore law and parties agree to the non-exclusive jurisdiction of Singapore Courts.