LEVINO CAPITAL (PTY) LTD (Registration number: 2018/462954/07), (“The Discounting Company”)
STANDARD TERMS AND CONDITIONS (Last updated 06/09/2018)
1. DEFINITIONS AND INTERPRETATIONS
In this application for Bridging Finance and the Standard Terms and Conditions, unless the context clearly indicates the contrary, the following words, phrases and expressions shall apply and have the respective meanings assigned thereto hereunder and similar words shall have corresponding meanings.
1.1 DEFINITIONS
1.1.1 “Applicant” means the party making application to the Discounting Company on the Application Form.
1.1.2 “Agreement” means the Discounting Agreement Application together with these Standard Terms and Conditions, as signed or electronically submitted by the Applicant and the Discounting Company.
1.1.3 “Application Form” means the Discounting Agreement Application Form as signed or electronically submitted by the Applicant.
1.1.4 “Additional Payments” means any further payments made on written request by the Applicant, after the Initial Payment, subject to the approval of the Discounting Company, in their sole discretion.
1.1.5 “Bond” means any Mortgage Bond passed or to be passed by the Applicant in favour of a mortgagee and to be registered over the Property as security for the repayment of a loan made by the mortgagee to the Applicant, which loan amount is specified in the Application Form.
1.1.6 “Cession” means in the context of this Agreement, an out and out cession with no reversionary right in which the Applicant cedes, sells, assigns and transfers its legal rights, title and interest in order to request and advance payment of the proceeds of the sale of the Property and/or the proceeds of the loan for which the Bond is Registered and/or claim for estate agent’s commission to the Discounting Company;
1.1.7 “Conveyancing Attorneys” means the attorneys appointed by the Seller/Mortgagee and instructed to attend to the registration of the transfer of the Property and/or the registration of the Bond over the Property, as referred to in the Application Form;
1.1.8 “the Claim” means any claim the Applicant has against the Conveyancing Attorneys, or any other person/entity that may be in possession of the Proceeds, for the Proceeds in respect of the transfer and/or the Proceeds of the loan in respect of which the Bond is registered, and/or estate agent’s commission, and to whom such amount has been paid or will be paid, on or after date of registration;
1.1.9 “the Capital Amount” means all amounts paid to the Applicant by the Discounting Company which includes all Initial Payments and Additional Payments (if applicable), Discounting Fees and any costs incurred by the Discounting Company on behalf of the Applicant, relating to all Agreements between the Applicant and the Discounting Company;
1.1.10 “Debt” means the Capital Amount, with interest calculated thereon in terms of clause 6.11, should the Applicant be in breach of its obligations to the Discounting Company in terms of this Agreement;
1.1.11 “the Discounting Fee” means the fee payable by the Applicant to the Discounting Company as calculated at the percentage stated on the Application Form, and as applied to the Initial Payment and Additional Payments (if applicable) on a daily basis by the Discounting Company, after taking into account any minimum term and/or minimum amount;
1.1.12 “the Discounting Company” means Granite Processing Services (Pty) Ltd t/a Granite Finance, a private company with limited liability, duly incorporated in accordance with the laws of the Republic of South Africa with Registration Number 2015/162983/07, and with its principal place of business situated at Unit 208 Library Square Suites, Wilderness Road, Claremont;
1.1.13 “Due Date” means the date upon which payment of the Proceeds and/or Claim is due to be made to the Discounting Company in terms of the Agreement and/or Letter of Undertaking or such alternative date which may have been agreed to by the Discounting Company, if such agreement was in writing;
1.1.14 “the Initial Payment” means the initial amount requested by the Applicant on the Application Form;
1.1.15 “Prime Rate” means the prime lending rate of First National Bank;
1.1.16 “The Property” means the immovable property as described in the Application Form;
1.1.17 “Proceeds” means the net amount payable to the Applicant from:
1.1.17.1 the Sale Price in terms of the sale of the Property after the deduction of bond, commission and all other expenses; and/or
1.1.17.2 the net amount payable to the Applicant on registration of the Bond; and/or
1.1.17.3 the agent’s commission payable;
1.1.18 “Registration Date” means the date on which the Property is transferred into the name of the Purchaser and transfer of ownership takes place and/or the date the Bond is registered in favour of a mortgagee;
1.1.19 “Sale Price” means the sale price of the Property;
1.1.20 “Signature/Signs” shall include the following: written signature, electronic signature and electronic submission via the Client Portal;
1.1.21 “Signature Date” means the date on which the Discounting Company signs acceptance of the Application Form, whether in electronic form or otherwise, and approves the application to advance finance;
1.1.22 “Standard Terms and Conditions” means these Terms and Conditions
1.1.23 “Undertaking Provider” means the firm, entity or person and/or the duly authorised signatory thereof who provides the Letter of Undertaking to the Discounting Company to make payment of the Proceeds into the Discounting Company’s nominated bank account upon fulfilment of the conditions contained therein.
1.2 INTERPRETATIONS
1.2.1 The rules of interpretation of this Agreement shall apply to the Application Form as if set out in these Standard Terms and Conditions.
1.2.2 In addition to the definitions in clause 1.1, unless the context requires otherwise:
(a) the singular shall include the plural and vice versa; and
(b) a reference to any one gender, whether masculine, feminine or neuter, includes the other two.
1.2.3 All the headings and sub-headings in these Standard Terms and Conditions are for convenience only and are not to be considered for the purposes of interpreting it.
1.2.4 Except as expressly provided for in these Standard Terms and Conditions, no provision of these Standard Terms and Conditions constitutes a stipulation for the benefit of any person who is not a party to the application.
1.2.5 In accordance with the Agreement, the Discounting Company and the Applicant designate the Application Form as a Finance Document.
1.2.6 Where any number of days is prescribed, it shall consist of business days exclusive of Saturdays, Sundays and Public Holidays as recognised in the Republic of South Africa and shall be reckoned exclusively of the first day and inclusively of the last day.
1.2.7 Reference to months or years shall be construed as calendar months or years.
1.2.8 Where any amount is payable, or any obligation is to be performed on a day which is not a business day, then such amount shall be payable, or such obligation shall be performed on the first business day thereafter.
1.2.9 Where the day on or by which any act is required to be performed is not a business day, the Parties shall be deemed to have intended such act to be performed upon or by the first business day thereafter.
2. BRIDGING FINANCE
2.1. Subject to the fulfilment of the Standard Terms and Conditions of the Agreement, the Applicant agrees to cede, sell or transfer its right, title and interest to the Claim to the Discounting Company.
2.2. The amount applied for shall be advanced to the Applicant as soon as reasonably possible after the Signature Date and approval of the application by the Discounting Company.
2.3 Payments shall be released at 10h00 and 15h30 each day.
2.4 Any payments made outside of the times stated in 2.3 above shall be at the sole discretion of the Discounting Company.
3. SALE AND CESSION
3.1. The Applicant hereby cedes, sells, assigns and transfers all of its right, title and interest in and to the Claim to the Discounting Company. For the avoidance of doubt, the aforementioned cession is an out and out cession;
3.2. The Discounting Company hereby accepts the cession, assignment, transfer and purchases all right, title and interest of the Applicant in and to the Claim.
3.3. Upon payment of the Initial Payment the cession, assignment, transfer and sale of the Claim is of immediate effect and regarded as legally valid without the Discounting Company having to take any further steps.
3.4. The Applicant is not entitled to cede its rights in terms of this Agreement.
3.5. The Discounting Company is entitled to notify any third party that the Applicant has ceded and transferred his right, title and interest in and to the Claim to the Discounting Company and that such right from date of cession vests with the Discounting Company.
3.6. The Discounting Company shall have the right, to cede or pledge this agreement, or the rights that it may acquire by virtue of the provisions hereof, for the purposes of providing security for finance or for any other reason whatsoever, in either case without the Applicant’s further consent.
4. FACILITY
In the event of a facility having been approved by the Discounting Company, the following conditions shall apply thereto:
4.1 The facility shall be available for a period of 10 (ten) calendar days, whereafter the facility shall lapse.
4.2 The Applicant must notify the Discounting Company before 12h00 of any request for a draw on the facility. Any request received after 12h00 may only be paid on the following business day.
4.3 The facility may be reinstated by the Applicant completing and signing an Addendum to the Agreement.
4.4 The availability of funds is at all times subject to the sole and absolute discretion of the Discounting Company.
4.5 The Discounting Company reserves the right to withhold any payment of funds in respect of the facility or to cancel the facility should any new, or previously undisclosed fact emerge, or should any circumstances prevent or unduly delay the registration of the Transfer or Bond.
5. CREDIT ASSESSMENT
5.1. The Applicant consents to the Discounting Company conducting any assessment (credit or otherwise) on him prior to acceptance of the Application and at any time thereafter.
5.2. If, after the Signature Date, circumstances arise or come to the attention of the Discounting Company which render the credit assessment of the Applicant unsatisfactory or unacceptable, the determination of which is in the sole discretion of the Discounting Company, then the Discounting Company will have no obligation to lend, advance or make any payment of any amounts of money to or on behalf of the Applicant in terms of this Agreement.
5.3. The Applicant will not have any claim of any nature against the Discounting Company for its failure to make payment of any amounts in terms of this Agreement.
6. GENERAL
6.1 If there is more than one Applicant, such persons shall be jointly and severally liable as co-principal debtors under this Agreement.
6.2 If the Applicant is a juristic person or trust, then the individual who signs the Agreement on behalf of the Applicant warrants authority and binds himself as co-principal debtor and stands surety for the Applicant for the due fulfilment of all obligations in terms of the Agreement.
6.3 No postponement, any extension of time or indulgence granted by the Discounting Company to the Applicant shall harm any of the rights of the Discounting Company or constitute a waiver by the Discounting Company of its rights in terms of the Agreement and the right to claim due and punctual payment hereunder.
6.4 Without prejudice to any other provision of this Agreement, any successor-in-title, including any executor, heir, liquidator, judicial manager, curator, or trustee, of either party shall be bound by this Agreement.
6.5 Each and every term and provision contained in this Agreement is divisible from the others and any term or provision of this agreement if found to be invalid, void, voidable or unenforceable for any reason whatsoever it shall be invalid, void, voidable or unenforceable only to the extent of that term or provision and shall not affect the validity and enforcement of the remaining terms and provisions of this Agreement which shall remain of full force and effect.
6.6 A written certificate purporting to have been signed by a manager or accountant for the time being of the Discounting Company, whose capacity or authority it will not be necessary to prove will upon the mere production thereof be binding on the Applicant and be prima facie proof of the contents of such certificate and of the fact that such amount and interest is due and payable in any legal proceedings against the Applicant, and will be valid as a liquid document against the Applicant in any competent court.
6.7 The Applicant consents to the jurisdiction of the Magistrates’ Court (District or Regional Division) in respect of any legal proceeding arising from or pursuant to this Agreement. Notwithstanding the consent, the Discounting Company may institute action in any High Court having jurisdiction.
6.8 In the event of the voluntary or compulsory provisional or final sequestration or liquidation or placing under business rescue of the Applicant or a compromise between the Applicant and its general body of creditors:
6.8.1 the Discounting Company may, without prejudice to any of its rights under this Agreement:
(a) prove a claim against the Applicant’s estate for the full amount of the Discounting Company’s claim against the Applicant; and
(b) recover from any surety or co-principal debtor the full amount of the Discounting Company’s claim against the Applicant, whether actual or contingent;
6.8.2 any dividend received by the Discounting Company from the Applicant’s estate shall be applied firstly to pay that part, if any, of the Applicant’s obligations to the Discounting Company which is not covered by this Agreement;
6.8.3 any failure of the Discounting Company to prove any claim against the Applicant’s estate shall not affect a surety’s or co-principal debtor’s liability to the Discounting Company in terms of this Agreement; and
6.8.4 Any compromise by the Discounting Company in Business Rescue proceedings shall not discharge a surety’s or co-principal debtor’s liability to the Discounting Company for the purposes of this Agreement.
6.9 The Applicant hereby expressly renounces the benefits of the non causa debiti, the errore calculi, the revision of accounts, no value recorded and, if there is more than one Applicant, the de doubus vel pluribus reis debendi or the ordinis seu excussionis et divisionis.
6.10 Should the Discounting Company incur legal costs in the collection of any amounts due to the Discounting Company, the Applicant shall pay such costs on the attorney-and-client scale, as well as collection costs, further interest and legal costs. Collection costs shall be calculated at 10% (ten percent) plus VAT of each and every payment made in reduction of the debt.
6.11 Any amounts due to the Discounting Company shall bear interest at the Prime Rate plus 25% (twenty five percent) on the Capital Amount from 30 (thirty) days after the breach of the Agreement, to date of final payment, compounded monthly in arrears on the outstanding balance due and shall be so calculated and capitalised on the last day of each and every month until the total amount due in terms of the Agreement shall have been paid.
7. PAYMENT TO DISCOUNTING COMPANY
7.1 As it applies to Seller Advances, Estate Agent Commission Advances and Mortgage Bond Advances:
7.1.1 The Applicant hereby appoints and irrevocably mandates the Conveyancing Attorneys as their agent to repay, to the Discounting Company:
7.1.1.1 the Capital Amount advanced by the Discounting Company to the Applicant; and/or
7.1.1.2 the Claim; and/or
7.1.1.3 the Debt; and/or
7.1.1.4 any other amount/s due to the Discounting Company by the Applicant in terms of any other Agreement entered into between the Applicant and the Discounting Company, whether such amount/s are due or not.
7.1.2 The payment of the amounts specified in 7.1.1.1 – 7.1.1.3 above to the Discounting Company shall be enforced and secured in the following matter:
7.1.2.1 The Applicant shall request that the Conveyancing Attorney provides the Discounting Company with a Letter of Undertaking, in a form to be determined by the Discounting Company, which provides that the Conveyancing Attorney shall make payment directly to the Discounting Company of the amounts specified in 7.1.1.1 – 7.1.1.3 on the Registration Date; and
7.1.2.2 The Applicant shall ensure that on or before the Registration Date the Proceeds are transferred directly into the trust account of the Conveyancing Attorneys to enable them to give effect to the Letter of Undertaking;
7.1.2.3 The Applicant hereby consents to any other funds, which may be held in trust by the Conveyancing Attorneys and due to the Applicant, to be utilised to set-off any shortfall between the Proceeds and Capital Amount due to the Discounting Company.
7.1.2.4 The Applicant irrevocably grants the Discounting Company, with power of substitution, full power and authority to recover in their name from any person/entity that is or shall be in possession of the amounts specified in 7.1.1.1 – 7.1.1.4 above; to institute action in their name against all or any party for the purpose of recovering the said amounts and to retain the proceeds recovered in the exercise of such powers on account of, and in reduction of, their indebtedness to the Discounting Company, including all costs and expenses of whatsoever nature together with interest at the maximum rate permitted by law, together with legal costs as between attorney and client incurred in the exercise of any such power.
7.1.2.5 In the event that the Conveyancing Attorney fails to make payment to the Discounting Company on the Registration Date and pays the Proceeds to the Applicant or to any other person, the Applicant shall immediately notify the Discounting Company of such failure and shall make payment of the Proceeds to the Discounting Company, which payment shall be made without set-off or deduction. Any additional costs, charges or interest that may be incurred due to the failure of the Conveyancing Attorneys will be solely for the account of the Applicant.
7.1.2.6 Should the Applicant be a party to more than one Agreement with the Discounting Company, the Applicant hereby consents to the Discounting Company utilizing the Proceeds that may be owing to the Discounting Company in respect of any other Agreements to offset the amount due in terms of this Agreement and the same shall apply conversely. The exercising of this right shall be at the sole and absolute discretion of the Discounting Company.
7.2 As it applies to all other Advances that may from time to time be given by the Discounting Company:
7.2.1 The Applicant hereby appoints and irrevocably mandates the Undertaking Provider as their agent to repay, to the Discounting Company:
7.2.1.1 the Capital Amount advanced by the Discounting Company to the Applicant; and/or
7.2.1.2 the Claim; and/or
7.2.1.3 the Debt; and/or
7.2.1.4 any other amount/s due to the Discounting Company by the Applicant in terms of any other Agreement entered into between the Applicant and the Discounting Company, whether such amount/s are due or not.
7.2.2 The payment of the amounts specified in 7.2.1.1 – 7.2.1.3 above to the Discounting Company shall be enforced and secured in the following matter:
7.2.2.1 The Applicant shall request that the Undertaking Provider provides the Discounting Company with a Letter of Undertaking, in a form to be determined by the Discounting Company, which provides that the Undertaking Provider shall make payment directly to the Discounting Company of the amounts specified in 7.2.1.1 – 7.2.1.3 on the Due Date; and
7.2.2.2 The Applicant shall ensure that on or before the Due Date the Undertaking Provider is in possession of the Proceeds enable them to give effect to the Letter of Undertaking;
7.2.2.3 The Applicant hereby consents to any other funds, which are or may in the future be due to the Applicant by the Undertaking Provider, being utilised to set-off any shortfall between the Proceeds and Capital Amount due to the Discounting Company.
7.2.2.4 The Applicant irrevocably grants the Discounting Company, with power of substitution, full power and authority to recover in their name from any person/entity that is or shall be in possession of the amounts specified in 7.2.1.1 – 7.2.1.4 above; to institute action in their name against all or any party for the purpose of recovering the said amounts and to retain the proceeds recovered in the exercise of such powers on account of, and in reduction of, their indebtedness to the Discounting Company, including all costs and expenses of whatsoever nature together with interest at the maximum rate permitted by law, together with legal costs as between attorney and client incurred in the exercise of any such power.
7.2.2.5 In the event that the Undertaking Provider fails to make payment to the Discounting Company on the Registration Date and pays the Proceeds to the Applicant or to any other person, the Applicant shall immediately notify the Discounting Company of such failure and shall make payment of the Proceeds to the Discounting Company, which payment shall be made without set-off or deduction. Any additional costs, charges or interest that may be incurred due to the failure of the Undertaking Provider will be solely for the account of the Applicant.
7.2.2.6 Should the Applicant be a party to more than one Agreement with the Discounting Company, the Applicant hereby consents to the Discounting Company utilizing the Proceeds that may be owing to the Discounting Company in respect of any other Agreements to offset the amount due in terms of this Agreement and the same shall apply conversely. The exercising of this right shall be at the sole and absolute discretion of the Discounting Company.
8. RESOLUTIVE CONDITION
The sale and cession of the Claim is subject to the condition that the Registration Date or Due Date, as applies, must occur within 120 (ONE HUNDRED AND TWENTY) days of the advance of the Capital Amount, or a further period as otherwise agreed to in writing between the parties (“the Additional Period”), failing which the Discounting Company has the election to act in terms of clause 9.2 hereunder.
9.EFFECT OF RESOLUTIVE CONDITION
9.1 Notwithstanding anything to the contrary contained in this Agreement, should the condition as per clause 8 hereof not be complied with the daily discounting rate shall automatically increase to 0.15% per day, which rate shall take effect from the 121st (one hundred and twenty first) day.
9.2 In addition to clause 9.1 the Discounting Company shall have the absolute discretion, irrespective of whether the Additional Period has expired or not, without harming its legal rights of cancellation, to:
9.2.1 claim immediate repayment of all amounts due; or
9.2.2 agree to and further extend the period by which the resolutive condition may be fulfilled;
9.2.3 waive the resolutive condition, provided that the waiver shall not be binding on the Discounting Company unless in writing and signed for and on behalf of the Discounting Company.
9.2.4 in the case of an advance to a Property Seller or a Mortgagor, pass a mortgage bond against the Property described in the Application Form.
9.3 Should the Discounting Company not exercise its election in terms of clause 9.2.1, it is presumed that the Discounting Company has extended the period set out in clause 8, reckoned from the expiry of the 120 (one hundred and twenty) days since the Capital Amount has been advanced until the Discounting Company makes the said decision in writing, subject to clause 9.1.
10 WARRANTIES AND UNDERTAKINGS
The Applicant warrants, undertakes and declares to the Discounting Company that:
10.1 the Applicant has disclosed all material information concerning the transaction, the Proceeds that will be available, deductions, prior claims and any current or impeding judgement debts against them;
10.2 the Applicant generally understands and appreciates the risks, costs and obligations under this Agreement;
10.3 the full Claim amount will be payable to the Discounting Company on the Registration Date or Due Date, as applies;
10.4 the Claim, or any part of it, has not been sold, transferred, ceded or pledged to anyone else;
10.5 the Applicant forfeits his rights to instruct the Conveyancing Attorneys or the Undertaking Provider, as applies, or any other person to pay the Claim/Proceeds anywhere other than to the Discounting Company;
10.6 the Applicant will not accept payment of the Claim/Proceeds either directly or indirectly to the exclusion, whether in whole or in part, of the Discounting Company;
10.7 on the Registration Date or Due Date, as applies, the Discounting Company will receive the Initial Amount advanced plus all Additional Payments if any, plus the Discounting Fee, plus any other amounts due by the Applicant in terms of this Agreement; and
10.8 should on the Registration Date or Due Date, as applies, the Discounting Company not receive the full amount set out in 10.7, as due by the Applicant, from the Conveyancing Attorneys or Undertaking Provider, as applies, then the Applicant shall immediately pay to the Discounting Company the amount due or any shortfall of such amount.
11. EFFECT OF WARRANTIES
The Applicant acknowledges that the Discounting Company is entering into this Agreement in reliance on the abovementioned warranties, representations and undertakings and that if any of these warranties, representations and undertakings are or become to any extent inaccurate or breached, the Applicant will have committed fraud against the Discounting Company.
12. BREACH AND CANCELLATION
12.1 The Discounting Company may on occurrence of the events listed in clause 12.3, at any time before or after payment of the Capital Amount, cancel the agreement with 5 (five) days written notice to the Applicant, without prejudice to the Discounting Company or any other rights due to it in terms of these conditions or as set out by law.
12.2 Notice shall be given to the Applicant at his chosen domicilia citandi et executandi for service of all legal and ordinary notices in terms of this Agreement.
12.3 The Discounting Company may elect to cancel the Agreement in terms of clause 12.1 if it is of the opinion that any of the following facts or events may have occurred or might occur:
12.3.1 any warranty, representation or undertaking given herein is to a materially inaccurate or has been breached; or
12.3.2 the Discounting Company’s rights or ability to enforce its rights in terms of this Agreement will be prejudiced; or
12.3.3 any part of this Agreement is or becomes unenforceable in its current form; or
12.3.4 the Applicant is in breach of this Agreement in any way and has failed and or neglected to remedy such breach within 5 (five) days after receiving notice to remedy the breach; or
if either the Registration process, the Applicant, the Agency or the Proceeds become in any way compromised, the determination of such compromise being at the sole discretion of the Discounting Company.
13. INDEMNITY
The Applicant hereby indemnifies and holds the Discounting Company harmless from all or any liability, damage, claims, costs and/or expenses incurred by the Applicant, or any third party in connection with the Applicant’s execution of its obligations in terms of this Agreement.
14. RESTITUTION
14.1 Upon cancellation pursuant to clause 9.2.1 or clause 12 of the Agreement and without prejudice to any rights that the Discounting Company may have by law, the Debt due to the Discounting Company will become immediately due and payable by the Applicant to the Discounting Company.
14.2 The Agreement shall be of no further effect once all funds, together with interest thereon, advanced by the Discounting Company to the Applicant have been transferred into a nominated bank account of the Discounting Company.
14.3 The Applicant shall refund to the Discounting Company any amount paid by the Discounting Company to the Applicant or any other person resulting from the Application, together with interest thereon in terms of clause 6.11.
15. AGENCY
15.1 Notwithstanding anything to the contrary contained in this Agreement, the Applicant agrees that, neither the Conveyancing Attorneys nor their staff members shall be construed to be agents for the Discounting Company.
15.2 The Discounting Company shall not be bound by the representations, acts or omissions of any of the parties referred to above.
15.3 The Conveyancing Attorneys merely serve the function of introducing the Applicant to the Discounting Company, facilitating the registration of the transfer/bond and assisting in certain administrative functions, for which it may be entitled to receive an introduction or facilitation fee or commission from the Discounting Company.
16. WHOLE AGREEMENT
This Agreement constitutes the whole of the agreement between the parties relating to the subject matter thereof, and no amendment, alteration, addition, variation or consensual cancellation will be of any force or effect unless reduced to writing and signed by the parties.
17. WAIVER
No waiver of any of the terms and conditions of this Agreement will be binding for any purpose unless expressed in writing and signed by the party giving the same, and any such waiver will be effective only in the specific instance and for the purpose given. No failure or delay on the part of either party in exercising any right, power or privilege will operate as a waiver, nor will any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege.
18. ASSUMPTIONS OF OBLIGATIONS AND OWNERSHIP
The Discounting Company does not assume any obligations of the Applicant under any sale agreement, loan agreement or otherwise in relation to the Property, all of which remain with the Applicant, irrespective of anything stated to the contrary in this Agreement.
19. NOTICES
19.1 The Applicant select as its domicilia citandi et executandi for the purpose of legal proceedings and for the purposes of giving or sending any notice provided for or necessary in terms of this agreement, the addresses set out in section 1 of the Application Form or such other address or e-mail address as may be substituted by notice given as required. Each of the parties will be entitled from time to time to vary its domicilium by written notice to the others.
19.2 Any notice addressed to a party at its physical or address will be sent by prepaid registered post or delivered by hand; or alternatively sent to the e-mail address.
19.3 A notice will be presumed, unless the contrary is proved, to have been given:
19.3.1 if posted by prepaid registered post, 5 (five) days after the date of posting thereof;
19.3.2 if hand delivered during business hours on a business day, on the day of delivery;
19.3.3 if sent by e-mail, on the first business day following the date of sending of such e-mail.
Contact Details
Email: info@levinocapital.co.za
Tel: 011 465 2340
Cell: 082 308 6042
Address: 35 Pineview Estate, Pine Road, Fourways, 2121.
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3.2.2. LevCap will only process personal information in a manner that is adequate, relevant and not excessive in the context of the purpose for which it is processed.
3.2.3. Personal information will only be processed for a purpose compatible with that for which it was collected, unless you have agreed to an alternative purpose in writing or LevCap is permitted in terms of national legislation of general application dealing primarily with the protection of personal information.
3.2.4. LevCap will keep records of all personal Information collected and the specific purpose for which it was collected for a period of 1 (one) year from the date on which it was last used.
3.2.5. LevCap will not disclose any personal information relating to you to any third party unless your prior written agreement is obtained or LevCap is required to do so by law.
3.2.6. LevCap will destroy or delete any personal information that is no longer needed by LevCap for the purpose it was initially collected, or subsequently processed.
3.3. Note that, as permitted by the Electronic Communications and Transactions Act 25 of 2002, LevCap may use personal information collected to compile profiles for statistical purposes. No information contained in the profiles or statistics will be able to be linked to any specific user.
4. Collection of anonymous data
4.1. LevCap may use standard technology to collect information about the use of this website. This technology is not able to identify individual users but simply allows LevCap to collect statistics.
4.2. LevCap may utilise temporary or session cookies to keep track of users' browsing habits. A cookie is a small file that is placed on your hard drive in order to keep a record of your interaction with this website and facilitate user convenience.
4.2.1. Cookies by themselves will not be used to identify users personally but may be used to compile de-identified statistics relating to use of services offered or to provide LevCap with feedback on the performance of this website.
4.2.2. The following classes of information may be collected in respect of users who have enabled cookies:
4.2.2.1. The browser software used;
4.2.2.2. IP address;
4.2.2.3. Date and time of activities while visiting the website;
4.2.2.4. URLs of internal pages visited; and
4.2.2.5. referrers.
4.3. If you do not wish cookies to be employed to customize your interaction with this website it is possible to alter the manner in which your browser handles cookies. Please note that, if this is done, certain services on this website may not be available.
5. Security
5.1. LevCap takes reasonable measures to ensure the security and integrity of information submitted to or collected by this website but cannot under any circumstances be held liable for any loss or other damage sustained by you as a result of unlawful access to or dissemination of any personal information by a third party.
6. Links to other websites
6.1. LevCap has no control over and accepts no responsibility for the privacy practices of any third-party websites to which hyperlinks may have been provided and LevCap strongly recommends that you review the privacy policy of any website you visit before using it further.
7. Queries
7.1. If you have any queries about this privacy policy, please contact us by emailing manyaba@levino.co.za
TERMS & CONDITIONS OF USE (Last updated 06/092018)
(PLEASE READ THE WEBSITE TERMS AND CONDITIONS OF USE BEFORE CONTINUING TO BROWSE THE WEBSITE)
1. Definitions and Interpretation
1.1. “LevCap” means LEVINO CAPITAL (PTY) LTD (Registration number: 2018)
1.2. “You” or the “user” means any person who accesses this Website for any purpose.
1.3. “Website” means the website of LevCap at URL www.levinocapital.co.za or such other URL as LevCap may choose from time to time.
2. Use Subject to these Terms and Conditions
2.1. Your access, browsing and use of this website is governed by these terms and conditions. By accessing and browsing this website you agree that you will be bound by these terms and conditions from the time when you first access this Website and to any amended terms and conditions from the first time that you access the Website subsequent to amended terms and conditions becoming effective.
2.2. If you do not agree to these terms and conditions, you must immediately cease your browsing of this website.
2.3. These terms and conditions, including the Privacy Policy above, govern LevCap’s processing of any personal information which may be provided to it through the use of this website.
2.4. Due to legal and other developments, LevCap may amend these Terms and Conditions from time to time. The version of the Terms and Conditions effective for this website is indicated by the effective date incorporated in the title of these Website Terms and Conditions. It is your duty to remain appraised of the current version of these Website Terms and Conditions. The date indicated in the heading of these Website Terms and Conditions is the effective date that governs the browsing and use of this website from that date until the next revision of these Website Terms and Conditions becomes effective.
2.5. By continuing to browse or use the website after any amended terms and conditions become effective, you agree to be bound by the amended terms and conditions.
3. Content
3.1. All information accessed or browsed using this website is provided “as is”.
3.2. While LevCap shall endeavour to ensure that all material published on the website is accurate at the time of its publication, it gives no warrantees as to the accuracy of the information and the information does not represent legal or financial advice. Your use of the information is entirely at your own risk and no liability will arise against levCap resulting from your browsing the website or using the information provided on the website.
3.3. LevCap does not warrant that this website or the delivery, hosting and ancillary services or facilities of third party suppliers utilised by LevCap will continue to operate, will operate without interruptions or will be error free or that it will be free of any software virus or other harmful component.
3.4. You will be entirely responsible for any resulting damage to software or computer systems and/or any resulting loss of data caused as a result of any use of this website.
4. Third Party Sites
4.1. If this website contains hyperlinks to websites owned and / or operated by third parties. LevCap is not responsible for the content of such websites and does not endorse or approve the contents thereof. The fact that a website is linked to this LevCap website does not imply that Gfin sponsors, endorses or is affiliated or associated with the entity that owns or is responsible for the website. Consequently, LevCap is not liable for the operation and content of any third-party websites that may be linked to this Website (regardless of whether or not a link has been permitted by LevCap).
5. Intellectual Property
5.1. Except where expressly stated to the contrary, copyright in the HTML, text, graphics, audio clips, video clips, source and / or object code and all other works contained in this Website is owned by LevCap, which asserts and reserves all of its rights in this regard. Access to or use of this Website will not in any way result in an assignment or license of any intellectual property owned by LevCap or any other party.
5.2. The contents of this website may not be transmitted, transcribed, reproduced, stored or translated into any other form without the prior written permission of LevCap. However, LevCap permits you to display the content of this Website on your computer and to print,
download and use the underlying HTML, text, graphics, audio clips, video clips and other works available to you on this website provided that:
5.2.1. this is for your personal education;
5.2.2. you do not modify the content of this material;
5.2.3. Gfin website is the acknowledged source including the reference www.granitefinance.co.za; and
5.2.4. this permission may be revoked at any time by LevCap.
5.3. No other use of this website is permitted. Without restricting the generality of the foregoing, you may not make commercial use of the content of this Website, include the content of this Website in or with any product that you create or distribute, or copy the content of this Website onto your own or another's website, without the prior written consent of LevCap. Enquiries in this regard may be made to info@levinocapital.co.za.
6. Linking, Framing and Crawling
6.1. The prior written authority of LevCap is required before any hyperlink is created. Authority, if granted, will be subject to the condition that the party linking to this Website alerts users to the application of these terms and conditions. Requests for authority can be emailed to info@levinocapital.co.za.
6.2. Permission to link to this website will be granted strictly without the assumption of any liability on the part of LevCap. LevCap reserves the right to withdraw permission granted to link to this Website at any time in the entire discretion of LevCap’s Chief Information Officer.
6.3. The prior written authority of LevCap, which may be subject to conditions, is required before this website, any of its pages and/or any of the information contained on the website is framed. Requests for authority can be emailed to info@levinocapital.co.za.
6.4. Save for the use of bona fide search engine and the search facility provided on the website for users, no person may use or attempt to use any technology or applications (including web crawlers or web spiders) to search or copy content from the Website for any purpose without the prior written consent of LevCap. Any attempt to do so, whether successful or not, is an offence as contemplated in 7.1.
7. Security
7.1. Any person who in any manner interferes with the data or information displayed on this website in any way which causes it to be modified, destroyed or otherwise rendered ineffective or inaccurate, acts contrary to the provisions of the Electronic Communications and Transactions Act 25 of 2002 and is guilty of an offence.
7.2. Any person who in any manner interferes with any third party’s access to this website or denies access to the website, whether partial or absolute, is guilty of an offence in terms of the Electronic Communications and Transactions Act 25 of 2002.
7.3. Any attempt to commit or aid and abet someone in the commission of the offences referred to in 7.1 and 7.2 is guilty of an offence in terms of the Electronic Communications and Transactions Act 25 of 2002.
7.4. LevCap will, as it may be advised, cause the prosecution of any person who is guilty of an offence described in 7.1 and 7.2.
7.5. LevCap will, as it may be advised, institute appropriate action to obtain relief against the perpetrator of the actions contemplated in 7.1, 7.2 and 7.3, with a view to recovering any damages that it may suffer and to protect LevCap website against defacement, unauthorised amendment of content and disruption of the use of the website.
7.6. While LevCap will take appropriate security precautions to protect the website against abuse by third parties, by accessing and browsing this website you accept that no liability will lie against LevCap for any damages caused to you by the malicious interference with the operation of this website, and/or any destructive data or code that may be communicated to computers or information systems used by you as a result of your access and browsing of the website.
8. Personal Information
8.1. The processing of all personal information by LevCap is governed by the Privacy Policy Statement above.
8.2. Any personal information which may be provided to LevCap through this Website will be processed in accordance with the Protection of Personal Information Act 4 of 2013. Details of the processing of personal information are contained in the Privacy Policy Statement above. The processing of personal information which may be collected through interactive communications facilitated by this website, are subject to the Privacy Statement published on this website.
9. Disclaimer and Indemnity
9.1. LevCap expressly disclaims all liability for any direct, indirect or consequential loss or damage occasioned by your accessing and browsing of the website or your inability to access and browse this Website, or whether caused directly or indirectly by inaccuracies, defects, errors (whether typographical or otherwise), omissions, out of date information or for any other reason, even if such loss was reasonably foreseeable and LevCap had been advised of the possibility of the loss occurring.
9.2. You agree to indemnify and hold harmless LevCap, its servants, subcontractors, subsidiaries and affiliates from any demand, action or application or other proceedings, including for attorney's fees and related costs such as tracing fees, made by any third party and arising out of or in connection with your use of or access, browsing or use of this website.
10. Jurisdiction
10.1. These terms and conditions are governed by and construed in accordance with the law of the Republic of South Africa; you and LevCap both agree to submit any dispute arising out
of the use of this website to the exclusive jurisdiction of the courts of the Republic of South Africa.
11. General
11.1. These terms and conditions record the entire agreement between you and LevCap in respect of your access, browsing and use of the website.
11.2. If any provision of these terms and conditions is found to be invalid by any court having competent jurisdiction, the invalidity of that provision will not affect the validity of the remaining provisions which will remain in full force and effect.
11.3. LevCap's omission to exercise any right under these terms and conditions will not constitute a waiver of any such right unless expressly accepted by LevCap in writing.
11.4. Notwithstanding the fact that hyperlinks in these terms and conditions to certain documents should be deemed part of these terms and conditions in terms of section 11 of the Electronic Communications and Transactions Act 25 of 2002, the fact that some or all of the hyperlinks may be non-operational, will not play a role in determination of the validity and interpretation of these terms and conditions.
11.5. We may modify, limit, withdraw or deny access to this website at any time.
12. Cost Calculator
12.1. The Cost Calculator is for illustrative purposes only. For a formal quotation, please contact LevCap directly.
12.2. Discounting rates are subject to change at the discretion of LevCap.
12.3. All discounting rates are risk profile dependent, which risk is determined at the sole and absolute discretion of LevCap.
12.4. LevCap is in no way bound by any fee which may be shown on the Cost Calculator.
STANDARD TERMS AND CONDITIONS (Last updated 06/09/2018)
1. DEFINITIONS AND INTERPRETATIONS
In this application for Bridging Finance and the Standard Terms and Conditions, unless the context clearly indicates the contrary, the following words, phrases and expressions shall apply and have the respective meanings assigned thereto hereunder and similar words shall have corresponding meanings.
1.1 DEFINITIONS
1.1.1 “Applicant” means the party making application to the Discounting Company on the Application Form.
1.1.2 “Agreement” means the Discounting Agreement Application together with these Standard Terms and Conditions, as signed or electronically submitted by the Applicant and the Discounting Company.
1.1.3 “Application Form” means the Discounting Agreement Application Form as signed or electronically submitted by the Applicant.
1.1.4 “Additional Payments” means any further payments made on written request by the Applicant, after the Initial Payment, subject to the approval of the Discounting Company, in their sole discretion.
1.1.5 “Bond” means any Mortgage Bond passed or to be passed by the Applicant in favour of a mortgagee and to be registered over the Property as security for the repayment of a loan made by the mortgagee to the Applicant, which loan amount is specified in the Application Form.
1.1.6 “Cession” means in the context of this Agreement, an out and out cession with no reversionary right in which the Applicant cedes, sells, assigns and transfers its legal rights, title and interest in order to request and advance payment of the proceeds of the sale of the Property and/or the proceeds of the loan for which the Bond is Registered and/or claim for estate agent’s commission to the Discounting Company;
1.1.7 “Conveyancing Attorneys” means the attorneys appointed by the Seller/Mortgagee and instructed to attend to the registration of the transfer of the Property and/or the registration of the Bond over the Property, as referred to in the Application Form;
1.1.8 “the Claim” means any claim the Applicant has against the Conveyancing Attorneys, or any other person/entity that may be in possession of the Proceeds, for the Proceeds in respect of the transfer and/or the Proceeds of the loan in respect of which the Bond is registered, and/or estate agent’s commission, and to whom such amount has been paid or will be paid, on or after date of registration;
1.1.9 “the Capital Amount” means all amounts paid to the Applicant by the Discounting Company which includes all Initial Payments and Additional Payments (if applicable), Discounting Fees and any costs incurred by the Discounting Company on behalf of the Applicant, relating to all Agreements between the Applicant and the Discounting Company;
1.1.10 “Debt” means the Capital Amount, with interest calculated thereon in terms of clause 6.11, should the Applicant be in breach of its obligations to the Discounting Company in terms of this Agreement;
1.1.11 “the Discounting Fee” means the fee payable by the Applicant to the Discounting Company as calculated at the percentage stated on the Application Form, and as applied to the Initial Payment and Additional Payments (if applicable) on a daily basis by the Discounting Company, after taking into account any minimum term and/or minimum amount;
1.1.12 “the Discounting Company” means Granite Processing Services (Pty) Ltd t/a Granite Finance, a private company with limited liability, duly incorporated in accordance with the laws of the Republic of South Africa with Registration Number 2015/162983/07, and with its principal place of business situated at Unit 208 Library Square Suites, Wilderness Road, Claremont;
1.1.13 “Due Date” means the date upon which payment of the Proceeds and/or Claim is due to be made to the Discounting Company in terms of the Agreement and/or Letter of Undertaking or such alternative date which may have been agreed to by the Discounting Company, if such agreement was in writing;
1.1.14 “the Initial Payment” means the initial amount requested by the Applicant on the Application Form;
1.1.15 “Prime Rate” means the prime lending rate of First National Bank;
1.1.16 “The Property” means the immovable property as described in the Application Form;
1.1.17 “Proceeds” means the net amount payable to the Applicant from:
1.1.17.1 the Sale Price in terms of the sale of the Property after the deduction of bond, commission and all other expenses; and/or
1.1.17.2 the net amount payable to the Applicant on registration of the Bond; and/or
1.1.17.3 the agent’s commission payable;
1.1.18 “Registration Date” means the date on which the Property is transferred into the name of the Purchaser and transfer of ownership takes place and/or the date the Bond is registered in favour of a mortgagee;
1.1.19 “Sale Price” means the sale price of the Property;
1.1.20 “Signature/Signs” shall include the following: written signature, electronic signature and electronic submission via the Client Portal;
1.1.21 “Signature Date” means the date on which the Discounting Company signs acceptance of the Application Form, whether in electronic form or otherwise, and approves the application to advance finance;
1.1.22 “Standard Terms and Conditions” means these Terms and Conditions
1.1.23 “Undertaking Provider” means the firm, entity or person and/or the duly authorised signatory thereof who provides the Letter of Undertaking to the Discounting Company to make payment of the Proceeds into the Discounting Company’s nominated bank account upon fulfilment of the conditions contained therein.
1.2 INTERPRETATIONS
1.2.1 The rules of interpretation of this Agreement shall apply to the Application Form as if set out in these Standard Terms and Conditions.
1.2.2 In addition to the definitions in clause 1.1, unless the context requires otherwise:
(a) the singular shall include the plural and vice versa; and
(b) a reference to any one gender, whether masculine, feminine or neuter, includes the other two.
1.2.3 All the headings and sub-headings in these Standard Terms and Conditions are for convenience only and are not to be considered for the purposes of interpreting it.
1.2.4 Except as expressly provided for in these Standard Terms and Conditions, no provision of these Standard Terms and Conditions constitutes a stipulation for the benefit of any person who is not a party to the application.
1.2.5 In accordance with the Agreement, the Discounting Company and the Applicant designate the Application Form as a Finance Document.
1.2.6 Where any number of days is prescribed, it shall consist of business days exclusive of Saturdays, Sundays and Public Holidays as recognised in the Republic of South Africa and shall be reckoned exclusively of the first day and inclusively of the last day.
1.2.7 Reference to months or years shall be construed as calendar months or years.
1.2.8 Where any amount is payable, or any obligation is to be performed on a day which is not a business day, then such amount shall be payable, or such obligation shall be performed on the first business day thereafter.
1.2.9 Where the day on or by which any act is required to be performed is not a business day, the Parties shall be deemed to have intended such act to be performed upon or by the first business day thereafter.
2. BRIDGING FINANCE
2.1. Subject to the fulfilment of the Standard Terms and Conditions of the Agreement, the Applicant agrees to cede, sell or transfer its right, title and interest to the Claim to the Discounting Company.
2.2. The amount applied for shall be advanced to the Applicant as soon as reasonably possible after the Signature Date and approval of the application by the Discounting Company.
2.3 Payments shall be released at 10h00 and 15h30 each day.
2.4 Any payments made outside of the times stated in 2.3 above shall be at the sole discretion of the Discounting Company.
3. SALE AND CESSION
3.1. The Applicant hereby cedes, sells, assigns and transfers all of its right, title and interest in and to the Claim to the Discounting Company. For the avoidance of doubt, the aforementioned cession is an out and out cession;
3.2. The Discounting Company hereby accepts the cession, assignment, transfer and purchases all right, title and interest of the Applicant in and to the Claim.
3.3. Upon payment of the Initial Payment the cession, assignment, transfer and sale of the Claim is of immediate effect and regarded as legally valid without the Discounting Company having to take any further steps.
3.4. The Applicant is not entitled to cede its rights in terms of this Agreement.
3.5. The Discounting Company is entitled to notify any third party that the Applicant has ceded and transferred his right, title and interest in and to the Claim to the Discounting Company and that such right from date of cession vests with the Discounting Company.
3.6. The Discounting Company shall have the right, to cede or pledge this agreement, or the rights that it may acquire by virtue of the provisions hereof, for the purposes of providing security for finance or for any other reason whatsoever, in either case without the Applicant’s further consent.
4. FACILITY
In the event of a facility having been approved by the Discounting Company, the following conditions shall apply thereto:
4.1 The facility shall be available for a period of 10 (ten) calendar days, whereafter the facility shall lapse.
4.2 The Applicant must notify the Discounting Company before 12h00 of any request for a draw on the facility. Any request received after 12h00 may only be paid on the following business day.
4.3 The facility may be reinstated by the Applicant completing and signing an Addendum to the Agreement.
4.4 The availability of funds is at all times subject to the sole and absolute discretion of the Discounting Company.
4.5 The Discounting Company reserves the right to withhold any payment of funds in respect of the facility or to cancel the facility should any new, or previously undisclosed fact emerge, or should any circumstances prevent or unduly delay the registration of the Transfer or Bond.
5. CREDIT ASSESSMENT
5.1. The Applicant consents to the Discounting Company conducting any assessment (credit or otherwise) on him prior to acceptance of the Application and at any time thereafter.
5.2. If, after the Signature Date, circumstances arise or come to the attention of the Discounting Company which render the credit assessment of the Applicant unsatisfactory or unacceptable, the determination of which is in the sole discretion of the Discounting Company, then the Discounting Company will have no obligation to lend, advance or make any payment of any amounts of money to or on behalf of the Applicant in terms of this Agreement.
5.3. The Applicant will not have any claim of any nature against the Discounting Company for its failure to make payment of any amounts in terms of this Agreement.
6. GENERAL
6.1 If there is more than one Applicant, such persons shall be jointly and severally liable as co-principal debtors under this Agreement.
6.2 If the Applicant is a juristic person or trust, then the individual who signs the Agreement on behalf of the Applicant warrants authority and binds himself as co-principal debtor and stands surety for the Applicant for the due fulfilment of all obligations in terms of the Agreement.
6.3 No postponement, any extension of time or indulgence granted by the Discounting Company to the Applicant shall harm any of the rights of the Discounting Company or constitute a waiver by the Discounting Company of its rights in terms of the Agreement and the right to claim due and punctual payment hereunder.
6.4 Without prejudice to any other provision of this Agreement, any successor-in-title, including any executor, heir, liquidator, judicial manager, curator, or trustee, of either party shall be bound by this Agreement.
6.5 Each and every term and provision contained in this Agreement is divisible from the others and any term or provision of this agreement if found to be invalid, void, voidable or unenforceable for any reason whatsoever it shall be invalid, void, voidable or unenforceable only to the extent of that term or provision and shall not affect the validity and enforcement of the remaining terms and provisions of this Agreement which shall remain of full force and effect.
6.6 A written certificate purporting to have been signed by a manager or accountant for the time being of the Discounting Company, whose capacity or authority it will not be necessary to prove will upon the mere production thereof be binding on the Applicant and be prima facie proof of the contents of such certificate and of the fact that such amount and interest is due and payable in any legal proceedings against the Applicant, and will be valid as a liquid document against the Applicant in any competent court.
6.7 The Applicant consents to the jurisdiction of the Magistrates’ Court (District or Regional Division) in respect of any legal proceeding arising from or pursuant to this Agreement. Notwithstanding the consent, the Discounting Company may institute action in any High Court having jurisdiction.
6.8 In the event of the voluntary or compulsory provisional or final sequestration or liquidation or placing under business rescue of the Applicant or a compromise between the Applicant and its general body of creditors:
6.8.1 the Discounting Company may, without prejudice to any of its rights under this Agreement:
(a) prove a claim against the Applicant’s estate for the full amount of the Discounting Company’s claim against the Applicant; and
(b) recover from any surety or co-principal debtor the full amount of the Discounting Company’s claim against the Applicant, whether actual or contingent;
6.8.2 any dividend received by the Discounting Company from the Applicant’s estate shall be applied firstly to pay that part, if any, of the Applicant’s obligations to the Discounting Company which is not covered by this Agreement;
6.8.3 any failure of the Discounting Company to prove any claim against the Applicant’s estate shall not affect a surety’s or co-principal debtor’s liability to the Discounting Company in terms of this Agreement; and
6.8.4 Any compromise by the Discounting Company in Business Rescue proceedings shall not discharge a surety’s or co-principal debtor’s liability to the Discounting Company for the purposes of this Agreement.
6.9 The Applicant hereby expressly renounces the benefits of the non causa debiti, the errore calculi, the revision of accounts, no value recorded and, if there is more than one Applicant, the de doubus vel pluribus reis debendi or the ordinis seu excussionis et divisionis.
6.10 Should the Discounting Company incur legal costs in the collection of any amounts due to the Discounting Company, the Applicant shall pay such costs on the attorney-and-client scale, as well as collection costs, further interest and legal costs. Collection costs shall be calculated at 10% (ten percent) plus VAT of each and every payment made in reduction of the debt.
6.11 Any amounts due to the Discounting Company shall bear interest at the Prime Rate plus 25% (twenty five percent) on the Capital Amount from 30 (thirty) days after the breach of the Agreement, to date of final payment, compounded monthly in arrears on the outstanding balance due and shall be so calculated and capitalised on the last day of each and every month until the total amount due in terms of the Agreement shall have been paid.
7. PAYMENT TO DISCOUNTING COMPANY
7.1 As it applies to Seller Advances, Estate Agent Commission Advances and Mortgage Bond Advances:
7.1.1 The Applicant hereby appoints and irrevocably mandates the Conveyancing Attorneys as their agent to repay, to the Discounting Company:
7.1.1.1 the Capital Amount advanced by the Discounting Company to the Applicant; and/or
7.1.1.2 the Claim; and/or
7.1.1.3 the Debt; and/or
7.1.1.4 any other amount/s due to the Discounting Company by the Applicant in terms of any other Agreement entered into between the Applicant and the Discounting Company, whether such amount/s are due or not.
7.1.2 The payment of the amounts specified in 7.1.1.1 – 7.1.1.3 above to the Discounting Company shall be enforced and secured in the following matter:
7.1.2.1 The Applicant shall request that the Conveyancing Attorney provides the Discounting Company with a Letter of Undertaking, in a form to be determined by the Discounting Company, which provides that the Conveyancing Attorney shall make payment directly to the Discounting Company of the amounts specified in 7.1.1.1 – 7.1.1.3 on the Registration Date; and
7.1.2.2 The Applicant shall ensure that on or before the Registration Date the Proceeds are transferred directly into the trust account of the Conveyancing Attorneys to enable them to give effect to the Letter of Undertaking;
7.1.2.3 The Applicant hereby consents to any other funds, which may be held in trust by the Conveyancing Attorneys and due to the Applicant, to be utilised to set-off any shortfall between the Proceeds and Capital Amount due to the Discounting Company.
7.1.2.4 The Applicant irrevocably grants the Discounting Company, with power of substitution, full power and authority to recover in their name from any person/entity that is or shall be in possession of the amounts specified in 7.1.1.1 – 7.1.1.4 above; to institute action in their name against all or any party for the purpose of recovering the said amounts and to retain the proceeds recovered in the exercise of such powers on account of, and in reduction of, their indebtedness to the Discounting Company, including all costs and expenses of whatsoever nature together with interest at the maximum rate permitted by law, together with legal costs as between attorney and client incurred in the exercise of any such power.
7.1.2.5 In the event that the Conveyancing Attorney fails to make payment to the Discounting Company on the Registration Date and pays the Proceeds to the Applicant or to any other person, the Applicant shall immediately notify the Discounting Company of such failure and shall make payment of the Proceeds to the Discounting Company, which payment shall be made without set-off or deduction. Any additional costs, charges or interest that may be incurred due to the failure of the Conveyancing Attorneys will be solely for the account of the Applicant.
7.1.2.6 Should the Applicant be a party to more than one Agreement with the Discounting Company, the Applicant hereby consents to the Discounting Company utilizing the Proceeds that may be owing to the Discounting Company in respect of any other Agreements to offset the amount due in terms of this Agreement and the same shall apply conversely. The exercising of this right shall be at the sole and absolute discretion of the Discounting Company.
7.2 As it applies to all other Advances that may from time to time be given by the Discounting Company:
7.2.1 The Applicant hereby appoints and irrevocably mandates the Undertaking Provider as their agent to repay, to the Discounting Company:
7.2.1.1 the Capital Amount advanced by the Discounting Company to the Applicant; and/or
7.2.1.2 the Claim; and/or
7.2.1.3 the Debt; and/or
7.2.1.4 any other amount/s due to the Discounting Company by the Applicant in terms of any other Agreement entered into between the Applicant and the Discounting Company, whether such amount/s are due or not.
7.2.2 The payment of the amounts specified in 7.2.1.1 – 7.2.1.3 above to the Discounting Company shall be enforced and secured in the following matter:
7.2.2.1 The Applicant shall request that the Undertaking Provider provides the Discounting Company with a Letter of Undertaking, in a form to be determined by the Discounting Company, which provides that the Undertaking Provider shall make payment directly to the Discounting Company of the amounts specified in 7.2.1.1 – 7.2.1.3 on the Due Date; and
7.2.2.2 The Applicant shall ensure that on or before the Due Date the Undertaking Provider is in possession of the Proceeds enable them to give effect to the Letter of Undertaking;
7.2.2.3 The Applicant hereby consents to any other funds, which are or may in the future be due to the Applicant by the Undertaking Provider, being utilised to set-off any shortfall between the Proceeds and Capital Amount due to the Discounting Company.
7.2.2.4 The Applicant irrevocably grants the Discounting Company, with power of substitution, full power and authority to recover in their name from any person/entity that is or shall be in possession of the amounts specified in 7.2.1.1 – 7.2.1.4 above; to institute action in their name against all or any party for the purpose of recovering the said amounts and to retain the proceeds recovered in the exercise of such powers on account of, and in reduction of, their indebtedness to the Discounting Company, including all costs and expenses of whatsoever nature together with interest at the maximum rate permitted by law, together with legal costs as between attorney and client incurred in the exercise of any such power.
7.2.2.5 In the event that the Undertaking Provider fails to make payment to the Discounting Company on the Registration Date and pays the Proceeds to the Applicant or to any other person, the Applicant shall immediately notify the Discounting Company of such failure and shall make payment of the Proceeds to the Discounting Company, which payment shall be made without set-off or deduction. Any additional costs, charges or interest that may be incurred due to the failure of the Undertaking Provider will be solely for the account of the Applicant.
7.2.2.6 Should the Applicant be a party to more than one Agreement with the Discounting Company, the Applicant hereby consents to the Discounting Company utilizing the Proceeds that may be owing to the Discounting Company in respect of any other Agreements to offset the amount due in terms of this Agreement and the same shall apply conversely. The exercising of this right shall be at the sole and absolute discretion of the Discounting Company.
8. RESOLUTIVE CONDITION
The sale and cession of the Claim is subject to the condition that the Registration Date or Due Date, as applies, must occur within 120 (ONE HUNDRED AND TWENTY) days of the advance of the Capital Amount, or a further period as otherwise agreed to in writing between the parties (“the Additional Period”), failing which the Discounting Company has the election to act in terms of clause 9.2 hereunder.
9.EFFECT OF RESOLUTIVE CONDITION
9.1 Notwithstanding anything to the contrary contained in this Agreement, should the condition as per clause 8 hereof not be complied with the daily discounting rate shall automatically increase to 0.15% per day, which rate shall take effect from the 121st (one hundred and twenty first) day.
9.2 In addition to clause 9.1 the Discounting Company shall have the absolute discretion, irrespective of whether the Additional Period has expired or not, without harming its legal rights of cancellation, to:
9.2.1 claim immediate repayment of all amounts due; or
9.2.2 agree to and further extend the period by which the resolutive condition may be fulfilled;
9.2.3 waive the resolutive condition, provided that the waiver shall not be binding on the Discounting Company unless in writing and signed for and on behalf of the Discounting Company.
9.2.4 in the case of an advance to a Property Seller or a Mortgagor, pass a mortgage bond against the Property described in the Application Form.
9.3 Should the Discounting Company not exercise its election in terms of clause 9.2.1, it is presumed that the Discounting Company has extended the period set out in clause 8, reckoned from the expiry of the 120 (one hundred and twenty) days since the Capital Amount has been advanced until the Discounting Company makes the said decision in writing, subject to clause 9.1.
10 WARRANTIES AND UNDERTAKINGS
The Applicant warrants, undertakes and declares to the Discounting Company that:
10.1 the Applicant has disclosed all material information concerning the transaction, the Proceeds that will be available, deductions, prior claims and any current or impeding judgement debts against them;
10.2 the Applicant generally understands and appreciates the risks, costs and obligations under this Agreement;
10.3 the full Claim amount will be payable to the Discounting Company on the Registration Date or Due Date, as applies;
10.4 the Claim, or any part of it, has not been sold, transferred, ceded or pledged to anyone else;
10.5 the Applicant forfeits his rights to instruct the Conveyancing Attorneys or the Undertaking Provider, as applies, or any other person to pay the Claim/Proceeds anywhere other than to the Discounting Company;
10.6 the Applicant will not accept payment of the Claim/Proceeds either directly or indirectly to the exclusion, whether in whole or in part, of the Discounting Company;
10.7 on the Registration Date or Due Date, as applies, the Discounting Company will receive the Initial Amount advanced plus all Additional Payments if any, plus the Discounting Fee, plus any other amounts due by the Applicant in terms of this Agreement; and
10.8 should on the Registration Date or Due Date, as applies, the Discounting Company not receive the full amount set out in 10.7, as due by the Applicant, from the Conveyancing Attorneys or Undertaking Provider, as applies, then the Applicant shall immediately pay to the Discounting Company the amount due or any shortfall of such amount.
11. EFFECT OF WARRANTIES
The Applicant acknowledges that the Discounting Company is entering into this Agreement in reliance on the abovementioned warranties, representations and undertakings and that if any of these warranties, representations and undertakings are or become to any extent inaccurate or breached, the Applicant will have committed fraud against the Discounting Company.
12. BREACH AND CANCELLATION
12.1 The Discounting Company may on occurrence of the events listed in clause 12.3, at any time before or after payment of the Capital Amount, cancel the agreement with 5 (five) days written notice to the Applicant, without prejudice to the Discounting Company or any other rights due to it in terms of these conditions or as set out by law.
12.2 Notice shall be given to the Applicant at his chosen domicilia citandi et executandi for service of all legal and ordinary notices in terms of this Agreement.
12.3 The Discounting Company may elect to cancel the Agreement in terms of clause 12.1 if it is of the opinion that any of the following facts or events may have occurred or might occur:
12.3.1 any warranty, representation or undertaking given herein is to a materially inaccurate or has been breached; or
12.3.2 the Discounting Company’s rights or ability to enforce its rights in terms of this Agreement will be prejudiced; or
12.3.3 any part of this Agreement is or becomes unenforceable in its current form; or
12.3.4 the Applicant is in breach of this Agreement in any way and has failed and or neglected to remedy such breach within 5 (five) days after receiving notice to remedy the breach; or
if either the Registration process, the Applicant, the Agency or the Proceeds become in any way compromised, the determination of such compromise being at the sole discretion of the Discounting Company.
13. INDEMNITY
The Applicant hereby indemnifies and holds the Discounting Company harmless from all or any liability, damage, claims, costs and/or expenses incurred by the Applicant, or any third party in connection with the Applicant’s execution of its obligations in terms of this Agreement.
14. RESTITUTION
14.1 Upon cancellation pursuant to clause 9.2.1 or clause 12 of the Agreement and without prejudice to any rights that the Discounting Company may have by law, the Debt due to the Discounting Company will become immediately due and payable by the Applicant to the Discounting Company.
14.2 The Agreement shall be of no further effect once all funds, together with interest thereon, advanced by the Discounting Company to the Applicant have been transferred into a nominated bank account of the Discounting Company.
14.3 The Applicant shall refund to the Discounting Company any amount paid by the Discounting Company to the Applicant or any other person resulting from the Application, together with interest thereon in terms of clause 6.11.
15. AGENCY
15.1 Notwithstanding anything to the contrary contained in this Agreement, the Applicant agrees that, neither the Conveyancing Attorneys nor their staff members shall be construed to be agents for the Discounting Company.
15.2 The Discounting Company shall not be bound by the representations, acts or omissions of any of the parties referred to above.
15.3 The Conveyancing Attorneys merely serve the function of introducing the Applicant to the Discounting Company, facilitating the registration of the transfer/bond and assisting in certain administrative functions, for which it may be entitled to receive an introduction or facilitation fee or commission from the Discounting Company.
16. WHOLE AGREEMENT
This Agreement constitutes the whole of the agreement between the parties relating to the subject matter thereof, and no amendment, alteration, addition, variation or consensual cancellation will be of any force or effect unless reduced to writing and signed by the parties.
17. WAIVER
No waiver of any of the terms and conditions of this Agreement will be binding for any purpose unless expressed in writing and signed by the party giving the same, and any such waiver will be effective only in the specific instance and for the purpose given. No failure or delay on the part of either party in exercising any right, power or privilege will operate as a waiver, nor will any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege.
18. ASSUMPTIONS OF OBLIGATIONS AND OWNERSHIP
The Discounting Company does not assume any obligations of the Applicant under any sale agreement, loan agreement or otherwise in relation to the Property, all of which remain with the Applicant, irrespective of anything stated to the contrary in this Agreement.
19. NOTICES
19.1 The Applicant select as its domicilia citandi et executandi for the purpose of legal proceedings and for the purposes of giving or sending any notice provided for or necessary in terms of this agreement, the addresses set out in section 1 of the Application Form or such other address or e-mail address as may be substituted by notice given as required. Each of the parties will be entitled from time to time to vary its domicilium by written notice to the others.
19.2 Any notice addressed to a party at its physical or address will be sent by prepaid registered post or delivered by hand; or alternatively sent to the e-mail address.
19.3 A notice will be presumed, unless the contrary is proved, to have been given:
19.3.1 if posted by prepaid registered post, 5 (five) days after the date of posting thereof;
19.3.2 if hand delivered during business hours on a business day, on the day of delivery;
19.3.3 if sent by e-mail, on the first business day following the date of sending of such e-mail.
Contact Details
Email: info@levinocapital.co.za
Tel: 011 465 2340
Cell: 082 308 6042
Address: 35 Pineview Estate, Pine Road, Fourways, 2121.
LEVINO CAPITAL PRIVACY POLICY STATEMENT (Last updated 06/09/2018)
THIS PRIVACY STATEMENT FORMS PART OF LEVINO CAPITAL’S WEBSITE TERMS AND CONDITIONS. IF YOU DO NOT AGREE WITH ANY TERM OF THIS PRIVACY STATEMENT, YOU MUST CEASE YOUR ACCESS OF THIS WEBSITE IMMEDIATELY.
1. Definitions and Interpretation
1.1 “LevCap” means Levino Capital (Pty) Ltd (Registration number: 2018/462954/07)
1.2 “Personal Information” means information relating to an identifiable, living, natural person and where it is applicable, identifiable, existing juristic person, including all information as defined in the Protection of Personal Information Act 4 of 2013.
1.3 “Processing” means the creation, generation, communication, storage, destruction of personal information as more fully defined in the Protection of Personal Information Act 4 of 2013.
1.4 “You” or the “user” means any person who accesses and browses this website for any purpose.
1.5 “Website” means the website of LevCap at URL www.levinocapital.co.za or such other URL as LevCap may choose from time to time.
2. Status and Amendments
2.1. LevCap respects your privacy. This privacy policy statement sets out LevCap’s information gathering and dissemination practices in respect of the Website.
2.2. This Privacy Policy governs the processing of personal information provided to LevCap through your use of the Website.
2.3. Please note that, due to legal and other developments, LevCap may amend these terms and conditions from time to time. The version of the terms and conditions effective for this Privacy Policy are indicated by the effective date incorporated in the title of this Privacy Policy. It is your duty to remain appraised of the current version of this Privacy Policy. The date indicated in the heading of this Privacy Policy is the effective date that governs the browsing and use of this Privacy Policy from that date until the next revision of this Privacy Policy becomes effective.
2.4. By continuing to browse or use this Privacy Statement after a revised Privacy Policy becomes effective constitutes your agreement to observe this Privacy Policy as may be revised.
3. Processing of Personal Information
3.1. By providing your personal information to LevCap you acknowledge that it has been collected directly from you and consent to its processing by LevCap.
3.2. Where you submit Personal Information (such as name, address, telephone number and email address) via the website (e.g. through completing any online form) the following principles are observed in the processing of that information:
3.2.1. LevCap will only collect personal information for a purpose consistent with the purpose for which it is required. The specific purpose for which information is collected will be apparent from the context in which it is requested.
3.2.2. LevCap will only process personal information in a manner that is adequate, relevant and not excessive in the context of the purpose for which it is processed.
3.2.3. Personal information will only be processed for a purpose compatible with that for which it was collected, unless you have agreed to an alternative purpose in writing or LevCap is permitted in terms of national legislation of general application dealing primarily with the protection of personal information.
3.2.4. LevCap will keep records of all personal Information collected and the specific purpose for which it was collected for a period of 1 (one) year from the date on which it was last used.
3.2.5. LevCap will not disclose any personal information relating to you to any third party unless your prior written agreement is obtained or LevCap is required to do so by law.
3.2.6. LevCap will destroy or delete any personal information that is no longer needed by LevCap for the purpose it was initially collected, or subsequently processed.
3.3. Note that, as permitted by the Electronic Communications and Transactions Act 25 of 2002, LevCap may use personal information collected to compile profiles for statistical purposes. No information contained in the profiles or statistics will be able to be linked to any specific user.
4. Collection of anonymous data
4.1. LevCap may use standard technology to collect information about the use of this website. This technology is not able to identify individual users but simply allows LevCap to collect statistics.
4.2. LevCap may utilise temporary or session cookies to keep track of users' browsing habits. A cookie is a small file that is placed on your hard drive in order to keep a record of your interaction with this website and facilitate user convenience.
4.2.1. Cookies by themselves will not be used to identify users personally but may be used to compile de-identified statistics relating to use of services offered or to provide LevCap with feedback on the performance of this website.
4.2.2. The following classes of information may be collected in respect of users who have enabled cookies:
4.2.2.1. The browser software used;
4.2.2.2. IP address;
4.2.2.3. Date and time of activities while visiting the website;
4.2.2.4. URLs of internal pages visited; and
4.2.2.5. referrers.
4.3. If you do not wish cookies to be employed to customize your interaction with this website it is possible to alter the manner in which your browser handles cookies. Please note that, if this is done, certain services on this website may not be available.
5. Security
5.1. LevCap takes reasonable measures to ensure the security and integrity of information submitted to or collected by this website but cannot under any circumstances be held liable for any loss or other damage sustained by you as a result of unlawful access to or dissemination of any personal information by a third party.
6. Links to other websites
6.1. LevCap has no control over and accepts no responsibility for the privacy practices of any third-party websites to which hyperlinks may have been provided and LevCap strongly recommends that you review the privacy policy of any website you visit before using it further.
7. Queries
7.1. If you have any queries about this privacy policy, please contact us by emailing manyaba@levino.co.za
TERMS & CONDITIONS OF USE (Last updated 06/092018)
(PLEASE READ THE WEBSITE TERMS AND CONDITIONS OF USE BEFORE CONTINUING TO BROWSE THE WEBSITE)
1. Definitions and Interpretation
1.1. “LevCap” means LEVINO CAPITAL (PTY) LTD (Registration number: 2018)
1.2. “You” or the “user” means any person who accesses this Website for any purpose.
1.3. “Website” means the website of LevCap at URL www.levinocapital.co.za or such other URL as LevCap may choose from time to time.
2. Use Subject to these Terms and Conditions
2.1. Your access, browsing and use of this website is governed by these terms and conditions. By accessing and browsing this website you agree that you will be bound by these terms and conditions from the time when you first access this Website and to any amended terms and conditions from the first time that you access the Website subsequent to amended terms and conditions becoming effective.
2.2. If you do not agree to these terms and conditions, you must immediately cease your browsing of this website.
2.3. These terms and conditions, including the Privacy Policy above, govern LevCap’s processing of any personal information which may be provided to it through the use of this website.
2.4. Due to legal and other developments, LevCap may amend these Terms and Conditions from time to time. The version of the Terms and Conditions effective for this website is indicated by the effective date incorporated in the title of these Website Terms and Conditions. It is your duty to remain appraised of the current version of these Website Terms and Conditions. The date indicated in the heading of these Website Terms and Conditions is the effective date that governs the browsing and use of this website from that date until the next revision of these Website Terms and Conditions becomes effective.
2.5. By continuing to browse or use the website after any amended terms and conditions become effective, you agree to be bound by the amended terms and conditions.
3. Content
3.1. All information accessed or browsed using this website is provided “as is”.
3.2. While LevCap shall endeavour to ensure that all material published on the website is accurate at the time of its publication, it gives no warrantees as to the accuracy of the information and the information does not represent legal or financial advice. Your use of the information is entirely at your own risk and no liability will arise against levCap resulting from your browsing the website or using the information provided on the website.
3.3. LevCap does not warrant that this website or the delivery, hosting and ancillary services or facilities of third party suppliers utilised by LevCap will continue to operate, will operate without interruptions or will be error free or that it will be free of any software virus or other harmful component.
3.4. You will be entirely responsible for any resulting damage to software or computer systems and/or any resulting loss of data caused as a result of any use of this website.
4. Third Party Sites
4.1. If this website contains hyperlinks to websites owned and / or operated by third parties. LevCap is not responsible for the content of such websites and does not endorse or approve the contents thereof. The fact that a website is linked to this LevCap website does not imply that Gfin sponsors, endorses or is affiliated or associated with the entity that owns or is responsible for the website. Consequently, LevCap is not liable for the operation and content of any third-party websites that may be linked to this Website (regardless of whether or not a link has been permitted by LevCap).
5. Intellectual Property
5.1. Except where expressly stated to the contrary, copyright in the HTML, text, graphics, audio clips, video clips, source and / or object code and all other works contained in this Website is owned by LevCap, which asserts and reserves all of its rights in this regard. Access to or use of this Website will not in any way result in an assignment or license of any intellectual property owned by LevCap or any other party.
5.2. The contents of this website may not be transmitted, transcribed, reproduced, stored or translated into any other form without the prior written permission of LevCap. However, LevCap permits you to display the content of this Website on your computer and to print,
download and use the underlying HTML, text, graphics, audio clips, video clips and other works available to you on this website provided that:
5.2.1. this is for your personal education;
5.2.2. you do not modify the content of this material;
5.2.3. Gfin website is the acknowledged source including the reference www.granitefinance.co.za; and
5.2.4. this permission may be revoked at any time by LevCap.
5.3. No other use of this website is permitted. Without restricting the generality of the foregoing, you may not make commercial use of the content of this Website, include the content of this Website in or with any product that you create or distribute, or copy the content of this Website onto your own or another's website, without the prior written consent of LevCap. Enquiries in this regard may be made to info@levinocapital.co.za.
6. Linking, Framing and Crawling
6.1. The prior written authority of LevCap is required before any hyperlink is created. Authority, if granted, will be subject to the condition that the party linking to this Website alerts users to the application of these terms and conditions. Requests for authority can be emailed to info@levinocapital.co.za.
6.2. Permission to link to this website will be granted strictly without the assumption of any liability on the part of LevCap. LevCap reserves the right to withdraw permission granted to link to this Website at any time in the entire discretion of LevCap’s Chief Information Officer.
6.3. The prior written authority of LevCap, which may be subject to conditions, is required before this website, any of its pages and/or any of the information contained on the website is framed. Requests for authority can be emailed to info@levinocapital.co.za.
6.4. Save for the use of bona fide search engine and the search facility provided on the website for users, no person may use or attempt to use any technology or applications (including web crawlers or web spiders) to search or copy content from the Website for any purpose without the prior written consent of LevCap. Any attempt to do so, whether successful or not, is an offence as contemplated in 7.1.
7. Security
7.1. Any person who in any manner interferes with the data or information displayed on this website in any way which causes it to be modified, destroyed or otherwise rendered ineffective or inaccurate, acts contrary to the provisions of the Electronic Communications and Transactions Act 25 of 2002 and is guilty of an offence.
7.2. Any person who in any manner interferes with any third party’s access to this website or denies access to the website, whether partial or absolute, is guilty of an offence in terms of the Electronic Communications and Transactions Act 25 of 2002.
7.3. Any attempt to commit or aid and abet someone in the commission of the offences referred to in 7.1 and 7.2 is guilty of an offence in terms of the Electronic Communications and Transactions Act 25 of 2002.
7.4. LevCap will, as it may be advised, cause the prosecution of any person who is guilty of an offence described in 7.1 and 7.2.
7.5. LevCap will, as it may be advised, institute appropriate action to obtain relief against the perpetrator of the actions contemplated in 7.1, 7.2 and 7.3, with a view to recovering any damages that it may suffer and to protect LevCap website against defacement, unauthorised amendment of content and disruption of the use of the website.
7.6. While LevCap will take appropriate security precautions to protect the website against abuse by third parties, by accessing and browsing this website you accept that no liability will lie against LevCap for any damages caused to you by the malicious interference with the operation of this website, and/or any destructive data or code that may be communicated to computers or information systems used by you as a result of your access and browsing of the website.
8. Personal Information
8.1. The processing of all personal information by LevCap is governed by the Privacy Policy Statement above.
8.2. Any personal information which may be provided to LevCap through this Website will be processed in accordance with the Protection of Personal Information Act 4 of 2013. Details of the processing of personal information are contained in the Privacy Policy Statement above. The processing of personal information which may be collected through interactive communications facilitated by this website, are subject to the Privacy Statement published on this website.
9. Disclaimer and Indemnity
9.1. LevCap expressly disclaims all liability for any direct, indirect or consequential loss or damage occasioned by your accessing and browsing of the website or your inability to access and browse this Website, or whether caused directly or indirectly by inaccuracies, defects, errors (whether typographical or otherwise), omissions, out of date information or for any other reason, even if such loss was reasonably foreseeable and LevCap had been advised of the possibility of the loss occurring.
9.2. You agree to indemnify and hold harmless LevCap, its servants, subcontractors, subsidiaries and affiliates from any demand, action or application or other proceedings, including for attorney's fees and related costs such as tracing fees, made by any third party and arising out of or in connection with your use of or access, browsing or use of this website.
10. Jurisdiction
10.1. These terms and conditions are governed by and construed in accordance with the law of the Republic of South Africa; you and LevCap both agree to submit any dispute arising out
of the use of this website to the exclusive jurisdiction of the courts of the Republic of South Africa.
11. General
11.1. These terms and conditions record the entire agreement between you and LevCap in respect of your access, browsing and use of the website.
11.2. If any provision of these terms and conditions is found to be invalid by any court having competent jurisdiction, the invalidity of that provision will not affect the validity of the remaining provisions which will remain in full force and effect.
11.3. LevCap's omission to exercise any right under these terms and conditions will not constitute a waiver of any such right unless expressly accepted by LevCap in writing.
11.4. Notwithstanding the fact that hyperlinks in these terms and conditions to certain documents should be deemed part of these terms and conditions in terms of section 11 of the Electronic Communications and Transactions Act 25 of 2002, the fact that some or all of the hyperlinks may be non-operational, will not play a role in determination of the validity and interpretation of these terms and conditions.
11.5. We may modify, limit, withdraw or deny access to this website at any time.
12. Cost Calculator
12.1. The Cost Calculator is for illustrative purposes only. For a formal quotation, please contact LevCap directly.
12.2. Discounting rates are subject to change at the discretion of LevCap.
12.3. All discounting rates are risk profile dependent, which risk is determined at the sole and absolute discretion of LevCap.
12.4. LevCap is in no way bound by any fee which may be shown on the Cost Calculator.