•  Nov. 27, 2023   Admin

CONDITIONS PRECEDENT

Upon receipt of duly accepted offer letter:

The borrower shall bear the cost of stamping the agreement where applicable. The managing Director or Chairman shall give a personal guarantee in the case of a limited liability company.

OTHER CONDITIONS AND COVENANTS

The borrower hereby undertake that:

• 1. All legal cost and expenses incurred in the administration of the facility and the perfection of the security including legal fees shall be paid by the borrower.
• 2. The borrower undertakes that during the validity of the facility, that is while there are any outstanding balances thereon, it will provide the lender with information which the lender may reasonably require from time to time with regard to its business affairs.
• 3. Disbursement on the facility shall be subject to availability of funds.
• 4. The facility is subject to review at the sole discretion of the lender at any time during its tenor and reserves the right to review and/or withhold disbursement without notice to the borrower.
• 5. The borrower shall inform the lender of all charges or revision in its operation as it relates to the facility.
• 6. The borrower shall not deal in any way with pledged security while the loan facility or any part thereof subsist.

ACCELERATION OF PAYMENT IN EVENT OF DEFAULT

Without prejudice to the term stipulated for the payment of the facility, occurrence of any of or combination of the following events shall cause the lender to accelerate payment as due for immediate liquidation if:

• I. The borrower fails to comply with lender's letter of demand in respect of any payment (interest or principal) due.
• II. The borrower defaults in the performance or observance of any other terms, conditions and covenant contained in the offer letter and such breach or default shall after giving seven (7) days notice to the borrower by the lender.
• III. A third party (an encumbrance) takes possession of or any part of the borrower's undertakings and property.
• IV. The borrower ceases of threatens to carry on its business.
• V. An indebtedness or obligation of the borrower becomes due and it's not paid as at when due.
• VI. No legal action or suit however shall be institute instigated and/or sustained by the borrower against the lender jointly or severally without first given the lender a sixty (60) days prior written preaction of the borrower's intention to proceed against the lender, such notice to be served at the lender's registered office addressed.

However, in the event of any returned cheque, non remittance or non deduction on behalf of UIDC Limited, the borrower is required to issue a bank draft or make cash lodgement to the company's bank account or take cash to any of the office of UIDC Limited.

Completion of the online form or signing of the UIDC Limited physical form signify acceptance of the above TERMS and CONDITIONS.