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SMB Salary Advance
TERMS AND CONDITIONS
The Lender hereby grants to the Borrower and the borrower hereby
accepts the Salary Advance Facility upon the terms and subject to the
conditions contained in this Agreement.
The Lender however reserves the right to cancel and/ or reduce the
facility in line with its ability to accommodate it within its legal
lending limits and / or policy or portfolio constraints.
REPRESENTATION AND WARRANTIES
I, (‘Hereinafter called the Borrower’) hereby make the following
covenants, representations and warranties in favour of the Lender:
That all information relating to the borrower or otherwise relevant to
the matters contemplated by this agreement which has been supplied to
the Lender by the Borrower is true and correct in all material respects
and contains no material omission.
THE BORROWER
The Borrower is not in default under any obligation in respect of
Borrowed money and that the acceptance of this facility will not be or
result in a breach of or default any provisions of any other agreement
to which the Borrower is a party.
TENOR
The Facility shall be for the approved tenor stated in this agreement
from the date of disbursement of the funds, subject to review by the
Lender. It may be renewed at the end of the tenor at the discretion of
the Lender.
INTEREST PAYMENT AND CAPITALIZATION:
In line with the prevailing money market conditions, interest rate
shall be in accordance with, the Lender’s prevailing rate regarding the
personal loan product which shall be reviewed from time to time. Any
change in the pricing of this facility by the Lender shall be binding
on the parties. In the event that the Borrower rejects the change in
the pricing of the facility by the Lender, the facility together with
all the interest, charges and Launderer’s fees thereon shall
immediately become payable by the borrower.
If any principal or interest or installment required by this Agreement
to be paid shall remain unpaid the day after the same ought to have
been paid, then without prejudice to any or all the rights and remedies
accruing to the Lender consequent upon such default, the amount so in
arrears shall thenceforth itself bear interest at the rate of default
in accordance with the Lender’s schedule of fees regarding the
facility, computed from the date same became payable to the date on
which it is in fact paid and may at the sole discretion of the
Lender be at any time capitalized and added for all purposes to
the facility hereby secured and bear interest accordingly until
actually paid and all overdue interests shall be secured in the same
manner as the facility and all covenants, provisions and remedies
contained in and conferred by this Agreement and all rules of law and
equity in relation too the facility and the interest thereon shall
equally apply to such overdue amounts and to the interest thereon.
CHANGE IN CIRCUMSTANCES:
a) If any change in law or administrative regulations applicable to
this Agreement or any in interpretation by the courts of law make it
unlawful or illegal for the Borrower to perform its obligations
hereunder the and in such situation:
i. The available facility shall be automatically cancelled and the Lender’s commitment shall be reduced to zero.
ii. The Borrower shall repay to the Lender the outstanding principal
amount of the facility together with accrued interest thereon and any
accrued but unpaid commissions and other costs and charges payable
hereunder.
b) If any change in the law or administrative regulations applicable to
this Agreement or any interpretation by the courts of law make it
unlawful or illegal for the lender to perform its obligations hereunder
then and in any such situation:
i. The Lender shall be discharged from all obligations towards the Borrowed hereunder and its
commitment reduced to zero.
ii. The yet un-drawn portion of the loan shall be reduced by the amount
if the Lender’s commitment immediately prior to the occurrence of such
event and the Borrower shall on demand pay to the Lender its
outstanding advance on the next interest payment date relating thereto.
COVENANTS:
For the duration of the agreement, the Borrower shall:
a) not transfer the above stated salary account from the Lender without
the prior written consent of the Lender. ( to be reconstructed in legal
terms )
b) not take on any additional loan or borrowing or incur any other
debt, whose repayment is tied to the borrower without the prior consent
of the Lender which consent shall not be unreasonably withheld.
EVENTS OF DEFAULTS:
Without prejudice to the Lender’s right to payment of any outstanding
sum, or reduce or cancel the facility at any time the facility or the
balance of the facility for the time being outstanding plus interest at
the aforementioned rate shall become payable upon occurrence of any of
the following events:
a) If the borrower fails to pay any sum here under when due;
b) If the Borrower stops repayment and/or operating of the account;
c) If any distress execution, sequestration or other process is levied
or enforced upon or issued out against the Borrower and is not
discharged within 7 (Seven) days;
d) If any encumbrance takes possession of or a receiver of other
similar officer is appointed for all or any parts of the understanding
and assets of the Borrower:
e) If the Borrower commits any breach of this Agreement and in the case
of any breach capable of remedy the breach within 7 (seven) day of
being required in writing by the Lender to do so;
f) If there should in the opinion of the Lender be a material adverse change in the financial condition of the Borrower;
g) If any Government consent required by the law for the validity,
enforcement ability or legality of this Agreement and the securities
hereunder or the performances thereof ceases to be or is not for any
reason in full force and effect;
If any representation or warranty made by the Borrower in this
Agreement or in any notice, certificate or statement delivered or made
hereunder proves to have been incorrect or materially inaccurate when
made or delivered; or
h) If the borrower shall be in default of any payment obligation to any
person or group of persons or organization whether such default is
waived or not.
REMEDIES AND WAIVERS:
No failure to exercise or delay in exercising on the part of the Lender
any right, power or remedy hereunder shall operate as a waiver thereof
nor shall any single or partial exercise of any right, power or remedy
prevent any further or other exercise thereof or the exercise of any
other right, power or remedy. The rights and remedies herein provided
are cumulative and not exclusive of any rights or remedies provided by
law.
COSTS, EXPENSES & FEES:
The borrower shall from time to time at the request of the lender
reimburse the Lender for all out pocket expenses including legal fees,
stamp duties and registration fees reasonably incurred by it in the
processing of the loan, the administration or enforcement of this
agreement or in recovery of the loan in the event of default or in the
preservation, protection, and enforcement of its rights hereunder. The
borrower also agrees to pay all the Lender fees as set out in this
agreement.
NOTICES:
Any notice shall be sufficiently given either in writing and any other
electronic means including but not limited to Text Messages, Electronic
Mail and faxes addressed to the Borrowed and sent by the lender. Every
such notice shall be deemed to have been received the day after such
notice was sent.
SET-OFF:
The Borrowed agrees that the Lender shall have the right to combine or
consolidated all or any of the Borrower’s deposits and accounts, set
off or transfer any sum or sums standing to the credit of any one or
more such accounts towards the satisfaction of all amounts which may
become payable to the Lender hereunder.
LAW:
This Agreement shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria.
CONDITION PRECEEDENT TO DRAW DOWN:
1. Application Form duly signed.
All correspondence should be sent to:
The Managing Director
Skye Mortgage Bankers Limited
81, Awolowo road
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