‘Siddhartha Bank Ltd, Head Office eqisar, Kathmandu, Nepal .0.Box: ¥3806 Phone: #977 1 4442919, 4442920 Fax: 97744642920 info@sblcom.ng siess8ec D> SiddharthaBank worw siddharthabsnk.com Private & Confidential 19" October 2023 Raveena Gurung and Dhan Prasad Tamang Bharatpur Metropolitian City Ward No. 18, Chitwan Sub: Approval of Credit Facility Dear Sir/Madam, reference to your application dated 19" Septeber 2023, we at Siddhartha Bank Limited (herein after referred to as “the Bank”) are pleased to offer you (herein afier referred to as “the Borrower”) the following credit facility as per the terms and conditions outlined below: + FACILITY DETAILS: Siddhartha Education Loan NPR. 4,500,000/- (NPR. Four Million Five Hundred Thousand Only). To finance tuition fee, overseas student health cover cost, living expenses and other education related expenses required for Raveena Gurung to Study “Level 1 Graduate Certificate in Project Management” at Fleming College, Toronto, Canada. Interest 14.21% pa. (ne. BRE + 4.5% p. a) Margin 25% of Fair Market Value (FMV) of Land. Disbursement Upon execution of entire security documents the Joan amount to the extent of Rs, 4.5 million shall be fully or partially disbursed as per the request of borrower. Repayment Equated Monthly Installment (EMI) of approximately Rs. 60,929,654 (Approx.) shall start from 10th of subsequent English calendar month of disbursement, All installments to be paid as per the repayment schedule which shall be provided to the borrower upon disbursement of Loan, The loan to be fully settled in 180 such installments, Expiry Date 15 years from the date of disbursement Processing Fee 0.75% of the approved limit Commitment fee In case of sanctioned limit not being utilized filly, & commitment fee @0.15% on the unutitized limit shall be charged during the settlement of loan. Note#: Base Rate (BR) of Ashwin End 2080 = 9.71%. oer Xe SiddhartaBank Raveena Gurung and Dhan Prasad Tamang Page }of4 Excellence in riving innovation ‘Awarded by: Best Operation Bank garded by: VISA |“ sounasio sor IFC -. Scorn Sone memCURITY A. Primary Security: i) Property to be mortgaged to the bank having following Details: Owner Dhan Prasad Tamang (Father-In-Law of Student) Location Bhatarpur Metropolitian City Ward No. 18, Chitwan Plot No 23844 Area (B-K-D) —_: 0-5-19.575 (2024.59 Sq. Mt.) B, Additional Security: Personal guarantee of Mangali gurung (Mother of Student), Dhan Prasad Tamang (Father-In-Law of Student), Prabin Rumba ‘Tamang (Spouse of Student), Santa Maya ‘Tamang (Mother-In Law of Student) and Gam Bahadur Gurung (Father of Student) for Rs, 4.5 Million each 3. INTEREST AND COMMISSION Interest rate on the facility shall be linked with the Bank's Base Rate (BR) as indicated in section | which will be revised on the first working day of Shrawan, Kartik. Magh and Baishakh months based on the Base Rate being published by the bank on each previous quarter end. Such rates shall be charged in arrears at quarterly intervals as the case may be until otherwise specified. The Bank reserves the right at any time to change the rate of interest / commission as the Bank may decide. In the event of default in observance of any of the terms and conditions under which the facilities have been granted, or the drawings under the said facilities at any time exceeding limits mentioned under the said facilities, interest will be charged in the account without giving notice at a rate which will not be less than 2% per annum higher than the above rates. Similarly. any unpaid interest on due date attracts interest applicable to respective loan account plus 2% for the delayed period. In case of amount overdrawn beyond approved regular overdraft limit, 1.5% p.a, penal interest in addition to the applicable interest rate shall be charged for such overdrawn amount. In case of amount overdrawn without regular overdraft limit, highest published premium rate plus the prevailing base rate of the Bank shall be levied. Additionally, late payment fee of Rs. 750 each for principal and interest after a grace period of 7 days as per STC. 4. COVENANTS Until the facilities are terminated or whilst any amount or commitment remain outstanding the Borrower here by covenants with the Bank To utilize the facility only for the purpose sanctioned b. That diversion of Bank's loan is strictly prohibited. €. That the Borrower shall be deemed to have expressly undertaken that all the information supplied to the Bank with regard to its request for Bank finance is correct. 4. That the delivery of notice, from the Bank, to the Borrower at the last known address in the Bank's record shall be effective delivery. €. That at the time of payment of the principal and/or interest on the due dates, the Borrower shall have sufficient funds in the Borrower's current account in which case the said account shall be debited and applied towards payment of interest first and balance towards due principal. Balance due amount, if any, shall attract penal rate of interest as per the Bank’s rule In case of sanctioned limit not being utilized fully, a commitment fee @ 0.15% of the limit not utilized shall be recovered from the borrower. PECIAL COVENANTS The borrower shall further covenant with the Bank that: 5.1 The borrower shall not avail of any additional finance from other lending institutions without prior written approval of the Bank 5.2 The borrower and the family members shall not hold 1% or more than 1% share of Siddhartha Bank Limited. yh Ree (memes Raveena Gurung and Dhan Prasad Tamang Page 2 of 45.3 Credit facility shall be allowed to utilize maintaining the required margin (i.e. 50% of the value of shares), acceptable to the bank. If the value of the shares is less than 6 million, the utilization shall be reduced proportionately. 5.4 In case of margin call (as per NRB directives), additional shares acceptable to the bank has to be pledged in our favor or short fall amount shall be settled immediately within 7 days or else the shares pledged as security shall be sold and the amount shall be realized. . EVENT OF DEFAULT. ¢ of the happening of any of the following events, hereinafter called “Events of Default 6.1 Any statement, representation or warranty made in this agi namely ment or any correspondence or application for the loan, or on any financial statements, projections or data furnished by the Borrower in connection with its application for the loan, proving to be untrue, false or misleading in any material respect 6.2 Any material facts or information pertaining to the Borrower's corporate status, legal existence or entity of to the Borrower's financial condition, commitment or obligations or expansion programme(s) or capital expenditures of the Borrower, not being specifically made known to the Bank or being suppressed from the knowledge of the Bank, 6.3 If the Borrower shall default in the payment of any installments of principal or of interest as and when the same shall become due. 6.4 If the Borrower shall default in the observance and performance of any covenants and /or conditions. 6.5 If an extraordinary situation shall arise which in the opinion of the Bank, shall make it improbable that the Borrower will be able to perform its obligations under this agreement and in this respect the opinion of the Bank shall be conclusive. final and binding on the Borrower. 6.6 If distress or execution is levied or issued by an order of any legal authority against any part of the Borrower's asset(s)/ property(ies). 6.7 I the Borrower fails to pay any of the Borrower's debts to others when due, the Bank shall have the following rights. a) To declare all outstanding loans together with interest and all other sums due to become immediately payable b) To charge interest at the rate provided by Clause 3 herein: ©) To take possession of all security and apply the sale proceeds of same against the Borrower's obligations: 1) To terminate some or alll of its obligations under th d sreement; e) To change some of the conditions on which one or more of the facilities are made available 1) To waive some or all of its rights arising from an event of default 7. The Borrower acknowledges the Bank’s right to call back the facility extended or cancel any or all the line (s) of eredit at any time with or without prior notice to the Borrower and without assigning any reasons thereon, In the event of the loan being called back or credit line (s) being cancelled, Borrower(s) undertake to repay the Bank on demand all outstanding balances together with accrued interest agd charges. « (Lx SiddharthaBan« ~ o“- 7 ne Page 3 of 4 Raveeha Gurung and Dhau Prasad Tamang8, Please call at the Bank to execute/submit the follow g documents: Letter of Agreement. Letter of Continuity Promissory Note for Rs. 4.5 million. Loan Deed of Rs. 4.5 million. Personal guarantee of Mangali gurung (Mother of Student), Dhan Prasad Tamang (Father-In-Law of Student), Prabin Rumba Tamang (Spouse of Student), Santa Maya Tamang (Mother-In Law of Student) and Gam Bahadur Gurung (Father of Student) for Rs. 4.5 Million each, 6. Mortgage Deed of the proposed property for Rs. 4.5 million. 7. Copy of Property Tax paid receipt for FY 2080/81 8. Final Valuation Report of the proposed property. 9, Letter of consent from the borrower and guarantor to stand black listed in the event of default as provisioned by NRB. 10. Declaration from the borrowers and guarantor not to hold 1% or more than 1% shares of Siddhartha Bank Limited. 11. Declaration from the borrower/guarantors to the effect that their indebtedness i.e. total aggregate exposure 10 one counter party is within the threshold of Rs. 10 million across all Banks and Financial Institutions. 12. Letter of authorization from student authorizing sponsor to operate th joint account alter student’s departure to aboard, Please evidence your acceptance of the foregoing by signing and returning the copy of this letter. This facility offer remains valid for acceptance for a period of 7 days from the date hereof, wusb-Reupane Paras Khanal easd Asst Relationship Officer Branch Manager Siddhartha Bank, Mangalpur Branch Siddhartha Bank, Mangalpur Branch lv We confirm acceptance of above laid down terms and conditions, ioe signature Authorized Raveena Gurung and Dhan Prasad Tama Page 4 of 4