CMB WING LUNG "EDUCATION LOAN" TERMS AND CONDITIONS

I ("the Borrower") agree to be bound by the following Terms and Conditions:

1. The Borrower shall repay the principal amount advanced or the remaining balance ("the Loan") together with interest, accrued interest, charges, expenses or other liabilities hereinafter mentioned, by the number of monthly instalments agreed to by CMB Wing Lung Bank Limited ("the Bank") and through the repayment account and irrevocably authorize the Bank to debit the repayment account for instalment repayment subject however to full repayment on demand.

2. Interest on the Loan shall be subject to variation from time to time at the Bank’s absolute discretion and the monthly repayments shall be apportioned between the Loan and interest in such manner as the Bank thinks fit.

3. The Bank may deduct any charges, fees and disbursements, calculated at such a rate or in such an amount as the Bank may determine, from the approved loan amount and pay only the balance thereof to the Borrower.

4. If the Borrower shall fail to pay any monthly instalment or other moneys payable hereunder on the due day thereof, the Loan shall (notwithstanding anything herein contained) become due immediately and the Borrower shall pay interest on such overdue amount (including overdue default interest) from the due date up to the date of actual payment (as well as before or after judgment) at the rate of 2% per calendar month or such other rate as the Bank may announce from time to time.  The Borrower shall further be liable to pay a late fee of HK$200 for each arrear of monthly instalment plus all other expenses reasonably incurred by the Bank arising from enforcement of payment including all legal costs and expenses.

5. The Bank may at any time, without notice, combine or consolidate any outstanding Loan or interest or handling charge or any other outstanding amount with any accounts which the Borrower maintains with the Bank (including term deposit accounts) and set off or transfer any money standing to the credit of such accounts in or towards satisfaction of the Borrower’s liability hereunder.

6. The Bank may employ third party debt collection agencies to collect any amounts owed by the Borrower and the Borrower agrees to pay to the Bank all costs and expenses (including legal fees) reasonably incurred by the Bank in enforcing these Terms and Conditions and the recovery of any amounts for which the Borrower may be liable to the Bank.

7. These Terms and Conditions may, at the Bank’s sole discretion, be changed from time to time upon giving the Borrower prior not less than 30 days’ notice by way of display in the Bank’s premises or by such other method as the Bank may decide.  If the Borrower does not fully repay the Loan prior to or continues operation of the facility after the expiry of the notice period, the Borrower shall be deemed to have agreed to such change.

8. A handling fee will be levied for each repayment returned for insufficient funds.

9. Early repayment of the Loan is permissible, upon two working days' notice in advance being received by the Bank, subject to full settlement of the outstanding principal balance and interest both to be calculated or re-calculated in such manner (including a manner different from those mentioned in the Borrower’s application form) as the Bank may in its sole discretion determine and to payment of the interest that would otherwise be payable on the next monthly repayment date plus a setting up fee of not more than HK$500.

10. The Borrower authorizes the Bank to contact all necessary parties for verification and to disclose and transfer details concerning the Borrower’s loan or credit facilities and/or credit related data relating to the Borrower in the possession or control of the Bank to credit reference agencies, others banks and/or credit card companies for the purpose of credit checking and exchanging credit information.

11. The Borrower undertakes to inform the Bank as soon as possible of any difficulty in repaying the Loan (or any part thereof) or in meeting any payment to the Bank arising from the Loan or otherwise pursuant to these Terms and Conditions.

12. Any change in the information given in the Borrower’s Loan Application (including the Borrower’s address, telephone and occupation) must be immediately notified to the Bank in writing.  The Bank reserves the right to rescind any approval of the loan and demand immediate repayment if any adverse change occurs prior to the loan drawdown date or if any information provided to the Bank in the Borrower’s Loan Application proves to be inaccurate.

13. The Borrower agrees to notify the Bank promptly in writing should the Borrower be or become related to any of the Bank’s directors or employees.

14. The Borrower agrees to the Bank’s rights as specified in the Notice relating to the Personal Data (Privacy) Ordinance.

15. These Terms and Conditions shall not operate so as to exclude or restrict any liability, the exclusion or restriction of which is prohibited by the laws of the Hong Kong Special Administration Region, and if they contain any provision which is invalid for any reason, shall be ineffective only to the extent of such invalidity, which shall not affect the validity of the remaining Terms and Conditions.

16. The Borrower understands that under the following conditions, without prejudice to any other rights and remedies to the Bank herein or at law, all outstanding balance including principal and interest and other obligations and liabilities to the Bank shall become immediately due and payable without further notice:

16.1  violation of any of these Terms and Conditions;
16.2  filing of a Petition in Bankruptcy by or against the Borrower;
16.3  the application by any person for the appointment of a receiver to take control of or for a Writ of Attachment against any of the Borrower’s property;
16.4  the death, failure in business or any act of bankruptcy of the Borrower; or
16.5  the Borrower’s failure or in the Bank’s discretion that the Borrower fails to comply or settle the Borrower’s obligations and liabilities owing to the Bank.

17. In the event of any inconsistency between the Chinese and the English versions of the above Terms and Conditions, the English version shall prevail.
18. These Terms and Conditions shall be governed by and construed in accordance with the laws of the Hong Kong Special Administrative Region.