Document:

Exhibit

	
			
	 
	 
	ZENITH BANK PLC

	
	 
	HEAD OFFICE

	 
	 

June 17, 2016

The Managing Director
Erin Petroleum Nigeria Limited 
Formerly Camac Petroleum Limited 
Camac House, Plot 1649, Olosa Street 
Victoria Island, Lagos
Emai: okezie.odimuko@camacenergy.com
Phone:08034294673

Dear Sir

OFFER OF CREDIT FACILITY

We are pleased to advise that the Board and Management of Zenith Bank Plc has approved a review of the credit facility earlier availed vide over Offer Letter dated July 21, 2014 to your company as requested under the following terms and conditions:

	
		
	Lender
	Zenith Bank Pic ("Zenith")

	Borrower
	Erin Petroleum Nigeria Limited ("EPNL")

	Type of Facility
	Term Loan

	Initial Amount
	US$100,000,000.00 (One Hundred Million Dollars)

	New Amount
	US$92,367,295.33 (Ninety-two Million, Three Hundred and Sixty· seven Thousand, Two Hundred and Ninety-five Dollars, Thirty· three Cents) to be booked in Dollar and Naira tranches as follows:

	 
	(i) N1,528,133,618.25 (One Billion, Five Hundred and Twenty­ eight Million, One Hundred  and Thirty-three Thousand, Six Hundred and Eighteen Naira, Twenty-five Kobo)

	 
	(ii) US$84,375,000.00 (Eighty-fourMillion, Three  Hundred  and Seventy-five Thousand Dollars)

	Purpose
	To restructure the existing term loan facility earlier availed to finance the development of OML 120 and OML 121.

	Effective Date
	April 1, 2016

	Expiry Date
	February 2021

	Moratorium
	Twelve (12) months moratorium on Principal only effective April 01, 2016.

	
		
	Pricing
	(1) Interest Rate (Naira): 22.75% per annum

	 
	(2) Interest Rate (Dollar): LIBOR + 9% per annum, subject to a floor of 9.5% per annum.)

	 
	(3) Default Interest: Default interest will be applicable on all overdue amounts at floor rate plus margin of 2.00% per annum

	 
	(4) Fee: (i) Restructure Fee: 0.75% flat, payable in line with agreed staggered fee payment structure below.

	 
	(ii) Advisory Fee: 0. 25% flat, payable in line with agreed staggered fee payment structure below.

	 
	(iii) Loan Service Fee (Periodic): 0.5% flat payable in line with agreed staggered fee payment structure below and subsequently as a lump sum payment on every anniversary on the outstanding balance until the facility is fully repaid.

	Staggered Fee Payment
Structure:
	(i) 50% upon acceptance of offer 

	 
	(ii} 25% on September 30, 2016  

	 
	(iii) 25% on December 30, 2016

	Repayment Terms
	(1) Sculpting of Principal repayment to align with Cashflow as follows:

	 
	(i)  June  2017 to December 2017- 5% per quarter

	 
	(ii) January 2018 to December 2018 - 5.5% per quarter

	 
	(iii) January 2019 to December 2019- 6% per quarter 
(iv) January 2020 to December 2020-7.5% per quarter (v) February 2021-9% per quarter

	 
	(2) Principal repayment shall be made quarterly after moratorium and interest payment to remain quarterly during and after moratorium period.

	Prepayment
	Prepayment is allowed without penalty.

	Repayment Source
	(i) Proceeds of sales of crude oil produced from OMLs 120 and 121 (Oil Fields OYO 7, 8 and 9) being financed by Zenith.

	 
	(ii) Revenue from other sources of cash available to EPNL and Erin Energy Incorporated.

	
		
	Security
	(1) Legal charge over Allied Energy Plc's interest in OMLs 120 and 121.

	 
	(2) All Asset Debenture over fixed and floating assets, present and future chargeable assets of EPNL.

	 
	(3)   Pledge over all the shares of the shareholders of EPNL (to be extended to any new shares issued in the event of share capital increases) to  Zenith.

	 
	(4)  Assignment of EPNL's and Allied Energy's rights under all commercial contracts relating to OMLs 120 and 121 including sale and purchase agreements, offtake agreements and crude handling agreements.

	 
	(5) Irrevocable domiciliation agreement   between   EPNL and offtakers that all proceeds in respect of the offtake agreements for OMLs 120 and 121 will be domiciled with Zenith  Bank.

	 
	(6) Irrevocable undertaking by Camac/AIIied Group to open all NXPs in respect of crude oil lifting from OML 120/121 ( OYO 7, 8 and 9) being financed throughout the tenor of the facility with Zenith and to route all proceeds of crude oil sales from OYO 7 & 8 to its account with Zenith.

	 
	(7) Assignment of rights over Hedge, Insurance (including license non-renewal risk  insurance)  and all reinsurance  contracts including  Performance Guarantees  by  any EPC  related to project  execution  and activities  on OML  120 and 121 to Zenith.

	 
	(8) First charge over all EPNL and Allied Energy accounts, receivables, rights and interests, with respect to OML 120 and 121.

	 
	(9) Security Assignment by EPNL and Allied Energy of all rights under the Hedging Arrangements entered into in relation to the facility to Zenith Bank.

	 
	(10) Corporate Guarantee of Allied Energy Plc.

	 
	(11) Corporate Guarantee of Erin Energy Corporation, the parent company of Camac Petroleum Limited.

	 
	(12) An undertaking from Allied Energy committing to domicile the proceeds from the sale of crude oil and processing of all NXPs through its account with Zenith.

	 
	(13) Comfort letter from Camac (Erin) Energy Holdings Limited to ensure that its subsidiary (Allied Energy Plc) domiciles the crude oil proceeds with Zenith and ensure performance of obligations under the facility agreement.

Creation of Accounts

The following Reserve Accounts will be opened in the name of EPNL:

		
	1.
	Collection Accounts for Crude and Gas.

		
	2.
	Tax, Petroleum Profit Tax and Royalties.

		
	3.
	Cash calls and OPEX

		
	4.
	Debt Service Accounts

		
	5.
	Debt Service Reserve Account

		
	6.
	CAPEX

		
	7.
	General Corporate Purpose Account

		
	8.
	Hedge Proceeds Account

		
	9.
	Cash Sweep Account with Zenith Bank

Special Condition:
		
	•
	Cash Sweep

100% Cash Sweep of cash flow available for distribution after funding of Reserve Accounts.
• Hedge:
		
	1.
	Execution of the Hedge Policy and International Swaps and Derivative Association Agreement (ISDA) prior to the completion of this restructuring with Zenith Capital appointed as Hedge Advisors. All cost associated with instituting an acceptable Hedge will be for the account of EPNL.

		
	2.
	Execution of other Hedge Documents within 60 days of this restructuring to ensure activation of an appropriate hedge once an acceptable strike price is attained.

		
	•
	Offtake Agreement

EPNL/Erin Energy Incorporated is to submit a duly executed copy of medium or long term Offtake Agreement between EPNL/Erin Energy Incorporated and its crude oil and/or gas offtakers expressly domiciling proceeds of sale of crude and/or gas through Camac/Erin account with Zenith.

		
	•
	DSRA:

DSRA funding shall initially be for one (1) quarter of interest, but will increase to two (2) quarters once oil price is at or above $55 per barrel

Conditions Precedent:

		
	1.
	Acceptance of offer evidenced by signing and returning the attached copy of this Offer Letter by authorized signatories of EPNL.

		
	2.
	Submission of Board Resolution of EPNL authorizing and accepting usage of the facility.

		
	3.
	Submission of a duly executed (under seal) Board Resolution of Allied Energy Plc authorizing the following:

		
	(i)
	The use of its OMLs 120 and 121 as collateral for this facility.  All the documents required for perfection and creation of legal charge shall be executed accordingly.

		
	(ii)
	That all proceeds of crude oil export from OMLs 120 and 121 shall be domiciled with Zenith and transferred to the account of EPNL with Zenith towards liquidation of the maturing instalments of this facility.

		
	4.
	Receipt of a Letter from EPNL stating its current indebtedness to other lenders with the following details:

		
	(i)
	Facility Limits/Obtained (ii) Current Outstanding balance (iii) Collateral Pledged.

		
	5.
	Receipt of duly executed Board Resolution of EPNL consenting to take over the liabilities and obligations of Camac Petroleum Limited under the facility granted by Zenith.

		
	6.
	Execution of Term Loan agreement between EPNL and Zenith.

		
	7.
	Execution of legal charge by Allied Energy Plc on its interest in OMLs 120 and 121.

		
	8.
	Creation of All Asset Debenture over the fixed and floating assets of EPNL.

		
	9.
	Execution of pledge over all the shares of EPNL (to be extended to any new shares issued in the event of share capital increases.

		
	10.
	Submission of a duly executed medium or long term Offtake Agreement between Camac/Erin and its crude oil and gas offtakers expressly domiciling proceeds of sale of crude and/or gas through Camac/Erin Account with Zenith Bank.

		
	11.
	Execution of an acceptable Hedge policy and ISDA.

		
	12.
	Execution of assignment of EPNL and Allied Energy Pic's rights under all commercial contracts relating to OMLs 120 and 121 including sale and Purchase Agreements, Offtake Agreements and crude handling agreements.

		
	13.
	Receipt of an irrevocable undertaking by EPNL and/or Allied Energy Pic to open all NXP in respect of crude oil lifting from OMLs 120 and 121 (OYO 7, 8 and 9) throughout the tenor of the facility with Zenith and to route all proceeds of crude oil sales from OMLs 120 and 121 (OYO 7, 8 and 9) to its account with Zenith.

		
	14.
	Execution of pledge over EPNL accounts, receivables, rights and interests, but only to the extent that its relates to OMLs 120 and 121.

		
	15.
	Execution of first charge on EPNL account with Zenith, warehousing the proceeds of crude oil sales on OMLs 120 and 121.

		
	16.
	Receipt of duly executed standard Corporate Guarantee of Allied Energy Plc.

		
	17.
	Receipt of duly executed standard notarized Corporate Guarantee of Erin Energy Incorporated, the parent company of EPNL.

		
	18.
	EPNL shall undertake to provide the Naira equivalent of the foreign exchange or that its account with Zenith should be debited for the Naira equivalent of principal and interest in the event that payment from crude exported is delayed on due date of repayment or at the time of expiration of the facility.

		
	19.
	Execution of all other necessary security documents. 

Other Conditions:
		
	1.
	EPNL shall submit a copy of its quarterly management accounts within sixty (60) days of the end of each quarter and audited accounts within one hundred and twenty (120) days of the end of the financial year.

		
	2.
	This offer is made subject to availability of funds and to the rules and regulations governing banking business as enunciated by the Central Bank of Nigeria from time to time.

		
	3.
	In line with Central Bank of Nigeria ("CBW) directive, Zenith shall disclose information relating to this facility to CBN Licensed Credit Bureaus.

		
	4.
	EPNL shall be required to take out a comprehensive insurance policy with a reputable insurance company acceptable to Zenith against fire and any other form of peril on OMLs 120 and 121 with Zenith noted as the first loss payee.

		
	5.
	EPNL shall use its best efforts to ensure that contractors/subcontractors associated with this project open/maintain accounts with Zenith wherein funds shall subsequently be disbursed.

		
	6.
	Zenith reserves the right to review the terms and conditions of this facility.  EPNL shall be notified of any decision taken in this respect, as it does not diminish the bank's control.

		
	7.
	EPNL shall submit on an annual basis an independent reserves and technical report covering OMLs 120 and 121 prepared by an Independent Technical Consultant, acceptable to Zenith.

		
	8.
	EPNL shall submit documents relating to EPNL's  acquisition of the remaining economic interest in OMLs 120 and 121 from Allied Energy.

		
	9.
	In the event of a contemplated sale of shares, issuance of additional share capital, amalgamation of business or any other change that would result in any change of ownership of the company, or a substantial share capital of the company being taken over by a new owner, the prior consent of Zenith must be obtained in writing, otherwise the facility shall become immediately due and payable.

		
	10.
	EPNL shall submit Environmental Impact Assessment (EIA) or Environmental and Social Impact Assessment (ESIA) and other required regulatory permits from DPR as at when required.

		
	11.
	EPNL shall not incur additional borrowings for further expansion of OMLs 120 and 121 without the written consent of Zenith. Zenith shall have right of first refusal.

		
	12.
	EPNL shall carry out periodic  reserve  redetermination  audit to ascertain  changes  in borrowing base.

		
	13.
	Zenith reserves the right to securitize,syndicate or sell its interest in this credit facility based on its global risk/liquidity management objectives during the period of the facility.

		
	14.
	All legal fees, out-of-pocket expenses, taxes or commissions including cost of recovery of the facility in the event of default shall be for the account of EPNL.

Kindly indicate your understanding  and acceptance of the above terms and conditions by signing this offer letter, and returning same to us on or before July 1, 2016.

Please note that Zenith reserves the right to regard this offer as lapsed if it is not accepted on or
before the above date.

Yours faithfully
ZENITH BANK PLC

	
		
	
	

The offer of US$92,367,295.33 (Ninety-two Million, Three Hundred and Sixty-seven Thousand, Two Hundred and Ninety-five Dollars,Thirty-three Cents) Term Loan, together with all the terms and conditions has been read and is hereby accepted on behalf of Erin Petroleum Nigeria Limited by:Exhibit

LOAN AGREEMENT

MADE  THIS 3rd DAY  OF August 2016

BETWEEN

ZENITH  BANK PLC 
(The Lender)

AND

ERIN PETROLEUM NIGERIA LIMITED
(The Borrower)

THIS  LOAN  AGREEMENT   is made this  3rd  day of  August 2016 between ERIN PETROLEUM NIGERIA LIMITED,  a company  incorporated  under the laws of Nigeria   having   its   office   at  Plot   1649,  Olosa   Street,   Victoria   Island,   Lagos   State (hereinafter  referred  to as "The Borrower"  which  expression  shall wherever  the context  so admits  or permits  include  its successors-in-title   and assigns)  of the one part and ZENITH BANK PLC,  a Bank  registered   and  licensed  under  the  laws  of the  Federal  Republic  of Nigeria  having its registered  office at Plot 84 Ajose Adeogun  Street,  Victoria  Island,  Lagos State, Nigeria  (hereinafter  referred to as "The Lender"  which expression  shall wherever  the context  so permits  or admits,  include  its successors-in-title   and assigns)  of the other part.

WHEREAS:

		
	1.
	The Borrower  has applied  to the Lender  to review  and/or  restructure  the Term Loan  earlier  availed  to the Borrower  by the  Lender  via  its Offer  Letter  dated July 21, 2014 and the Borrower  has been servicing  same.

		
	11.
	Pursuant  to the above request  for the restructure  of the Term Loan  facility,  the Lender  has made  an offer via its offer letter dated  June  17, 2016 to restructure the outstanding  indebtedness  on the Term Loan facility  in the aggregate  sum of US$  92,367,295.33 (Ninety Two Million, Three Hundred and Sixty Seven Thousand, Two Hundred and Ninety Five United States Dollars, Thirty Three  Cents only),  the  terms   of  which   have   been  duly  accepted   by  the Borrower.

		
	111.
	The  Lender  and  the  Borrower   have  agreed  upon  the  grant  of  a Term  Loan facility  by the  Lender  to the  Borrower  upon  the  terms  and  conditions   herein contained.

NOW THEREFORE IT IS AGREED as follows:

1.           INTERPRETATION

		
	1.1
	In this Loan  agreement  except  the context  otherwise  admits,  the following words,  terms,  phrases  and  expressions   shall  have  the  meanings   ascribed thereto.   Further  the male  gender  shall include  the female  gender  and vice• versa  while  the words  and phrases  in the  singular  shall  include  the plural and vice-versa.

		
	1.
	"Available Facility" means  the undrawn  and uncancelled   portion of the Term Loan Facility.

		
	11.
	"Availability Period" means  the  period  during  which  the  Lender undertakes    to   make   the   Term   Loan   Facility    available   to   the Borrower  for utilization  subject  to the satisfaction  by the Borrower of all the conditions  precedent  to utilisation.

		
	111.
	"Board of Directors" means  the  board  of directors  for the  time being  of the  Borrower   within  the  meaning  of the  Companies   and Allied  Matters   Act  CAP  C20,  Laws  of  the  Federal   Republic   of Nigeria,  2004.

		
	iv. 
	"Business Day" means  a day on which  banks  in Nigeria  are open for normal  banking  business  excluding  Saturdays  and Sundays  and any public  holiday  declared  by the Federal  Government  of Nigeria.

v.           "Closing Date" means  the June  30,  2016 or any other  date agreed for the  execution  of this  Loan  Agreement   or any  other  finance  or security  document.

		
	vi. 
	"Existing Term Loan" means  the existing  debt  obligations  of the Borrower  under the Term  Loan Facility  availed  to the Borrower  by the Lender  via its Offer Letter dated July 21,  2014.

vii.        "Events of Default"  means  any one of the  events  stated  in clause
17 hereof.

viii.       'ISDA'  means  International   Swaps and Derivatives  Association.

		
	ix. 
	"LIBOR" means  the London  Interbank  Offered  Rate  which  is the rate at which banks offer and place money  at the London  Inter-bank money  market.  Specifically,  this is the one-month  LIBOR  rate for a period   equal  to  the  interest  period   which  appears   on  the  screen display  designated  as Page 3750 on the Moneyline  Telerate  Service (or  such  other  screen  display  or  service  as may  replace  it for the purpose  of displaying  British  Banker's Association  LIBOR rates for Dollar  deposits   in  the  London   Interbank   Market)   at  1100  hours GMT on the applicable  rate fixing  day.

x.          "Month" means  a calendar  month.
xi.         "NXP" means Nigeria  Export  Proceeds. xii.        "OML'' means  Oil Mining  Lease.

xiii.       "Request" means  a request  by the  Borrower   to  utilize  the  Term
Loan Facility,  substantially  in the form of Schedule  1.

		
	xiv.
	"The Term Loan Facility"  means the Term Loan facility described in clause 2 granted  to the Borrower  by the Lender.

		
	xv.
	"The Loan"  means  the aggregate  principal  amounts  drawn  by the Borrower  at any time under  the Term  Loan  Facility  and not repaid or prepaid.

		
	1.2.1
	Words  and phrases  defined  in the Companies  and Allied  Maters  Act CAP C20  Laws  of the  Federal  Republic   of Nigeria   2004  shall  subject  to  the foregoing  have the same meanings  respectively  in this Loan Agreement.

		
	1.2.2
	The headings  of the various  clauses  are inserted  for convenience   only and shall not affect the construction  of the clauses  of this Loan Agreement.

		
	1.2.3
	References   to  any  statute   or  statutory   provisions   are  to  the  statute   or provisions  as may from time to time be amended,  modified, extended  or re-enacted.

2.         FACILITY

The  Lender  hereby   grants  to  the  Borrower   upon  the  terms  and  subject  to  the conditions  herein contained  a Term Loan facility not exceeding  in the aggregate  the sum  of  US$  92,367,295.33   (Ninety  Two  Million,   Three  Hundred and  Sixty Seven Thousand, Two Hundred and Ninety  Five United  States Dollars, Thirty Three  Cents  only),  to be designated  the  Term  Loan  Facility,  which  Term  Loan Facility  is hereafter  referred  to as the "Facility"   and the Borrower  hereby  accepts the  Facility   from  the  Lender.  The  facility  shall  be  booked   in  Dollar  and  Naira tranches  as stated below:

2.1 N1,528,133,618.25 (One Billion,  Five Hundred  and Twenty  Eight Million,  One Hundred  and Thirty Three Thousand,  Six Hundred  and Eighteen  Naira,  Twenty Five Kobo only).

2.2 US$84,375,000.00    (Eighty   Four  Million,   Three  Hundred   and  Seventy   Five
Thousand  United  States Dollars  only).

3.          COMMITMENT

The  Lender  hereby  undertakes   and  agrees  that  subject  to the  terms  of this  Loan Agreement  and the Offer Letter for the facility it shall during the Availability  Period make   the   Term   Loan   Facility   available   to   the   Borrower    for   utilization    as contemplated   under this Agreement.

4.          PURPOSE

The Borrower  shall apply all amounts  borrowed  by it under the Term Loan towards the  refinancing   of all amounts  outstanding   under  the  existing  Term  Loan  earlier availed  to finance  the development   of OML  120 and OML  121 respectively.

5.         TENOR

The  Term  Loan  Facility  shall  be for a period  of fifty  nine  (59)  months  effective April  1,  2016  and  terminating   on February   28,  2021,  inclusive   of a twelve  (12) months  moratorium  on the principal  only.

6.           UTILISATION

The Borrower  shall be entitled  to utilise  the Term  Loan Facility  which  has earlier been  drawn  subject  to satisfaction  by the Borrower  of all conditions  precedent  to utilisation  specified  in Clause  11.

7.         PRICING

7.1 The interest  rate (Dollar)  chargeable  in respect  of the Loan  shall be LIBOR  +
9% per annum,  subject  to a floor of 9.5% per annum).

7.2 The interest  rate (Naira) chargeable  in respect  of the Loan shall be 22.75 % per annum.  This rate is subject  to upward  or downward  review  in line with money market  realities.  However,  any future  advice  of upward  review  of interest  rate shall be for information   only and will be deemed  accepted  accordingly  unless the facility  is paid down on the effective  date of the upward  review.

7.3 Default  Interest  will  be  applicable   on all overdue  amounts  at floor  rate  plus margin  of 2.00 % per annum.

7.4 The Borrower  shall pay  a Restructuring   Fee of 0.5%   flat,  payable  in line with the agreed  staggered  fee payment  structure  stated  in this  agreement.

7.5 The Borrower  shall pay an Advisory  Fee of 0.25% flat, payable  in line with the agreed  staggered  fee payment  structure  stated in this agreement.

7.6   The Borrower  shall pay a Loan  Service  Fee (Periodic)  of 0.5%  flat payable  in line with agreed  staggered  fee payment  structure  below  and subsequently   as a lump  sum on every  anniversary  on the outstanding  balance  until the facility  is fully repaid.

8.           SECURITY

(a)  Legal  Charge  over Allied  Energy  Plc's  interest  in OML  120 and OML  121.

(b) All  Assets  Debenture   over  the  fixed  and  floating   (both  presents   and  future)
assets of the Borrower.

(c) Pledge  over  all the  shares  of shareholders   of the  Borrower  (to be extended  to any new shares issued  in the event of increase  in share capital)  in favour  of the Lender.

( d) Assignment    of   the   Borrower    and   Allied   Energy   Plc' s  rights   under   all commercial   contracts  relating  to OML  120 and  OML  121 including  Sale and Purchase  Agreements,   Offtake  Agreements  and Crude Handling  Agreements.

( e) Irrevocable  Domiciliation   Agreement  between  the Borrower  and Offtakers  that all proceeds  in respect  of the Offtake  Agreements   for OML  120 and  121 will be domiciled  with the Lender.

(f)  Irrevocable   Undertaking   by the  Borrower   and  Allied  Energy  Plc to  open  all NXP  in respect  of crude  oil lifting  from  OML  120 and  121 (OYO  7, 8  and 9) being  financed  throughout  the tenor of the facility  with the Lender  and to route all proceeds  of crude oil sales from OYO 7 and 8 to its account  with the Lender.

(g) Assignment   of rights  over Hedge,  Insurance  (including  License  Non-Renewal Risk Insurance) and all reinsurance Contracts including  Performance Guarantees  by any EPC related to project  execution  and activities  on OML  120 and 121 to the Lender.

(h) First Charge over all the Borrower and Allied Energy Pie's accounts, receivables, rights and interests with  respect to OML 120 and OML 121 respectively.

(i)  Security  Assignment  by the Borrower  and Allied  Energy  Plc of all rights under the Hedging  Agreements   entered  into in relation  to the Facility  granted  by the Bank.

(j)  Corporate  Guarantee  of Allied  Energy  Plc.

(k) Corporate  Guarantee   of Erin  Energy  Corporation,   the parent  company  of the
Borrower.

(1)  Letter  of  Undertaking   from  Allied  Energy   Plc  committing   to  domicile   the proceeds  from the sale of crude oil and processing  of all NXPs  related  to OML
120 and  121 through  its account  with the Lender.

(m) Letter  of Comfort  from Camac Energy  Holdings  Limited  undertaking  to ensure that its subsidiary,  Allied  Energy  Plc domiciles  the crude  oil proceeds  related to OML  120 and 121 with the Lender and ensure the performance  of obligations under the facility  agreement.

The Borrower  hereby  undertakes  not to and shall not create or permit to subsist  any other  mortgage,   charge,  pledge  or lien  ( each  a "Security   Interest")   on any  of its current  assets except  for any Security  Interest:

		
	8.1
	To secure  any excise  or import  taxes  or duties  owed  to,  or industrial  grants  made by  any  state,  government,   political   sub-division   or international   organization,   or any agency,  authority,  instrumentality   or body or any regulatory  authority;  or

8 .2       Arising  by operation  of law; or

8.3       Created  or arising  with the prior written  approval  of the Lender;  or

		
	8.4
	Created  or arising  out of retention of title provisions  or a conditional  sale in respect of goods acquired  by the Borrower  in the ordinary  course  of business;  or

		
	8.5
	Which  is  a lien  or  other  Security  Interest  arising  in the  ordinary   course  of the Borrower's   business  consistent  with the Borrower's   past practice  and not securing Borrowings;   or

		
	8.6
	Over  equity  or revenues  acquired  after the acceptance  of this facility  and existing on the date of such acquisition   and not created  in contemplation   thereof  provided the  aggregate  principal   amount  secured  thereby   at the  date  of  acquisition   is not exceeded;  or

    

		
	8. 7     
	The principal  purpose  and effect of which  is to allow  the setting-off  or netting  off obligations   with those  of a financial  institution  in the  ordinary  course  of the cash management  arrangements   of the Borrower;  or

		
	8.8
	Constituted  by netting,   set-off  or cash collateral  arrangements   in relation  to swaps or other derivative  agreements  in the ordinary  course  of its business;  or

		
	8.9
	Arising  under arrangements   in connection  with the participation   in or trading  on or through  any clearing  system  or investment,   commodities   or stock exchange  where the  Security  Interest  arises  in the  ordinary  course  of business  under  the  rules  or normal  procedures  or legislation  governing  such system  or exchange;   or

		
	8.10
	Over  securities,   derivatives   or commodities,   in respect  of the  acquisition   cost  of such securities,  derivatives  or commodities  owed to a dealer therein  or an agent for the  purchase  thereof  where  such  cost  falls  to  be  paid  within   180 days  of being incurred;  or

		
	8.11
	Arising  out of or in connection  with pre-judgment   legal process  or a judgment   or a judicial  award relating  to security  for costs;  or

		
	8.12
	Which  is to renew,  extend  or replace  a  Permitted  Security  Interest  if the principal amount  secured  is not  thereby  exceeded   and  such  permitted   Security  Interest  is discharged   or released  within  3  (three)  months  of the creation  of the replacement Security  Interest;  or

		
	8.13
	Over cash or cash equivalents  covering  any indebtedness   (or obligations  in respect thereof,  such  as  future  interest)   in respect  of  capital  market  issues  in  existence which  has been fully covered  by cash or cash equivalents   as a means  of achieving the economic  effect of full repayment  of that indebtedness.

9.           REPAYMENT

		
	9.1
	Repayment    of  the  Principal   shall  be  made   quarterly   after  moratorium    while repayment   of  interest  shall  be  made  quarterly   during  and  after  the  moratorium period.

9.2       The Principal  repayment  shall be made as stated below:

i.     June  1, 2017 to December  31, 2017             -    5  % per quarter.

ii.          January  1, 2018 to December  31, 2018         -    5.5 % per quarter.

iii.        January  1, 2019 to December  31,  2019         -    6 % per quarter. 
iv.          January  1, 2020 to December  31,  2020        -     7.5 % per quarter. 
v.        January  1, 2021 to February  28, 2021           -     9 % per quarter.

9.3         The Fees payable  under the facility  shall me made  as stated below:

1.               50 % upon acceptance  of the offer letter.

11.             25% on September  30, 2016.

111.            25% on December  30, 2016.

		
	9.4
	The principal  and interest  on the facility shall be paid by the Borrower  to the Lender on the due date through  the legally accepted  mode of repayment  as specified  by the CBN,  accompanied   by a letter  signed  by or on behalf  of the Borrower,  stating  the purpose  of the payment.    Notwithstanding    the purpose  stated  in the  letter  by the Borrower,  the Lender  shall apply any payment  so received  from the Borrower  first in or towards  the satisfaction  or reduction  of the payment  of interest  then  due and unpaid  before  applying  same to or towards  the repayment  of the principal  sum then due and if the amount  is not enough  to repay  the full amount  then due,  the Lender shall  so notify  the  Borrower  who  shall  within  30 (thirty)  days  of receiving   such notification  pay to the Lender  the amount  necessary  to repay the instalment  in full.

		
	9.5
	Where  any date for a repayment  and/or  payment  of fees under  this Clause  is not a Business  Day, such repayment  shall be made on the next Business  Day in the same calendar  month  (if there is one) or the preceding  Business  Day (if there is none).

10.       PREPAYMENT AND CANCELLATION

On giving not less than thirty (30) business  days prior written  notice to the Lender, the Borrower  may without  payment  of penalty  or any associated  costs prepay  the Loan in whole  or in part.

Amounts  prepaid  will not be re-borrowed   and shall  first be applied  in or towards payment  of any interest  due and unpaid  then  towards  repayment   of any principal instalments  then due and unpaid.

11.       CONDITIONS PRECEDENT FOR UTILISATION OF FACILITY

The Borrower  shall not be entitled to draw or utilize the Facility  or any part thereof unless the Lender  shall have received  the following:

		
	11.1
	Original  copy  of the Bank's  offer  letter duly accepted  and executed  by authorized signatories  of the Borrower.

		
	11.2
	Original  copy of resolution  of the Board of Directors  of the Borrower  accepting  the offer of the Facility  made by the Lender  and authorizing  its usage.

		
	11.3
	Three  (3) original  copies  of executed  Loan  agreement  between  the Borrower  and the Lender.

		
	11.4
	Receipt  of duly executed  letter  from the Borrower  stating  its current  indebtedness to other lenders  stating the facilities  obtained,  current  outstanding  indebtedness  and collateral  pledged.

		
	11.5
	Receipt  of duly executed  Board  of the Borrower  consenting  to take over liabilities and  obligations   of  Camac  Petroleum   Limited   under  the  facility   granted  by  the Lender.

11.6     Execution  of Legal  Charge  by Allied  Energy  Plc on its interest   in OML  120 and
OML  121.

11.7     Creation  of All Assets Debenture  over the fixed and floating  assets of the Borrower.

		
	11.8
	Execution   of  Deed  of  Share  Pledge  over  all  the  shares  of the  Borrower   (to  be extended  to any new shares issued  in the event of increase  in share capital).

		
	11.9
	Submission  of a duly executed  Medium  or Long Term Offtake  Agreement  between Camac/Erin  and its Crude  Oil and Gas Offtakers  expressly  domiciling  proceeds  of sale of crude and/or  gas through  the Borrower's   account  with the Lender.

11.10   Execution  of an acceptable  Hedge  Policy  and ISDA  Agreement  and/or  Contract.

11.11   Execution   of Assignment   of the Borrower's   and Allied  Energy  Plc's  rights  under all commercial   contracts  relating  to OML  120 and  OML  121 including   Sale  and Purchase  Agreements,   Offtake  Agreements   and Crude handling  Agreements.

11.12   Receipt  of an Irrevocable  Undertaking   by the Borrower  and/or  Allied  Energy  Plc to open all NXP  in respect  of crude oil lifting  from OML  120 and OML  121 (OYO 7, 8 and  9) throughout   the tenor  of the facility  with  the Borrower   and to route  all proceeds  of crude  oil sales  from  OML  120 and OML  121 (OYO  7,8 and 9) to its account  with the Lender.

11.13   Execution  of pledge  over the Borrower's   accounts,  receivables,   rights  and interests but only to the extent that it relates to OML  120 and OML  121.

11.14   Execution  of first charge  on the Borrower's   account  with the Lender  warehousing the proceeds  of crude oil sales on OML  120 and OML  121.

11.15   Receipt  of duly executed  Corporate  Guarantee  of Allied Energy  Plc.

11.16   Receipt  of duly  executed   Corporate   Guarantee   of  Erin  Energy  Corporation,   the parent  company  of the Borrower.

11.17   The  Borrower   shall  undertake   to  provide   the  Naira   equivalent   of  the  foreign exchange   or  that  its  account   with  the  Lender   should  be  debited   for  the  Naira equivalent  of principal  and interest  in the event that repayment  from crude exported is delayed  on due date of repayment    or at the time of expiration  of the facility.

11.18   Execution  of all other necessary  security  documents.

The Lender may allow the Borrower  to utilize the facility or any part thereof notwithstanding   that all or any of the conditions  precedent  to the utilization  of the facility  have not been  fulfilled  and such a concession   shall not prejudice  the right of the  Lender  to insist  upon  the  fulfilment  of all the  conditions   precedent   to the utilization  thereof  before  further utilization  of the facility  nor prejudice  the right of the Lender  to recover  from the Borrower  any part utilized  before  the fulfilment  of all or any part of the conditions  precedent.

12.       OTHERCONDITIONS

		
	12.1
	The  Borrower   shall  submit  a copy  of its quarterly  management   accounts  within sixty ( 60) days of the end of each quarter  and audited  accounts  within  one hundred and twenty  (120) days of the end of the financial  year.

12 .. 2    This offer is made  subject  to availability  of funds  and to the rules  and regulations governing  banking  business  as enunciated  by the Central Bank of Nigeria  from time to time.

12.3     The  Lender  shall  disclose  information   relating  to the  facility  to Central  Bank  of
Nigeria  licensed  Credit Bureaus  in line with CBN'  s Directive.

		
	12.4
	The  Borrower   shall  be  required   to  take  out  insurance   policy   with  a  reputable insurance  company  acceptable  to the Lender  against  fire and any form  of peril  on OML  120 and OML  121 with the interest  of the Lender  noted  as first loss payee.

12.5      The  Borrower   shall  use  its best  efforts  to  ensure  that  contractors/subcontractors associated  with this project  open and/or maintain  accounts  with the Lender  wherein funds shall be subsequently   disbursed.

12.6      The Lender reserves  the right to review the terms and conditions  of the facility. The Borrower   shall  be  notified  of  any  decision  taken  in this  respect,   as  it  does  not diminish  the Bank's  control.

		
	12.7
	The  Borrower   shall   submit   on  an  annual   basis   an  independent    reserves   and technical   report  covering   OML  120 and  OML  121 prepared   by  an Independent Technical  Consultant,  acceptable  to the Lender.

		
	12.8
	The Borrower  shall submit  documents  relating  to the Borrower's   acquisition  of the remaining  economic  interest  in OML  120 and OML  121 from Allied  Energy  Plc.

		
	12.9
	In the event  of a contemplated   sale of shares,  issuance  of additional  share  capital, amalgamation   of business  or any other  change  that would  result  in any change  of 

ownership   of the  Borrower,   or a substantial   share  capital  of the  Borrower  being taken  over  by a new  owner,  the prior  consent  of the  Lender  must  be obtained  in writing,  otherwise the facility  shall become  immediately due and payable.
		
	12.10
	The Lender reserves  the right to securitize,   syndicate  or sell its interest  in this credit facility  based  on its global risk/liquidity   management   objectives  during  the period of the facility.

		
	12.11
	The    Borrower     shall    submit    Environmental     Impact    Assessment     (EIA)    or Environmental   and Social Impact Assessment  (ESIA)  and other required  regulatory permits  from the Department  of Petroleum  Resources  as at when required.

12.12    The Borrower  shall not incur additional  borrowings  for further  expansion  of OML
120 and OML  121  without the written  consent  of the Lender. The Lender  shall have a right of first refusal.

12 .13   The  Borrower   shall  carry  out periodic  reserve  redetermination    audit  to  ascertain changes  in borrowing  base.

		
	12.14
	All  legal  fees,   out-of-pocket    expenses,    taxes  or  commission   including   cost  of recovery   of  the  Facility   in  the  event  of  default  shall  be  for  the  account  of  the Borrower.

13.       SET OFF

The Lender may set off any part of the loan that falls due and remains unpaid without notice or recourse to the Borrower from any money standing to the credit of the Borrower with the Lender, whether in the Borrower's account or combination of accounts or whether in the name of the Borrower or its associate or affiliate names.

14.      TAXES

All payments  (whether of principal  interest or otherwise) to  be made by the Borrower to the Lender shall be made free and clear of and without deduction of any taxes, levies, duties, charges, fees, deductions, set offs, counter-claims, restrictions or conditions of any nature provided that the Lender shall be responsible for such tax deduction as may be required by law.

15.      REPRESENTATIONS AND WARRANTIES

The Borrower hereby makes the following representations and warranties to and for the benefit of the Lender

15.1    Status

The Borrower is  a duly incorporated and validly existing company with limited liability under the laws of the Federal Republic of Nigeria.

15.2    Powers  and Authority

The Borrower has the power to enter into, or, as the case may be, to comply with, and be bound by all obligations expressed on its part under this Loan Agreement including the powers to borrow under this Loan Agreement and that it has taken all necessary actions to authorize the borrowings under this Loan Agreement and to authorize the execution, delivery and performance of this Loan Agreement.

15.3      Non-Conflict

The execution, delivery and performance of this Loan Agreement will not violate any provisions of any existing law or regulation or statute applicable to it or of any mortgage, contract or other undertaking to which it is a party or which is binding upon its assets.

15.4     Borrowing Limits

Borrowings  under this Loan Agreement  up to and including  the maximum  amount available  under  this Loan  Agreement  will not,  when borrowed,  cause  any limit  on borrowings   (whether  imposed  by statute,  regulations,   agreement  or otherwise),   or on the powers  of its board  of directors,  applicable  to it to be exceeded.

15.5     Accounts

The most recent  audited  profit  and loss account  and balance  sheet of the Borrower which have been or are to be delivered  to the Lender together  with the notes thereto give  a true  and  fair view  of the  results  of the  operations   of the  Borrower  for the period  to which  they  relate  and,  as the  case  may  be, the  financial  position  of the Borrower  as at the date to which  they relate  and have been prepared  in accordance with generally  accepted  accounting  principles  in Nigeria  consistently  applied.

15.6     No Event of Default

No Event of Default  has occurred  and is continuing.

16.       COVENANTS AND UNDERTAKINGS

16.1     Duration

The undertakings   in this Clause  16 will remain  in force from the date of this Loan Agreement   for  so long  as any  amount  is or may  be outstanding   under  this  Loan Agreement.

16.2    Financial Information

The  Borrower   shall  submit  a copy  of its quarterly  management   accounts  within sixty (60) days of the end of each quarter  and audited  accounts  within  one hundred and twenty  (120) days of the end of the financial  year.

16.3     Notification of Default

The Borrower  shall notify the Lender  of any Event  of Default  (and the steps, if any, being taken to remedy  it) promptly  upon becoming  aware  of it.

16.4     Pari Passu Ranking

The Borrower  shall procure  that its obligations  under this Loan Agreement  do and will  rank  at least  pari  passu  with  all  its  other  present  and  future  unsecured   and unsubordinated    obligations   (subject   to  the  preference   of  certain   obligations   in liquidation,  bankruptcy  or other analogous  proceedings  in respect  of it by operation of applicable  law).

16.5     Change of Business

The Borrower  shall not change to a material  extent the nature  of the business  being carried  on by it as at the date of this Loan Agreement.

17.       EVENTS OF DEFAULT

Upon  the happening   of any of the following  events,  the Lender  may  by notice  in writing  to the Borrower  so long as such event  is continuing  declare  such  event to constitute  an Event  of Default  and the amount  of the Facility  then outstanding  and the  interest   accrued   thereon   and  any  other   moneys   payable   hereunder   to  be immediately  due and payable  and its obligation  to provide  moneys  under this Loan Agreement  to be terminated:

		
	1.
	If the Borrower does not pay any moneys payable hereunder when due and such moneys remains unpaid for thirty (30) days after becoming due;

		
	11.
	If any order is made or effective resolution is passed or a successful petition  is presented  for winding  up  of the  Borrower  or  if the Borrower goes into liquidation or dissolution; or

		
	111.
	If the Borrower stops payment or ceases or threatens to cease to carry on its business or substantially the whole of its business; or

		
	IV. 
	If the Borrower stops the routing of the proceeds of the sale of its own share of crude oil through its account with the Lender.

		
	v.
	If any encumbrancer takes possession or a Receiver is appointed for any part of the  assets of the Borrower and the  interest of such encumbrancer or the appointment of the Receiver is not terminated or rescinded within twenty one (21) days; or

		
	vi. 
	If any distress, execution, sequestration or other process is levied or enforced upon or issued out against the properties or assets/equity of the Borrower and is not discharged within twenty one (21) days; or

		
	vii.
	If the Borrower is unable to pay its debt within the meaning of section 409 of the Companies and Allied Matters Act 2004 or any statutory modifications or re-enactment thereof; or

		
	viii.
	If the Borrower commits any breach of any material part of this Loan Agreement and in the case of any breach capable of remedy fails to remedy the  breach within thirty (30) days of being  required m writing by the Lender to do so; or

IX.             If  any representation  or warranty or covenants  and undertaking made  by the  Borrower  in this  Loan Agreement  or  any notice, certificate or statement delivered or made hereunder proves to have been incorrect or materially inaccurate when made or delivered.

		
	x.
	If any material licence over assets pledged as security is terminated, cancelled, suspended or revoked (whether wholly or in part).

		
	xi.
	If  any  material  licence  over  the  assets  pledged  as  security  is modified or varied in a way that is adverse in any material aspect to the interest of the licence holder and/or repayment of the facility.

		
	xii.
	If any material licence expires and is not renewed on substantially the same terms.

		
	xii.
	If   any   Litigation,   Arbitration,   Administrative   or   Regulatory proceeding  against the  Borrower  or  its  sister companies  would materially affect the ability of the Borrower to perform its obligations under the Term Loan Facility.

Notwithstanding  any event provided  above,  the  Lender may  allow the Borrower a fifteen (15) days cure period to remedy any event of default failing  which  the  Lender may  commence the  process  of realizing  the security.

18.         CHANGE IN CIRCUMSTANCE

		
	18.1
	If  any  change  in the  law  or  administrative   regulations   applicable   to this Loan   Agreement    or  any  interpretation    by  the  courts   of  law  makes   it unlawful  or illegal  for the  Borrower  to perform  its obligations   hereunder then the Borrower  shall repay to the Lender any sums outstanding  under the Facility  together  with all accrued  but unpaid  interest  and commissions.

		
	18.2
	If  any  change  in  applicable   law  or  administrative    regulations   or  in  the interpretation    thereof   by  any  authority   charged   with  the  administration thereof    makes   it  unlawful   for  the   Lender   to  perform   its  obligations hereunder  then and in any such situation:

18.2.1  The Lender  shall notify the Borrower  accordingly;

18.2.2  The  Lender  shall  be  discharged   from  all  obligations   towards  the
Borrower  hereunder  and its commitment  reduced  to zero; and

18.2.3  The Borrower  shall on demand  repay to the Lender  the Loan within ninety  (90) days thereafter.

18.3   The  Lender  undertakes   that  during  the tenor,  duration,   pendency  or life  of this Loan Agreement  it shall continue  to uphold,  adhere  to and comply  with all  laws   and   Governmental    rules   and   regulations    applicable    to   it,   its operations,   business  and  status  and  in particular   the  rules,  regulations   and directives  of the Federal  Ministry  of Finance,   Central  Bank  of Nigeria  and other  monetary   and  fiscal  authorities   and  shall  not  commit,   do,  condone, allow,  facilitate  or accommodate   anything,   action,  breach  or omission  that will put or place the Lender  in a position  that it is unable  to meet or continue to  meet  its  obligations   hereunder   or  comply  with  the  terms  of  this  Loan Agreement.

19.       RECONSTRUCTION AND AMALGAMATION

This  Loan  Agreement   shall  not  be  affected  by  any  amalgamation   that  may  be effected  by the Lender,  its successors-in-title   or assigns  with any other company  or persons  whether  the new company  thus formed  shall or shall not differ in its name, objects,  character   and  constitution,   it being  the  intent  that  this  Loan  Agreement shall remain  valid  and  effectual  in all respects  in favour  of and with  reference  to any such new company  when  formed  and may be proceeded  on or enforced  in the same manner  to all intents  and purposes  as if such new company  had been named in and referred  to herein  instead  of the Lender.

20.         INDULGENCE

The Lender  may without  prejudice  to its rights herein  enter into any agreement  for giving  time  or  other  accommodation    to  the  Borrower   for  the  Facility   or  other monies   hereby   covenanted   to  be  paid  or  any  part  thereof   and  may  release   or compound   same  with  the Borrower  or any person,  company  or corporation   liable to pay the same.

21.        REMEDIES AND WAIVER

No  failure  to exercise  and no delay in exercising  on the part of the Lender  rights, powers  or privileges  hereunder  shall operate  as a waiver thereof nor shall any single or partial  exercise  of any right, power or privilege  preclude  the exercise  of any other right, power  or privilege.   The rights  and remedies  herein  provided  are cumulative and not exclusive  of any rights or remedies  provided  by law.

22.         DEFAULT  INDEMNITY

If the Borrower  fails to pay hereunder  any sum due ( of principal  or interest)  or to become  due hereunder, the Borrower  shall pay interest  at the rate aforesaid  on the unpaid  sum from the date when  such payment  fell due up to the date of payment, PROVIDED   that  interest  shall  at all  times  be  calculated   and  payable   as  simple interest  and  on a reducing   balance  basis  in conformity   with  monetary  directives issued  by the Central  Bank of Nigeria.

23.        ASSIGNMENT

The Lender  and the Borrower  shall be entitled,  with the prior  consent  of the other in writing to assign any of their rights and powers  under this Loan Agreement,  with all or any of the obligations  herein stated and may assign and/or deliver to any such assignee,  the  security  collateral  hereto  and  in the  event  of such  assignment,   the assignee  thereof  of such right  and powers  and of such security,  if any security  be assigned  and/or  delivered  shall have the same rights  and remedies  as if originally named  herein  in place  of the  Lender  or  the  Borrower   as  the  case  may  be,  and thereafter  the assignor  will be fully discharged  from all responsibilities   with respect to any obligations  so assigned  and/or  security  delivered.

24.       NOTICE

Any notice or demand  required  hereunder  shall be deemed to have been sufficiently given  if in writing  and  delivered  by hand  or courier  at the  addressee's   address  as hereinbefore   stated or at each party's  last known  address.

25.        ACCOUNTS

The Lender  shall open in its books such accounts  as may be required  by the Lender to  show   satisfactory    evidence   of  the  transactions    contemplated    by  this   Loan Agreement.

26.        LEGAL  COSTS,  CHARGES  AND EXPENSES

The  Borrower   shall  be responsible   for the  stamp  duty  payable  in respect  of this Loan Agreement  and the costs in connection  with the preparation, negotiation  and execution  of this Loan Agreement.

27.      DISPUTE  RESOLUTION

27 .1 Initial  Mediation of Dispute

In the  event  of a dispute  between  the parties  to this  Loan  Agreement,   the following  procedure  shall be followed  to resolve  the dispute  prior to either party pursuing  other remedies:

		
	1.
	A meeting  shall be held  within  seven  (7) days  at which  all parties are present  or represented  by individuals  with full decision  making authority  regarding  the matters  in dispute  (Initial  Meeting).

		
	11.
	If within fourteen  (14) days following  the Initial Meeting, the parties have   not  resolved   the  dispute,  the  dispute   shall  be  referred   to Mediation  directed  by a mediator  mutually  agreeable  to the parties. Each  party  shall  bear  its  proportionate    share  of  the  costs  of the mediator's   fees.

The  parties  agree  to negotiate  in good  faith  in the  Initial  Meeting and in the Mediation.

		
	111.
	If after a period  of thirty  (30) days following  the commencement   of Mediation  the parties  are unable  to resolve  the dispute  either party may  submit  the  dispute  to  binding  arbitration   in accordance   with clause  27.2  hereof  upon  ten  (10)  days  prior  written  notice  to the other party.

27.2 Binding  Arbitration

		
	1.
	Either   party   may   submit   any  dispute   arising   out  of  this   Loan Agreement  that is not resolved  following  the processes  in clauses 27 (i), (ii) and (iii) above to final and binding  Arbitration.

		
	11.
	The referral  of the dispute  to Arbitration  precludes  any other course of action  by the other  party  except  upon the mutual  agreement  and consent  of both parties.

		
	iii.
	The   Arbitration    contemplated     hereby    shall   be   by   three    (3) Arbitrators  one of whom  shall be appointed  by the Lender  and the Borrower  respectively  while the third Arbitrator  shall be nominated by   the   two   (2)   Arbitrators    aforesaid    and   the   venue   for   the proceedings  shall be Lagos.

Where   there   is  disagreement    on  the   appointment    of  the  third Arbitrator,   then  the  third   Arbitrator    shall   be  appointed   by  the Chartered  Institute  of Arbitrators  Nigeria.

		
	iv, 
	Each   party   shall   be  responsible    for  the  cost   of  the  Arbitrator appointed  by it, while  the  cost of the third  Arbitrator  and  all other costs  and  expenses   of  the  arbitration   proceedings   shall  be  borne equally  by the Lender  and the Borrower  respectively.

		
	v.
	The   Arbitration    shall   be   conducted    in   accordance    with   the Arbitration   and  Conciliation   Act  Cap A 18 Laws  of the Federation of Nigeria  2004.

28.        FORCE MAJEURE

Any  delay  in or  failure  of performance   of this  Loan  Agreement   by  either  party hereto  shall  not  constitute   default  by  such  party  or  give  rise  to  any  claim  for damages   against  it  if  such  delay  or  failure  of  performance   is  caused  by  force majeure  including  but not  limited  to acts of God,  acts of war  or revolution,   civil commotion,   strikes,  lock out,  any labour  unrest,  governmental   action,  fire,  flood, earthquake,    destructive    lightning,   epidemic   or  other   circumstances    which   are beyond  the reasonable  control  of the party  affected  and which they  could not have reasonably  foreseen  and guarded  against  and which  by exercise  of reasonable  care and diligence  they are unable  to prevent.

29.        ACKNOWLEDGMENT

Any admission  or acknowledgment   in writing by the Borrower  or by any authorized person  on behalf  of the Borrower  of the amount  of indebtedness  of the Borrower  to the Lender  or any  statement  of account  furnished  by the Lender  and reviewed  by the  Borrower   as the  case  may  be as a true  copy  extracted  from  the  books  of the Lender  shall be accepted  as prima  facie evidence  against  the Borrower.

30.        EXECUTION OF LOAN AGREEMENT

This  Loan  Agreement   may  be executed  in any number  of counterparts   and  such counterparts   signed  by all the parties  hereto  shall be deemed  to constitute  one and the same instrument  and the Loan Agreement  shall become  effective  when each of the parties  hereto  shall have  signed  a copy thereof  (whether  the same  or different copies)  and shall have delivered  the same to the Lender.

31.        SEVERABILITY OF PROVISIONS

Any provisions  in this Loan Agreement  which is prohibited  or unenforceable   under Nigerian  Law shall be ineffective  to the extent only of such prohibition  or unenforceability   without  invalidating  the remaining  provisions  hereof.

32.        APPLICABLE LAW

The Loan  Agreement   shall  be governed  by and construed  in accordance   with the
Laws of the Federal  Republic  of Nigeria.

33.        AGREEMENT

This Loan  Agreement   supersedes  any prior  agreements,  promises,  negotiations   or representations    either  oral  or  written  relating  to  the  subject  matter  of this  Loan Agreement  and,  except  as provided  for herein,  may not be amended  or modified.

34.        ENTIRE AGREEMENT

This  Loan  Agreement   shall  be  read  in  conjunction   with  the  offer  letter  by  the Lender  dated June  17, 2016.  In the event of any conflict  between  the terms  of this Offer  Letter  and  this  Loan  Agreement,   the  provisions   of  the  Offer  Letter  will prevail.

35.        AMENDMENT

This  Loan Agreement  may not be amended  or modified  save by a document  signed and sealed by and on behalf  of the parties  hereto.

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