CREDIT FACILITY AGREEMENT Made and entered into by and between:- MILPARK EDUCATION PROPRIETARY LIMITED Registration Number: 2004/026244/07 ( Milpark ) And The following Student ( Student ): Full Name: Student No: ID Number: Qualification: PG Dip (Business Administration) Total Fee / Credit Facility R50 000.00 Deposit due R0.00 10 Monthly Instalments on the 1 st of each month R5 000.00 per month x 10 months Commencement Date Means 1 August 2018, provided that the Student may make payment of the first and/or subsequent Monthly Instalment Amounts before this date
The submission by us to you of this (unsigned) Agreement constitutes a quotation which is valid for five (5) days from date of delivery by us or collection by you of this Agreement. The credit approval for this Agreement is conditional and subject to credit bureau checks and salary verification. All Milpark Education student applications are further subject to academic approval and the conditions listed on the Milpark Education Contract of Enrolment. By signing this you agree to the terms and conditions of the credit facility set forth in this Agreement and confirm that the affordability assessment correctly reflects your ability to commit to this Agreement. Please complete the above, sign the last page of this Agreement in full, initial each page and return to us. If accepted we will sign this Agreement and submit a signed copy to you. 1. INTRODUCTION 1.1 Milpark is a private higher education institution that is registered with the South African Department of Higher Education and Training under number 2007/HE07/003. 1.2 Upon signature of this Agreement by the Student and Milpark, Milpark shall make the credit facility ( Credit Facility ) recorded in this Agreement available to the Student. The credit facility shall only be made available for courses linked to the following qualifications ( Courses ): 1.2.1 PG Dip (Business Administration) 1.3 The applicable course selected by the Student on the first page of this Agreement shall hereinafter be referred to as the Selected Course. 1.4 The Parties acknowledge and accept that the Consumer Protection Act 68 of 2008 (as amended) and the National Credit Act No. 34 of 2005 are applicable to this Agreement. 1.5 Admission fees are non-refundable. These are paid before this application is considered and does not form part of the credit facility agreement. 1.6 The Student is registering for the full qualification upfront. 1.7 This offer includes a free supplementary exam per module, if applicable. 1.8 In order to give effect to the above and certain matters incidental thereto, the Parties have agreed to record the terms of their agreement as set out hereunder. 1.9 This offer will expire on 20 July 2018. 2
2. THE FACILITY 2.1 The Credit Facility Option selected by the Student on the first page of this Agreement shall be made available by Milpark to the Student on the last occurring date of signature by Milpark and the Student. 2.2 The Student shall be entitled to receive the services provided under the Selected Course on credit utilized under the Credit Facility up to the maximum Credit Facility Amount reflected on the first page. 2.3 The Student shall pay the instalments to Milpark via electronic funds transfer on or before the first of every month commencing the Commencement Date. 2.4 The student hereby consents and authorizes Milpark Education to contact, request and obtain information from any credit or service provider or registered credit bureau relevant to an assessment of the behavior, profile, payment patterns, indebtedness, whereabouts, and creditworthiness of the student Please initial here to authorize consent.. 3. REPAYMENT EFT The Monthly Instalment Amounts shall be paid by the Student to Milpark monthly in advance into the bank account nominated by Milpark for this purpose, free of deduction, set-off or exchange. Milpark Education bank account details: Bank: Nedbank Branch code: 123 209 Account number: 123 208 1361 Reference : Student number/ ID number 3
4. INTEREST 4.1 No interest shall accrue on the Credit Facility Amount if the terms are adhered to; 4.2 Default interest at the rate of 11.5% per annum shall be charged on any and all amounts outstanding by the Student to Milpark under this Agreement and such interest will be calculated and capitalized on the same day of each month in arrears, until payment in full of the outstanding amount. 5. PRE-PAYMENT The Student shall be entitled to pre-pay any credit utilised under the Credit Facility prior to the due date therefore at no penalty or cost. 6. COSTS The Student shall on demand pay all reasonable and necessary expenses (including legal fees and expenses on attorney and client scale), charges and disbursements and fees of a like nature incurred by Milpark in preserving, enforcing or defending, any of its rights under this Agreement. 7. BREACH 7.1 Should: 7.1.1 the Student fail to pay any amount due by the Student in terms of this Agreement on due date and remain in default for more than 5 (five) Business Days after being requested in writing to do so by Milpark; or 7.1.2 commit any other breach of any of the provisions of this Agreement and fail to remedy such breach within 7 (seven) Business Days after receipt of notice in writing to do so by the Aggrieved Party, Then and in any one of such events, Milpark shall forthwith be entitled (but not obliged) and without prejudice to any of its rights to claim damages in either instance: 7.1.3 to cancel this Agreement; or 7.1.4 To claim immediate payment and/or performance of the obligations of the Student in terms of this Agreement. 4
7.2 Without derogating from Milpark s rights under clause 7.1 above, should the Student fail to pay any amount due by the Student in terms of this Agreement on due date 7.2.1 the outstanding Credit Facility Amount will become immediately due and payable; and 7.2.2 Milpark reserves the right to exclude the Student from assessments, to withhold the Student s examination results and/or to suspend or terminate any other services as it may deem appropriate from time to time. 8. TERMINATION 8.1 Without prejudice to Milpark s rights under clause 7 above, Milpark shall have the right to immediately terminate this Agreement without notice to the Student in the event that the Milpark Education Contract of Enrolment and/or the Student s application for admission/registration is terminated. 8.2 In the event of such termination, the outstanding Credit Facility Amount will be deemed reduced by the amount of any refunds (if any) owing by Milpark to the Student under the Milpark Education Contract of Enrolment and/or admission/registration terms and conditions and the outstanding Credit Facility Amount less such deductions shall immediately become due and payable to Milpark. 9. CERTIFICATE OF INDEBTEDNESS A certificate signed by any Director of Milpark (whose appointment and authority needs not be proved) as to the existence of any amount of indebtedness by the Student to Milpark under this Agreement, that such amount is due and payable, the amount of the interest accrued thereon as to any other fact, matter or thing relating to the Student s indebtedness to Milpark in terms of this Agreement, shall be sufficient proof of the contents and correctness thereof for the purposes of provisional sentence, summary judgment or any other proceedings, and shall be valid as a liquid document for such purpose and shall in addition, be prima facie proof for the purposes of pleading or trial in any action instituted by Milpark arising therefrom. Such certificate shall be final and binding on the Parties and not subject to any dispute, appeal to review. 5
10. NOTICES AND DOMICILIA 10.1 Each of the Parties chooses domicilium citandi et executandi ("domicilium") for all purposes under this Agreement, whether in respect of court process, notices or other documents or communications of whatsoever nature, the following addresses: 10.1.1 Milpark Address: 2 nd Floor Sunclare Building, Cor Protea & Dreyer Rds, Claremont, Cape Town, 7708 Email: studentservices@milpark.ac.za The Student Address: Email: 10.2 Any Party may, by delivery of written notice to the other Parties, change the physical address chosen as his/her/its domicilium to another physical address in the Republic of South Africa which is not a post office box or poste restante or change or its email address, provided that the change shall be effective on the 5 th (Fifth) Business Day from delivery of the written notice to the other Parties. 10.3 Any notice delivered to any of the others (the addressee ) shall be delivered by hand or communicated by email (and by no other means) on a Business Day. In the case of any notice which: 10.3.1 is delivered by hand during the normal business hours of the addressee at the addressee s domicilium for the time being shall be presumed, until the contrary is proved by the addressee, to have been received by the addressee at the time of delivery; or 10.3.2 is sent during the normal business hours of the addressee by email to his/her/its chosen e-mail address stipulated in clause 10.1 above shall be deemed to have been received on the date of dispatch (unless the contrary is proved). 6
10.4 Any notice or communication required or permitted to be given in terms of this Agreement shall be valid and effective only if delivered in the manner as set forth in clause 10.2 above. 10.5 Notwithstanding anything to the contrary herein contained a written notice or communication actually received by a Party shall be adequate written notice or communication to him/her/it notwithstanding that it was not sent to or delivered at its chosen domicilium. 11. INDEPENDENT ADVICE Each of the Parties to this Agreement hereby acknowledges and agrees that: 11.1 it has been free to secure independent legal and other professional advice (including financial and taxation advice) as to the nature and effect of all of the provisions of this Agreement and that it has either taken such independent advice or has dispensed with the necessity of doing so; and 11.2 All of the provisions of this Agreement and the restrictions herein contained are fair and reasonable in all the circumstances and are in accordance with that Party s intentions. 12. JURISDICTION The Parties consent to the jurisdiction of the Magistrate s Court in terms of Section 45 of the Magistrate s Court Act, No 32 of 1944 having jurisdiction under Section 28 of the said Act, notwithstanding that the claim by Milpark exceeds the normal jurisdiction of the Magistrate s Court as to amount. Milpark shall, in its discretion, be entitled to proceed against the Student in any other Magistrate s Court or High Court of competent jurisdiction, notwithstanding the aforegoing. 13. GENERAL 13.1 Governing Law This Agreement shall be governed by and construed and interpreted in accordance with the laws of the Republic of South Africa. 13.2 Cession and Delegation The Student shall not cede any of its rights or delegate any of its obligations under this Agreement without the prior written consent of Milpark. Milpark may at any time cede any of its rights or delegate any of its obligation under this Agreement without the prior written consent of the Student. 7
13.3 Variation No variation of, addition to, consensual cancellation of or waiver of provision, term or any right arising in terms of this Agreement shall be of any force or effect unless it is reduced to writing and signed by a duly authorized representative of each of the Parties. 13.4 Whole Agreement This document contains the entire Agreement between the Parties and no Party shall be bound by any undertakings, representations, warranties, promises or the like not recorded herein. 13.5 Relaxation No relaxation, indulgence or extension of time granted by Milpark (the Grantor ) to the Student shall be construed as a waiver of any of the Grantor's rights in terms hereof, or a novation of any of the terms of this Agreement or estop the Grantor from enforcing strict and punctual compliance with the terms of this Agreement. 13.6 Successors-in-Title This Agreement will be binding upon the Parties hereto, their estates, administrators, executors, and successors-in-title or permitted assigns. 13.7 Supersession This Agreement cancels and supersedes all prior negotiations and agreements entered into between the Parties relating to the matters set forth in this Agreement. 13.8 Severability Any provision in this Agreement which is or may become illegal, invalid or unenforceable in any jurisdiction shall, with respect to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability and shall be treated pro non scripto and severed from the balance of this Agreement, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. 8
13.9 Signature 13.9.1 This Agreement may be executed in a number of counterparts and by the same Parties in different counterparts, but shall only be deemed to have been concluded when each Party has executed at least one counterpart. 13.9.2 Each counterpart, when executed, shall be an original, but all counterparts together constitute the same document. 13.9.3 The Parties record that it is not required for this Agreement to be valid and enforceable that a Party shall initial the pages of this Agreement and/or have its signature of this Agreement verified by a witness. 14. REPEAT OF A MODULE If the student fails a module and must repeat it, the student will have to register for the module at the full price and not the discounted price included in this special offer. This offer also excludes special application requests which will be charged separately, if applicable. 15. ACCOMPANYING DOCUMENTS The following material must accompany this application, namely: 15.1 Certified copy of student s identity document; 15.2 Certified copy of sponsor s identity document (if applicable); 15.3 An income and Expenditure Breakdown must be completed by the applicant and signed by the student or sponsor; 15.4 Proof of income either current payslip or letter from their Accounting Officer where self-employed; 15.5 Recent 3 months bank statement; 15.6 Proof of address (Utility bill) not older than 3 months (Signature page follows) 9
SIGNED BY MILPARK AT ON THIS DAY OF 2018. For and behalf of MILPARK EDUCATION PROPRIETARY LIMITED Who warrants that he/she is duly authorized SIGNED BY THE STUDENT AT ON THIS DAY OF 2018. AS WITNESS: 1. FULL NAME 2. SIGNATURE SIGNATURE OF THE STUDENT 1 0
Assessment date: Income and Expenditure Breakdown Name of student Student Number Name of Account payer ID Number Email Address Cell Number Financial Details Monthly Income Nett Salary (After deductions) Other Nett Income (After deductions) Total Monthly Income Monthly Expenditure Bond / Rental Rates and Taxes Levies Water and Lights Maintenance etc (house, garden services, etc.) Vehicle Instalment / Lease Petrol and Maintenance Second Vehicle (if applicable) Insurance (house, car and life) Other instalments (personal loans, timeshare, etc.) Groceries Clothing Domestic Wages Education Entertainment Other (telephone, M-Net, etc.) Credit Card repayments Total Monthly Expenditure Nett Monthly Income 70% I confirm that the above information reflects all my monthly income and expenditure as at the assessed date. I confirm that the information contained in this document is to the best of my knowledge, true and correct. Signature Date