TRACTOR AND GRADER SUPPLIES A DIVISION OF TORRE HOLDINGS (PTY) LTD TERMS AND CONDITIONS OF CREDIT

(Hereinafter referred to as the agreement)

The Terms and Conditions of Sale and Repair are incorporated into this agreement and shall apply to all sales and repairs made on credit.

“The goods” means the goods and services indicated on any TGS forms, price lists, quotations, orders or invoices. The headings in this document are inserted for convenience and shall not be taken into account for the purpose of interpreting this document.
Each of the terms shall be separate and divisible and if any such terms or conditions become unenforceable for any reason whatsoever, then that term or condition shall be severable and shall not affect the validity of any of the other terms and conditions with remain of full force and effect.
The singular shall include the plural; any gender includes the other genders; natural persons includes artificial persons (including trusts) and vice versa.

1. PARTIES
   1. Tractor and Grader Supplies, a division of Torre Holdings (Pty) Limited, including the TGS group of companies and branch offices, hereinafter referred to as TGS and the person applying for credit in terms of this credit application, hereinafter referred to as the Customer.
2. RIGHT TO REFUSE APPLICATION FOR CREDIT
   1. TGS reserves the right to refuse any Customer’s application for credit in its sole discretion based on its credit risk analysis and shall not be obliged to give reason for its refusal unless reasons are requested in terms of section 62 of the National Credit Act.
3. WITHDRAWAL OF CREDIT FACILITIES
   1. TGS reserves the right to withdraw any credit facilities granted by TGS to the Customer, at any time without prior notice to the Customer and the nature and extent of such facilities shall at all times be in TGS’s sole discretion.
4. NEGOTIABLE INSTRUMENTS
   1. Acceptance by TGS of a negotiable instrument shall not be deemed to be a waiver of the TGS’s rights under this agreement. In relation to cheques furnished by the Customer to the TGS, the Customer waives its right to insist on notice of dishonour or protest being given to it in the event that the cheque is dishonoured.
5. LEGAL PROCEEDINGS
   1. The parties consent to the jurisdiction of the Magistrates Court for any litigation arising from this agreement.
   2. In the event of the TGS instituting legal proceedings against the Customer for a breach of its obligations in terms of this credit agreement, or for damages in the event of the cancellation of this credit agreement by TGS pursuant to such breach, then the Customer shall be liable for all legal costs incurred by TGS on the attorney and own client scale including collection charges and tracing agents’ fees.
   3. A certificate under the hand of any director or manager of TGS, (whose authority need not be proved), in respect of any indebtedness of the Customer to TGS or in respect of any other fact, including but without limiting the generality of the aforegoing the fact that such goods were sold and delivered, shall be prima facie evidence of such other fact and prima facie evidence of the delivery of the goods.
   4. The Customer’s physical address referred to on the front page of this document shall be its domicilium citandi et executandi for all purposes in terms of this credit agreement.
6. ARBITRATION
   1. The TGS at its sole option shall be entitled to refer any dispute arising from or in connection with this credit agreement to arbitration, the award by the arbitrator being binding on both TGS and the Customer.
7. CESSION OF BOOK DEBTS
   1. The Customer hereby cedes to TGS all of its right, title, interest, claim and demand in and to all book debts of whatsoever nature and description and howsoever arising which the Customer may now or at any time hereafter have against all and any persons, companies, corporations, firms, partnerships, associations, syndicates and other legal personae whomsoever (“the Customer’s debtors”) without exception as a continuing covering security for the due payment of every sum of money which may now be due or at any time hereafter become owing by the Customer to TGS.
   2. Should it transpire that the Customer at any time entered into a prior deed of cession or otherwise disposed of any of the right, title and interest in and to any of the debts which will from time to time be subject to this cession, then this cession shall operate as a cession of all the Customer’s reversionary rights.
   3. Notwithstanding the terms of the aforegoing cession, the Customer shall be entitled to institute action against any of its debtors provided that all sums of money which the Customer collects from it debtors shall be collected on TGS’s behalf and provided further that TGS shall at any time be entitled to terminate the Customer’s rights to collect said monies/debts.
8. ASSIGNMENT
   1. The Customer shall not be entitled to cede any of its rights nor delegate any of its obligations under this agreement.
   2. TGS shall be entitled to cede its rights in terms of this credit agreement to any third party on written notice to the Customer who hereby consents thereto.
9. GENERAL
   1. No amendment to, variation of, or consensual cancellation of any of the terms and conditions of the credit agreement shall be of any force or effect unless reduced to writing, signed by the Customer and by a director or duly authorised representative of TGS.
   2. No relaxation or indulgence which TGS may give at any time in regard to the carrying out of the Customer’s obligations in terms hereof shall prejudice or be deemed to be a waiver of any of the TGS’s rights in terms hereof.
   3. The Customer expressly acknowledges that no warranties or representations have been made by TGS and that this credit agreement has been made by the Customer on an arms’ length basis, and no inducements have been offered by TGS to it to apply for credit facilities from TGS.
10. PERSONAL INFORMATION
    1. The Customer understands that the personal information given in this credit application form is to be used by TGS for the purposes of assessing his credit worthiness. The Customer confirms that the information given by him in his credit application form is accurate and complete. The Customer further agrees to update the information supplied, as and when necessary, in order to ensure the accuracy of the above information, failing which TGS will not be liable for any inaccuracies.
    2. TGS has the Customer’s consent at all times to contact and request information from any persons, credit bureaux or businesses, including those mentioned in the credit application form and to obtain any information relevant to the Customer’s credit assessment, including but not limited to, information regarding the amounts purchased from suppliers per month, length of time Customer has dealt with such supplier, type of goods or services purchased and manner and time of payment.
    3. The Customer agrees and understands that information given in confidence to TGS by a third party on the Customer will not be disclosed to the Customer.
    4. The Customer hereby consents to and authorises TGS at all times to furnish credit information concerning the Customer’s dealings with TGS to a credit bureau or National Credit Regulator and to any third party seeking a trade reference regarding the Customer in his dealings with TGS.