General Terms and Conditions of our Credit Facility
Please read the terms and conditions of our Credit Facility carefully
These terms and conditions apply to and regulate the provision of credit facilities by WIESE Capital Limited (‘Lender/Fund Provider’) through the Lendigo® platform to the borrower herein; and together with the eventual offer letter and payment schedule sets out the terms governing this credit agreement. Your use of the Lendigo® online platform signifies acceptance of all the provisions of the terms and conditions contained herein; and these may be amended at any time by posting a revised version on the Lendigo® platform. The revised version becomes effective from the time it is posted on the website.
By logging in to the Lendigo® website, users signify and warrant that they have the legal capacity to enter into a contract and are of at least 18 years old being the minimum legal age to use the Lendigo® platform.
3. Credit reference
3.1. The Lender/Fund Provider through Lendigo® or its authorized agents/representatives shall utilize a dedicated Credit Agency for a credit report on the borrower in the consideration of any application for credit.
3.2. The borrower authorizes the Lender/Fund Provider access to any information as may be available on the borrower as provided by the Credit Agency. The borrower also agrees that the borrower’s details and the loan application decision may be registered with the Credit Agency.
3.3. The Borrower authorizes the Funds Provider and Lender to disclose any information or documentation relating to the loan to third parties including credit reference agencies and collection agencies.
The Borrower agrees that the Lender/Fund Provider may communicate with him by sending notices, messages, alerts and statements in relation to this agreement in the following manner:
4.1. To the most recent physical address Lendigo holds for the borrower;
4.2. By delivery to any email address provided by the borrower during the application process;
4.3. By delivery of an SMS to any mobile telephone number the borrower has provided to Lendigo.
5. Terms of the Credit Facility
5.1. The interest rate shall accrue from the day of disbursement of funds by the Fund Provider to the accepted manufacturer or to the borrower as the case may be.
5.2. The Borrower warrants that full repayment shall be made according to the tenor contained in the offer letter.
5.3. In the case of direct disbursement to Manufacturers, the accepted manufacturer upon disbursement by the Lender/Fund provider shall send invoice and waybill to the Fund Provider as proof of acceptance and delivery.
5.4. Any default within three (3) business days of the due date shall be subject to late charges and interests, which shall be of 3 percent above the percentage of interest provided for in the offer letter, or such other interest as are defined at the discretion of the Fund Provider.
5.5. The Borrower shall grant a one-time lien on the purchased inventory of the accepted manufacturer in favour of the Fund Provider.
5.6. On or before Maturity, the Borrower promises and agrees to repay the Total Repayment and any other charges that may have accrued.
5.7. The Borrower undertakes to cover all costs and expenses (including legal fees) incurred by the Lender and Funds Provider in connection with any proceeding instituted by or against the Lender and/or Funds Provider as a consequence of entering this loan facility.
5.8. The Borrower agrees and authorizes that lender/fund provider use data provided by third parties (our partners ie. Jumia, manufacturers, POS aggregators and other partners as the case may be) to assess borrowers creditworthiness
5.9. The Borrower agrees and consents to consultation with Credit Bureau to perform credit checks and history on Borrower.
5.10. The Borrower agrees and consents that lender or fund provider may refer bad credit history and behaviors to other lenders
5.11. The Borrower remains personally liable to pay his obligations no matter to whom the loan is disbursed.
5.12. Prepayment clause: The client can decide to prepay anytime at no extra cost and make sure he will have to pay all the remaining interests he owns until the end of the loan tenor.
6. Covenants by the Borrower
The Borrower undertakes and warrants that during the validity of the facility, that is, while there are any outstanding thereon,
6.1. Signatories have the right to accept this facility and have taken all necessary steps to authorize the same upon the terms and conditions herein.
6.2. Acceptance of this offer or any part thereof does not and will not constitute an event of default under an existing contract, law or regulation.
6.3. It is not in default under any obligation such as a supplier invoice, a lending facility, salaries, and tax dues which would have a material adverse effect on the company’s financial situation.
6.4. It shall not take any action to divert the domiciliation of proceeds / repayments or make repayments to an account different than the Repayment Account and shall not accept as valid any instruction from any party conflicting with this covenant.
6.5. The Fund Providers has a full recourse right over the Borrower to recover dues under this loan facility independently of the commercial relationship between the Borrower and the Accepted Obligors and the payment/late payment/partial payment/non-payment by the Accepted Obligors of the assigned invoices.
6.6. It shall communicate to the Lender and Funds Provider, by way of email to [email protected] provided in the offer letter, any material changes in its financial situation and potential claims that could trigger insolvency no later than three (3) business days after they occurred.
6.7. It shall take out all necessary insurance to protect its inventory as may be needed, including but not limited to a Fire, Theft and Burglary Insurance.
6.8. It shall provide the Lender and Funds Provider, by way of email to [email protected], with a continuously updated list of all corporate accounts held.
6.9. It shall disclose to the Lender and Funds Provider, by way of email to [email protected], as soon as they are raised/created/modified/cancelled, any commercial exchange/document, whether written or oral, between the Borrower and Accepted Obligors such as commercial agreements, purchase orders, delivery schedules, waybills, weighting tickets, good receipt number/tickets, invoices, credit/debit notes and disputes.
6.10. The Loan will be used solely and in accordance to the Use of Proceeds and purpose(s) indicated in the loan application through the Lendigo loan application portal.
6.11. Repayment instruments, such as Bank transfer form, cheque or direct debit mandate, will be filled with true, accurate and complete information.
7. Events of Default
The following events shall be considered a default and cause all outstanding amounts under this facility to become due and payable immediately:
7.1. The Accepted Obligor has not repaid amount due on any due date according to the offer letter and annexed repayment schedule; or
7.2. 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
7.3. The Borrower breaches any term and condition of the Loan including any covenants given by the Borrower under this terms and conditions, the loan application or contained in the offer letter
7.4. Where a bankruptcy petition is filed against the Borrower; or
7.5. 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; or
7.6. Where a situation arises which in the opinion of the Fund Provider it is inappropriate for the Fund Provider to continue to extend the facility to the Borrower including situation whereby the Accepted Obligor show material delays in invoice repayment or there is likely suspicions about the degrading state of the Accepted Obligor’s financial/commercial/legal situation; or
7.7. Where the Borrower defaults in the performance or observance of any other term, condition or covenant herein and such breach or default shall continue unremedied for ten days’ notice shall have been given to the Borrower.
In the event of any default by the borrower subject to the above:
7.8. The Lender and Fund Provider shall apply a daily default charge on the amount due until account is made current.
7.9. The Lender and Fund Provider reserve the right to notify any member of the general public (including, but not limited to the borrower’s employer) in the event of default or non-repayment by the borrower.
7.10. The Lender and Fund Provider’s reserve the right to assign its right, title and interest under the Agreement to an external Collections Agency who will take all reasonable steps to recover any amount due and outstanding.
7.11. The Lender and Fund Provider also reserve the right to institute legal proceedings against the defaulting borrower and is under no obligation to inform the borrower before such proceedings commence.
7.12. The borrower shall be responsible for all legal costs and expenses incurred by Lender and Fund Provider in the effort to recover any outstanding loan balance owed by the borrower.
8. Lender and Funds Provider’s Set-Off Right
8.1. The Lender and Fund Provider may at anytime with or without notice:
(i) Combine or consolidate some or all of the Borrower’s accounts without any liability to the Lender and Funds Providers, and
(ii) 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 under this loan facility.
8.2. This clause is in addition to and does not amend or qualify any other present or future right of the Lender to combine or set off the Borrower’s accounts with it.
8.3. After five (5) working days of the Borrower being notified of a default, the Borrower grants the Lender the right:
(i) to execute its set-off right over the securities provided; and
(ii) to activate the Direct Debit Mandate, Standing Order, Post-Dated and/or Blank Cheques or any other means the Lender deems fit to recover proceeds whether targeted at Borrower’s corporate entity or targeted at Borrower’ Directors, concurrently.
9. Dispute Resolution
9.1. The Parties shall use their best endeavors to settle any dispute or difference between them arising from or in connection with this agreement amicably through mutual discussions, agreements and mediation.
9.2. The law courts shall have exclusive jurisdiction to settle any controversy, claims, and/or dispute arising in relation to any part or the whole of this Agreement, or breach thereof, which cannot be amicably settled by the parties.
10. Other Considerations
10.1. The Funds Provider, by way of email through [email protected], reserves the right at all times to review the terms and conditions of this loan facility, including terminating forthright this facility immediately and demanding the repayment of the outstanding amount as well as exercising its set-off rights over the securities provided. Provided that variation of any of the term of the loan agreement would not become effective until after 7 days of notifying same to the borrower.
10.2. The Funds Provider reserves the right to determine interest and fees payable by the Borrower in case of default wherein payments are received by the Funds Provider after the predetermined transaction cycle.
10.3. The Borrower consents irrevocably to any future transfer and assignment, however arising of the loan, whether as part of a loan transfer scheme or otherwise.
10.4. The Borrower authorizes the Lender and Fund Provider to use the Corporate card information for fund collection in the event there is a default in payment of any outstanding loans under the loan agreement.
10.5. This loan facility inures to and binds the heirs, successors, and assigns of Borrower.
10.6. If any provision of this loan facility, or the application of it to any party or circumstance, is held void, invalid, or unenforceable by a court of competent jurisdiction, the remainder of this loan facility, and the application of such provision to other parties or circumstances, shall not be affected thereby, the provisions of this loan facility being severable in any such instance.
10.7. All references to Lender’s rights in this transaction also mean Funds Provider’s rights and vice versa.
Declaration by Borrower
a. I hereby confirm that I have read, understood and agreed to the above terms and conditions. I also authorize the Lender/Fund Provider to present the repayment instrument issued by me (in favour of WIESE Capital/LENDIGO) for the repayment of the loan/credit as and when due until the entire
amount owed is fully paid and if, for any reason whatsoever, my account is not funded at the time of presentation, I shall be criminally liable under the Dishonored Cheques (Offences) Act, CAP D1, LFN 2004.
b. I also declare by signing this Agreement and taking credit/drawing on the loan that I shall repay all moneys in accordance with the schedule of repayment as and when due. In the event that I refuse to repay in the terms of the schedule and the credit facility becomes delinquent, Lender/Fund Provider shall have the right to report the delinquent loan to the appropriate authorities in line with extant lending regulations.
c. I authorize Lender/Fund Provider to set-off my indebtedness from any money standing to my credit in any bank account and from any other financial assets they may be holding for my benefits, or to which they have recourse or access.
d. I covenant and warrant that Lender/Fund Provider shall have the power to set-off my indebtedness under this agreement from all such monies and funds standing to my credit/benefit in any or all such account or from any other financial assets belonging to me and in the custody of any bank in Nigeria.
e. I hereby waive any right of confidentiality whether arising under common law or statute or in any other manner whatsoever and irrevocably agree that I shall not argue to the contrary before any court of law, tribunal administrative authority or any other body acting in any judicial or quasi-judicial capacity.