Agreement for Installment Repayment

1. Installment Repayment

   • Repayment of the installments under this agreement shall be due and payable without any claim for a refund. The first installment must be made in the next month following the execution of this agreement, and thereafter, every subsequent month until the end of the repayment period.

2. Breach of the Agreement

   • In the event of default during the repayment period, whether in respect of principal or interest, the LENDER is entitled to charge interest on the unpaid installment amount. This interest shall be calculated at a rate of eighteen percent (18%) per annum, accruing daily from the date of default until the installment amount is fully paid. Any interest charged due to default shall not be considered as part of the interest charged on the loan for the purposes of this agreement.

3. Right of Action

   • The LENDER has the right to terminate the agreement if the BORROWER:
     • Fails to repay any installment or any portion thereof, including any interest, for a period exceeding twenty-eight (28) days after the due date; OR
     • Commits an act of bankruptcy, enters into a composition or arrangement with creditors, or if the company enters into liquidation, whether forcibly or voluntarily.

4. Stamp Duty

   • All stamp duty fees and attestation fees incurred in connection with this agreement shall be borne by the BORROWER.

5. Agreement

   • This agreement is legally binding and shall be interpreted accordingly. Time is of the essence in this agreement. In the event of any conflict in the interpretation of these terms and conditions, the final decision will be subject to the LENDER’s discretion.

Acknowledgement

By signing below, both parties acknowledge that they have read, understood, and agreed to the terms and conditions of this agreement.