(2) (a) The data of the used car that is subject to purchase or that has been already purchased and for which the loan has been granted is mentioned in the application form. The Borrower assures that there are no other restrictions incurred on the car.
(2) (b) With respect to the new car which has not been purchased yet, the Borrower shall inform the Bank of its detailed data within three days from the date the borrower Receives the numbers of registering the car in The Traffic Department subordinating the Ministry of Interiors or to assign the vendor the submission of such data in Accordance with the application form. Such detailed data shall be considered a part of this Agreement.
(2) (c) The Bank shall not be responsible for providing the authenticated certificate of registration and the Borrower cannot suspend the payment of the determined monthly installments on the ground that the Borrower did not receive the certificate of registration.

3) Both the Borrower and the Guarantor acknowledge that they will not be entitled to any advance defense before the Court that the accurate data of the car was not available at the date of signing the Loan Agreement.

4) The Borrower shall annotate a prohibition of disposal in the car register at the relevant traffic department.

5) The prohibition of disposal is considered done just after the execution of this Agreement or delivering the car which ever comes first.

Third: The Borrower's obligations:

According to the Borrower's recognition of its obligations, the Borrower agrees on the following:
1) In case of financing a New Car: the Bank will pay the loan amount to the vendor directly and such payment shall be deemed as if it were paid to the Borrower in person.
2) In case of financing a Used Car,: the Bank will pay the Loan amount to the owner/seller of the car or the vendor, and such payment will be deemed as if it were paid to the Borrower in person.

3) The Borrower shall be responsible for compensating the Bank with all the payments and expenses that may be incurred by the Bank, including the judicial expanse, fees and costs relevant to recovering the car possession, keeping, insuring and selling the car.

4) The Borrower shall be solely responsible for receiving the car form the factory or the vendor. The Bank shall not be responsible for any delay in delivery, payment of the price, any delay costs or the quality/condition/ validity of the car. Furthermore, the Borrower hereby declares that he/*she exempts the Bank from any responsibility in relation to any of the abovementioned and that the Borrower shall not suspend the payment of the monthly installments on their due dates on the grounds that the car has not been delivered.

5) (a)For the purpose of the loan insurance and confirming the annotation of prohibition of disposal in the insurance policy, the Borrower shall obtain a comprehensive insurance on the car against all potential risks in accordance with the applicable terms from time to time from one of the insurance companies approved by the Bank. Citibank may conclude the insurance on behalf of the Client in its capacity as the party that granted credit and to pay the premium to the insurance company by a check or a post-dated payment order that is issued by the Borrower or any other instructions of payment. In the event that Citibank does not pay any premium for any reason whatsoever, this shall not affect the Borrower's obligation to pay the premium to the insurance company as well as keeping the car covered by the comprehensive insurance. Citibank shall be entitled to the first claim of any insurance compensation. The Borrower hereby fully authorizes Citibank to take any required procedures to protect the interest of Citibank. Furthermore, the Borrower shall abide by all the instructions issued by Citibank, from time to time, in relation to the insurance policy and its renewal.
5) (b) The Borrower shall issue an irrevocable power of attorney in favor of the Bank in accordance with the form attached hereto.
5) (c) The Borrower shall pledge the car in favor of the Bank in accordance with the form attached hereto.

6- The Borrower shall not impose any restrictions on the car subject to the prohibition of disposal or transfer the title in any way without obtaining the express written consent of Citibank. Also the Borrower shall annotate in the certificate of licensing the car the prohibition of disposal in favor of Citibank in order to affirm the presence of that restriction.
In addition, any disposal of the car, whether direct or indirect, shall constitute the crime of breach of trust which entitles the Bank to take legal procedures against the Borrower. The car is considered held in trust by the Borrower in accordance with the application form.

7- Citibank may at all times request to inspect the car as well as all its relevant documents.

8- All the payments carried out by the Borrower to repay the debt as well as its interest and expenses shall be in cash, by checks or in any other methods deemed appropriate by Citibank.

9- Pursuant to the loan agreement, the payment shall be considered complete immediately upon adding the full due payable amounts to the loan account of the Borrower in Citibank without any deductions.

10- In case the due date for payment corresponds to a weekend or a holiday, it shall be automatically amended to the last working day prior to the weekend or the holiday.

11- All the payments carried out by the Borrower in favor of Citibank shall be net without the deduction of any taxes or reductions of any nature whatsoever.

Forth: Incidents of Default:

In the event that:
1- The Borrower fails to pay any amount on its due date, whether part of the basic loan, the interest or other;

2- In case any pledge or guarantee mentioned in this Agreement, any certificate or statement issued in relation to this agreement is incorrect or invalid in respect of any of its aspects;

3- In case the Borrower breaches any term or pledge mentioned in this Agreement;

4- If the car is being confiscated or seized by any authority or for the purpose of implementing any legal procedures;

5- If the Borrower's bankruptcy or insolvency is declared or in case the Borrower loses his capacity;

6- In case of administrative seizure of the car or in case the car is exposed to risks or destruction,

7- In case the car is stolen or in case it is exposed to total damage in the opinion of the Bank;

8- If the Borrower loses his occupation or in case his residence permit is cancelled;

9- If the Borrower tries to transfer the title to the car to third parties prior to the fulfillment of all its obligations under this agreement;

10- In case of the occurrence of any circumstances which the Bank, according to its sole discretion, considers jeopardizing its interests. Thus, in case any of the aforementioned incidents occurs, the Bank shall be entitled to:
a) Demand the immediate payment of the Loan as well as any other due amount by virtue of this agreement, in addition to the fees due to the Bank in relation to the outstanding balance of the basic amount in accordance with the Bank policy without the need to any protesting procedure, sending notice or litigation;
b) The Bank may take possession of the car if it finds such action appropriate and the authorized representatives of the Bank shall be entitled to manage the car as well as all its relevant matters in relation to the use of the car, the renewal of its license…..etc, in addition to selling the car in the manner the Bank may deem appropriate….without any responsibility on the Bank, in respect of loss;


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