Common use of M-Shwari Loan Account Clause in Contracts

M-Shwari Loan Account. 5.2.1. As a holder of the M-Shwari Account, you may, subject to these Terms and Conditions, apply for a loan from the Bank using the M- Shwari Menu on your Equipment. 5.2.2. Where you apply for a loan from the Bank, your application shall be appraised according to the applicable loan appraisal processes of the Bank. The Bank reserves the right at its sole discretion and without assigning any reason to approve or decline your application for a loan. 5.2.3. Subject to approval of your application for a loan the Bank shall disburse to you a loan of an amount to be determined by the Bank in its sole discretion subject to a minimum amount of Kenya Shillings One Hundred (Kshs. 100/=) and a maximum amount of Kenya Shillings Twenty Thousand (Kshs. 20,000/=) or such other minimum or maximum amount as the Bank may from time to time in its sole discretion determine (the “Loan”). 5.2.4. The proceeds of the Loan shall be credited into your M-PESA Account subject to any deductions on account of applicable Transaction Fees. 5.2.5. You shall repay the Loan within thirty (30) calendar days of the date of disbursement of the Loan. 5.2.6. In consideration of the Bank granting you the Loan, you shall pay the Bank a facility fee being 7.5% of the Loan amount (the “Facility Fee”). The Facility Fee shall be paid by you in arrears in addition to the Loan. 5.2.7. You shall make all payments due from you to the Bank in respect of the Loan and Transaction Fees using the M-PESA Service and the System only unless otherwise agreed by the Bank in its discretion. 5.2.8. In the event that you do not repay the Loan in full within thirty (30) calendar days of the date of disbursement of the Loan, the Bank will automatically roll over any outstanding amount in respect of the Loan including the Facility Fee for a further period of thirty (30) calendar days. 5.2.9. In consideration of the Bank forbearing to demand the immediate payment of the outstanding amount due in respect of your Loan and rolling over the same pursuant to Clause 5.2.8, you shall, in addition to paying the outstanding amount in respect of the Loan any outstanding Facility Fee, pay to the Bank a roll-over fee being 7.5% of the outstanding amount in respect of the Loan (the “Roll-Over Fee”). 5.2.10. The Bank shall be entitled to terminate this Agreement and close your M-Shwari Account in accordance with the provisions of Clause 13 without prejudice to any of its rights accruing hereunder if you fail to repay the Loan and/or the Transaction Fees due thereon within sixty (60) calendar days of the disbursement of the Loan. 5.2.11. The Bank shall hold your funds in your M- Shwari Deposit Account as collateral and security for any amounts outstanding and due from you to the Bank in respect of your M- Shwari Loan Account. You hereby agree and confirm that the Bank is entitled in its discretion to prevent or restrict you from withdrawing in whole or in part the funds in in your M-Shwari Deposit Account for so long as and to the extent of the amount outstanding in respect of your M-Shwari Loan Account without the Bank giving any notice to you and/or without incurring any liability to you whatsoever in that connection. 5.2.12. The Bank reserves the right to vary the terms of the Loan including the fees payable thereon from time to time having regard to the prevailing rules and regulations of the Central Bank of Kenya and the policies of the Bank. 5.2.13. The Bank shall have a right of lien and set off over funds held by you in your M-Shwari Deposit Account, any other M-Shwari Account held by you and/or any other account held by you in the Bank. 5.2.14. You hereby expressly consent and authorize the Bank to disclose, respond, advise exchange and communicate the details or information pertaining to your M-Shwari Account to Credit Reference Bureaus as required under the Banking Act or any other regulatory body.

M-Shwari Loan Account. 5.2.1. As a holder of the M-Shwari Account, you may, subject to these Terms and Conditions, apply for a loan from the Bank using the M- M-Shwari Menu on your Equipment. 5.2.2. Where you apply for a loan from the Bank, your application shall be appraised according to the applicable loan appraisal processes of the Bank. The Bank reserves the right at its sole discretion and without assigning any reason to approve or decline your application for a loan. 5.2.3. Subject to approval of your application for a loan the Bank shall disburse to you a loan of an amount to be determined by the Bank in its sole discretion subject to a minimum amount of Kenya Shillings One Hundred (Kshs. 100/=) and a maximum amount of Kenya Shillings Twenty Thousand (Kshs. 20,000/=) or such other minimum or maximum amount as the Bank may from time to time in its sole discretion determine (the “Loan”). 5.2.4. The proceeds of the Loan shall be credited into your M-PESA Account subject to any deductions on account of applicable Transaction Fees. 5.2.5. You shall repay the Loan within thirty (30) calendar days of the date of disbursement of the Loan. 5.2.6. In consideration of the Bank granting you the Loan, you shall pay the Bank a facility fee being 7.5% of the Loan amount (the “Facility Fee”). The Facility Fee shall be paid by you in arrears in addition to the Loan. 5.2.7. You shall make all payments due from you to the Bank in respect of the Loan and Transaction Fees using the M-PESA Service and the System only unless otherwise agreed by the Bank in its discretion. 5.2.8. In the event that you do not repay the Loan in full within thirty (30) calendar days of the date of disbursement of the Loan, the Bank will automatically roll over any outstanding amount in respect of the Loan including the Facility Fee for a further period of thirty (30) calendar days. 5.2.9. In consideration of the Bank forbearing to demand the immediate payment of the outstanding amount due in respect of your Loan and rolling over the same pursuant to Clause 5.2.8, you shall, in addition to paying the outstanding amount in respect of the Loan any outstanding Facility Fee, pay to the Bank a roll-over fee being 7.5% of the outstanding amount in respect of the Loan (the “Roll-Over Fee”). 5.2.10. The Bank shall be entitled to terminate this Agreement and close your M-Shwari Account in accordance with the provisions of Clause 13 without prejudice to any of its rights accruing hereunder if you fail to repay the Loan and/or the Transaction Fees due thereon within sixty (60) calendar days of the disbursement of the Loan. 5.2.11. The Bank shall hold your funds in your M- Shwari Deposit Account as collateral and security for any amounts outstanding and due from you to the Bank in respect of your M- Shwari Loan Account. You hereby agree and confirm that the Bank is entitled in its discretion to prevent or restrict you from withdrawing in whole or in part the funds in in your M-Shwari Deposit Account for so long as and to the extent of the amount outstanding in respect of your M-Shwari Loan Account without the Bank giving any notice to you and/or without incurring any liability to you whatsoever in that connection. 5.2.12. The Bank reserves the right to vary the terms of the Loan including the fees payable thereon from time to time having regard to the prevailing rules and regulations of the Central Bank of Kenya and the policies of the Bank. 5.2.13. The Bank shall have a right of lien and set off over funds held by you in your M-Shwari Deposit Account, any other M-Shwari Account held by you and/or any other account held by you in the Bank. 5.2.14. You hereby expressly consent and authorize the Bank to disclose, respond, advise exchange and communicate the details or information pertaining to your M-Shwari Account to Credit Reference Bureaus as required under the Banking Act or any other regulatory body.thirty

M-Shwari Loan Account. 5.2.1. As a holder of the M-Shwari Account, you may, subject to these Terms and Conditions, apply for a loan from the Bank using the M- M-Shwari Menu on your Equipment. 5.2.2. Where you apply for a loan from the Bank, your application shall be appraised according to the applicable loan appraisal processes of the Bank. The Bank reserves the right at its sole discretion and without assigning any reason to approve or decline your application for a loan. 5.2.3. Subject to approval of your application for a loan the Bank shall disburse to you a loan of an amount to be determined by the Bank in its sole discretion subject to a minimum amount of Kenya Shillings One Hundred (Kshs. 100/=) and a maximum amount of Kenya Shillings Twenty Thousand (Kshs. 20,000/=) or such other minimum or maximum amount as the Bank may from time to time in its sole discretion determine (the “Loan”). 5.2.4. The proceeds of the Loan shall be credited into your M-PESA Account subject to any deductions on account of applicable Transaction Fees.account 5.2.5. You shall repay the Loan within thirty (30) calendar days of the date of disbursement of the Loan. 5.2.6. In consideration of the Bank granting you the Loan, you shall pay the Bank a facility fee being 7.5% of the Loan amount (the “Facility Fee”). The Facility Fee shall be paid by you in arrears in addition to the Loan. 5.2.7. You shall make all payments due from you to the Bank in respect of the Loan and Transaction Fees using the M-PESA Service and the System only unless otherwise agreed by the Bank in its discretion. 5.2.8. In the event that you do not repay the Loan in full within thirty (30) calendar days of the date of disbursement of the Loan, the Bank will automatically roll over any outstanding amount in respect of the Loan including the Facility Fee for a further period of thirty (30) calendar days. 5.2.9. In consideration of the Bank forbearing to demand the immediate payment of the outstanding amount due in respect of your Loan and rolling over the same pursuant to Clause 5.2.8, you shall, in addition to paying the outstanding amount in respect of the Loan any outstanding Facility Fee, pay to the Bank a roll-over fee being 7.5% of the outstanding amount in respect of the Loan (the “Roll-Over Fee”). 5.2.10. The Bank shall be entitled to terminate this Agreement and close your M-Shwari Account in accordance with the provisions of Clause 13 without prejudice to any of its rights accruing hereunder if you fail to repay the Loan and/or the Transaction Fees due thereon within sixty (60) calendar days of the disbursement of the Loan. 5.2.11. The Bank shall hold your funds in your M- Shwari Deposit Account as collateral and security for any amounts outstanding and due from you to the Bank in respect of your M- Shwari Loan Account. You hereby agree and confirm that the Bank is entitled in its discretion to prevent or restrict you from withdrawing in whole or in part the funds in in your M-Shwari Deposit Account for so long as and to the extent of the amount outstanding in respect of your M-Shwari Loan Account without the Bank giving any notice to you and/or without incurring any liability to you whatsoever in that connection. 5.2.12. The Bank reserves the right to vary the terms of the Loan including the fees payable thereon from time to time having regard to the prevailing rules and regulations of the Central Bank of Kenya and the policies of the Bank. 5.2.13. The Bank shall have a right of lien and set off over funds held by you in your M-Shwari Deposit Account, any other M-Shwari Account held by you and/or any other account held by you in the Bank. 5.2.14. You hereby expressly consent and authorize the Bank to disclose, respond, advise exchange and communicate the details or information pertaining to your M-Shwari Account to Credit Reference Bureaus as required under the Banking Act or any other regulatory body.thirty