Dated as of the 1ST day of MAY, 2014

SIMBA CORPORATION LIMITED

(As “Owner”)

And

MR. JEREMY BANIA

(As “Hirer”)

____________________________________________

HIRE PURCHASE AGREEMENT

Subject to the Hire Purchase Act (Chapter 507, Laws of Kenya)

_____________________________________________
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This HIRE PURCHASE AGREEMENT is made as of the 1ST MAY 2014

BETWEEN

1. SIMBA CORPORATION LIMITED (Company No. C. 15551) a private company incorporated with limited
liability incorporated in the Republic of Kenya and having its registered office situated in Nairobi and whose
address for the purposes of this Agreement is Post Office Box Number 48296-00100, Nairobi (hereinafter called
the "Owner") of the one part;

2. The person identified in Part I of the Schedule hereto as the hirer (hereinafter called the "Hirer" (which expression
shall where the context so admits include the Hirer’s successors, permitted assigns and/or personal representatives
as the case may be) of the second part; and

3. The person identified in Part II of the Schedule hereto as the guarantor (hereinafter called the "Guarantor" which
expression shall where the context so admits include the Guarantor’s personal representatives heirs and
permitted assigns) of the third part.

WHEREAS:

(A) The Owner has agreed to let and the Hirer has agreed to hire the Goods (as hereinafter defined) on the terms and
conditions hereinafter appearing which terms and conditions including the Statutory Notices appearing after the
said terms and conditions are deemed to be incorporated in and form part of this Agreement.

(B) The Owner, the Hirer and the Guarantor have entered into this Agreement on the terms and conditions hereinafter
appearing.

TERMS AND CONDITIONS

1. DEFINITIONS AND INTERPRETATION

1.1 In this Agreement (including the recitals the Schedule and the Statutory Notices), save where the context otherwise
requires, the following terms shall have the following meanings:

"Act" means the Hire Purchase Act (Chapter 507, Laws of Kenya);

"Address" means the address at which the Goods are to be kept as specified in Part I of the Schedule or as
thereafter changed by the Hirer in accordance with clause 3.1.10 of this Agreement;

"Business Day" means a day (except a Saturday Sunday or gazetted public holiday in Kenya) on which banks open
for banking business in Kenya;

"Default Interest" means the additional interest payable by the Hirer at the per annum rate which is the aggregate
[the base rate of [5.27 % flat] and [default rate of 2%] from time to time per annum;

"Deposit" means the sum referred to as the deposit in Part IV of the Schedule representing [10%] of the Hire
Purchase Price;

"Encumbrance" includes any mortgage or charge (whether legal or equitable) lien option security interest restrictive
covenant pledge hypothecation assignment title retention trust arrangement or other restriction of any kind or other
encumbrance securing or any right conferring a priority of payment in respect of any obligation of any person;

"Goods" means the assets set out in Part III of the Schedule together with any additions modifications alterations
improvements accessories parts and replacements thereto;

"Hire Purchase Price" means the total sum payable by the Hirer under this Agreement in order to complete the
purchase of the Goods, including the Deposit or other initial payment credited to the Owner under this Agreement
on account of any such deposit or payment, whether that sum is to be or has been paid to the Owner or to any
 2

other person or is to be or has been discharged by a payment of money or by transfer or delivery of goods or by
any other means, but excludes any sum payable as penalty compensation or damages for a breach of this
Agreement;

"Monthly Instalment Payment" means a monthly instalment specified in Part IV of the Schedule and "Monthly
Instalment Payments" shall be construed accordingly;

"Net Balance Due" means the balance originally payable under this Agreement less any amounts (other than the
Deposit) paid or provided, whether by cash or other consideration, by or on behalf of the Hirer under this
Agreement;

"Repayment Date" means the date on which each respective Monthly Instalment Payment falls due as set out in
Part IV of the Schedule;

"Terms and conditions" means these terms and conditions; and

"Unpaid Instalment Payment" means any Monthly Instalment Payment which has not been paid either in full or in
part on its respective Repayment Date together with any interest, charges and/or taxes thereto.

1.2 Unless the context otherwise requires, in this Agreement:

(a) Words and expressions defined in the Act shall bear the same meanings ascribed to them in the Act
wherever used herein;

(b) References to any statute or statutory provision shall include any statute or statutory provision which
amends or replaces or has amended or replaced it and shall include any subordinate legislation made under
the relevant statute;

(c) Words denoting the singular number shall include the plural and vice versa and reference to the masculine
gender includes a reference to the feminine gender and neuter and vice versa;

(d) references to conditions and sub-conditions and the schedule, unless otherwise provided, are to be
construed as references to the conditions and sub-conditions of and the schedule to this Agreement;

(e) references in this Agreement to "taking possession of the Goods" does not include a reference to the Owner
taking possession as a result of the Hirer voluntarily returning the Goods, but does include a reference to
the Owner taking possession pursuant to an order of a Court and a return of the Goods after a notice has
been served on the Hirer pursuant to the Act; and

(f) The expression "person" includes a natural person, body corporate, body incorporate, state, state agency,
governmental authority or firm.

1.3 Section headings are for convenience only and shall not affect the construction of this Agreement.

1.4 Unless the context otherwise requires, any obligation imposed by or resulting from the execution of this Agreement
(including any obligation resulting from any of the Warranties proving to be untrue or misleading or being
breached) which is undertaken by more than one person shall be a several obligation of each of the persons who
has undertaken it, and in addition if and for so long as such obligation can in law constitute a joint obligation of any
of such persons, also such a joint obligation.

2. CONSIDERATION

2.1 The total consideration for the hire of the Goods shall be the Hire Purchase Price.

2.2 The Hirer shall pay to the Owner on or before the signing of this Agreement, the Deposit, in consideration of
the right to purchase the Goods as provided for hereinafter, for which credit shall be given if the Goods are
purchased in accordance with this Agreement.
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2.3 The Hire Purchase Price less the Deposit shall be paid by the Hirer to the Owner by way of the Monthly Instalment
Payments.

2.4 The Hirer shall pay the Monthly Instalment Payments on the Repayment Dates set out in Part IV of the
Schedule. If the Repayment Date is not a Business Day, the Hirer shall make payment of the Monthly Instalment
Payment on the next preceding Business Day.

2.5 Payment of any Monthly Instalment Payment on its relative Repayment Date shall be deemed to be a payment in
arrears.

2.6 Each Monthly Instalment Payment shall be paid by the Hirer by way of a cheque drawn on a prime commercial
bank in favour of “Simba CORPORATION Limited” which shall be delivered to the Owner’s place of business
specified in this Agreement, or as the Owner may otherwise direct, on or before the relevant Repayment Date.

2.7 (If the Hirer is not in arrears with his payment obligations hereunder) the Hirer shall be entitled, subject to the
giving of seven (7) days prior written notice to the Owner of his intention so to do, to prepay any one (1) or more
of the Monthly Instalment Payments PROVIDED THAT:

2.7.1 any such prepayment shall be of an amount equal to the whole of one or more of the Monthly Instalment
Payments next due and shall be payable on a Repayment Date (and if paid on a date which is not a
Repayment Date shall be deemed to have been made on the next succeeding Repayment Date); and

2.7.2 subject to such prepayment of a Monthly Instalment Payment being effected in accordance with this
condition 2.7, any interest relative to such Monthly Instalment Payment being prepaid shall not be
payable.

2.8 If the Hirer fails to pay any Monthly Instalment Payment (or any part thereof) on the Repayment Date relative
thereto in accordance with the terms of this Agreement such amount shall be deemed to be an Unpaid Instalment
Payment and the Hirer shall be obliged to pay to the Owner the Default Interest from (and including) the date on
which the Monthly Instalment Payment was due until (and excluding) the date of payment in full of such Unpaid
Instalment Payment (together with all Default Interest). The Hirer acknowledges and agrees that the rate of Default
Interest payable by the Hirer represents a reasonable pre-estimate of the loss to be suffered by the Owner in funding
the default of the Hirer.

2.9 All payments (including prepayments) made by the Hirer to the Owner pursuant to this Agreement shall be applied
first in the repayment of all amounts due by the Hirer up to the date of such payment in the following order:

2.9.1 first, in payment of Default Interest (if any) accruing up to the date of such payment; and

2.9.2 secondly, in payment of the principal element of any Unpaid Instalment Payment.

2.10 If the Hirer is liable to make payments in respect of two or more hire-purchase agreements to the Owner, the
Owner shall be entitled and may, on receiving any payment in respect of the said agreements which is not sufficient
to discharge the total amount then due under all the agreements, appropriate the sum so paid by the Hirer:

2.10.1 in or towards the satisfaction of the sum due under any one of the agreements; or

2.10.2 in or towards satisfaction of the sums due under any two or more of the agreements in such proportions as
the Owner thinks fit,

and, if the Owner fails to make any such appropriation, the payment shall by virtue of section 28 of the Act be
appropriated in or towards the satisfaction of the sum due under the respective hire-purchase agreements in the
order in which the agreements were entered into.

2.11 The Monthly Instalment Payments and all other payments due to be made by the Hirer hereunder whether of
principal interest or otherwise shall be made without any set off counterclaim or restriction and free and clear of
 4

and without any deduction whether for or on account of any present or future taxes or otherwise. If at any time,
whether now or in the future, any applicable law regulation or regulatory requirement or any competent taxing
authority requires the Hirer to make any deduction or withholding in respect of taxes from any payment due under
this Agreement for the account of the Owner the sum due from the Hirer in respect of such payment shall be
increased to the extent necessary to ensure that, after the making of such deduction or withholding, the Owner
receives a net sum equal to the sum which the Owner would have received had no such deduction or withholding
been required to be made and the Hirer shall indemnify the Owner against any losses or costs incurred by the
Owner by reason of any failure of the Hirer to make any such deduction or withholding.

3. COVENANTS BY THE HIRER

3.1 The Hirer shall at his own cost and expense:

3.1.1 keep the Goods in his own custody and possession at the Address;

3.1.2 keep the Goods in good and substantial repair and condition to the satisfaction of the Owner and shall
indemnify the Owner against all loss damage claims and expenses arising out of any damage to the Goods
howsoever caused;

3.1.3 service and/or maintain the Goods in accordance with the Owner’s service and/or maintenance recommendation
schedule (as the case may be) and unless otherwise agreed in writing by the Owner, the Hirer shall ensure that all
service and maintenance work of the Goods is referred to the Owner;

3.1.4 keep the Goods insured at the Hirer’s expense during the continuance of the hiring for their full replacement value
and for uses for which the Goods are being put with full comprehensive or all-risks covers with insurers to be
approved by the Owner and under a policy or policies noting the Ownership of the Goods by the Owner and
stating that no payment is to be made to the Hirer under the Policy until the Owner’s interest has been discharged.
The Hirer hereby irrevocably appoints the Owner to be his sole agent for the receipt of any insurance monies and
for any negotiation or compromise with the insurers as to the amount payable and institute proceedings whether to
the Hirer’s names or otherwise against the insurers in relation to any claim against them and to give an effective
receipt and discharge to the insurers;

3.1.5 to punctually pay all premiums or charges payable under the said policy or policies and produce the receipts for
such payments to the Owner on demand and to do everything necessary to maintain the said policy or policies in
full effect and not to do anything whereby the said policy or policies will or may be vitiated. On any default of the
Hirer under this clause, but without prejudice to the their rights under this Agreement, the Owner may insure the
Goods with such insurance company as they may deem fit and/or may pay the premiums and expenses of such
insurance and the Hirer shall forthwith reimburse them for any sums by way of premiums or expenses otherwise
paid by them;

3.1.6 (in the event of the Goods suffering any damage) the Hirer shall forthwith and before incurring any expense in
connection with the repair thereof notify the Owner who shall be entitled to repair the Goods or have the same
repaired by a person duly authorised and appointed by the Owner to do so and in either case at the expense of
the Hirer. If the Hirer is at any time in default in complying with this covenant the Owner shall be entitled but not
bound to repair and maintain the same with power for the Owner its agents and their respective employees to
enter any of the Hirer’s property for that purpose or to inspect the Goods and any sum so expended by the Owner
shall be repayable by the Hirer to the Owner on demand together with Default Interest from (and including) the
date of payment by the Owner until repayment of such monies) in full;

3.1.7 on demand reimburse the Owner any expense or charge incurred by the Owner for and in connection with the
repair of the Goods;
 5

3.1.8 punctually pay all licence fees taxes registration fees and all other charges payable in respect of the Goods
and/or their use;

3.1.9 to comply with and observe all statutes rules and regulations and instructions of the relevant authorities in
connection with the Goods or the use thereof and to indemnify the Owner against any claims and costs actions
and expenses whatsoever arising out of the use operation or keeping of the Goods;

3.1.10 obtain all necessary licences permits and permissions for the use of the Goods and not to use the Goods or
permit the Goods to be used contrary to any laws rules or regulations for the time being in force;

3.1.11 inform the Owner immediately if the Goods are subject to any litigation legal proceedings (whether civil
criminal or otherwise) seizure forfeiture legal execution distraint or lien by any person and the Hirer shall bear
all costs and expenses (including legal costs on an “Advocate and Client” basis) to have the Goods released
there-from;

3.1.12 inform the Owner of any change in the Address by notice in writing of not less than ninety six (96) hours from
the time of the change or removal of the Goods there-from; and

3.1.13 on request of the Owner, produce the Goods for inspection and testing by the Owner the Owner’s agent
and/or their respective employees and any other governmental or regulatory body.

3.2 The Hirer shall not:

3.2.1 without the prior written consent of the Owner remove or permit to be removed the Goods outside the
borders of Kenya;

3.2.2 conceal the Goods or to alter the Goods or any part thereof;

3.2.3 change the registration number or identification mark of the Goods without the prior written consent of the
Owner;
3.2.4 permit any person to drive and/or operate the Goods except those persons permitted to drive and/or operate
the Goods under the terms of any policy of insurance for the time being in force;

3.2.5 use the Goods for any purpose other than those for which the Goods were designed and in accordance with
any instructions contained in any manual book of instructions or any other written material prepared by the
manufacturer and/or supplied with the Goods;

3.2.6 attach to or use in any connection with the Goods any appliances accessories or devices other than those
appliances accessories and/or devices manufactured and/or or recommended for use with the Goods;
3.2.7 use or permit the Goods to be used contrary to the law or in any manner which may cause or result in the
Goods being seized confiscated or forfeited;

3.2.8 sell assign pledge mortgage charge exchange and underlet or otherwise part with possession of the Goods or
any part thereof; or

3.2.9 cause or allow to be caused the Owner’s endorsement of the ownership of the Goods on any logbook (if
applicable) or any other document of title to the Goods, to be cancelled altered or amended.
4. EVENTS OF DEFAULT

4.1 If the Hirer shall:

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4.1.1 not pay to the Owner any Monthly Instalment Payment on the due date for payment and such Unpaid
Monthly Instalment is not less than one-tenth of the Hire Purchase Price or two or more Unpaid Monthly
Instalments which altogether are not less than one–twentieth of the Hire Purchase Price are due and unpaid; or

4.1.2 fail to perform or observe any of the terms and conditions of this Agreement or if any warranty or
representation or of the Hirer to the Owner is incorrect or misleading in any respect; or

4.1.3 cause or permit to be caused anything whereby the rights of the Owner are or may with the passing of time be
in the sole opinion of the Owner prejudiced or jeopardised or the value of the Goods depreciated; or

4.1.4 suffer the presentation of a petition for bankruptcy or is unable to pay his debts as and when they fall due or a
meeting is convened of his creditors or become bankrupt or enter into any deed of arrangement with or
execute any assignment for the benefit of his creditors; or

4.1.5 have any distress or execution levied on the Goods; or

4.1.6 die,

then and in any such case Owner shall be entitled:

(a) (subject to the giving of notice to the Hirer of not less than fourteen (14) days in the case of a default
under condition 4.1.1 to 4.1.5 (both Inclusive) and which default is not remedied before the expiry of
such notice) to demand that the Hirer shall return the Goods in accordance with the provisions of
condition 5.3 and simultaneously therewith pay to the Owner the amount (if any) as referred to in
condition 5.3; and

(b) (save where the Hirer has paid to the Owner not less than two-thirds of the Hire Purchase Price) to
retake possession of the Goods from the Hirer (or, if applicable, his estate)

5. RIGHT OF HIRER TO TERMINATE

5.1 The Hirer may at any time before the final payment under this Agreement falls due terminate this Agreement by
giving the Owner prior written notice of the Hirer’s intention to terminate this Agreement in the prescribed
form set out in Part VI of the Schedule and by returning the Goods to the Owner.

5.2 Where the Hirer has terminated the Agreement as set out in condition 5.1, the Hirer shall:
5.2.1 simultaneously while returning the Goods as provided for in condition 5.1 be liable to pay (without prejudice to
any liability which accrued before the termination) any amount, if any, by which one half of the Hire Purchase
Price exceeds the total of the sums paid and the sums, which were due by the Hirer in respect of the Hire
Purchase Price immediately before the termination; and

5.2.2 shall return the Goods to the Owner at the Hirer’s own expense to the premises from which they were
originally delivered to the Hirer or to such other place as the Owner may direct. The Owner shall reimburse the
Hirer for any additional expense incurred in returning the Goods to premises other than those from which they
were originally supplied.

5.3 In addition to the right given to the Hirer to terminate this Agreement by notice in writing as set out in
condition 5.1, the Hirer may terminate this Agreement by returning the Goods (in good and substantial repair
and condition at his own risk and expense) to the Owner at the address before-mentioned but in such a case,
the Hirer shall be liable (without prejudice to any liability which accrued before the termination) for damages
for any failure to take reasonable care of the Goods, and to pay the amount (if any) by which one-half of the
Hire Purchase Price exceeds the total of the sums paid and the sums which were due in respect of the Hire-
Purchase Price immediately before the termination.
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6. HIRER’S RIGHT TO COMPLETE

6 The Hirer may at any time during the continuance of this Agreement or within twenty-eight (28) days after the
Owner has taken possession of the Goods give notice in writing to the Owner of the Hirer’s intention to
complete the purchase of the Goods substantially in the form set out in Part VII of the Schedule.

6.2 Where the Hirer gives the Owner notice to complete as provided for in condition 6.1 the Hirer shall
simultaneously with the giving of such notice pay or tender to the Owner on a specified day the Net Balance
Due to the Owner, and having given such notice may complete the purchase accordingly on the day specified.

6.3 The Hirer shall, where the Owner has prior to receiving a notice to complete the purchase of the Goods taken
possession of the Goods, in addition to and simultaneously with making payment of the Net Balance Due pay
to the Owner the following amounts:

6.3.1 the reasonable costs incurred by the Owner in and incidental to taking possession of the Goods; and

6.3.2 the amount properly expended by the Owner for the storage, repair and maintenance of the Goods;
and

6.3.3 any additional interest which is due under this Agreement.

7. RIGHTS IN BANKRUPTCY

7.1 Without prejudice to the Owner’s right to terminate this Agreement pursuant to condition 4.1 if the Hirer is
adjudged bankrupt, the rights and duties which are subject to this Agreement entered into by the Hirer shall vest in
his trustee, notwithstanding the terms of this Agreement. If the Goods are used by the trustee on behalf of the
Hirer’s estate, the trustee shall pay to the Owner, as a cost in the administration of the estate, each Monthly
Instalment Payment in respect of the Hire Purchase Price which becomes due under this Agreement during the
period the Goods are so used.

8. REPRESENTATIONS & WARRANTIES

8.1 The Hirer represents and warrants that all the particulars set out in this Agreement and all the information
provided to the Owner are true and accurate in all material respects and that he has not withheld disclosure to the
Owner of any material facts or circumstances which would affect the Owner’s decision to agree to enter into this
Agreement with the Hirer. The Hirer confirms that no statement representation or warranty has induced him to
hire the Goods other than on the terms and conditions in this Agreement and the Hirer recognizes that no other
person has any authority from the Owner to give any such statement representation or warranty or to accept
any liability on the Owner's behalf.

8.2 The representations and warranties in condition 8.1 shall be deemed repeated by the Hirer on and as of each
day that this Agreement remains in force.

9. GENERAL

9.1 No failure or delay by the Owner in exercising any right or remedy shall operate as a waiver thereof nor shall any
single or partial exercise or waiver of any right or remedy preclude its further exercise or the exercise of any other
right or remedy.

9.2 Each of the provisions of this Agreement is severable and distinct from the others and if at any time one or more of
such provisions is or becomes invalid illegal or unenforceable the validity legality and enforceability of the
remaining provisions hereof shall not in any way be affected or impaired thereby.

9.3 The rights powers and remedies provided by this Agreement are cumulative and are not nor are they to be
construed as exclusive of any rights powers and remedies provided by law.
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9.4 The Owner shall have a full and unfettered right to assign the whole or any part of the benefit of this Agreement
and the Owner’s assignees and other successors, whether immediate or derivative, shall be entitled to enforce and
proceed upon this Agreement in the same manner as if named herein as the Owner.

9.5 The Owner shall be entitled to impart any information concerning the Hirer to any such assignee or successor or
any proposed such assignee or successor. The Hirer shall not be entitled, without the prior written consent of the
Owner, to assign or transfer any of the Hirer’s rights or obligations hereunder.

9.6 Where the consent of the Owner is required under any of the provisions of this Agreement the Owner may
withhold consent in its sole discretion without giving reasons therefore or may grant consent upon and subject
to such terms and conditions as the Owner shall think fit. Where it is necessary to determine whether any act
circumstance event matter or thing is “material” for the purposes of any provision hereunder the Owner’s
opinion thereupon shall be final and binding on the Hirer.

10. NOTICES

101 Any notice or demand for payment by the Owner hereunder shall without prejudice to any other effective mode of
making the same be deemed to have been properly served on or given to the Hirer:

10.1.1 by delivering the said notice or demand personally; or

10.1.2 by leaving the said notice or demand at the Hirer’s place of abode or business with some other person
apparently a resident thereof or employed thereat and apparently over the age of sixteen (16) years; or

10.1.3 by posting the said notice or demand addressed to the Hirer at the Hirer’s last known place of abode or
business in Kenya.

Any such notice or demand sent by post shall be deemed to have been served on the Hirer three (3) days following
the day of posting notwithstanding that it be undelivered or returned undelivered and in proving such service it
shall be sufficient to prove that the notice or demand was properly addressed and put into the post.

11. CHANGE IN CIRCUMSTANCES

11.1 If any change in applicable law or regulation or in the application or interpretation thereof by any governmental
authority charged with the administration thereof or if any official requirement or request (not having the force of
law) shall;

11.1.1 impose or modify the computation of the Hire Purchase Price;

11.1.2 change the amounts of instalments by which the Hire Purchase Price is to be paid by the Hirer; or

11.1.3 modify the rate of interest and/or charges which may be imposed on the Hirer in respect of any sum
credited to the Hirer by the Owner, and the result of any of the foregoing is to reduce the amount of any
payment receivable by the Owner by an amount which the Owner deems material, then and in any such
case, upon notification from the Owner, the Hirer shall pay to the Owner on demand such amount as will
compensate the Owner such reduced receipts calculated from the date of notification by the Owner.
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12. LAW

12.1 This Agreement shall be governed by and construed in accordance with the laws of the Republic of Kenya. The
Hirer submits to the non-exclusive jurisdiction of the Kenya Courts.

IN WITNESS WHEREOF the Owner and the Hirer have executed this Agreement as of the day and year first hereinbefore
written.

……………………………………... ……………………………………...
For and on behalf of the “OWNER” For and on behalf of the “HIRER”
SIMBA CORPORATION LIMITED MR JEREMY BANIA

------------------------------------------------------------------ ----------------------------------------------------------------
DIRECTOR

-----------------------------------------------------------------
DIRECTOR

In the presence of: In the presence of:

Witness Signature……………………………. Witness Signature…………………………….

Witness name: ……………………………….. Witness name: ………………………………..

Full Address…………………………………. Full Address………………………………….

Occupation………………………………….. Occupation…………………………………..
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THE SCHEDULE
PART I

THE HIRER
1. Particulars of the Hirer

a. Where Hirer a natural person:

Full Name: (First)……………………… (Middle)…………………… (Last)…………………...

National l. D. Card No………………………….Driving Licence No. …………………………
Passport No. ………………………….………..PIN No…………………….…………………
Postal Address: P. O. Box…………………………… (Post Code)……………..………………
Physical Residential Address: (Road/Street) ……………. (House No.)…………………………
(Estate)..........................……... (City/Town)…………………….… (Province)…………………...
(District)…………… … (Location) …………………… (Sub-Location)……………………

i. (if Employed)

Occupation: ………………………………………………………………………. ………….

Name of Employer: ……………………………………………………………………………
Name of Immediate Supervisor………………………………………………………………..
Monthly Salary: ………………………………………………………………………………...
Employer's Postal Address: P. O. Box…………………… (Post Code)……………… …….
Employers Physical Address: (Building) …………………… (Road/Street) …………..
(City/Town)……………………… (Province)………………….... (District)……………….. (Location) ………………………
(Sub-Location)……………………………………

ii. (If Self Employed)

Name of Business…………………………………………………………………………
Full Postal and Physical Business Address: P. O. Box…………… (Post Code) …………..
(Building) ……………… (Road/Street) ……..…………. (City/Town)………………..……
(Province)…………………..……… (District)………..…….… (Location) ………………… (Sub-
Location)………………………………

b. Where hirer is a body corporate:

Full Name: .
Company Registration No…………………………..………………………
PIN No…………………….………………………………………………
Postal Address: P. O. Box 48296 (Post Code)
Physical Residential Address: (Road/Street) ……………. (House No.)…………………………
(Estate)..........................……... (City/Town)…………………….… (Province)…………………...
(District)…………… … (Location) …………………… (Sub-Location)……………………

2. Address where the Goods will be kept:

(Building)……………………...... (Road/Street) …………

(House No.) …………………………………… (Estate) …………………………………….. (City/Town)……………………
(Province)………………………… (District)………………...
(Location) ………………………… (Sub-Location)…………………………………………….
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PART II

THE GOODS
(A) Motor Vehicles

Make: MAHINDRA
Model: MAHINDRA SCORPIO
H.P or C.C……………….……….………………………...
Year of Manufacture………………….…………………….
Chassis No …………………………………………………
Engine Number…………………………………………….
Registration Number KBS 518K
Type of Body…………………………..……………..……
New or Used………………………………………………
Petrol or C.I……………………………………….………
Full Details of Accessories………………….…………..
………………………………………………..…………….
………………………………………………………………
Insurer: ……………………………………………………….
Policy/Cover Note No: ………… …………………………..
Type of Cover…………………………………………….…
Other………………………………………………………...
……………………………………………………………....

(B) Other Goods (delete if not required)

[Please provide the description]

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PART III
INSTALMENT SCHEDULE

Cash Price Instalments Instalments

(Inc: Accessories): Kshs. 1,307,664/=
Date Amount Date Amount
Hire Purchase Price: Kshs. 1,080,000/= (K.Shs) (K.Shs.)
14th May 2014 23,243.00 14th May 2016 23,243.00
Deposit: 14th June 2014 23,243.00 14th June 2016 23,243.00
(Receipt No.): Kshs. 120,000/=
Balance of the Hire Purchase Price 14th July 2014 23,243.00 14th July 2016 23,243.00
after payment of 14th August 2014 23,243.00 14th August 2016 23,243.00
(a) Deposit 14th September 2014 23,243.00 14th September 23,243.00
(b) H.P. Administration charges 2016
(c) Registration Fees: 14th October 2014 23,243.00 14th October 2016 23,243.00
14 November 2014
th 23,243.00 14 November
th 23,243.00
2016
The balance of the Hire Purchase Price 14th December 2014 23,243.00 14th December 23,243.00
payable will be paid in monthly 2016
14 January 2015
th 23,243.00 14th January 2017 23,243.00
instalments on the dates specified for
repayment as shown herein. 14th February 2015 23,243.00 14th February 2017 23,243.00
14th March 2015 23,243.00 14th March 2017 23,243.00
Option Payment:
14th April 2015 23,243.00 14th April 2017 23,243.00
14th May 2015 23,243.00 14th May 2017 23,243.00
14th June 2015 23,243.00 14th June 2017 23,243.00
14th July 2015 23,243.00 14th July 2017 23,243.00
14th August 2015 23,243.00 14th August 2017 23,243.00
14th September 2015 23,243.00 14th September 23,243.00
14th October 2015 23,243.00 2017
14th October 2017 23,243.00
14th November 2015 23,243.00 14th November 23,243.00
2017
14th December 2015 23,243.00 14th December 23,243.00
2017
14th January 2016 23,243.00 14th January 2018 23,243.00
14th February 2016 23,243.00 14th February 2018 23,243.00
14th March 2016 23,243.00 14th March 2018 23,243.00
14th April 2016 23,243.00 14th April 2018 23,243.00
We, the Owner hereby declare that the Cash Price inclusive of accessories etc. but net of any discounts of the Goods is
Kenya Shillings One Million, Three hundred Seven Thousand, Six hundred Sixty Four only. (Kshs. 1,307,664.00)

Signature of Owner………………………

Address: ………………………………….

Dated: ……………………………………

Noted by the Hirer: ………………………

 13

PART IV

NOTICE TO LANDLORD
{Form H.P. 7}
From: (insert name and address of Owner)
SIMBA CORPORATION LIMITED

To: (insert name and address of Hirer’s landlord)

(insert name of Hirer)

MR JEREMY BANIA

Re: (insert number and date of Agreement)

Particulars of Goods: (insert description of the Goods)

(insert address where the Goods are kept)

We the undersigned hereby give you notice that we are the owners of the Goods specified above and
comprised in the hire purchase agreement particulars of which are also given above.

We understand that you are the landlord of the above-mentioned premises at which the Goods are kept, and
we would draw you attention to the fact that under Section 8 (4) of the Hire Purchase Act, you have no right of
distress over the Goods for rent.

Please sign and return the duplicate copy of this notice.

Date:

Signed by Owner:

-----------------------------
Endorsement on Duplicate

Received a notice of which the above is a copy

Dated:

Signed by Landlord:
 14

PART V

NOTICE BY HIRER TO TERMINATE AGREEMENT

{Form H.P. 8}
From: (insert name and address of Hirer)
MR JEREMY BANIA

To: (insert name and address of Owner)

SIMBA CORPORATION LIMITED

Re: (insert number and date of Agreement)

Particulars of Goods: (insert description of the Goods)

I hereby give you notice to terminate forthwith the agreement made between us dated as above (the “Agreement”)
and comprising the Goods as described therein. I confirm that I have returned the Goods to you, and that the
Agreement is at an end.

I understand that in consequence of giving this notice I am no longer entitled to the Goods and my liabilities under
the Agreement and the Hire Purchase Act (Cap 507) are as follows:

(1) I must pay any instalments in arrear at the date of this notice.

(2) If, when I have paid the above mentioned instalments the total amount of which I have paid under the
Agreement is less than one-half of the Hire Purchase Price specified in the Agreement, then I must also
pay enough to make up that sum.

(3) If the Goods have been damaged because I have failed to take reasonable care of the Goods, you are
entitled to sue me for the amount of the damage unless that amount can be agreed between us.

I also understand that if at your request I have retuned the Goods to the premises other than those from which they
were originally supplied by you to me, I am entitled to be reimbursed for any additional expense so incurred.

Please sign and return the duplicate copy of this notice.

Date:

Signed by Hirer:

-----------------------------
Endorsement on Duplicate

Received a notice of which the above is a copy

Dated:

Signed by Owner:
 15

PART VI

NOTICE BY HIRER TO COMPLETE AGREEMENT

{Form H.P. 8}
From: (insert name and address of Hirer)

MR JEREMY BANIA

To: (insert name and address of Owner)

SIMBA CORPORATION LIMITED

Re: (insert number and date of Agreement)

Particulars of Goods: (insert description of the Goods)

I hereby give you notice to complete the above mentioned agreement made between us dated as above (the
“Agreement”) by paying to you the Net Balance Due under the Agreement.

I understand that the expression “Net Balance Due” means the balance originally payable under the Agreement less
any amounts (other than the Deposit as defined in the Agreement) paid or provided, whether by cash or by other
consideration, by me or on my behalf under the Agreement.

I also understand that if I wish to exercise the rights conferred on me by Section 13 of the Hire Purchase Act within
the statutory period of twenty eight (28) days after you have taken possession of the Goods I can only do so upon
paying or tendering to you in addition to the Net Balance Due:

(a) the reasonable costs incurred by you in and incidental to taking possession of the Goods;

(b) any amount properly expended by you on the storage, repair or maintenance of the Goods; and

(c) any additional interest which is due under the Agreement.

Please sign and return the duplicate copy of this notice.

Date:

Signed by Hirer:

-----------------------------
Endorsement on Duplicate

Received a notice of which the above is a copy

Dated:

Signed by Owner:
 16

PART VII

GUARANTEE AND INDEMNITY

IN CONSIDERATION of the Owner, at the request of the Guarantor and the Hirer, agreeing to enter into the
Agreement for the hire of the Goods in the form set out above (the "Agreement") I/we, as primary obligor and
not merely as surety, hereby guarantee to the Owner the payment and discharge forthwith on demand being
made in writing by the Owner on the Guarantor of all payments due under the Agreement (including, for the
avoidance of doubt, interest payable by the Hirer to the Owner and accruing down to and including the date
of such demand upon the Guarantor together with all other charges taxes costs and expenses payable by the
Hirer to the Owner howsoever).

I/we also hereby covenant and agree for the same consideration and as primary obligor and not merely as
surety to indemnify (on a full and unqualified indemnity basis) the Owner, forthwith on demand being made
in writing by the Owner upon the Guarantor, against the amount of all costs charges liabilities taxes and
expenses now or hereafter incurred by the Owner (and irrespective of whether the same may be recoverable
from the Hirer) in enforcing or attempting to enforce the payment or discharge otherwise than under this
Guarantee & Indemnity of all or any amounts due under the Agreement or of enforcing or attempting to
enforce this Guarantee & Indemnity in respect thereof together with interest on such amounts at the highest
rate then payable by the Hirer to the Owner from the date of the same being incurred down to and including
the date of such demand.

This Guarantee & Indemnity shall be governed by and construed in accordance with the laws of the Republic
of Kenya. The Guarantor submits to the non-exclusive jurisdiction of the Kenya Courts.

This Guarantee & Indemnity has been signed, sealed and delivered by the Guarantor as of this
……………………………day of…………………………………., 20………………

GUARANTOR’S SIGNATURE

............................

In the presence of:

Signature of Witness . . . . . . . . . . . . . . . .

Name of Witness……………………

Address of Witness…………………
 17

STATUTORY NOTICES

RIGHT OF HIRER TO TERMINATE AGREEMENT

SECTION 6 (2) (C)

1. The Hirer may put an end to this Agreement by returning the Goods to the Owner and giving it
written notice of termination of this Agreement.

2. He must then pay any instalments which are in arrear at the time he gives notice. If when he has
paid the instalments, the total amount which he has paid under this Agreement is less than Shs.
653,832/= he must also pay enough to make that sum. (*Here insert one-half of the hire purchase
price).

3. If the Goods have been damaged owing to the Hirer having failed to take reasonable care of
them, the Owner may sue him for the amount of the damage unless that amount can be agreed
between the Hirer and the Owner.

4. The Hirer must return the Goods at his own expense to the premises from which they were
originally supplied to him or to such other place as the Owner may direct. The Owner must
reimburse the Hirer for any additional expense incurred in returning the Goods to premises other
than those from which they were originally supplied.

5. The Hirer should see whether this Agreement contains provisions allowing him to put an end to
this Agreement on terms more favourable on him than those just mentioned. If it does, he may put
an end to this Agreement on those terms.

RIGHT OF HIRER TO COMPLETE AGREEMENT

1. The Hirer may after previous notice in writing to the Owner complete the purchase of the Goods
comprised in this Agreement by paying to the Owner on a day specified in the notice the "net
balance" due to the Owner.

2. The "net balance" means the balance originally payable under this Agreement less any amounts
(other than the deposit) paid or provided, whether by cash or other consideration, by or on behalf
of the Hirer under this Agreement.

3. The Hirer may complete the purchase under paragraph 1 above either –

(a) during the continuance of this Agreement; or

(b) within 28 days after the Owner has taken possession of the Goods on paying to the Owner in
addition to the net balance –

(i) the reasonable costs incurred by the Owner in and incidental to taking possession of
the Goods; and

(ii) any amount properly expended by the Owner on the storage, repair or maintenance
of the Goods; and

(iii) any additional interest which is due under this Agreement.

 18

RESTRICTION OF OWNER’S RIGHT TO RECOVER GOODS

1. After Shs. 871,776/= has been paid, then, unless the Hirer has himself put an end to this
Agreement the Owner of the Goods cannot take them back from the Hirer, save as provided for
by Section 15(3) of the Act without the Hirer's consent unless the Owner obtains an order of the
court. (*Here insert two thirds of the hire purchase price).

6.
2. If the Owner applies to the court for such an order the court may if it thinks it just to do so allow
the Hirer to keep either –

(a) the whole of the Goods, on condition that the Hirer pays the balance of the price in the
manner ordered by the Court;

(b) a fair proportion of the Goods having regard to what the Hirer has already paid.

CERTIFICATE OF REGISTRATION OF AGREEMENT

I hereby certify that Hire Purchase Agreement Number. . . . . . . . . . . . . . . . .

Was registered this . . . . . . . . . Day of . . . . . . . . , 200 . . . . At . . . . . . o’clock.

Signed . . . . . . . . . . . . .

Registrar of Hire Purchase Agreements

Fee Paid: K.Shs.
M. R. No.