5. AMOUNT OF THE FACILITY AND REPAYMENT

All amounts drawn and outstanding under the Facilities and all interest and other sums payable in respect of the Facilities shall be due and payable at any time forthwith on demand. However, without prejudice to the Bank’s right to make demand at any time, it is agreed that:-

The maximum amount that will be available for draw down under the proposed Facility shall not exceed the aggregate of Kshs……….. /= (Kshs …………………………. Only)
The Facility will be repaid by your income in equal monthly Instalments comprising of both principal and interest until the Facility is repaid in full. The repayments due from the borrower will be effected through Direct debit/Standing Order effected through the Borrower’s account. The Borrower hereby irrevocably authorises the Bank to effect the Direct debit/Standing Order. (The repayments are as set out in the annexed loan amortisation table)

The Bank may without notice utilise any credit balance in any Account you hold with the Bank (whether current, loan, savings, time deposit or any other type of account or in the account of any other person for whom you have agreed to act as surety) to pay any Debt due under this Agreement. This right of Set-Off shall be in addition to, and shall not impair or affect, any of the Bank’s other rights of recovery.