Fitzgerald Ejidike

Dear ………………………...

LETTER OF OFFER
Sequel to your Child/ Ward’s application for a student loan and our subsequent discussions, we
are pleased to inform you that the Management of Learn Space Village Limited (“the Lender”)
has approved a personal loan (“facility”) under the following terms and conditions:
TERMS
Fitzgerald Ejidike
Borrower: ………………………………………...
₦4,407,500. 00 (Four Million, Four Hundred and Seven
Amount: … … … ……
…Thousand, Five Hundred Naira Only) ………………………………
Purpose: To finance Software Engineering training at Semicolon Village
Limited
Tenor: 60 Months
Interest Rate: The interest rate for the facility shall be 20% per annum.
Repayment Terms: Monthly and in line with the repayment schedule after
Moratorium.
Moratorium: Fifteen (15) months. Where Moratorium period ends in January
2025.
Availability: This facility shall be available for utilization only upon satisfactory
Compliance with the conditions precedent to draw down.
CONDITIONS PRECEDENT TO DRAW DOWN:
The facility shall be available for utilization upon receipt of the following:
1. Duly completed and signed Personal offer letter
COMMENCEMENT DATE
This facility shall commence on last date of execution by either party.
OTHER CONDITIONS.
1. If any interest due on the facility is not paid on the date thereof, same shall immediately be
added to the principal sum outstanding and shall accordingly attract interest at the rate
herein stated.

Website: www.learnspace.africa
Email: [email protected]
 2. All outstanding amount under this loan shall upon default continue with the subsisting
interest rate.
3. All costs incurred by the Lender to perfect documentation and in the enforcement of the
agreement and recovery in the event of default by the Borrower shall be to the account of
the Borrower.
COVENANTS.
The Borrower hereby covenants with the Lender as follows:
1. That by signing the offer letter, the Borrower hereby irrevocably and unconditionally
covenants to repay the loan as and when due. In the event that the Borrower refuses to
repay the loan as agreed, the Lender shall have the right to report the delinquent loan to
relevant authorities at the appropriate time to set-off the Borrower’s indebtedness from any
money standing to the Borrower’s credit in any bank account and from any other financial
assets such banks and other financial institutions may be holding for the Borrower’s
benefit.
2. The Borrower covenants and warrants that the relevant authorities shall have the power to
set off the Borrower’s indebtedness under the offer letter from all such monies and funds
standing to the Borrower’s credit/ benefit in any and all such accounts or from any other
financial assets belonging to the Borrower and in custody of any such bank.
3. The Borrower hereby waives any right of confidentiality whether arising in any manner
whatsoever and irrevocably agrees that it 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.
EVENTS OF DEFAULT.
Notwithstanding anything herein before contained, the facility or balance thereof and other
monies herein covenanted to be paid whether by way of interest or otherwise shall become
immediately due and payable on the demand being made in respect of such on the occurrence
of any of the following events:
1. If the Borrower shall fail to pay any sum outstanding as and when due.
2. If the Borrower shall commit any breach or fails to observe or perform the other obligations
on its part contained in this offer letter.
3. If any representation or warranty given or made by the Borrower in this Agreement or in
any notice or certificate or statement, delivered or made pursuant herein is inaccurate in
any respect when made or delivered.
4. If the Borrower stops or suspends or is deemed to be unable to pay his/ her debts or admits
in writing its inability to discharge its obligations as they fall due.
5. If any extra ordinary situation arises such that the continuance of the transaction in the
opinion of the Lender makes it impossible for the Borrower to discharge its obligations.
6. If the Lender shall be compelled by any government regulations or directives to call the
facility.

Website: www.learnspace.africa
Email: [email protected]
 7. If any government consent required by law for the validity, enforceability or legality of this
offer letter or the performance of the terms thereof ceases to be or is not for any reason in
full force and effect. In any such event and at any time thereafter if any such event shall be
continuing, the Lender shall by written notice to the Borrower, declare that, that portion of
the facility outstanding has become immediately payable whereupon the same shall
become so payable together with interest accrued thereon.

RIGHT OF SET OFF

The Borrower covenants that in addition to any right to which the Lender may be entitled
to by law, the Lender may at any time and without notice to the Borrower transfer any sum
or sums standing to the credit of anyone towards the satisfaction of the Borrower’s
liabilities to the Lender or any other.

LEGAL AND OTHER EXPENSES.

The Borrower shall reimburse the Lender for all reasonable out of pocket expenses, costs
and charges incurred by the Borrower in connection with the preparation, execution,
administration and enforcement of the terms of this offer letter, including but not limited
to Solicitors fees, stamp duties and registration fees. Such charges and costs shall in the
event of non-repayment by the Borrower on demand be added to the facility and other
moneys owing under the terms of this offer letter and shall bear interest accordingly

INSURANCE
The Borrower shall maintain a credit life insurance policy against loss of life and such other
risks as the Lender may from time to time consider necessary in an insurance company
approved by the Lender. The Borrower shall duly pay all premiums for keeping such
insurance. The Lender’s interest as first loss payee must be endorsed on the insurance
policy.

TAXES
All payments whether of principal, interest or otherwise shall be made free and clear of
and without deduction of any taxes, duties, charges, fees, deductions, withholding, set
offs, counterclaims, restrictions of any nature. If any time, provision of the law or any
taxing authority shall require the Borrower to make any such deduction or withholding
from any such payment then the sum due from the Borrower in respect of such payment
shall be increased to the extent necessary to ensure that after making of such deductions or
withholding, the Lender receives a net equal to the sum which it would have received had
no such deduction or withholding been required to be made.

Website: www.learnspace.africa
Email: [email protected]
 REPRESENTATIONS AND WARRANTIES
1. The Borrower represents and warrants that he/she has the right to accept this facility
and has taken all necessary actions to authorize the same upon the terms and conditions
herein.
2. The Borrower is not in any default or under any obligation in respect of any borrowed
money that the acceptance of this facility will not be or result in a breach of or default
under any provisions of any other agreement which the Borrower Is a party.
3. It is agreed that the facility herein granted shall be canceled and the outstanding sums
shall become immediately payable forthwith upon demand thereof if any event or series
of events (including without limitation, any material adverse change on the financial
condition of the Borrower) occurs which in the opinion of the Lender may affect the
ability or willingness of the Borrower to repay the facility.

CHANGE IN CIRCUMSTANCE
If the Lender has determined that the introduction or change in any applicable law or
government or other regulatory authority charged with the administration thereof or court
of competent jurisdiction makes it apparent that it is unlawful or illegal for the borrower or
the Lender to fund or maintain or perform their obligation as contemplated by the terms of
this offer letter, the Lender shall forthwith give notice of such occurrence to the Borrower
and the commitment shall forthwith be cancelled or discharged and the Borrower shall on
the next succeeding payment date or such earlier date as may be required repay to the
Lender the principal amount so disbursed together with accrued interest, if any and other
amount due to the Lender hereunder.

INDEMNITY
The Borrower hereby agrees to indemnify and hold harmless the Lender from and against
any and all claims, damages, losses, liabilities, costs, legal expenses and expenses
(altogether “losses”) arising out of or in connection with or relating to any claim,
investigation, litigation or proceeding (or in the preparation of any defense with respect
thereto) commenced or threatened in relation to this Agreement and /or the transactions
contemplated hereby or any use made or proposed to be made with the proceeds of the
loan. The indemnity shall apply whether or not such claims, litigation or proceeding is
brought by the Borrower or any other person except to the extent such losses are found in
a final, non-appealable judgement by a court of competent jurisdiction to have resulted
from the Lender’s gross negligence or willful misconduct.

REMEDIES AND WAIVERS.

Failure or delay by the Lender in exercising any remedy, power or right as a Lender shall
not be considered as a waiver thereof nor shall it affect any such remedies, powers or rights
in respect of any default.

Website: www.learnspace.africa
Email: [email protected]
 ASSIGNMENT.
This Agreement and any of the rights, interests or obligations hereunder can be assigned
by Learn Space Village Limited hereto (whether by operation of law or otherwise). Where
the Lender decides to assign his interest in this facility to another person, whether juristic
or otherwise, the Borrower shall be promptly informed. This Agreement will be
binding upon, inure to the benefit of and be enforceable by the Parties and their respective
successors.

If the terms and conditions stated above are acceptable to you, kindly indicate your
acceptance by executing this offer letter as provided hereunder and return same.

Yours Faithfully,

LEARNSPACE VILLAGE LIMITED

MEMORANDUM OF ACCEPTANCE
Fitzgerald Ejidike
I, ............................................................... hereby accept this offer and hold myself bound by the
terms and conditions herein stated.

SIGNATURE: ……………………….….
Nov 06 2023
DATE: ………………….….
22355951082
BVN: ………………………
93335079137
NIN: ……………………….

Website: www.learnspace.africa
Email: [email protected]