Guarantee Indemnity and Statement of Networth (Updated 2023)

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GUARANTEE AND INDEMNITY

(“Guarantee”)

OF

(the “Guarantor”)

TO

STERLING BANK LTD

DATED [●]

ON ACCOUNT OF: …………………………. (the “Customer”)

FROM: I OSENI OMOTOLANI ALABI, of 11, Ayinke Williams Opic Warewa Lagos (hereinafter referred to
as the “Guarantor”, which expression shall where the context so admits include his successors, executors,
administrators and assigns)
TO: STERLING BANK LTD, a company incorporated under the laws of the Federal Republic of Nigeria with
its registered office at 20 Marina, Lagos (hereinafter referred to as the “Bank”, which expression shall where the
context so admits include its successors-in-title and assigns):

1. In consideration of the Bank making advances, granting banking facilities accommodation, or


otherwise giving credit to ................................................................... of
No. .......................................................... (hereinafter referred to as (the "Customer"), the undersigned
Guarantor, hereby guarantees to the Bank the payment of, and undertake on demand to pay to the
Bank, all present and future money, obligations or liabilities due, owing or incurred to the Bank by the
Customer under all such facilities, whether actual or contingent, whether incurred solely or jointly with
any other person and whether as a principal or surety, together with all interest accruing thereon (both
before and after judgment) and all losses incurred by the Bank in connection therewit h (the “Secured
Obligations”) . For the avoidance of doubt, the Guarantor understands that this Guarantee takes effect
as an all monies guarantee on behalf of the Customer.

2. This Guarantee is to be a continuing security for the Secured Obligations and the Guarantor absolutely,
irrevocably and unconditionally guarantees to the Bank:

(a) the due and punctual performance by the Customer of the Secured Obligations; and

(b) that whenever the Customer does not pay any amount when due under facilities advanced by
the Bank, for the purpose of discharging the Secured Obligations, the Guarantor shall
immediately on demand, pay that amount as if the Guarantor were the principal obligor.

3. Provided that the Secured Obligations have not been fully discharged to the satisfaction of the Bank,
this Guarantee shall remain valid and subsisting, notwithstanding:

(a) an act, omission, matter or thing which, but for this clause, would reduce, release or prejudice
any of the obligations of the Guarantor including, without limitation: (i) the death, bankruptcy
or liquidation of the Customer; and (ii) any amendment, novation, supplement, extension,
restatement (however fundamental and whether or not more onerous) or replacement of any
offer letters, credit agreements, security documents or related documents including without
limitation any change in the purpose of, any extension of or any increase in any facility or the
addition of any new facility).

(b) that where for any reason the Secured Obligations incurred by the Customer are to be deemed
illegal, invalid or in excess of the powers of the Customer or of any director, attorney, agent or
other person purporting to borrow or act on behalf of the Customer and notwithstanding any
other irregularity in the incurring of the Secured Obligations. In this instance, as a separate,
primary, and independent obligation on the Guarantor, the Guarantor shall nevertheless be
liable to the Bank in respect of the Secured Obligations as if the same were fully valid and
enforceable and the Guarantor hereby agrees to keep the Bank fully indemnified against all
damage, loss, costs and expenses arising from any failure of the Customer to carry out or
discharge the Secured Obligations. `

4. This Guarantee shall not be considered as satisfied by any intermediate payment but shall be an
absolute, unconditional and continuing security binding on the Guarantor until the Secured Obligations
have been fully discharged to the satisfaction of the Bank [or the expiration of three months after the
receipt by the Bank from the Guarantor of notice in writing to discontinue it and all moneys due from
the Customer to the Bank shall have been paid by the Guarantor to the Bank at the expiration of such
notice and notwithstanding any change in the name, style or constitution of the Customer or the
Guarantor.]

5. Until all amounts which may be or become payable by the Customer to the Bank in connection with the
Secured Obligations have been irrevocably paid in full, the Bank may refrain from applying or
enforcing any other moneys, security or rights held or received by it in respect of those amounts, or
apply and enforce the same in such manner and order as it sees fit (whether against those amounts or
otherwise) and the Guarantor acknowledges and agrees that the Guarantor shall not be entitled to the
benefit of the same.

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PERSONALGUARANTEE/SBLTD/0023
6. The Guarantor waives and abandons any right requiring the Bank to first proceed against or enforce
any other rights or security or claim payment from any other person. This waiver applies irrespective of
any law to the contrary.

7. The Guarantor acknowledges and agrees that the Guarantor’s obligations in terms of this Deed
constitute principal obligations and are severable and distinct obligations, enforceable against the
Guarantor in full.

8. The Bank may assign this Guarantee or any of its rights and powers hereunder, with all or any of the
obligations hereby guaranteed, and may assign and/or deliver to any such assignee, the security
collateral hereto and, in the event of such assignment, the assignee hereof shall have the same rights
and remedies as if originally named herein in place of the Bank, and the Bank shall be thereafter fully
discharged from all responsibility with respect to any such security so assigned and/or delivered.

9. If this Guarantee is given in respect of the liabilities of a firm, it shall apply to all moneys borrowed
and liabilities incurred by such firm until receipt by the Bank of actual notice of dissolution of the firm
but if there shall be any other change in the constitution of the firm the Guarantee shall continue and in
addition to securing the debts and liabilities of the firm as constituted before the change shall apply to
the debts and liabilities of the firm as constituted after such change.

10. No assurance, security or payment which may be avoided under any enactment relating to bankruptcy
or to the winding up of companies or incorporated bodies and no release, settlement or discharge which
may have been given or made on the faith of any such assurance, security or payment shall prejudice or
affect the Bank’s right to recover from the Guarantor to the full extent of this Guarantee.

11. The Bank may at any time without prejudice to this Guarantee and without discharging or in any way
affecting the Guarantor’s liability hereunder:

(a) determine, vary or increase any credit to the Customer.

(b) in the case of credits or facilities provided for two or more purposes of a different character
vary the proportions of the respective credits or facilities allocated or applied for different
purposes.

(c) grant to the Customer any indulgence.

(d) renew any bills, notes or other negotiable securities.

(e) deal with, exchange, release, modify or abstain from perfecting or enforcing any securities or
other guarantees or rights which the Bank may now or hereafter have from or against the
Customer or any other person.

(f) compound with the Customer or with any other person or guarantor.

(g) Subsequently obtain other persons to enter into a guarantee in the terms hereof.

12. This Guarantee shall not be affected by any failure on the part of the Bank to take any security or by
the invalidity of any security taken or by any existing or future agreement by the Bank as to the
application of any advances made or to be made to the Customer.

13. So long as the Secured Obligations remain owing hereunder the Bank shall have a lien upon and an
immediate right of set-off against the Guarantor on all sums standing to the Guarantor’s credit in any
current, deposit, domiciliary or other account and all assets held in the name of the Guarantor and in
trust or for the benefit of the Guarantor.

14. Any money received hereunder may be placed and kept to the credit of a suspense account for so long
as the Bank thinks fit without any obligation in the meantime to apply same or any part thereof in or
towards discharge of any money or liabilities due or incurred by the Customer to the Bank.

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PERSONALGUARANTEE/SBLTD/0023
15. Notwithstanding any such payment in the event of any proceedings, in or analogous to bankruptcy,
liquidation, composition or arrangement, the Bank may prove for and agree to accept any dividend or
composition in respect of the whole or any part of such money and liabilities in the same manner as if
this Guarantee had not been given.

16. Until all Secured Obligations by the Customer to the Bank shall have been paid or discharged, the
Guarantor will not by paying off any sum recoverable hereunder or by any other means or on any other
ground claim any set-off or counter-claim against the Customer or claim or prove in competition with
the Bank in respect of any customer or his heir(s) or estate or successors-in-title or assigns or the
benefit of any other security which the Bank may now or hereafter hold for any money or liabilities due
or incurred by the Customer to the Bank or to have any share therein.

17. Any notice or demand hereunder shall be deemed to be sufficiently given if sent by courier to the
Guarantor’s address stated hereon and shall be deemed delivered when evidenced by delivery receipts
or upon receipt of an acknowledgement of delivery.

18. The Guarantor’s liability under this Guarantee is inclusive of the principal facility sum(s) advanced to
the Customer and any accrued interest, fees and charges thereof, consequently, a certificate by an
officer of the Bank as to the sum for the time being owing to the Bank by the Customer shall be
conclusive evidence in any legal proceedings against the Guarantor.

19. This Guarantee shall be in addition to any other Guarantee or security for the Customer which the Bank
may now or hereafter hold whether from the Guarantor or from any other person and on discharge by
payment or otherwise shall remain the Bank’s property.

20. The expressions "The Bank", "The Customer" and all references to the Guarantor whenever used or
made herein shall extend to the successors, assigns, personal representatives, executors and
administrators (whichever may be applicable) of same and where the context allows, the expression
"security " shall be deemed to include a judgement, specialty, guarantee, indemnity, negotiable and
other instruments and securities of every kind.

21. This Guarantee is governed by Nigerian Law, and we agree to submit to the jurisdiction and
competence of the Nigerian courts and tribunals in all matters pertaining thereto but with full liberty for
the Bank to resort to the courts of any other country in which jurisdiction may exist or be established.

22. The Guarantor hereby acknowledge that this Guarantee entered into by it; has been read and understood
and it is fully aware of the terms contained in this Guarantee; it has voluntarily and without coercion or
duress of any kind, executed this Guarantee and warrants that: (a) it has sought independent
professional advice of its choice on the content and implication of this Guarantee or (b) it has
knowingly and intentionally waived its right to seek independent professional advice on the content and
implication of this Guarantee.

DATED this .............................day of....................................20………

IN WITNESS WHEREOF‚ the Guarantor hereby executes these presents in the manner hereinafter appearing on
the ……………… day of ………………… 202….

Signed and delivered by:

OSENI OMOTOLANI ALABI


INSERT GUARANTOR’S NAME

In the Presence of:

_________________________

NAME:.......................................

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PERSONALGUARANTEE/SBLTD/0023
ADDRESS:..................................

OCCUPATION:.........................

(GUARANTOR’S STATEMENT OF NET


WORTH)

NAME OF PROPOSED GUARANTOR: OSENI OMOTOLANI ALABI.

ADDRESS: 11 AYINKE WILLIAMS WAREWA OPIC LAGOS

OCCUPATION: DATA ANALYST

PHONE: +2349067153583

ACCOUNTS HELD IN OTHER BANKS IN


GUARANTORS NAME:-

(1) OSENI OMOTOLANI - 0431947490 - GTCO

(2) ............................................................................................

(3) ............................................................................................

(4) ............................................................................................

PROPERTIES OWNED BY
GUARANTOR:

DESCRIPTION ADDRESS PARTICULARS

OTHER ASSETS:
DESCRIPTION ADDRESS PARTICULARS

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PERSONALGUARANTEE/SBLTD/0023
NAME OF CUSTOMER: .....................................................................................................

I hereby apply to be approved as a Guarantor for the Banking facility to be granted to the Customer.

SIGNATURE OF PROPOSED GUARANTOR: .........................................................................

NOTE: KINDLY ATTACH PASSPORT ONE PHOTOGRAPH AND PHOTOCOPIES OF RELEVANT


DOCUMENTS

BEFORE ME

NOTARY PUBLIC/COMMISSIONER FOR OATHS

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PERSONALGUARANTEE/SBLTD/0023

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