Terms & Conditions of NELFUND Student loan

Terms & Conditions of the Student loan

1. The Loan
   • NELF hereby agrees to grant the applicant a loan in the amount of xxx (hereinafter referred to as the “Loan Amount”) and an upkeep allowance;
   • Disbursement of the loan amount is consequent upon availability and approval by Managing Director of NELF;
   • Approval and disbursement of loan amount is done yearly and NELF reserves the right to decline any existing beneficiary’s loan request in subsequent years; and
   • NELF reserves the right to either pay both institutional fees and upkeep or institutional fees without upkeep allowance to a successful applicant.
2. Interest
   • The interest payable on the principal loan amount shall be determined by NELF.
3. Repayment
   • The Loan amount shall become fully and immediately due and payable 2years post NYSC, without any warning, default notice or legal intervention being required, upon the occurrence of an Event of Default.
4. WarrantiesUnder this loan Agreement, the applicant hereby represents and warrants to NELF that:
   • The applicant is a bona fide citizen of the Federal Republic of Nigeria.
     The applicant has provided information which is material in granting the loan, and that this information is true, accurate and not misleading
5. CovenantsAs long as the applicant has any outstanding obligations to NELF, the applicant (and Guarantor) shall not directly or indirectly take any of the following actions without the prior written consent of NELF:
   • Obtain any loans;
   • Grant a right to pledge on, sell or otherwise transfer any rights in relation to the loan to a third party;
   • Inform NELF immediately upon the occurrence of any event capable of materially altering the terms of the loan agreement; and
   • Upon request by NELF, provide all information reasonably required from time to time.
6. Confidentiality

   The Parties agree not to use any information obtained in whole or in part in the course of this Agreement for any other purpose except for the purpose stated in this Agreement.

7. Events of Default

   THE FOLLOWING SITUATIONS SHALL RESULT IN AN EVENT OF DEFAULT:

   • If the applicant fails to properly or timely perform one or more of its obligations pursuant to this Agreement and – following being notified and given a term of at least 7 days to remedy such failure – has not remedied such failure; and
   • If the applicant is declared bankrupt, files a petition for the suspension of payment, files for its own bankruptcy or is subject to other insolvency proceedings.
8. Indemnity

   Each Party shall hold harmless, and indemnify the other Party and its directors, officers, agents and employees against any and all loss, liability, damage, or expense, including any direct, indirect or consequential loss, liability, damage, or expense, but not including attorneys’ fees, unless awarded by a court of competent jurisdiction, arising out of or in connection with the intentional, wilful, wanton, reckless or negligent conduct of the other Party or regarding any violation by the other Party of its obligations under this Agreement. However, neither Party shall be indemnified hereunder for any loss, liability, damage, or expense resulting from its own negligence or wilful misconduct.

9. Governing Law

   This Agreement shall be subject to and construed in accordance with the Laws of the Federal Republic of Nigeria.

10. Dispute Resolution

    Any dispute, controversy, or claim arising out of, or relating to this Agreement, or the breach, termination, or invalidity thereof, shall be settled between the parties and if settlement is not reached, the dispute shall be referred to Arbitration in accordance with the Rules for Arbitration of the Regional Centre for International Commercial Arbitration, Lagos.

    
11. Severability

    It is agreed and understood that if any provision of this Agreement becomes illegal, invalid or unenforceable in any respect, the legality, validity and enforceability of the other provisions of this Agreement shall not in any way be affected or impaired, and this Agreement shall be construed as if such illegal, invalid or unenforceable provision were not contained herein and in such event, the Parties shall endeavour to carry out the terms of this Agreement as nearly as possible in accordance with its original terms and intent.

12. Entire Agreement

    This Agreement forms the entire agreement between the Parties on the subject matter and supersedes any prior written or oral communication or agreement between them. In the event of any inconsistencies or ambiguity, the provisions of this Agreement shall prevail.

13. Notices

    All notices to be given under this Agreement shall be in writing and sent by either Party to the other at the addresses herein contained or such other addresses as may be furnished by the Parties from time to time.

14. Force Majure
    • If either party is prevented from carrying out all or any of its obligations under this Agreement for reasons beyond the control of that party, including but not limited to Acts of God, civil commotion, riots, pandemic, epidemic, insurrection, acts of government, fire or like causes, the Party so affected shall be relieved of its obligations during the period of such events and its consequences and shall not be liable to the other party for any loss or damages resulting from delay or failure in the performance of any obligations, provided always that written notice shall, where practicable, be given within 48 (forty-eight) hours of the occurrence constituting such force majeure.
    • Where a Party is relieved of any of its obligation under this Agreement due to force majeure, the other Party shall equally be relieved of its corresponding obligations to the Party under force majeure, provided that parties shall meet all obligations falling due as at the last day preceding the occurrence of the force majeure event.
    • The terms of this Agreement shall resume as soon as the force majeure event ceases. Where the default due to force majeure continues for more than 7 (seven) days, the Parties shall negotiate in good faith, and use their best endeavors to agree upon such amendments to this Agreement or alternative arrangements as may be fair and reasonable with a view to alleviating its effects.