Motion Yield Limited agrees to advance the loan and the borrower agrees to take the loan subject to the terms and conditions set out in the loan application form and also herein in this offer letter.
The borrower agrees to repay the Loan (principal plus accrued interest) in accordance with the terms and conditions of this letter.
The borrower may terminate the loan Agreement and repay back all or any part of the borrowed amount on any day before the scheduled maturity date, by paying to Motion Yield Limited, all interest, fees and other monies that are accrued or due under this agreement to the date of early repayment (whether or not yet payable). The borrower should be further aware that Motion Yield Limited may apply a 1.5 % interest rate calculation on the remainder of the outstanding principal amount as at the date of early repayment.
Interest
The repayment installments as calculated in the repayment schedule are done on the basis of payment at regular agreed intervals. If the due date for a repayment instalment falls on a non-business day, then the repayment installment may be paid on the next succeeding business day.
Additional interest may accrue in such cases.
Motion Yield Limited will calculate interest on the daily balance outstanding.
Motion Yield Limited shall compound interest on the loan at such interval as it shall solely in its discretion determine.
Where the borrower fails to pay Motion Yield Limited a repayment installment by the due date, Motion Yield Limited will
charge default interest rate at 10% flat per month on the unpaid sum.
Motion Yield Limited will apply default interest rate from the date on which the borrower was due to pay the sum.
The default interest rate:
is charged by Motion Yield Limited in addition to the normal interest rate which it charges the borrower at the same time and in the same manner as that normal interest.
accrues before and after any court judgment Motion Yield Limited obtains against the borrower.
is damages to compensate Motion Yield Limited for the additional risk and other administrative costs and expenses associated with the borrower’s failure to pay the outstanding sum.
Representations and Warranties
The borrower represents and warrants that:
He/She has the right to accept this facility and has taken all necessary actions to authorize same upon the terms and conditions herein.
He/she is not in default under any obligation in respect of any borrowed money that the acceptance of this facility will be or result in breach of or default under any provision of any other agreement to which the borrower is a party.
The information given to Motion Yield Limited verbally and/or in writing in the loan application form is true and accurate.
He/she will use the loan for the purpose(s) told Motion Yield Limited of in the application for the loan.
Events of Default
The occurrence of any of the following events shall cause all outstanding amounts under this facility to become immediately due and payable:
The borrower fails to make a repayment or payment of principal, interest or other amount in respect of the loan on the date it was due to be paid; or
The borrower breaches any of the terms and conditions of the Loan including any representation or confirmation given by the Borrower in this loan agreement.
Where a bankruptcy petition is filed against the borrower.
Where the borrower is unable to pay any other party within the meaning of Section 1 of the Bankruptcy Act (Cap 30) Laws of the Federation of Nigeria.
Where a situation arises, which in the opinion of Motion Yield Limited makes it inappropriate for Motion Yield Limited to continue to extend the facility to the borrower.
Where the borrower defaults in the performance or observance of any other term, condition or covenant herein and such breach or default shall continue unresolved after 5 (five) days notice shall have been given to the borrower.
Consent
I consent that Motion Yield Limited:
Should recover any amount outstanding at any time, during and/or after the tenor of the loan in whole or in piecemeal, automatically from my other accounts with any bank, financial institutions or non financial institutions, linked to me within and outside Nigeria, without recourse to me, and/or without notice or any approval from me and apply to my loan account with the company.
The recovery in 1 above includes withholding of funds of any amount on any account linked with me as stated therein.
Costs and Expenses
The borrower hereby agrees to pay all administrative costs, charges and expenses (including legal fees) reasonably incurred by Motion Yield Limited in connection with the processing of this loan request.
The borrower hereby agrees to pay One Thousand Two Hundred and Fifty Naira (₦1,250.00) in the event that any of repayment instruments issued by him/her in favour of Motion Yield Limited is returned unpaid.
The borrower hereby agrees to pay all costs, charges and expenses (including legal fees) incurred by Motion Yield Limited in connection with any proceedings instituted by or against Motion Yield Limited as a consequence of entering into this loan agreement.
The borrower hereby agrees to pay all the costs, charges and other expenses (including legal fees) incurred by Motion Yield Limited in connection with the collections, recovery or recall of the loan at any time during and after the repayment of any or all the outstanding is due.
Assignment and Disclosure of Information
The borrower consents irrevocably to any future transfer and assignment however, arising of the loan, whether as part of a loan transfer scheme, recovery or otherwise as determined by Motion Yield Limited
. The borrower authorizes Motion Yield Limited to disclose any information or documentation relating to the loan to third parties including credit reference agencies, collection agencies, the Borrower’s employers (where the Borrower is in salaried employment) and any other party or individual who in the opinion of Motion Yield is necessary, in the event that the loan has ceased to be serviced by the Borrower.
The borrower consents that, Motion Yield Limited should carry out background checks, verifications and any other procedures necessary in its opinion for the granting of this facility.
The borrower consents to the employment of the services of debt collectors, security agencies and any other third party by Motion Yield Limited as it deems fit to recover the loan and all the applicable interests, charges, expenses and other costs.
Variation of Conditions
Motion Yield Limited reserves the right at all times to vary the terms and conditions of the loan agreement. Any such variation will become effective immediately upon notice to the Borrower by any means Motion Yield Limited considers reasonable in the circumstance. The borrower cannot claim ignorance of such notice.
Set Off
Motion Yield Limited may at any time with or without notice to:
Combine or consolidate some or all of the Borrower’s accounts with it without any liability to Motion Yield Limited and
Set off and transfer any sum standing to the credit of any such account in full or partial payment of any amount the borrower owes to the Bank.
This clause is in addition to and does not amend or qualify any other present or future right of Motion Yield Limited to combine or set off any of the borrower’s accounts with it.