TERMS

1. Authorization and Undertaking
   (The “Borrower”), hereby authorize Sterling Bank Ltd to debit my account for all fees, charges, and interest associated to this loan, immediately upon disbursement or utilization of the facility. I irrevocably undertake to maintain sufficient funds in my account to meet all repayment obligations as and when due. This authorization shall be construed as a continuing instruction and shall not be revoked by me until the facility is fully repaid and I am discharged of all obligations therefrom.
2. Consent to Data Use and Disclosure
   I consent that Sterling may collect, use, and disclose my transaction and personal information from/to the appointed credit bureaus and other authorized agencies, who may use the information for any approved business purposes as may from time to time be prescribed by the Central Bank of Nigeria (CBN) and applicable laws.
3. Repayment Source
   Repayment of the facility shall be effected via direct debit of the Borrower’s account using tokenization services. The Borrower further consents to the Global Standing Instruction (GSI) mandate hereunder, authorising Sterling to recover outstanding obligations from accounts held by the Borrower with other financial institutions within Nigeria, in accordance with CBN regulations.

CONDITIONS

• All expenses however incurred in the arrangement, documentation, enforcement or recovery of any part of this Loan facility (including all legal fees and/or expenses, and any other expenses paid or incurred by the Bank in collecting or enforcing repayment of the loan), all professional and legal fees, valuation fees, monitoring fees, taxes and commissions (if any), would be borne by the Borrower, and the Bank shall be entitled to debit the Borrower’s account for such expenses when due.
• Utilization of the facility or any part thereof shall be at the sole discretion of Sterling and is subject to satisfactory documentation and regulation of CBN as may be laid down from time to time.
• The facility shall terminate and all sums due to Sterling there under shall become immediately due and payable if the borrower commits any breach or defaults under the terms of the facility granted him by Sterling or any other Bank.
• The Borrower acknowledges that Sterling is a financial institution regulated by CBN.
• The Borrower hereby agrees to indemnify Sterling against any loss, howsoever occurring, that Sterling may incur, as a result of any misrepresentation, irregularity or incompleteness in the information submitted to Sterling.
• The overdraft account must revert to credit within 30 days of any drawdown

INSURANCE

1. Where it is necessary to insure any or all parts of the facility or security pledged, the Bank shall use any of the Insurance companies in the table below, please indicate your choice from the available options;
   

    

   Insurance Companies	Select any of the options
   Aiico Insurance Plc
   Sovereign Insurance plc
   Leadway Assurance Company Limited

    

2. Renewal of insurance cover(s) on any or all parts of the facility or security pledged, shall be notified to the Borrower at the expiration of the insurance policy, and the Bank is hereby authorized to debit the Borrower’s account for the renewal premium.
3. The Borrower acknowledges that during the tenor of the facility, the Bank may, where necessary, revalue any security pledged towards the facility. The revaluation shall be carried out by the Bank’s approved valuer, with notice to the Borrower. The revaluation fee shall be borne by the Borrower and the Bank is entitled to debit the Borrower’s account for such expense.
   
   

EVENTS OF DEFAULT

Without prejudice to Sterling’s right to demand repayment of outstanding amounts under the facility at any time, the occurrence of any of the following events shall cause all outstanding amounts under this facility to become immediately repayable.

• If the Borrower fails to settle any due obligation arising from the facility, or
• If the Borrower defaults in the performance or the observance of any other term, after notice might have been given to the Borrower; or
• If an order is made or a petition is presented for the Borrower’s undertaking and assets; or If a distress or execution is levied upon or issued against the Borrower’s property and is not discharged within 5 days;

RIGHT OF SET-OFF

The Borrower covenants that in addition to any general lien or similar right to which Sterling as a bank may be entitled by law, Sterling may, at any time, combine or consolidate all or any of the Borrower’s accounts with and liabilities, to Sterling, set off or transfer any sum or sums standing to the credit of one or more of such accounts in or towards the satisfaction of any of the Borrower’s liabilities to Sterling, or any other account in any other respect whether such liabilities be actual or contingent, primary, or collective and several or joint.

FACILITY REVIEW

Sterling reserves the right to change, vary or cancel at any time, with adequate notice to the Borrower, the nature and amount of the facility as well as the underlying terms, conditions and security arrangements. Therefore, notwithstanding anything in this offer to the contrary, this facility is regarded as payable at any time at the option of the Bank.

DEFAULT CLAUSE/ PENAL RATE

Any failure to meet agreed repayment terms will attract a penalty fee of 1% flat of the amount per month whether or not such failure to meet repayment terms is for a period less than one month. The Bank shall notify the Borrower within three (3) days from the first day of default that a default charge would be applied on the account seven (7) days from the date the obligation becomes due.

GLOBAL STANDING INSTRUCTION MANDATE

By accepting/signing this offer letter/facility agreement and by drawing the facility, I covenant to repay the facility as and when due.

In the event that I fail to repay the facility as agreed, and the facility becomes delinquent, the Bank shall have the right to report the delinquent facility 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 Bank shall have power to set-off my indebtedness under this facility 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.

MATERIAL ADVERSE CHANGES

This offer shall be withdrawn or the facility terminated if a situation, change of default occurs or threatens to occur, which in the opinion of Sterling would adversely affect the ability of the Bank or the Borrower to perform his/her obligation as outlined in this letter. In the event of any such termination, any fees paid by the Borrower to the Bank will not be refunded.

WAIVER

No failure or delay by the Bank in exercising any remedy, power or right hereunder shall operate as a waiver or impairment thereof nor shall it affect or impair any such remedies, powers or rights in respect of any subsequent default.

ASSIGNMENT

The Borrower hereby acknowledges that the Bank may sell, transfer, assign, novate or otherwise dispose of all or part of its rights or obligations (including by granting of participations) under this loan agreement to another bank or financial institution or to a trust, fund or any other entity which is engaged in or established for the purpose of making, purchasing, or investing in loans, securities or other financial assets. The Customer hereby agrees to execute all documents and take all such steps as may reasonably be required by the Bank to give effect to such an assignment or transfer.

NOTICES AND COMPLAINTS

• All notices, consents, requests, demands, and other communications required hereunder or given pursuant to this Facility shall be in writing addressed to that Party at its respective address and delivered personally or sent by SMS, post, courier, or email.
• Any complaint arising from this facility shall be made in writing and delivered to the Bank personally or sent by post, courier or email at the address set out below or at such other current address as is specified by Sterling to the Customer by notice;
  
  To: Sterling Bank Ltd
  Sterling Towers, 20 Marina, Lagos
  Attention: Group Head Customer Experience
  Email: [email protected]
  Phone no: 070078375464; 07008220000
  
  
• Where necessary, the Customer may escalate to CBN using the following information:
  
  To: Consumer Protection Department
  Central Bank of Nigeria
  P.M.B 0187
  CBD, Abuja
  Email: [email protected]

EXECUTION

The Borrower hereby acknowledges and agrees that this offer letter may be executed electronically by box ticking. The Borrower further acknowledges and agrees that the electronic signature used herein, has the same validity and meaning as the Borrower’s handwritten signature and is therefore legally binding on the Borrower.

COOLING-OFF PERIOD

I acknowledge that I have the right to cancel this loan contract within three (3)days of acceptance of same, without any penalty or charges, and that the loan amount will not be available to me until I execute a Waiver and deliver it to the Bank. However, I understand that I also have the option to waive this right immediately by ticking the “I Accept” box below which serves as my authority to the Bank to immediately proceed with the disbursement of the facility.