1.
CONDITIONS PRECEDENT TO DRAWDOWN
The facility shall become available to the Borrower upon acceptance of the
terms of this agreement by the Borrower.
2. OTHER CONDITIONS
1. Borrower consents to the Bank opening a non-transactional current
account for loan repayment purpose, in the event loan is requested
via a savings account.
2. Interest will be charged on all amounts owed by Borrower.
3. 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.
4. In the event of default by the Borrower under this facility, the Bank
reserves the right at its absolute discretion, to transfer the defaulting
account to a third party agency to recover any outstanding debt due
to the Bank with or without notice to the Borrower.
5. The Bank shall advise the Borrower of any change in rate, interest,
charges, fees or any other terms and conditions of the loan by a notice
in writing or via E-mail or SMS or by notes in Borrower’s statements.
6. The Borrower hereby covenants, as a condition precedent to the
disbursement of the facility herein, to obtain an irrevocable and
unconditional undertaking from the Borrower’s Employer to remit the
Borrower’s emoluments into the Borrower’s account with the Bank. In
addition, the Borrower unconditionally covenant with the Bank that
while any sum granted to the Borrower hereunder shall remain unpaid,
the Employer shall pay to the Borrower’s account with the Bank, all
emoluments due to the Borrower in the event of the Borrower’ exit from
the employ of the Employer, .
7. As repayment source for the facility hereby advanced, the Borrower
hereby authorize [his/her] present Employer to pay the Borrower’s
salary into the Borrower’s account maintained with the Bank, while the
Borrower’s obligations under this facility remains undercharged. The
Borrower agree that the Employer should not change the payment of
salary from the Bank until the Bank addresses a written instruction
permitting the change or the Borrower discharges his repayment
obligation under the facility.
8. The Borrower hereby unequivocally and irrevocably authorises the Bank
throughout the period of the facility to liaise with his current (or new
employer) to recoup the outstanding sums under the facility.
9. All funds to be cleared into the account(s) of the Borrower maintained
with the Bank shall first be applied towards the discharge of overdue
interest, charges/fees. Any balance thereon shall be applied to
liquidate the outstanding principal sum, provided always that the Bank
reserves the right to refuse acceptance of post-dated cheques or
other such instrument(s) towards payment or settlement of the credit
facility.
10. 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.
11. The Borrower hereby irrevocably undertakes to fully liquidate the
outstanding balance on the facility in the event that he/she decides to
change his/her employment or his employment is terminated which
liquidation shall be effected on or before the effective date of such
change or termination of employment.
12. The Borrower irrevocably authorizes Insurance Company which
provides insurance cover in connection with loan granted by the Bank
to the Borrower, to recognize the Bank as the first loss of payee. The
Bank is hereby notified to use claim received from insurance company
to liquidate the Bank’s exposure after which the balance, if any, will be
available to the Borrower.
13. The terms and conditions contained herein binds only the Borrower and
is not assignable.
3. DRAWDOWN
a) Drawdown can only be made when all conditions precedent stipulated in
clause 1 and 2 of this agreement have been met.
b) Drawdown on the loan may be made as and when required provided the
request is in writing and executed by the duly authorised signatories of the
Borrower.
c) Notwithstanding the acceptance and the fulfilment of the conditions
herein, drawdown of the facility shall be at the sole discretion of the Bank as
the Bank may with notice alter or cancel the facility.
4. INTEREST PAYMENT AND CAPITALIZATION
a) The Borrower shall until full repayment of the facility pay to the Bank
interest on such part of the facility as may from time to time be outstanding
at the rate and for the period stated in the herein and such interest rate shall
be subject to review in line with the Bank’s ruling interest rate as may be
notified to the Borrower from time to time (“the specified rate”). Any change
in the interest rate notified by the Bank to the Borrower shall be binding on
the Borrower.
b) If any interest required by this Agreement to be paid shall not be paid on
the day on which the same shall become payable then without prejudice to
any or all of the rights and remedies accruing to the Bank consequent upon
such default and without rendering such interest other than overdue and
immediately payable without demand, the interest so in arrears shall
thenceforth itself bear interest at the Bank's lending rate computed from the
date the same became payable to the date on which it is in fact paid plus
such other penal rates as shall be charged by the Bank at the sole discretion
of the Bank, be at any time capitalised and added for all purposes to the
facility hereby secured and bear interest accordingly until actually paid and
all overdue interest whether capitalised or not and the interest charged
thereon 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 to the facility and the interest thereon
shall equally apply to such overdue interest and to the interest thereon.
c) The Borrower shall repay the loan within approved tenor whereby principal
and interest shall be paid in equal monthly instalments (subject to loan
booking date).
d) The Borrower hereby authorises the Bank to debit [his/her] account for the
monthly instalment repayment comprising of the principal and interest.
e) Reserved interest rate chargeable on the account shall be the Bank’s
prime lending rate from time to time.
f) 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.
g) In the event of restructuring, a facility restructuring fee of 0.5% of the
outstanding amount shall be charged.
5. TERMS OF REPAYMENT
Subject to the terms and conditions contained herein, the Borrower shall
repay the loan in the manner hereinafter appearing:
a) The principal loan and interest obligation shall be serviced in accordance
with the agreed repayment plan.
b) The loan or any instalment payment may be prepaid in whole or in part on
any business day provided 10 (ten) days written notice is given to the Bank.
c) Amount prepaid shall not be re-borrowed.
d) Upon payment of the outstanding part of the loan together with interest
thereon, the Bank shall at the request and cost of the Borrower duly
discharge the Borrower from its obligations under this Agreement.
e) It is agreed and understood that all the usual commission and customary
banking charges on the loan as well as all costs and expenses incurred in
connection with or incidental to the recovery of the loan shall be paid by the
Borrower.
7. OPERATING CONDITIONS
a) If the facility or any due instalment or charges are not repaid on due date,
the Bank shall be entitled to apply its prevailing interest rate on unauthorized
overdrafts in addition to late payment charges on any unpaid sum. The rates
and charges applied by the Bank shall be conclusive and binding on the
Borrower.
b) The Borrower hereby agrees that the Bank shall be entitled to charge and
apply all upfront fees and charges on any unpaid portion of the facility upon
expiry without recourse to the Borrower.
8. EVENTS OF DEFAULT
Notwithstanding anything herein before contained the loan or balance
thereof and other monies herein covenanted to be paid whether by way of
interest or otherwise shall become immediately due and payable on the
demand being made in respect of such or on the happening of any of the
following events:
a) In the event of default by the Borrower in making any repayment on due
date, the outstanding principal amount and accrued interest as stated by
the Bank shall be conclusive evidence that a sum is due and owing from the
Borrower.
b) If the Borrower makes default for a period of 7 (seven) days in payment of
the loan or any instalment or interest thereof which may have become due;
or
c) If any extra ordinary situation shall have arisen the continuance of which in
the opinion of the Bank shall make it improbable that the Borrower will be
able to perform its obligations under this Agreement; or
d) If any execution or distress is levied upon or against the properties of the
Borrower and not discharged within 7 (seven) days; or
e) If the Borrower commits a breach of this Agreement and in the case of a
breach capable of remedy fails to remedy the same within 7 (seven) days; or
f) If the Bank shall be compelled by any Central Bank of Nigeria's rules,
regulations or directives to call the loan; or
g) If there should in the opinion of the Bank be a material adverse change in
the financial condition of the Borrower; or
h) If any government consent required by law for the validity, enforceability
or legality of this Agreement or the performance thereof ceases to be or is
not for any reason in full force and effect. In any such event and at any time
thereafter if any such event shall be continuing, the Bank shall be by written
notice to the Borrower, declare that, that portion of the loan outstanding has
become immediately due and payable whereupon the same shall become
so payable together with interest accrued thereon; or
j) In the event of default of any of the conditions which this facility was
granted, the facility will immediately fall due for repayment and the Bank
reserves the right to transfer the defaulting account to a third party agency
to recover any outstanding debt due to the Bank or/and repossess and sell
the assets without further notice to the Borrower.
k) As repayment source for the credit facility hereby advanced, the Borrower
hereby undertake to authorize his present Employer to pay the Borrower’s
salary to the Borrower’s account with the Bank, while the Borrower’s
obligations under this loan facility remains undercharged.
l) All funds clearing for the accounts of the Borrower with the Bank shall first
be towards the discharge of overdue interest and charges/fees. Any
balance thereon shall be applied to liquidate the outstanding Principal sum,
provided always that the Bank reserves the right to refuse acceptance of
post-dated cheques or other such instrument towards payment or settlement
of the credit facility.
m) The Borrower unconditionally authorizes the Bank to set-off Borrower’s
accounts with other banks for overdue interest, principal and charges without
recourse to the Borrower.
9. OUT OF POCKET EXPENSES
a) The Borrower shall reimburse the Bank for all reasonable out of pocket
expenses arising in any way in connection with the Borrower’s accounts or in
enforcing the terms and conditions herein, costs (including legal fees,
collection commission et cetera), and charges incurred by the Bank in
connection with the preparation, execution, administration and enforcement
of this offer letter including but not limited to solicitors fees, stamp duties and
registration fees or from the recovery of any amounts due to the Bank or
incurred by the Bank in any legal proceedings of whatever nature Such
charges and costs shall be for the account of the Borrower and shall be
added to the loan and other moneys owing under this offer and shall bear
interest accordingly.
10. NOTICE
Any notice or demand shall be sufficiently given provided it is in writing and
given under the hand of any manager or officer of the Bank and sent by
post, hand delivered, or emailed to the Borrower at the address given in this
offer letter or any such address known to the Bank and every such notice or
demand so made shall be deemed to have been made on the day the
notice was posted, hand delivered or emailed.
11. TAXES
All payments whether of principal interest or otherwise are to be made free
and clear of and without deduction of any taxes, duties, charges, fees,
deductions, withholdings, set-offs, counter-claims, restrictions or conditions of
any nature. If at any time any provision of the law or any taxing authority shall
require the Borrower to make any such deduction or
withholding from any such payment then the sum due from the Borrower in
respect of such payment shall be increased to the extent necessary to ensure
that after the making of such deductions or withholding, the Bank receives a
net sum equal to the sum which it would have received had no such
deduction or withholding been required to be made.
12. CHANGE IN CIRCUMSTANCES
If any change in the law or administrative regulations applicable to this offer
letter or any interpretation by the courts of law makes it unlawful for the
Borrower to perform their obligations hereunder then:
(i) The Bank shall be discharged from all obligations towards the Borrower
hereunder and its commitment reduced to zero.
(ii) The Borrower shall repay to the Bank forthwith the outstanding principal
amount of the loan together with accrued interest thereon and any accrued
but unpaid commission.
13. COVENANTS, REPRESENTATIONS AND WARRANTIES
The Borrower hereby makes the following covenants representations and
warranties in favour of the Bank:
a) That the Borrower has the power to enter into and execute this offer and
to borrow hereunder and has taken all necessary action to authorize the
borrowing of the facility upon the terms and conditions of this offer and to
authorize the execution, delivery and performance of this offer in
accordance with its terms.
b) That all consents, licenses, approvals, or authorizations of any
governmental authority, bureau or agency required in connection with the
execution, delivery, performance validity or enforceability of this offer have
been obtained and are valid and subsisting.
c) That all the information relating to the Borrower or otherwise relevant to the
matters contemplated by this offer which has been supplied to the Bank by
the Borrower is true and correct in all material respects and contains no
material omission.
d) That the Borrower shall promptly upon becoming aware of them, deliver to
the Bank details of any litigation, arbitration or administrative proceedings
which are current, threatened or pending and which might, if adversely
determined, have a material adverse effect in relation to the Borrower.
e) That the Borrower warrants that acceptance of the Facility and the
drawing of any part thereof does not and will not constitute an event of
default under an existing law or regulation.
f) That the Borrower warrants that it is not in default under any agreement to
which it is party, which would have a material adverse effect on the
Borrower’s business or financial condition.
g) That the Borrower undertakes to continue to improve on its business
relationship with the Bank through the operation of his or her account with
the Bank.
h) The Borrower hereby irrevocably undertakes to fully liquidate the
outstanding balance on the facility in the event that he decides to change
his employment or
his employment is terminated which liquidation shall be effected on or before
the effective date of such change or termination of employment.
14. BENEFITS OF AGREEMENT
a) This offer shall be binding upon the Borrower and his/her legal/personal
representatives, executors/executrix, administrators and assigns and
permitted assigns and shall inure to the benefit of the Bank and its successors
and assigns provided that the Borrower may not assign or transfer any of its
rights and benefits hereunder save with the prior written consent of the Bank.
b) The Bank may at any time with prior written notice to the Borrower assign
all or any part of its right and benefits hereunder to any one or more Banks or
other lending institutions (each of which is hereinafter called a "Participant")
for the consideration that each such participant shall perform the Bank's
rights and benefits assigned to such participant and for this purpose the Bank
may disclose to the potential participant such information about the
Borrower as the Bank shall consider as appropriate.
c). If the Bank shall assign its rights, benefits and obligations hereunder as
provided above, all references of this offer (other than in this clause) to the
Bank shall be construed as a reference to the Bank and its participant(s) to
the extent of their respective participation PROVIDED THAT the Borrower shall
not by reason of any such participation be obliged to make any payment
hereunder otherwise than to the Bank or be under any greater obligations
than those it would have been under in the absence of such participation.
d) The Bank may use any information relating to the Borrower for evaluating
the credit application. The Bank may at its sole discretion and as it considers
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.
15. INDULGENCE
The Bank may without prejudice to its rights herein enter into any Agreement
for giving of time or other facilities to the Borrower for the repayment of the
facility or other monies hereby covenanted to be paid or any part thereof
and may release or compound for the same with the Borrower or any person,
company or corporation liable to pay the same.
16. REMEDIES AND WAIVERS
Failure and/or delay on the part of the Bank to exercise any right, power or
privilege created by this Agreement shall not operate as a waiver thereof.
The Agreement hereby created shall not be affected by any failure by the
Bank to take any security or by any existing or future agreement by it as the
application of any advances made or to be made to the Borrower.
The rights and remedies herein provided are cumulative and not exclusive of
any rights or remedies provided by law.
17. ACKNOWLEDGEMENT
Any admission or acknowledgment in writing by the Borrower or any person
on behalf of the Borrower of the amount of indebtedness of the Borrower to
the Bank or any judgment or award obtained by the Bank against the
Borrower or any statement of account furnished by the Bank certified by an
officer of the Bank as a true copy extracted from the books of the Bank shall
be binding against the Borrower in the absence of any manifest error.
18. SET-OFF
a) By accepting this offer letter/loan agreement and by drawing on the loan,
I covenant to repay the loan as and when due. In the event that I 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 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 my indebtedness from any
money standing to my credit in any bank account and from any other
financial assets they may be holding for my benefit.
I covenant and warrant that the CBN shall have power to set-off my
indebtedness under this loan agreement from all such monies and funds
standing to my credit/benefit in any and all such accounts or from any other
financial assets belonging to me and in the custody of any such bank.
I hereby waive any right of confidentiality whether arising under common law
or statute or in any other manner whatsoever and irrevocably agree that I 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 of the obligor are reserved.
b) 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 or other
banks 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 or other
banks (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.
c) In the event of default by the Borrower in his monthly obligations for a
period of 1 month or more, the Borrower authorises the Bank to set-off any
overdue repayment or debt against any of his or her other accounts with the
Bank or any other financial institution in Nigeria. Borrower also authorises UBA
to debit any of your accounts with the Bank in settlement of any outstanding
due obligation you may be having with another financial institution as may
be advised by such financial institution and Borrower hereby waives his or her
right of action against the Bank for any action the Bank may take in this
regard.
19. AMENDMENT
This Agreement may be amended from time to time as dictated by
exigencies of the situation and at the discretion of the Bank. Notice of such
amendments shall be given to the Borrower.
20. INVALIDITY AND SEVERABILITY
If any provision of this Agreement shall be found by any court or
administrative body of competent jurisdiction to be invalid or unenforceable,
the invalidity or unenforceability of such provision shall not affect the other
provisions of this Agreement and all provisions not affected by any such
invalidity or unenforceability shall remain in full force and effect.
The parties hereby agree to attempt to substitute for any invalid or
unenforceable provision a valid or enforceable provision, which achieves to
the greatest extent possible the economic, legal and commercial objectives
of the invalid or unenforceable provision.
21. HEALTH, SAFETY AND ENVIRONMENTAL POLICIES
The Borrower agrees to continue to carry on and maintain its business in
conformity with Environmental Laws applicable in Nigeria and upon the
Bank’s request, shall supply evidence to verify its fulfilment of this obligation.
22. APPLICABLE LAW
This Agreement shall be governed by and construed in all respects in
accordance with the laws of the Federal Republic of Nigeria.
23. ASSIGNMENT
The agreement herein binds only the Borrower and is not assignable.
25. AVAILABILITY CLAUSE
Please indicate your acceptance of the terms and conditions of this facility by
selecting “I accept” on this offer, failing which the offer shall lapse without any
liability or commitment on the part of the Bank.
’By accepting the Click Credit facility on any channel (Mobile Banking,
Internet Banking, USSD, Leo Chatbot, e-commerce website or any other such
channels) where Click Credit is made available, I consent to all the terms and
conditions of Click Credit product stated herein.
I have read and understood the terms and conditions of Click Credit and I do
not have any reservation on any of the terms and conditions.’’
Customer Complaint: In case of any complaint, you can write a letter
addressed to the Group Head, Customer Fulfilment Centre, 57 Marina Lagos –
Nigeria and submit through any nearest UBA Business Office to you. Also, you
can call Customer Fulfilment Centre on 01-2808822 or email at
[email protected]. In case of dissatisfaction, you can escalate by writing to
The Director, Consumer Protection Department, Central Bank of Nigeria,
Central Business District, Garki – Abuja, Nigeria or email [email protected].
