Credit Facility Offer Letter EFFECTIVE DATE 05/10/2023 NAME CALEB JOHN ADDRESS 27, Dada Efe street, Ibeshe, Ikorodu Ibeshe ,27, Dada Efe street, Ibeshe, Ikorodu Ibeshe Ikorodu Lagos ACCOUNT NUMBER 0502946539 BANK VERIFICATION NUMBER 22481903489 AMOUNT 980.00 TENOR 12 Days REPAYMENT 1000 REPAYMENT DATE 17/10/2023 Dear Sir/ Ma, OFFER OF NGN980.00 (AMOUNT IN FIGURES ONLY) QARD AL-HASSAN FACILITY APPROVAL Further to your application, we are pleased to inform you that The Alternative Bank has approved a 980.00 Qard Al-Hassan Facility in your favour under the following terms and conditions: LOAN AMOUNT NGN980.00 REPAYMENT NGN1000 TENOR 12 Days MANAGEMENT FEES 1% 10.00 INSURANCE FEE PER MONTH 1% 10.00 STAMP DUTIES TERMS I CALEB JOHN (Borrower) hereby authorize Sterling to debit my account for all fees associated to the loan immediately the facility is disbursed. I irrevocably undertake and covenant that I shall at all times make funds available in my account for the purpose of meeting my obligations as and when due. The foregoing shall be construed as a continuing instruction and shall not be revoked by me until I have fully paid down the loan availed to me. I, CALEB JOHN consent that The Alternative Bank may collect, use and disclose my transaction/information from/to the appointed credit bureaus and other 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 / or any relevant statute or regulation. REPAYMENT SOURCE:Salary CONDITIONS I. I. I. All expenses incurred in the arrangement, documentation, and enforcement of payments under this facility would be borne by the Borrower. II. II. II. Utilization of the facility or any part thereof shall be at the Sterling's discretion and is subject to satisfactory documentation and regulation of CB as may be laid down from time to time III. III. III. The Borrower acknowledges that Sterling is a financial institution regulated by CBN IV. IV. IV. 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 V. V. V. 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. VI. VI. VI. The Borrower shall keep Sterling fully informed of all facilities granted to him/her by other banks and financial institutions VII. VII. VII. The Borrower's account must revert to credit on or before expiration of the facility VIII. VIII. VIII. Any outstanding unpaid rental at expiration or any excess above the limit is not to be considered as approval for the unpaid obligation or unauthorized excess and will attract penalty at 1%. INSURANCE Where it is necessary to insure any or all parts of the facility or security pledged, the Bank shall use your preferred insurance company selected bebw Insurance Company NOOR TAKAFUL 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. I. I. I. I. If the Borrower fails to settle any due obligation arising from the facility, or II. II. II. II. If the Borrower defaults in the performance or the observance of any other term, after notice might have been gien to the Borrower; or III. III. III. III. 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; CONVENANTS I. I. I. I. The Borrower undertakes that during the validity of the facility while there are any outstanding thereon, the Borrower shall: II. II. II. II. Not create or alow to subsist any charge, pledge, lien or other encumbrance over the assets; and 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 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 and notice of the set-off shall thereafter be given to the Borrower. FACILITY REVIEW Sterling reserves the right at its 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 3 days from the first day of default that a default charge would be applied on the account 7 days from the date the obligation becomes due. DEFAULT CLAUSE / PENAL RATE 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 CB through the Credit Risk Management System (CRMS) or by any other means, and request the CB 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 quasijudicial 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. TAXES It is a condition of this offer that the Borrower shall bear all taxes including Stamp Duty, and/or any other levies, duties, or charges as may be levied from time to time by the government or other authorities of government, including those taxes or charges that may be incurred by the Bank, in accordance with the laws of the Federal Republic of Nigeria for the time being in force, in respect of, or in connection with this facility. NOTICES AND COMPLAINTS I. I. I. I. I. I. 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. II. II. II. II. II. II. 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 belw or at such other current address as is specified by The Alternative Bank to the Customer by notice; To: The Alternative Bank Sterling Towers, 20 Marina, Lagos Attention: Head, Customer Experience, Alternative Finance Email: help@saf.ng Phone no:01-7000-555 III. III. III. III. III. III. 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: cpd@cbn.gov.ng 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. We are pleased to have been given the opportunity to be of service to you and look forward to a more mutually beneficial relationship in the future Please indicate your acceptance of these terms in the space provided below. I, CALEB JOHN having read and understood the terms and conditions contained herein agree to be bound accordingly. MEMORANDUM OF ACCEPTANCE I, CALEB JOHN hereby accept the credit facility availed me by The Alternative Bank Plc