In this Agreement:
“Account” means the Borrower’s savings account with the Lender.
“Agreement” means this Loan Agreement, including the Schedules and Annexures attached hereto, as the same may be amended, modified or supplemented from time to time.
“Applicable Laws” means any applicable law, regulations, administrative orders, constitution, principles of law, governmental policies, statute, or treaty, and shall include notifications, regulations, policies, guidelines, circulars, directions, directives and orders of any governmental authority, statutory authority, superior courts of record or tribunal having jurisdiction over the Parties or this Agreement.
“Mobile Application” means the application software that enables access to Lender’s online Platform, through which it is possible to register as a user and manage your account, save and apply for loan facilities.
“Application Summary” means the summary of the application for a loan facility by the Borrower on the Lender’s Platform, which includes but not limited to, the application date, amount, purpose, interest rate, and repayment date of the loan facility.
“Business Day” means a day other than a Saturday, Sunday, or public holiday in the Federal Republic of Nigeria.
“Disbursement” means the disbursement(s) of the Facility Amount into the Borrower’s Account as agreed to by the Parties in writing subject to the Lender’s underwriting credit and approval processes and the terms of this Agreement.
“Disbursement Date” means the date upon which the loan facility is disbursed to the Borrower.
“Event of Default” means any event or circumstance specified as such in Clause 12 (Events of Default) of this Agreement.
“Loan” means the loan facility made available by the Lender to the Borrower under this Agreement.
“Material Adverse Effect” means a material adverse effect on:
- the business, assets, prospects or financial condition of the Borrower;
- the operation, terms, validity and performance of the Loan including but not limited to an event of default under this Agreement;
- the ability of the Borrower to substantively perform its obligations under this Agreement;
- the validity or enforceability of, or the effectiveness or ranking of any security interest granted or purported to be granted pursuant to this Agreement; or
- any right or remedy of the Lender in respect of a Finance Document.
“Month” means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that:
- (subject to paragraph (c) below) if the numerically corresponding day is not a Business Day, that period will end on the next Business Day in the calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day;
- if there is no numerically corresponding day in the calendar month in which that period is to end, that period will end on the last Business Day in that calendar month; and
- if an Interest Period begins on the last Business Day of a calendar month, that Interest Period will end on the last Business Day in the calendar month in which that Interest Period is to end.
The above rules will only apply to the last Month of any period.
“Platform” means the Lender’s online, mobile application, web-based platform through which it provides its services to its users.
“Repayment Date” means (i) the date the Loan is scheduled to be repaid as contained in the Application Summary; or (iii) such other date as may be determined and communicated by the Lender.
“Savings Agreement” means the Savings Agreement between the Borrower and the Lender over which a Security Interest is created in favor of the Lender.
Security Interest means a mortgage, charge, pledge, lien, privilege, priority, assignment by way of security, hypothecation or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect and the term
“Security” shall be defined accordingly.