Article 4. Security measures
- VPBank agrees to offer loans to the Client in accordance with its financial capability and personal reputation without loan securities.
- The Client agrees that if any event occurs which, at sole discretion of VPBank, is likely to affect or potentially affect the Client’s loan repayment capability or cause the Client dissatisfy with the conditions on issuance and use of unsecured Credit Card as prescribed by VPBank during the validity of Credit Limit, within 15 working days since date of VPBank’s request, the Client shall mortgage, pledge or deposit its assets or the third party’s assets for VPBank. Such mortgaged, pledged and/or deposited assets must have sufficient value (at VPBank’s valuation) to cover the entire payment obligation of principal, interest and other costs incurred by the Client to VPBank. Such assets must be approved by VPBank. All expenses on fulfilling loan security procedures (notarization, security transaction registration, etc.) as prescribed by the laws shall be borne by the Client. If the Client fails to perform or improperly performs the obligation to supplement collaterals and/or arranges other security measures in accordance with this provision within the aforesaid timeframe, VPBank may terminate the Credit Limit, request the Cardholder to make pre-mature loan repayment, temporarily lock or close, invalidate and withdraw the card of the Cardholder as prescribed herein.
