Red Sphere Finance (Private) Limited trading as Red Sphere Finance a registered microfinance institution established and existing under the laws of Zimbabwe and having its registered corporate office at 5th Floor, Kwame Nkrumah Avenue, Harare (hereinafter referred to as 'THE LENDER' which expression, unless repugnant to the context or meaning here of, shall include its successor(s), administrator(s) or permitted assignee(s) Capacity as the Borrower and the borrowee whose details are as follows:

The Loan details shall be as follows:

1.Change of employer
1 Should i change employment, I must advise my Red Sphere branch manager of the change within seven working
days of such an event and i undertake to obtain the necessary letter of comfort from the new employer confirming
that my repayments will be a direct deduction on my Salary

2.Monthly Loan Requirements

2.1 Loan repayments shall be deducted by my employer each month.
2.2 Failure by me to meet any one payment of the loan plus interest on due date shall cause the full outstanding loan
balance and accrued interest to become immediately due and payable.

2.2.1 Understand that Red Sphere Finance will gross up administration fees of 20% on the principal loan amount
2.3 Early repayment of the full loan plus interest accrued may be permitted.
2.4 My loan repayments will commence on the salary payday immediately following the loan drawn down date

3.General

3.1 I shall be liable for the payment of all expenses incurred by Red Sphere in exercising any right against me in respect
of any breach of the conditions, including all legal charges on the attorney/client scale, debt collection/attorney
collection charges and tracing charges

3.2 No delay, indulgence or relaxation in the exercising of any of Red Sphere’s right under these terms and conditions
shall constitute a waiver of such rights.
3.3 I consent to the jurisdiction of the Magistrate’s Court notwithstanding the fact that the Company’s claim at any
time may otherwise exceed the jurisdiction of the court
4. Authorise Red Sphere Finance to make any independent information verification and generally make whatever enquiries
it deems necessary from any source whatsoever, create security interest (s) in the Collateral Registry, and consent to
the supply of information regarding the Facility and my compliance otherwise with the terms and conditions of Red Sphere
Finance to other banks or any Credit Bureau, subject to any applicable legislation and Code of Conduct or Practice

 

I acknowledge that l have read,understood and accept the loan under the standard terms,conditions and warranties as stated therein and authorise Red sphere Finance Pvt Ltd and SSB to deduct money from my earnings or terminal benefits in the event of death or termination of employment according to the above instruction.

1.I, the undersigned, (full name)________{forenames}______________{surname}__________________________________(“the debtor”) of (physical address)______________   {streetName}               {streetNumber}                                ___ {town}____________Postal Address _________________{postalAddress}_________Tel:_____{tel}__________
Do hereby acknowledge myself to be truly and lawfully indebted toRed Sphere Finance P/L (“the creditor”) in the sumofUSD_______________________{loanAmount}____________________
2.I agree to pay interest on the Capital sum on a monthlybasis at the creditor’s lending rates current from time to time, calculated at ______{loanInterest}_________, to the date of repayment of the capital both dated inclusive.
3.I agree and undertake to pay the capital sum and interest aforesaid together with any tracing fees incurred in locating me, and collection charges and any attorney-client legal costs which may be incurred by the Creditor in proceeding for the recovery of the above indebtedness or any part thereof in the following manner by instalment at the rate of ____{monthlyInstalment}_________ per month, commencing with the first instalment on the _________{dateOf}______ and subsequent instalments on the last day of each succeeding month until the capital sum, interest and costs have been paid in full.
4.All instalments shall be paid toCBZ Bankaccount of thecreditor until otherwise advised.
5.I hereby renounce the benefits of legal exceptions “non causa debiti” numeratea pecuniae “de errore calculi” “revision of accounts”“no value received” and any other exception which might or could be taken to the payment of my indebtedness to the Creditor, with the full meaning and effect of which I hereby declare myself to be fully acquainted.
6.In the event of my failing to pay any amount as and when it becomes due hereunder of in the event of an undue delay in the sale ofmy property, or my committing an act of insolvency, or convening a meeting of creditors, or surrendering my Estate as insolvent or applying for assignment, or in the event of any application being made for the sequestration of my estate or should the judgement of any court be entered against me or in the event of my doing any act,matter or thing which has the effect of jeopardising or prejudicing the creditor’s position in any such events the Creditor shall have the right without notice, to claim and recover the whole capital sum and interest, together with costs and collection charges, and to institute legal proceedings against me.
7.Notwithstanding any express or implied provisions of this Acknowledgement to the contrary,any latitude or extension of timewhich may be allowed by the Creditor in respect of payments or any relaxation of any provisions of this Acknowledgement shall not under any circumstances be deemed to be a waiver of the Creditors rights hereunder.
8.I hereby consent to the jurisdiction of the Magistrate’s Court at ____{magistratesCourt}_______ notwithstanding that the amount claimedmay exceed themonetaryjurisdiction of that court.
9.I hereby choosedomicilium citandi et executandiat the following address________________________{postalAddress}________________
10.No variationof the terms and/ or conditions of this Acknowledgement of Debt shall be of any force or effect unless reduced to writing and signed by me and the Creditor.
11.I hereby acknowledge that the Acknowledgement of Debt constitutes the entire contract between me and the Creditor and no other conditions, stipulations, warranties or representations whatsoever have been made by the Creditor or his agent other than such as are included herein-