BOOST BANK BERHAD PERSONAL LOAN TERMS AND CONDITIONS

1. DOCUMENTATION

1.1. By applying for and/or using the Facility (as defined below), the Borrower hereby agrees with Boost Bank that the Facility shall be subject to these T&C and these T&C shall be read together with the Facility Documents (as defined below).

1.2. These T&C together with the Facility Documents (collectively, the “Agreement”) shall form a single agreement between the Borrower and Boost Bank which shall constitute the final and binding agreement between the Borrower and Boost Bank.

2. DEFINITIONS

2.1. In the Agreement, unless the context otherwise requires or unless it is otherwise expressly provided, the following expressions shall have the meaning respectively assigned to them hereunder, 

“Boost Bank” BOOST BANK BERHAD (Registration No. 202301007223 (1501144-T)), a company incorporated in Malaysia and having its registered office at Level 26, Axiata Tower, 9Jalan Stesen Sentral 5, Kuala Lumpur Sentral, 50470 Kuala Lumpur, Malaysia. 

“Boost Bank App” The Boost Bank platform made available to the Borrower through (a) the mobile application installed on the Borrower’s mobile device and/or (b) the web-based portal accessible via an internet browser, managed and operated by Boost Bank through which it offers its financial product(s) and/or service(s), including the personal loan product. 

“Borrower” The borrower as named in the Key Contract Terms. 

“Business Day” A day (other than a Saturday, Sunday or a public holiday) on which financial institutions licensed under the Financial Services Act 2013 are open in Kuala Lumpur. 

“Event of Default” Any of the events or states of affairs specified in Clause 10. 

“Facility" The personal loan facility is an unsecured conventional personal loan for individual consumers with specific focus on unserved and underserved segments, including civil servants; It enables the Borrower to receive lump sum for the Purpose specified in the Key Contract Terms and the Borrower then make repayment(s) to Boost Bank in accordance with these T&C.

“Facility Documents” The Key Contract Terms, these T&C, the Product Disclosure Sheet, the Terms of Use and all other documents specifically defined as Facility Documents by Boost Bank.

“Key Contract Terms” The key contract terms of the Facility accepted or to be accepted by the Borrower. 

“Material Adverse Effect” Events or circumstances which in the opinion of 
Boost Bank have a material adverse effect on: 

(a) the Borrower’s conditions (financial or otherwise); or 

(b) the Borrower’s ability to perform his obligations under the Agreement. 

“Ringgit” or “RM” The lawful currency of Malaysia.

“Outstanding Amount” all money outstanding or payable by the Borrower under the Agreement in connection to the Facility including principal, interest, late payment interest, additional interest, charges, commission, fees and other costs whether such money is payable immediately or in the future, upon the happening of any contingency, solely or jointly with any other person or as principal or surety.

“Privacy Notice” Boost Bank’s privacy notice (as amended, supplemented or replaced from time to time) available at https://myboostbank.co/privacy-notice or such other webpage, URL or platform as Boost Bank may designate from time to time.

“Product Disclosure Sheet” Boost Bank’s product disclosure sheet for personal loan product (as amended, supplemented or replaced from time to time) available at https://myboostbank.co/ or such other webpage, URL or platform as Boost Bank may designate from time to time.

"T&C" These personal loan terms and conditions.

"Terms of Use" Boost Bank’s terms of use (as amended, supplemented or replaced from time to time) available at https://myboostbank.co/term-of-use or such other webpage, URL or platform as Boost Bank may designated from time to time.

2.2. Construction of certain references

Except to the extent that the context requires otherwise, any reference in the Agreement to:-

(a) an “agreement” also includes a concession, contract, deed, franchise, licence, treaty or undertaking (in each case, whether oral or written);

(b) “indebtedness” includes any obligation (whether present or future, actual or contingent, secured or unsecured, whether incurred as principal or surety or otherwise) for the payment or repayment of monies;

(c) “law” includes common or customary law and any constitution, constitutional documents, decree, judgment, legislation, court order, ordinance, regulation, statute (includes statutory provisions, all statutory instruments or orders made pursuant to it as from time to time, amended, re-enacted extended or consolidated) guidelines, directive, policy, treaty or other legislative measure, in each case, in any jurisdiction whatsoever and whether or not having the force of law and “lawful” and “unlawful” shall be construed accordingly;

(d) a “month” means a period beginning in one calendar month and ending in the next calendar month on the day numerically corresponding to the day of the calendar month on which it commences or, where there is no date in the next calendar month numerically corresponding as aforesaid, the last day of such calendar month, and “months” and “monthly” shall be construed accordingly;

(e) a “person” includes a natural person, company, corporation, firm, partnership, joint venture, consortium, association, organisation, unincorporated body of persons, trust, state or agency of a state (in each case, whether or not having separate legal personality);

(f) “tax” and “taxes” includes any present or future tax, levy, impost, duty, charge, fee, deduction or withholding of any nature and whatever called, by or on whomsoever and wherever imposed, levied, collected, withheld or assessed (including any interest and penalty);

(g) a “time” of day is a reference to Kuala Lumpur time (unless otherwise specified);

(h) a “day” or “year” shall be construed by reference to the Gregorian calendar;

(i) headings and sub-headings in the Agreement are inserted for convenience only and shall be ignored in construing the Agreement;

(j) words or expression denoting the singular includes plural and vice versa. Any gender includes all genders;

(k) words “written” and “in writing” include any means of visible reproduction;

(l) a sub-clause or a paragraph is to a sub-clause or paragraph of the Clause in which such reference appears;

(m) an “associate corporation” of a company shall include any corporation in which the company holds not less than twenty per cent but not more than fifty per cent of the voting shares;

(n) a “related corporation” of a company shall include (i) the holding company of the first company; (ii) a subsidiary of the first company; (iii) a subsidiary of the holding company of the first company; (iv) a company which is under the leadership or management of the same shareholder(s) and/or directors of the ultimate holding company of the first company;

(o) any reference to any document is to that document as the same may be amended from time to time with the written consent of Boost Bank and any document from time to time issued or executed supplemental, in addition or in substitution to or for it; and

(p) words denoting an obligation on a person to do any act matter or thing includes an obligation to procure that it be done and words placing a person under a restriction includes an obligation not to permit infringement of the restriction save where otherwise provided and “due”, “owing”, “payable” and “receivable” shall similarly be construed.

3. PERSONAL LOAN FACILITY TERMS

3.1. The Facility, offered by Boost Bank via the Boost Bank App, is an unsecured conventional personal loan for individual borrowers.

3.2. Boost Bank agrees to grant the Facility to the Borrower subject to the terms of the Agreement. The Facility Amount, Tenure, Interest Rate and Loan Instalment shall be specified in the Key Contract Terms.

3.3. The Borrower shall utilise the proceeds of Facility solely for the Purposes specified in the Key Contract Terms and Boost Bank shall not be obliged to monitor or verify the use of such proceed.

3.4. Interest shall be charged at the Interest Rate specified in the Key Contract Terms and calculated on the outstanding principal balance on a reducing balance basis. Interest shall accrue from the date of disbursement until full settlement of the Facility.

3.5. Change in employment status (applicable to civil servants)

(a) Where the Borrower is employed as a civil servant at the time of application and subsequently ceases to be employed in the civil service for any reason whatsoever, the Borrower shall promptly notify Boost Bank.

(b) Upon such cessation, Boost Bank shall have the right, at its discretion, to:-

(i) require the Borrower to fully settle all outstanding amounts under  the Facility; or

(ii) convert or restructure the Facility into a standard personal loan facility, in which case (1) a different interest rate (including the standard rate) may apply; and (2) the loan installment amount and repayment terms may be revised accordingly.

(c) Boost Bank shall provide the Borrower with prior notice of any such conversion or revision in accordance with the Agreement.

(d) If the Borrower does not agree to the revised terms, the outstanding amount shall become immediately due and payable upon notice by Boost Bank.

(e) The Borrower agrees that any such conversion, restructuring or revision shall not constitute a breach of the Agreement.

4. CONDITIONS PRECEDENT FOR DISBURSEMENT

4.1 The Facility shall become available to the Borrower if the conditions set out Clause 5.1 below and the following conditions precedent have been satisfied and are satisfactory to Boost Bank as of the date of the application for the Facility and the proposed disbursement date:-

(a) the Borrower fulfills all eligibility criteria for the Facility, including:-

(i) being at least twenty-one (21) years of age at the time of application;
(ii) being not more than sixty (60) years of age at the maturity date of the Facility;
(iii) being a Malaysian resident with a valid MyKad; and
(iv) being employed or self-employed, with minimum income requirements as set out in the Product Disclosure Sheet (as may be amended from time to time).

(b) the Borrower has not been adjudicated a bankrupt.

(c) Boost Bank is satisfied that all necessary checks (including but not limited to Know-Your-Customer, Customer Due Diligence and Anti-Money Laundering), evaluations, validations, credit and risk assessments, and verifications required by Boost Bank have been duly completed to its satisfaction.

(d) the Borrower signs electronically all the Facility Documents, and all the applicable Facility Documents are stamped.

(e) any other conditions precedent as may be prescribed by Boost Bank from time to time in the Product Disclosure Sheet .

4.2 The Borrower confirms that he has read, fully understood, and agrees that the Agreement and the Borrower’s acceptance of the Agreement through the Boost Bank App constitute a legally binding agreement and the electronic records maintained by Boost Bank shall be conclusive evidence of such agreement and acceptance.

5. DISBURSEMENT TERMS

5.1. Subject to the fulfillment of all conditions precedent in these T&C to the satisfaction of Boost Bank, all representations and warranties under these T&C have been complied with and would be correct in all respects and no Event of Default has occurred, the disbursement amount will be, at your request, disbursed to the Borrower’s bank account, or any third-party’s bank account authorised by you, as set out in the Key Contract Term (after deducting all applicable fees, charges and taxes as more particularly detailed in the Key Contract Terms, if any).

5.2. The Borrower hereby authorizes Boost Bank to disburse the disbursement amount in accordance with Clause 5.1, for the Purpose as set out in the Key Contract Terms. Such payment to the third-party by Boost Bank shall constitute utilisation by the Borrower of the Facility and the Borrower acknowledges that it is indebted to Boost Bank to the extent of such authorised payment.

5.3. The Borrower will be notified of any changes to the method of disbursing the disbursement amount.

5.4. The Borrower confirms that the third-party is duly authorized by you to receive the disbursement amount. The Borrower undertakes and confirms that the utilisation and the disbursement of the Facility, as herein described, shall be in full compliance with all Facility Documents and/or applicable laws. Further, Boost Bank is under no obligation to request for any documentation in connection with or verify the authenticity or accuracy of the Borrower’s transactions with the third-party. The Borrower hereby agrees and undertakes to indemnify and hold Boost Bank (and/or its appointed agents) harmless from and against all loss, damage, cost, liability, and expenses (including, without limitation, legal fees, and expenses) incurred by Boost Bank (and/or its appointed agents), whether directly or indirectly, resulting from or in connection with the Borrower’s transactions with the third-party and/or the disbursement of the Facility to the third-party.

6. PAYMENT BY BORROWER

6.1. The Borrower shall pay all principal amount, interest and all other monies due and payable under the Facility as detailed in the Key Contract Terms.

6.2. The first Loan Instalment shall be due on the date specified in the Key Contract Terms.

6.3. All payments are to be made to Boost Bank in full without any set-off or other deduction and such payments shall be made in such a manner as prescribed by Boost Bank from time to time. The Borrower authorises Boost Bank to perform the following:

(a) automatically debit the Borrower’s bank account opened and maintained with a licensed financial institution or any other method approved by Boost Bank (including salary deduction through Biro Perkhidmatan Angkasa) for the payment of the Loan Instalment amount and other monies under the Facility on the respective due dates until full settlement. The Borrower shall arrange for such payments to be deducted either directly from the Borrower’s account on the relevant due date(s) until full settlement. For avoidance of doubt, the Borrower remains responsible for payment even if a direct debit or salary deduction fails;

(b) to disclose the relevant information required by any licensed financial institution and/or the third-party to facilitate and process the payments to the third-party, which may include the Borrower’s personal data and/or information; and

(c) to conduct any checks at a registered credit reporting agency under the Credit Reporting Agencies Act 2010 to ensure no creditor has a right over the monies in the designated bank account and the Borrower is not prohibited from using the same for the purposes contemplated under these T&C.

6.4. The Borrower shall ensure that sufficient available balance or money is maintained and available in the Borrower’s account to satisfy all payment obligations on the respective due date(s) and under the Facility Documents. The Borrower hereby agrees, consents, and undertakes to do and execute all such acts, and documents as may be necessary to provide Boost Bank with the necessary authorization and approvals to perform the deduction transaction as contemplated above and/or such other acts as deemed necessary by Boost Bank for the Borrower’s settlement of its payment obligations.

6.5. Payments (including the service fee, if any) received from the Borrower shall be applied in a manner deemed appropriate by Boost Bank.

6.6. If the law requires the deduction of any sale and/or service tax or other applicable taxes from a payment, the Borrower shall increase the payment amount to ensure that the net amount received by Boost Bank corresponds to the amount due and payable for a particular Loan Instalment under these T&C.

6.7. The payment terms and Tenure of the Facility may not be amended by the Borrower without the consent of Boost Bank.

6.8. The Borrower undertakes to make the necessary arrangements for the payment of the Facility in accordance with these T&C even if the Borrower would be outside of Malaysia for any period of time.

7. PREPAYMENT / EARLY SETTLEMENT

7.1. The Borrower may only request for full early settlement of the Facility after the expiry of the applicable lock-in period, being:

(a) three (3) years from the commencement of the Facility, where the Facility Tenure is six (6) years or more; or

(b) one-half (1/2) of the Facility tenure, where the Facility Tenure is less than six (6) years.

7.2. Subject to Clause 71, the Borrower may request to fully settle the Facility before the end of the Facility by:

(a) submitting a request through the Boost Bank App or any other channel as may be specified by Boost Bank; and

(b) providing at least two (2) months’ prior written notice to Boost Bank.

No early settlement fee will be imposed for such full settlements made before the Facility Tenure ends.

7.3. The amount payable for full early settlement of the Facility shall be determined by Boost Bank as at the intended settlement date and shall comprise:-

(a) the outstanding principal amount;
(b) any accrued but unpaid interest up to the settlement date;
(c) any late payment charges; and
(d) any outstanding fees or charges,

less

(e) any advance payments or prepayments made by the Borrower which have not been applied.

The settlement amount as determined by Boost Bank shall be final and conclusive in the absence of manifest error.

7.4. The Borrower is not permitted to make any partial settlement or prepayment for the purpose of reducing the outstanding principal amount prior to the full settlement of the Facility. Any amount paid in excessof the repayment schedule shall not treated as a reduction of the principal amount and be applied towards future loan instalments in accordance with the repayment schedule. 

8. LATE PAYMENT INTEREST

8.1. The Borrower hereby irrevocably and unconditionally agrees that in addition and without prejudice to the rights and remedies of Boost Bank under the Agreement, Boost Bank shall have the right to impose and demand from the Borrower late payment interest if the Borrower fails to pay any Loan Instalment amount and/or any sum payable to Boost Bank on the due date.

8.2. The late payment interest at the rate of one per cent (1%) per annum, calculated on a daily basis, shall be charged on the overdue Loan Instalment amount and/or other sums payable, in accordance with the Key Contract Term.

8.3. The late payment interest will not be compounded into the principal amount.

9. REPRESENTATIONS AND WARRANTIES

9.1. The Borrower hereby gives representations and warranties to Boost Bank that:

(a) the Borrower is a natural person, is of full age, of sound mind and is not an undischarged bankrupt and is acting as principal for his own account and not as agent or trustee in any capacity on behalf of any party in relation to the Facility and/or any Facility Documents;

(b) the Facility Documents constitute legal, valid, binding and unconditional obligations of the Borrower and enforceable in accordance with their respective terms;

(c) the execution and delivery of the Facility Documents and the performance of any transactions contemplated in the Facility Documents do not and will not contravene any law applicable to the Borrower and any agreement binding upon the Borrower;

(d) no event has occurred which constitutes or has occurred which with the giving of notice and/or lapse of time and/or a relevant determination would constitute, a contravention of, or default under any agreement or instrument by which the Borrower are bound or affected being a contravention or default which might have a Material Adverse Effect;

(e) no litigation, arbitration or administrative proceeding or claim which might by itself or together with any other proceedings or claims have a Material Adverse Effect is presently in progress or pending or threatened against the Borrower;

(f) all information and documents furnished by the Borrower in connection with the Facility are up to date as at the date they were provided or as at the date to which they refer, do not contain any untrue statement or omit to state any fact, the omission of which makes any statements made therein in the light of the circumstances under which they are made, misleading;

(g) the Borrower shall provide any and all such information and documents as may be required by Boost Bank at any time without Boost Bank assigning any reason thereof;

(h) The Borrower is not aware of any facts or circumstances that have not been disclosed to Boost Bank which might, if disclosed, adversely affect the decision of Boost Bank in considering whether or not to grant the Facility to the Borrower;

(i) no Event of Default has occurred and/or is continuing;

(j) no steps have been taken or any legal proceedings or applications have been started or threatened (i) to restructure the debt of the Borrower or a bankruptcy order under Section 4 (Bankruptcy Order) of the Insolvency Act 1967;

(k) the Borrower’s agreement and acceptance of the Facility Documents through the Boost Bank App by clicking and creating the mark and biometric verification recorded on the Boost Bank App shall be deemed to be an electronic signature in compliance with the requirements under Section 9 (Signature) of the Electronic Commerce Act 2006 and shall fulfill all legal requirements for execution of a valid contract; and

(l) the Borrower confirms the Product Disclosure Sheet has been read and understood before accepting the Facility.

9.2. Where applicable, the representations and warranties set out in Clause 9.1 shall be deemed to be made by the Borrower on each date a request is made and on each disbursement date, by reference to the facts and circumstances existing on such date.

10. EVENTS OF DEFAULT

10.1. If:

(a) the Borrower fails to pay any amount due under the Facility Documents on the due date or on demand, if so payable;

(b) the Borrower fails to observe or perform any of its respective obligations under the Facility Documents or under any undertaking or arrangement entered into in connection with the Facility, other than an obligation of the type referred to in Clause 10.1(a) and, in the case of a failure capable of being remedied, it has not been remedied to Boost Bank’s satisfaction within fourteen (14) calendar days after the Borrower becomes aware of the failure or having been notified of the failure;

(c) any representation, warranty or statement which is made (or acknowledged to have been made) by the Borrower in any of the Facility Documents or which is contained in any certificate, statement, legal opinion or notice proves to be incorrect in any respect, or if repeated at any time with reference to the facts and circumstances subsisting at such time would not be accurate in all respects;

(d) it is or will become unlawful by the laws of Malaysia or by the laws of any applicable jurisdiction for the Borrower to perform or comply with any one or more of its obligations under any Facility Documents to which it is a party or any term under the Facility Documents becomes illegal or unenforceable;

(e) (i) any indebtedness of the Borrower, whether to the Boost Bank or to any other creditor, is not paid when due, becomes due or capable of being declared due before its stated maturity; (ii) any guarantee of the Borrower is not discharged at maturity or when called; or (iii) the Borrower goes into default under, or commits a breach of, any instrument or agreement relating to any such indebtedness or guarantee or the security for any such indebtedness becomes enforceable;

(f) the Borrower is or becomes, or is adjudicated or insolvent or threatens to suspend or suspends payment of any of its debts (whether of principal or interest) as they fall due;

(g) any litigation, arbitration or administrative proceeding is commenced against the Borrower which, in the opinion of Boost Bank, might have a Material Adverse Effect;

(h) the Borrower, who is a natural person, dies or becomes incapacitated or of unsound mind or shall have been served with a custodian sentence or be guilty of any offence against any law which has a Material Adverse Effect;

(i) the Borrower fails to satisfy any judgment passed against the Borrower by any court of competent jurisdiction;

(j) a petition for bankruptcy is presented against the Borrower and/or the Borrower commits an act of bankruptcy;

(k) any event or series of events occurs or occur which, in the sole opinion of Boost Bank, might have a Material Adverse Effect; or

(l) the Borrower repudiates the Facility Documents (or any of its obligations under the Facility Documents)or evidences an intention to repudiate any Facility Document (or such obligations under the Facility Documents),

then, at once or at any time thereafter, Boost Bank may but without any obligation whether at law or in equity so to do, by notice to the Borrower, declare that an Event of Default has occurred and declare that:-

(i) the Outstanding Amounts shall become so due and payable;

(ii) where applicable, no further utilisation of the Facility shall be allowed and the Facility shall be terminated and cancelled; and

(iii) all rights, interests and remedies under the Facility Documents shall immediately become enforceable.

10.2. The Borrower hereby irrevocably and unconditionally agrees to indemnify Boost Bank against any claims, losses, damages or liabilities suffered by Boost Bank as a result of any of the Events of Default.

10.3. In addition to the rights under Clause 10.1, Boost Bank:-

(a) has the right to suspend the Facility for an indefinite period if Boost Bank is aware or has reason to believe that:

(i) any document or information provided by the Borrower is fake, fraudulent, incorrect, untrue or misleading;

(ii) there are misrepresentations in the application for the Facility by the Borrower; or

(iii) the Borrower’s actions, conduct or behaviour is in a suspicious or fraudulent manner

(b) may undertake recovery actions including (a) contacting the Borrower, (b) appointing debt collection agencies, (c) reporting the default to credit reporting agencies, and/or (d) legal proceedings. Boost Bank will notify the Customer before appointing any external debt collection agency.

11. CHANGES TO CIRCUMSTANCES

11.1. Illegality

Where Boost Bank determines that the introduction, imposition or variation of any law or any change in the interpretation or application of law makes it unlawful or impractical for Boost Bank to perform and carry out any of its obligations as contemplated by the Facility Agreements then upon Boost Bank notifying the Borrower:-

(a) Boost Bank’s obligation to make available the Facility shall be suspended, cancelled or terminated, as the case may be; and

(b) the Borrower shall, upon being notified by Boost Bank, prepay to Boost Bank the Outstanding Amounts on the date as prescribed by Boost Bank and Boost Bank’s obligation to continue to make available the Facility shall terminate and the Facility shall be suspended, cancelled or terminated as the case may be.

11.2. Increased Costs

Where Boost Bank determines that, as a result of the introduction, imposition or variation of any law or any change in the interpretation or application of any law, or compliance with any request (whether or not having the force of law) from any central bank or other fiscal, monetary, insurance or other authority or agency (including, without limitation), one which:-

(a) imposes, modifies or deems applicable any reserve, deposit or similar requirement against any assets held by, or deposits with, in or for the account of, or loans by Boost Bank;

(b) subjects Boost Bank to any tax with respect to or changes the basis of taxation in respect of any payment made or to be made to Boost Bank (except for changes in the rate of tax on the overall net income of Boost Bank); or

(c) imposes on Boost Bank any other condition affecting its granting of the Facility, would increase the cost to Boost Bank of making or maintaining or funding all or any part of the Facility or reduce the amount of any sum received or receivable by it in respect of the Facility or the effective return to it under the Agreement is reduced or it is obliged to make any payment or forego any interest or other return on, or calculated by reference to, the amount of any sum received or receivable by it from the Borrower under the Agreement,

then:-

(i) Boost Bank shall notify the Borrower of the nature of the circumstances leading to its determination and use reasonable efforts to avoid the effects of such introduction, variation or change and in particular shall consider, subject to obtaining any necessary consents, fulfilling its obligations by transferring its participation at par to one or more affiliates or other financial institutions not affected by such law; and

(ii) the Borrower shall, on demand, pay to Boost Bank on such date and in such amounts as Boost Bank at any time (including after prepayment) notifies the Borrower to be necessary to compensate it for such increased cost, reduction, payment or foregone interest or return and at any time thereafter, so long as the circumstances giving rise to the obligation to make the compensating payment continue, the Borrower may by giving to Boost Bank not less than thirty (30) calendar days written notice, elect to prepay all (but not part only) of the Outstanding Amounts.

11.3. Notice Irrevocable

Where the Borrower has given notice under this Clause 11 to prepay the Outstanding Amounts, the amount of the prepayment shall become due and payable on the expiry of the period specified in the notice to Boost Bank and Boost Bank's obligations (if any) in respect of further drawings shall terminate and the Facility shall be cancelled.

11.4. Amount

On prepaying the Outstanding Amounts under this Clause 11, the Borrower shall pay to Boost Bank accrued interest on the Outstanding Amounts together with all other amounts due to Boost Bank (including any amount payable under the indemnity contained in Clause 15 (Indemnity).

11.5. Notifications

Any determination or notification by Boost Bank concerning any matter referred to in this Clause 11 shall, in the absence of an error that is obvious and indisputable, be conclusive evidence as to that matter and shall be binding on the Borrower.

12. COSTS AND EXPENSES

12.1. All costs, charges, fees and expenses incurred by Boost Bank in relation to or arising from or incidental to the Facility shall be reimbursed and indemnified by the Borrower.

12.2. All stamp duties, registration costs, other similar taxes (including any penalties for late payment), guarantee fees and legal fees payable (evaluated on the basis of lawyer and client) or incurred by Boost Bank:

(a) related to or incidental to the provision of the Facility; and/or

(b) related to enforcement of its rights under the Facility, shall be reimbursed and indemnified by the Borrower upon demand.

12.3. Taxes

(a) Unless expressly stated otherwise in the Agreement or any notice, the parties agree that any fee, price, value, revenue or similar amount to be used in the calculation of such fee, price, value or revenue (“Fee”) is exclusive of any taxes, including but not limited to, goods and services tax, value added tax, consumption tax, consumer tax, indirect tax, service tax, duties, levies and other taxes which may now be or hereafter imposed by the Government of Malaysia (“Taxes”) and such Taxes shall be borne by the Borrower.

(b) If any supply made under or in connection with this Agreement is subject to Taxes, Boost Bank may increase the consideration provided for by the amount of the Taxes and recover that additional amount from the Borrower in addition to the Fee.

13. FINALITY OF CALCULATION

Any statement as to any amount due to Boost Bank under the Facility Documents in any proceedings relating to the Facility Document shall, save for manifest error, be conclusive and binding on the Borrower. Such statement may be in the form of a computer-generated statement which requires no signature, or which contains a printed signature.

14. NOTICE

14.1. Any demand, notice, request, statement or other communication (other than Legal Process (as defined below)) in connection with these T&C, other than Legal Process (as defined below), shall be in writing and may be given by Boost Bank to the Borrower through (a) personal delivery, (b) ordinary post or registered post, (c) short message service, (d) electronic mail, (e) notification, message or communication transmitted through the Boost Bank App , including but not limited to push notification or in-app inbox messages, (f) publication or posting on the Boost Bank’s website or (g) any other electronic means of communication as Boost Bank may reasonably determine, to the Borrower’s last known mailing address, registered mobile number, registered email address.

The Borrower agrees that any notice transmitted through the Boost Bank app or electronic communication channels shall constitute valid and effective notice.

14.2. Any notice given under Clause 14.1 shall be deemed to have been received by the Borrower as follows:-

(a) if delivered personally, at the time of delivery and upon acknowledgement of receipt;

(b) if sent by ordinary post or registered post, on the second (2nd) Business Days after posting;

(c) if sent via short message service, at the time the message is transmitted to the Borrower’s email server;

(d) if delivered through the Boost Bank App, at the time the notification or message is made available on the Boost Bank App; or

(e) if published on the Boost Bank’s website, on the date the notice is first published.

For the avoidance of doubt, receipt shall be deemed effective whether or not the Borrower actually reads or accesses the notice.

14.3. The service of any Legal Process may be effected on the Borrower by (a) personal delivery or (b) ordinary post or registered post to the Borrower’s last known address.

14.4. Proof of posting or despatch of any Legal Process shall be deemed proof of service:-

(a) if personally delivered, at the time of delivery and duly acknowledged; or

(b) if sent by post, on the second (2nd) Business Days after posting.

For the purpose of this Clause, reference to “Legal Process” means any writs, summons, statement of claim, originating processes, interlocutory applications, affidavits, orders, such other documents which are required to be served under the rules of court and such notices under the relevant legislations.

14.5. Any notice, request, enquiry or complaints to Boost Bank must be in writing and may be submitted through any of the following channels:

(a) electronic mail to Boost Bank’s designated email address at support@myboostbank.co,

(b) the customer support function available within the Boost Bank App;

(c) the Boost Bank’s customer support hotline: General (+603-8658 3000) or Fraud (+603-86583033);

(d) the online request or webform available on Boost Bank’s website; or

(e) any other communication channel as may be specified by Boost Bank from time to time. Details of the above communication channels, including operating hours and contact information, are available on Boost Bank’s official website and/or Boost Bank App and may be updated from time to time. Boost Bank may require the Borrower to verify his or her identity before acting on or responding to such communication.

15. INDEMNITY

15.1. The Borrower hereby irrevocably and unconditionally expressly releases Boost Bank from any liability and Boost Bank will not be liable for any losses, damages, costs and expenses that might be suffered or incurred by the Borrower related to any mistake or omission in or as a result of the disbursement of the Facility and also any losses or damages indirectly, incidental, arising, in relation to the Borrower.

15.2. Boost Bank has the right to reject the Borrower’s application or refuse to grant the Facility to the Borrower without giving any reason for the refusal and Boost Bank will not be liable for any loss resulting from the refusal.

15.3. The Borrower shall fully indemnify Boost Bank from and against any and all claims, proceedings, expenses, losses, damages and/or liabilities (as to the amount of which the certificate of Boost Bank shall, in the absence of an error that is obvious and indisputable, be conclusive and binding on the Borrower) which Boost Bank may incur or suffer:-

(a) arising out of or in any way related to the Borrower’s use and access of the Boost Bank App;

(b) in connection with or incidental to the Facility Documents or to the grant and use of the Facility by Boost Bank to the Borrower; and

(c) as a consequence of the occurrence of any Event of Default.

16. FORCE MAJEURE

Boost Bank is not required to undertake its obligations if it is prohibited from doing so as a direct or indirect result of any natural disasters, riots, public unrests, terrorist acts, labour strikes, lock out, fires, floods, accidents, machine or computer failures / computer system, cyberattack, network outage, regulatory action or anything out of the reasonable control of Boost Bank.

17. LAWS

These T&C shall be governed by, and shall be construed in all respect in accordance with the laws of Malaysia and the parties hereby agree to be subjected to the jurisdiction of the courts of Malaysia.

18. RESTRUCTURING

These T&C and the Facility Documents are valid and binding on all parties notwithstanding any merger, restructuring or other like circumstance in relation to Boost Bank and no changes on any party will affect their existing liabilities and obligations, whether it is from the past, present or future.

19. SUCCESSORS AND ASSIGNS

19.1. These T&C and the Facility Documents shall be binding upon and enure for the benefit of the parties and their respective successors, legal representatives and permitted assigns.

19.2. The Borrower shall not assign, transfer or otherwise dispose of any of his or her rights or obligations under the Agreement without the prior written consent of Boost Bank.

19.3. Boost Bank may at any time assign, transfer, novate or otherwise dispose of all or any of its rights, benefits, and obligations under the Agreement or the Facility Documents to any persons, including but not limited to, (a) any related corporation or affiliate of Boost Bank, (b) any financial institution, (c) any special purpose vehicle or (d) any party acquiring Boost Bank’s loan portfolio, including Cagamas Berhad.

20. OTHER CONDITIONS

20.1. The Facility is subject to these T&C and Boost Bank’s Privacy Notice. When applying for this Facility, the Borrower shall read thoroughly and understand these T&C and Boost Bank’s Privacy Notice

20.2. By applying for and/or using the Facility, the Borrower agrees to these T&C and the Privacy Notice, including granting consent to collection and processing of the Borrower’s personal data and sensitive personal data (as set out in Boost Bank’s Privacy Notice). In addition, the Borrower consents to any credit reporting agency under the Credit Reporting Agencies Act 2010 (“CRA”), such as CTOS Data System Sdn Bhd (“CTOS”) and Experian Information Services (Malaysia) Sdn Bhd (“Experian”), conducting any credit/trade/assessment, CCRIS and DCHEQUE checks on the Borrower, at any time for as long as the Borrower is applying for or has this Facility with Boost Bank, and consents to the disclosure to Boost Bank of any Credit Information (as defined in the CRA) relating to the Borrower, by any credit reporting agency under the CRA, such as CTOS, Experian or any source deemed appropriate to the Borrower’s credit history in relation to the Borrower’s application for or use of the Facility.

20.3. The Borrower irrevocably consents to Boost Bank disclosing any information relating to the Borrower and/or the Facility to (a) the Central Credit Reference Information System under Bank Negara Malaysia, credit information organisations, credit reporting agency and/or any authority or body established by Bank Negara Malaysia, (b) any other authority having supervisory or regulatory jurisdiction over Boost Bank, (c) Boost Bank’s related corporations, associate corporations, subsidiaries, affiliates, assignees, proposed assignees, purchasers or potential purchasers, service providers, agents and/or any other parties engaged by Boost Bank for identity verification, payment processing, customer support, debt collection, securitisation, sale and transfer or for the purpose of enabling or assisting Boost Bank to exercise or enforce its rights hereunder. Boost Bank may, at its sole and absolute discretion, make such disclosures as it deems appropriate in relation to the Borrower’s application for or use of the Facility.

20.4. Boost Bank may exercise any of its rights, powers and/or remedies available as Boost Bank considers appropriate, in addition to any other rights and remedies available to Boost Bank under the law. In the event Boost Bank does not take any action when it has the right to do so, it does not mean that Boost Bank has:

(a) agreed to the Borrower’s breaches or operate as a waiver to the exercise of such right;

(b) forfeited its rights; or

(c) is prohibited from taking any actions thereafter.

20.5. Where Boost Bank has clearly waived a Borrower’s breach, it will not affect any enforcement of Boost Bank’s rights, powers and remedies for any other breaches committed by the Borrower, whether it happens before or after the waiver.

20.6. Boost Bank reserves the right at any time to add, vary, modify, amend, replace or remove all or any parts of these T&C or to terminate the Facility. Where required under applicable laws or regulatory requirements, Boost Bank shall provide the Borrower not less than twenty-one(21) days’ prior notice before the effective date of such change. Such notice may be given through any of the communication channels specified in Clause 14 (Notice) above.

20.7. The rights and remedies of Boost Bank in the Facility Documents are cumulative and are in addition to any rights and remedies provided by law. Upon default or breach by the Borrower of any term, covenant, stipulation and/or undertaking under the Facility Documents, Boost Bank shall thereafter have the right to exercise all or any of the remedies available to it and shall be entitled to exercise such remedies concurrently.

20.8. No partial exercise of a right shall prevent any further exercise of such right, nor more generally the exercise of rights and remedies provided by law.

20.9. (a) Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001

(a) The Borrower represents and warrants that:-

(i) unless and until the Borrower notifies Boost Bank to the contrary in writing, (1) the Borrower is the principal in relation to the Facility, (2) no person other than the Borrower has or will have any interest in the Facility; and (3) all monies which will be paid to Boost Bank, all collateral and/or guarantees in favour of Boost Bank to secure the Facility shall come from a lawful source of activity and not unlawful activity or instrumentalities of an offence under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (“AMLATFA”) or in contravention of the Strategic Trade Act 2010.

(ii) on notification that the Borrower is an intermediary for other persons, (1) Boost Bank may require, and the Borrower agrees and undertakes to provide verification of the identity of the beneficiary and such other information as Boost Bank may require, including but not limited to certified true copies of any authorisation to act or documents that may be required for the purposes of verifying the information provided by the Borrower, which copies may thereafter be retained by Boost Bank, (2) the Borrower further declares and certifies that the necessary “know-your-customer” checks have been conducted including but not limited to the identity, existence, address and nature of the business of the beneficiary, it being confirmed by the Borrower that the monies, funds or collateral are from a lawful source of activity and not unlawful activity or instrumentalities of an offence under the AMLATFA or in contravention of the Strategic Trade Act 2010 and (3) it is further clearly agreed and understood that the provision of details of the Borrower’s beneficiary shall not make the Borrower’s beneficiary a customer of Boost Bank and Boost Bank is entitled to hold the Borrower as the principal debtor.

(b) In addition to Clause 20.9(a)(i) and (ii), the Borrower agrees and undertakes irrevocably and unconditionally that:-

(i) the Borrower shall disclose and furnish to Boost Bank any information required or deemed necessary and to the satisfaction of Boost Bank in a timely manner within the period specified by Boost Bank, whether or not for purposes of complying with laws, rules, regulations, directives and guidelines of BNM and/or given, made or established by Boost Bank;

(ii) pending receipt of information by Boost Bank from the Borrower and until received and verified to the satisfaction of Boost Bank and/or the relevant authorities, Boost Bank shall neither be obliged to proceed with any transactions or disbursements nor accept any monies, funds or collateral (“Assets”). In relation to Assets already in the possession of Boost Bank, Boost Bank is entitled (and authorised) to retain the Assets for the time being. Any Assets requested to be returned to the Borrower shall be returned to the Borrower after Boost Bank receives satisfactory clearance from the relevant authorities;

(iii) the Borrower will not use the Facility for money laundering offence or violate any laws relating to money laundering offence under the AMLATFA or in contravention of the Strategic Trade Act 2010; and

(iv) in no event shall Boost Bank or its related corporation be liable for any direct, indirect, consequential or any losses whatsoever arising or by reason of Boost Bank’s exercise of its duties under the laws for the time being in force, in particular but not limited to its statutory duties under the AMLATFA or in contravention of the Strategic Trade Act 2010.

(c) In the event the payment or repayment of the Facility and all other monies due and payable or any part of it by the Borrower is at any time or from time to time after the release and discharge of the Borrower’s obligations in this Agreement by Boost Bank, found to be from an unlawful source of activity or instrumentalities of an offence under the AMLATFA, the Borrower agrees and acknowledges that:-

(i) the release and the discharge of the Borrower’s obligations under this Agreement shall be automatically deemed to be invalid from the date it is established that the source of payment or repayment of the Facility and all other monies due and payable or any part of it falls within the ambit of the AMLATFA and the Borrower shall continue to be liable to Boost Bank under the terms of the Facility Documents notwithstanding any document issued and/or executed by Boost Bank to release and discharge the Borrower; and

(ii) the Borrower shall indemnify Boost Bank for any losses, damages, costs, fees and charges incurred by Boost Bank as a result of contravention by the Borrower of the provisions of the AMLATFA and/or in contravention of the Strategic Trade Act 2010.

20.10. In respect of the Outstanding Amounts due and unpaid, Boost Bank may:-

(a) consolidate any or all accounts of the Borrower with Boost Bank, at Boost Bank’s discretion in or towards the satisfaction of any monies payable to Boost Bank, with seven (7) calendar days’ prior notice to the Borrower;

(b)  debit any amount standing to the credit of any or all accounts of the Borrower with Boost Bank for the satisfaction of the Outstanding Amounts including but not limited to any expenses, premium, fee, commission, charges, legal costs (whether or not Boost Bank has advanced the same for and on behalf of the Borrower) and if debited to the Borrower’s current account, may be treated as an advance and shall in any event form part of the Outstanding Amounts pursuant to the Agreement, with seven (7) calendar days’ prior notice to the Borrower; and/or

(c) upon providing seven (7) calendar days’ prior written notice to the Borrower to make good the defaulted payment under the Facility Documents and in the event the Borrower fails to make good the defaulted payment within the notice period, Boost Bank is permitted to set-off any amount standing to the credit of any or all accounts of the Borrower with Boost Bank against Boost Bank’s liabilities to the Borrower including any amounts held by Boost Bank on behalf of the Borrower. All payments to be made by the Borrower under the Facility Documents shall be calculated without taking into account any possible set-off. The Borrower shall be prohibited from applying or making any set-off or counter-claim.

20.11. Any money received under the Facility Documents whether before or after taking any recovery action or enforcement proceedings under the Facility Documents may be placed and kept to the credit of a non-interest bearing suspense account at Boost Bank’s discretion without any obligation in the meantime to apply the same or any part of it towards the discharge of the Outstanding Amounts. Notwithstanding any such payment, in the event of any proceedings in or analogous to bankruptcy, liquidation, composition or arrangement, Boost Bank may prove for and agree to accept any dividend or composition in respect of the whole or any part of such money and liabilities in the same manner as if the security created had not been created and no money or dividend so received by Boost Bank shall be treated as received in respect of the Agreement. The full amount secured shall be payable by the Borrower until Boost Bank has received the full amount to which Boost Bank would have been entitled.

20.12. Time shall be of the essence in the Agreement.

20.13. Any provision contained in the Agreement, which is illegal, prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to such extent without invalidating the remaining provisions.

20.14. The Agreement may be signed in counterparts and such counterparts shall be deemed to be one and the same instrument and the electronic execution of the Agreement shall form a valid, binding and enforceable contract in accordance with the Electronic Commerce Act 2006.

20.15. Notwithstanding any allegation of fraud by the Borrower, the Borrower shall comply with all terms and conditions of this Agreement until and unless actual fraud is proven in a court of competent jurisdiction.