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GENERAL REQUIREMENTS & ELIGIBILITY TERMS

1. The Bank is regulated by the Central Bank of Nigeria.

2. The Borrower shall make equal monthly installment repayment of principal and interest; subject to the selected tenor not greater 12 months.

3. The Borrower hereby authorizes the Bank to debit [his/her] account for the monthly loan obligations or authorize the Payroll Service Provider to deduct the monthly loan obligation comprising principal and interest prior to crediting his/her account with the Bank.

4. The Borrower covenants and warrants that, in making any repayment on due date in the event that the loan repayment period or day falls on a weekend or public holiday, the effective loan repayment day shall be the preceding business day.

5. Reserved interest rate chargeable on the Borrower’s account shall be the Bank’s prime lending rate from time to time.

6. The interest charged is the effective interest rate which is the interest rate that is paid on the Borrowers loan due to the result of compounding over a given time period and this is payable monthly.

7. Interest will be charged on all amounts owed by Borrower.

8. A fee of 1% flat per month (approximately 12% p.a.) over the approved lending rate shall be applied on the outstanding unpaid obligation without recourse to the Borrower.

9. In the event of restructuring, a facility restructuring fee of 0.5% of the outstanding amount shall be charged.

10. The Bank shall advise the Borrower of any change in prime lending rate, charges, fees or any other terms and conditions of the loan by a notice at its branches in Nigeria or by notes in customer statements.

11. There may be a need, at the instance of the Bank to vary the terms of the facility in the event of changes in interest rates and/or foreign exchange rates arising from any change in market conditions at any time after the drawdown of the facility.

12. The Borrower undertakes not to access additional facility from Co-operatives or other institutions that will encumber the expected salary inflow or affect repayment of the loan facility granted by the Bank.

13. The Borrower hereby covenants, as a condition precedent to the disbursement of the facility herein, to irrevocably and unconditionally authorize the Borrower’s Payroll Payment Service Provider, to remit the Borrower’s emoluments into the Borrower’s account with the Bank. In addition, Borrower hereby unconditionally covenant to the Payroll Payment Service Provider that while any sum granted to the Borrower hereunder shall remain unpaid, the Payroll Payment Service Provider shall pay to the Borrower’s account with the Bank, any emoluments due to the Borrower in the event of the Borrower’ exits from the employ of the Employer, provided such sums so payable shall not exceed the total sum outstanding under the facility and other unpaid charges as advised by the Bank.

14. As repayment source for the facility hereby advanced, the Borrower hereby undertake to authorize [his/her] Payment Service Provider to pay the Borrower’s salary or repayment amount into the Borrower’s account maintained with the Bank, while the Borrower’s obligations under this loan facility remains undercharged.

15. The Borrower hereby irrevocably undertakes to fully liquidate the outstanding balance on the facility herein granted in the event that the Borrower decides to change [his/her] employment or [his/her] employment is terminated, which liquidation shall be effected on or before the effective date of such change or termination of employment.

16. The Borrower hereby acknowledges and gives consent that the Bank may at its sole discretion as it shall consider appropriate, exchange information with my employer, on the conduct of my account together with details of any non-payment or delayed payments for the purpose of assisting them and/or the Bank in the loan recovery efforts.

17. In the event of default by the Borrower in making any repayment on due date, the outstanding principal amount and accrued interest shall be conclusive evidence that a sum is due and owing from the Borrower.

18. In the event of default by the Borrower under this facility, the Bank reserves the right at its discretion, to transfer the defaulting account to a third-party agency to recover any outstanding debt due to the Bank. In addition, in the event of a loss of job leading to a default, the Bank shall transfer the defaulting account to the designated insurance company to recover any outstanding debt paid on behalf of the Borrower.

19. The Bank may at any time and without notice to the Borrower, combine all or any of the Borrower’s account and liabilities with the Bank in Nigeria (or elsewhere) whether held solely or jointly with any person(s) and set off all or any monies standing to the credit of the Borrower in such accounts, including the Borrower’s deposits with the Bank (whether matured or not) towards satisfaction of any of the Borrower’s liabilities to the Bank, whether as principal or surety, actual or contingent, solely or jointly, primary or collateral with any other person and the Bank may effect any necessary currency conversion at the Bank’s own rate of exchange then prevailing. Exchange risks associated with any collateral, cash or otherwise in satisfaction of outstanding debt shall be borne by the Borrower.

20. The Borrower hereby agrees that in addition to any general lien or similar right to which we as Bankers may be entitled by law, we may at any time and without notice to the Borrower deduct from and/or restrict the funds in the Borrowers account(s) to liquidate the Borrowers loan obligation whether or not due.

21. All funds to be cleared into the accounts of the Borrower maintained with the Bank shall first be applied towards the discharge of overdue interest and charges/fees. Any balance thereon shall be applied to liquidate the outstanding principal sum under the credit facility herein granted, provided always that the Bank reserves the right to refuse to accept post-dated cheques or other such instruments towards payment or settlement of the credit facility.

22. The Bank may use any information relating to the Borrower for evaluating the credit application. The Bank may at its sole discretion as it shall consider appropriate give to and receive from credit bureaus and reference agencies whether based locally or abroad, other financial institutions, regulatory and law enforcement agencies and relevant third parties information about the Borrower, including information on the conduct on the Borrower’s account together with details of any non-payment or delayed payments for the purpose of assisting them and/or the Bank in making lending or rating decisions about the Borrower.

23. The Borrower authorizes the Bank to obtain and retain on the Credit Risk Management System of the Central Bank of Nigeria (CBN), all information relating to the Borrower’s Bank Verification Numbers and the status of indebtedness.

24. The Borrower hereby irrevocably undertakes to fully indemnify the Bank against all cost and expenses (including legal fees, collection commission et cetera), arising in any way in connection with the Borrower’s accounts; in enforcing the terms and conditions herein; or from the recovery of any amounts due to the Bank or incurred by the Bank in any legal proceedings of whatever nature.

25. By agreeing to the terms and conditions at the point of application and drawing on the loan, the Borrower covenant to repay the loan as and when due. In the event that the Borrower fail to repay the loan as agreed, and the loan becomes delinquent, the Bank shall have the right to report the delinquent loan to the Central Bank of Nigeria (CBN) through the Credit Risk Management System (CRMS) or by any other means, and request the CBN to exercise its regulatory power to direct all banks and other financial institutions under its regulatory purview to set-off the Borrowers indebtedness from any money standing to the Borrowers credit in any bank and from any other financial assets they may be holding for the Borrowers benefit.

26. The Borrowers covenant and warrant that the CBN shall have power to set-off the Borrowers indebtedness under this loan agreement from all such monies and funds standing to the Borrowers credit/benefit in any and all such accounts or from any other financial assets belonging to the Borrower and in the custody of any such bank.

27. The Borrower hereby waive any right of confidentiality whether arising under common law or statue or in any other manner whatsoever and irrevocably agree that the Borrower shall not argue to the contrary before any court of law tribunal, administrative authority or any other body acting in any judicial or quasi-judicial capacity. All other rights reserved.

28. The Credit Insurance provided by the Assurer in respect of the facility covers death and involuntary loss of job of the Borrower.

29. The loan repayment for involuntary resignation by the Assurer is limited to the outstanding monthly loan principal for 6 months after job loss. This applies after recourse to terminal benefits. The subsequent loan repayment/ outstanding loan balance, interest, fees or charges would be paid by the Borrower.

30. The Borrower must have been on the Credit Insurance policy for a period of two (2) calendar months before any claim can be lodged under the Credit Insurance.

31. The involuntary loss of job claim will be processed upon receipt of letter of termination/separation issued by the Borrower’s employer to the Borrower on the employer’s letterhead.

32. The death claim will be processed upon receipt of Medical Certificate of Cause of Death from a reputable hospital or Federal Government hospital (or police report, if death is due to accident) and death certificate.

33. The Borrower hereby waive the need to review the facility document(s) within forty-eight (48) hours of receipt of same and confirm the acceptance of the terms contained in this facility document(s).

34. The Borrower hereby confirms the acceptance of the terms of the facility. Notwithstanding anything herein contained, express or implied, the Borrower hereby confirms that the Bank may at any time and without notice to the Borrower deduct any amount due to the Bank from the Borrowers account(s) as a result of the Borrower rejecting the facility within three (3) days of acceptance.

35. The terms and conditions contained binds the Borrower and is not assignable.