7.
Loan requirements
i. Should you change employment, you must advise the Operations Director of the change within 7 working days of such an event on the above given contact
numbers.
ii. The loan repayments shall be processed through an SSB
deduction code, your bank account or any other accounts as you may have directed
on a monthly basis until the loan is fully
paid.
iii. Failure by you to meet any one repayment of the loan shall cause the full outstanding loan balance to become immediately due and payable.
iv.
The loan shall be subject
to full repayment on demand at the Company’s discretion.
v. Early repayment of the loan
plus interest accrued is permitted
and attracts 8% administration fee.
vi. Your loan repayment shall commence on the salary
payday immediately following
the loan draw down date.
8.
Right of Setoff
i.
Rallycom shall be entitled in its sole discretion and without notice, to reduce or settle the loan account by appropriating to it any amount of money
as your Salary through SSB deduction
or your bank.
ii. A statement or demand letter signed by an authorized
Rallycom official shall for all purposes be conclusive evidence
of a sum or sums of money owing by you.
9.
General Conditions
i.
You shall be liable for the payment of all expenses incurred by Rallycom in exercising any right against you in respect of any breach of
these conditions including all legal charges on the attorney or client scale,
debt Collection/attorney collection charges and tracing charges and commissions.
ii.
No delay indulgence or relaxation in the exercising of any of
Rallycom’s rights under these terms and conditions shall constitute a waiver
of such rights.
iii. You consent to the jurisdiction of the Magistrate’s Court
notwithstanding the fact that Rallycom’s claim at any time may otherwise exceed
the jurisdiction of that court.
iv. Notwithstanding the conditions above, any outstanding loan amount to
Rallycom at any time shall in accordance with normal trade practice be due and payable on demand
being made by the Company. In making such demand for payment, Rallycom shall
not be obliged to give any notice of such action.
v. Utilization of the facility or any portion thereof, in any way for any
purpose, shall be deemed to indicate unconditional acceptance of the terms and conditions contained herein.
vi. Rallycom reserves the right to withdraw the offer of this
loan facility at any time prior to utilization.
vii. Any Breach of the Terms and Conditions of this contract attracts a 20%
Penalty Fee. Should the signed and effected stop order facility fail to deduct the monthly installments, you should
personally come and pay cash when the installment is due. Failure of which a 20% penalty
will be levied on overdue maturity
amounts.
Yours faithfully
