1. The above account holder (hereinafter referred to as the (“Customer”) hereby entitles and authorizes Lotus Loans and Overdues Rescheduling Services (the “Advisory”) to obtain and disclose any information with regards to the liabilities taken from various banks and financial institutions within UAE and outside including any information pertaining to the address, telephones or utility bills relating to the Customer and his authorized signatory(ies) or any other information which is included in the credit information report. I agree that you may obtain, request, transfer and disclose any information relating to me/us (including information you obtain from any third parties such as any local or international credit bureau or financial institutions), to and between agents of the Bank and any third parties selected by any of them or you, wherever situated, for private use.
2. Without prejudice to the foregoing, the Customer hereby authorizes the advisory without the need to get any written or oral permits, to obtain or disclose any of the information indicated in this Undertaking from any governmental or semi-governmental authorities, body, organization, company, credit bureau or telecommunications company and any service provider such as electricity, water and telecommunication companies, or any other person or entity as it is needed, whether inside the UAE or abroad, which maintain or are supposed to maintain any of the information contained in this Undertaking relating to the Customer.
3. The advisory shall be entitled to use any or all of the information contained in this Undertaking for the purpose of negotiating settlement of liabilities, obtaining information from banks or financial institutions or any other banking services offered by the Bank or to use this information for the purpose of assessing the customer’s credit position. This Undertaking shall remain in force and effect against the Customer and shall not be terminated or amended without the advisory’s prior written consent. The consent shall automatically stand null and void upon completion of the assignment.
4. The customer agrees to bear all expenses and fees as agreed and stipulated as part of the engagement contract.
5. This Undertaking shall be subject and interpreted in accordance with the Federal Credit Information Law No. 6 of 2010 and any other applicable laws of the United Arab Emirates, and any dispute arising between the Advisory and the Customer with regards to this Undertaking shall be referred to the exclusive jurisdiction of the courts of the UAE.