STATE HOUSE STAFF MULTI-PURPOSE CO-OPERATIVE SOCIETY LIMITED

LOAN AGREEMENT

Pricing:

• Interest : 5% flat monthly.

RIGHT OF SET OFF (GLOBAL STANDING INSTRUCTION)

1. "By accepting this offer letter/loan agreement, and by drawing on the loan, I /We covenant to repay the loan as at when due. In the event that I/ We fail to repay the loan as agreed, and the loan becomes delinquent, the STATE HOUSE STAFF MULTI-PURPOSE CO-OPERATIVE SOCIETY LIMITED 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 powers to direct all STATE HOUSE STAFF MULTI-PURPOSE CO-OPERATIVE SOCIETY LIMITED and other financial institutions under its regulatory purview to set-off my/our indebtedness to you from any of my/our STATE HOUSE STAFF MULTI-PURPOSE CO-OPERATIVE SOCIETY LIMITED account and from any financial assets that may be holding to my/our benefit"
2. "I/ We covenant and warrant that the STATE HOUSE STAFF MULTI-PURPOSE CO-OPERATIVE SOCIETY LIMITED shall have the power to set-off my/our indebtedness under this loan agreement from all such monies and funds standing to my/our credit/benefit in any or all such accounts or from any other financial assets belonging to me/us and in the custody of any STATE HOUSE STAFF MULTI-PURPOSE CO-OPERATIVE SOCIETY LIMITED."
3. "I/We hereby waive any right of confidentiality whether arising under common law or statute or in any manner whatsoever and irrevocably agree that I shall not argue to the contrary before any court of law, tribunal or any administrative authority or anybody acting in judicial or quasi-judicial capacity"

ACCELERATION OF PAYMENT IN EVENT OF DEFAULT

• Without prejudice to STATE HOUSE STAFF MULTI-PURPOSE CO-OPERATIVE SOCIETY LIMITED right to enforce a “Bullet Repayment” of outstanding loan amount at any time, any or of the following events shall cause the STATE HOUSE STAFF MULTI-PURPOSE CO-OPERATIVE SOCIETY LIMITED to accelerate repayment as due for immediate liquidation:
• The STATE HOUSE STAFF MULTI-PURPOSE CO-OPERATIVE SOCIETY LIMITED reserves the right to recall if it is found to be diverted for other purposes other than the purpose for which the facility was granted
• If the Borrower defaults in the performance or observance of any other term, condition or covenant contained in this offer letter and such breach or default continues unremedied after (30) days’ notice to the borrower by the STATE HOUSE STAFF MULTI-PURPOSE CO-OPERATIVE SOCIETY LIMITED.
• If an order is issued or an effective resolution is passed or a winding-up petition is levied upon the Borrower.
• If the borrower ceases or threatens to cease to carry on its business.
• If there is any material change in the character of the Borrower which the STATE HOUSE STAFF MULTI-PURPOSE CO-OPERATIVE SOCIETY LIMITED considers significantly adverse to its interest as a lender.

PENALTY

• The Borrower shall upon maturity of the loan or on demand by the STATE HOUSE STAFF MULTI-PURPOSE CO-OPERATIVE SOCIETY LIMITED, repay any outstanding in full, failure of which the borrower will be liable to pay 1% daily penalty in addition to the monthly interest rate or in accordance with the STATE HOUSE STAFF MULTI-PURPOSE CO-OPERATIVE SOCIETY LIMITED’s penalty rate at the time of default.

RECOVERY/SECURITY REALIZATION:

STATE HOUSE STAFF MULTI-PURPOSE CO-OPERATIVE SOCIETY LIMITED shall immediately, upon the expiration of the loan tenure or upon demand commence recovery actions and enforce all legal remedies against the borrower.

All costs, charges or expenses incurred by the STATE HOUSE STAFF MULTI-PURPOSE CO-OPERATIVE SOCIETY LIMITED, directly or indirectly in the process of recovering or attempting to recover the outstanding amount or in the process of perfecting, discharging and/or enforcing any pledged securities for this facility shall be borne by the borrower. STATE HOUSE STAFF MULTI-PURPOSE CO-OPERATIVE SOCIETY LIMITED will advise the Borrower of such charges, costs or expenses for immediate settlement.

Kindly confirm your acceptance of this offer by signing and returning a copy to the STATE HOUSE STAFF MULTI-PURPOSE CO-OPERATIVE SOCIETY LIMITED. Please note that the offer is valid for 7 days from the date of this letter after which the offer would lapse.

Yours faithfully,

FOR: STATE HOUSE STAFF MULTI-PURPOSE CO-OPERATIVE SOCIETY LIMITED