Personal Loan Agreement And Terms And Conditions (Page 3 of 5) in pdf

(c) If the Customer ceases to be employed, or carry on his business (whichever may be applicable), with the same employer or same business as was the

case at the signature hereof, Samba will have the right to declare an Event of Default in accordance with Clause 9 below. For Samba to waive this right (in

its sole discretion) it must immediately receive full details of the Customer’s new employer or business and the proposed salary/income the Customer

will receive from his/her new employer.

(d) At the time of the Customer changing employment, Samba may request that the instructions and agreement outlined in clause 7.4(a) is implemented

and agreed with the new employer.

(e) In addition, Samba may request the Customer to provide written confirmation from his/her employer that it has or will comply with clause 7.4(a) (prior

to drawdown of the Loan) or clause

(f) (prior to it waiving its rights in terms of Clause 9.2 below).

(g) If the Customer retires from full time employment, the Customer irrevocably agrees:

(i) that any pension fund salary due to the Customer shall be paid into the Account; and / or

(ii) to instruct any other bank or financial institution where the Customer holds a pension, to pay the pension salary into the Account, such funds to

be utilised by Samba to pay the installments due under this Agreement

8. Security

8.1 Samba may, at any time, require from the Customer that all the credit balances of accounts held by the Customer at Samba or at any other banks or any

other funds or financial and commercial papers deposited with Samba, to be pledged as security for his/her obligations under this Agreement.

8.2 The Customer hereby irrevocably undertakes to sign all the documentation required by Samba or other banks involved and at the same time he/she em-

powers and authorises Samba to take all the necessary legal action to effect the security hereunder and, if applicable, the pledge under Clause 8.2 above.

According to such security, Samba will have preference in recovering all amounts due to it under this Agreement from the accounts of the Customer secured

in terms of this Clause 8 before other creditors of the Customer according to the provisions of the law. Such security shall include any costs, expenses, fees

or compensation that may be incurred by Samba to recover all amounts due from the Customer.

9. Events of Default

9.1 The following events or circumstances shall constitute an event of default on part of the Customer under this Agreement:

(a) the Customer fails to pay any sum due under this Agreement on its due date; or

(b) any material representation, statement or warranty made or repeated in this Agreement, or in any notice or other document delivered by or on behalf

of the Customer in connection herewith is incorrect or misleading in any respect when made or repeated, as determined by Samba; or

(c) the Customer fails duly to perform or comply with any of the obligations (other than those referred to in sub-clause (a) above) expressed to be assumed

by him/her under this Agreement and if such breach is in the reasonable opinion of Samba capable of remedy and is not remedied within fourteen (14)

days after the earlier of the date of notice by Samba requiring such remedy or the date on which the Customer first becomes aware of the breach; or

(d) the Customer is unable to pay his/her debts as they fall due, commences negotiations with any one or more of his/her creditors with a view to the

general readjustment or rescheduling of his/her indebtedness or makes a general assignment for the benefit of or a composition with his/her creditors

or a moratorium is declared in respect of any indebtedness of the Customer; or

(e) the Customer is declared bankrupt or any steps are taken to have the Customer declared bankrupt; or

(f) the Customer ceases to be employed, or carry on his/her business (as applicable), with the same employer or same business as at the date hereof; or

(g) the Customer is declared insane or dies; or

(h) any other event or series of events occurs which in the reasonable opinion of Samba may have a materially adverse effect on the business, condition

(financial or otherwise) or results or operations of the Customer or on the ability of the Customer to comply with any of his/her obligations under this

Agreement.

9.2 Consequences of Event of Default

On, and at any time after, the occurrence of an Event of Default, Samba may, at its discretion: