Loan Agreement – Mckayla Financial Services

EVOLVE Loan Agreement

v1.0 – 10 April 2024.

This EVOLVE Loan Agreement (hereinafter called this “Loan Agreement”) is made in accordance with the Electronic Transactions Act, this Loan Agreement being a permitted electronic transaction, and as such, a version of this Loan Agreement electronically signed and transmitted, inclusive of such printout of the electronic Loan Agreement and printed electronic signatures, SHALL BE TREATED IN ALL MANNER AND RESPECTS AS AN ORIGINAL DOCUMENT, including for the purposes of Tax Administration Jamaica for the assessment and payment of Stamp Duty or any other tax which may be become applicable. This Loan Agreement is made as of the date set out at Item 1 Schedule 1 between the lender, McKayla Financial Services Limited, a company duly incorporated under the laws of Jamaica bearing Company Number – 66247, and having its registered address and geographic offices open Monday – Friday 9:00a.m. – 4:00p.m. excluding public holidays at 7 Lismore Avenue, Kingston 5, in the parish of Saint Andrew, Jamaica W.I. also bearing 001713221[XR1] and who may also be found online at https://mckaylafinancialservices.com/ (hereinafter referred to as “McKayla”) OF THE FIRST PART, and, YOU the person specifically identified and particularized at Items 2 through to 7 of Schedule 1 (hereinafter referred to as the “Borrower”) OF THE SECOND PART, and McKayla and you the Borrower will collectively be referred to as the “Parties” or individually as a “Party”.

Whereas McKayla is a licensed under the Microcredit Act as a lender authorized to provide microloans, and who has a physical geographic presence, and who now offers artificial intelligence automated microloans processed on its Evolve platform, communicating via electronic means;

and Whereas the Borrower desires to borrow the Loan from McKayla on the strict terms and conditions herein;

NOW THEREFORE, the Parties hereto agree to enter into this Loan Agreement on the following terms and conditions:-

Definitions and Interpretation

In this Loan Agreement the following words shall have the meanings set forth below

unless the context suggests otherwise:

“Business Day” means any day (excluding Saturday, Sunday or a public holiday) on which the majority of commercial banks licensed in Jamaica are open to the public for business in Jamaica.

The singular includes the plural and the plural includes the singular; the masculine

gender includes the feminine and neuter genders.

The headings appearing above any clause are inserted for convenience only and shall

not limit the meaning or construction of such clause.

Financial Terms

2.1 McKayla shall lend to the Borrower the sum of money (hereinafter called the “Principal”) set out at Item 8 Schedule 1 at the interest rate set out at Item 9 Schedule 1 and shall also charge the Processing Fee (which shall also form part of the Principal owed) set out at Item 10 Schedule 1 (collectively hereinafter called the “Loan”).

2.2 McKayla shall disburse the Principal sum in Jamaican dollars to the bank account of the Borrower set out at Item 11 Schedule 1 as soon as is practicable, but Mckayla makes no guarantees as to disbursement timeline, and SHALL NOT be responsible for any loss suffered by the Borrower occasioned by delays in the disbursement of the Loan.

2.3 The Borrower shall borrow the Loan for the Term (duration) set out at Item 12 Schedule 1 and shall repay the Loan with the Monthly Repayment Sum set out at Item 13 Schedule 1 unless there are arrears, in which case the Borrower shall also pay the arrears forthwith (or as otherwise mutually agreed) along with the Monthly Repayment Sum. ****Disclaimer****The final repayment schedule is based on the loan disbursement date. Any changes to the disbursement date may result in adjustments to the repayment due dates and installment amounts. Customers are encouraged to review their finalized repayment plan upon loan disbursement

2.4 The full repayment schedule and breakdown for the Loan is set out at Schedule 2, and the Borrower shall repay the Loan in accordance with the same.

2.5 The Borrower shall repay the Loan on or before the due date each month by direct bank deposit to McKayla’s account specified in Item 14 of Schedule 1. McKayla may, at its sole discretion, require the Borrower to set up a direct debit authorization, allowing McKayla to withdraw payments directly from the Borrower’s bank account. The Borrower agrees to execute all necessary documentation, including providing physical signatures in person if required

2.6 Interest will be calculated on the full loan amount at the start and spread over the loan term. All interest remains payable, even if the loan is prepaid or paid off early, as it is not calculated on a reducing balance. Early payments will not reduce interest owed or allow for any amounts to be redrawn.

Security, Data Protection, and Electronic Execution

Security of the financial transaction is a key priority for both Parties. Please note that disbursements made by McKayla to the Borrower will always be done via bank account transfer or Real Time Gross Settlement (RTGS), and repayment shall be the same.

As a material condition of the granting of the Loan you the Borrower agree to the contents of and to sign, immediately upon McKayla’s request, the following documents: (a) Consent Form permitting McKayla to obtain a credit report, a report from your employer, and reports from your references, and (b) Direct Debit Form permitting McKayla to withdraw from your bank account the Monthly Repayment Sum due and/or any arrears.

Data is secured by encryption and extensive controls and is further protected in accordance with the Data Protection Act. We process information about you in accordance with our Privacy Notice found here. Our Privacy Notice forms part of the Terms & Conditions of the Evolve Platform and mobile and/or web Application, and also forms part of this Loan Agreement, and contains details on the types of information we collect and what we do with that information, which includes who it may be shared with and why.

We are entitled to share the information we hold on you which includes personal data and transactional data with regulators, and other bodies, including the police, and law enforcement bodies in order to investigate fraud, money laundering or other gaming integrity issues and to comply with our regulatory duties.

You also consent to us having our third-party technology providers receive and process your data to better enable us to satisfy our obligations to you under this Loan Agreement, including where necessary having the same transferred and/or processed outside of Jamaica. We require our third-party technology providers to themselves comply with the Data Protection Act or equivalent or better standards.

We will communicate with you in part through the mobile messaging application WhatsApp, which contains its own terms of service which you must agree to. Our communication to you via WhatsApp is as a business (McKayla) messaging a customer (you the Borrower), and McKayla has NO AFFILIATION with WhatsApp. Our messages to you via WhatsApp are also governed by WhatsApp’s Business Messaging Policy found here which both Parties agree to abide by.

The Parties agree to make this Loan Agreement as an electronic transaction permitted by the Electronic Transactions Act, and shall be entitled to sign using an electronic signature and transmit electronically this Loan Agreement (whether by PDF, cloud signing platform such as Adobe Sign or DocuSign, email, or any other electronic medium), and which electronic signature and transmission shall be binding on the Parties whose names are contained therein as if this Loan Agreement had been signed in person in ink by them and shall be regarded as an original for all purposes in law.

Upon the conclusion of signing by all Parties and the conclusion of any other formalities, a fully executed digital copy will be emailed to the email addresses of the Parties set out herein. The Borrower shall be entitled to request one (1) printed copy free of charge and the same may be collected at McKayla’s geographic address given above.

Representations and warranties

4.1 The Borrower represents and warrants that:

(a) The Borrower is ordinarily permanently resident in Jamaica, is eighteen (18) years of age or older, is of sound mind, is not currently imprisoned, and has no impairment or other issue causing a of lack of capacity to enter this Loan Agreement; and that the Borrower is in fact legally able to enter this valid binding Loan Agreement;

(b) The Borrower is not currently in default under any loan agreements with any of its lenders;

(d) All representations, information, and documentation submitted or made by the Borrower in the application for this Loan are hereby incorporated into this Agreement by reference. The Borrower represents and warrants that all the aforementioned are true and complete, and that there are no material facts or circumstances which have not been disclosed in connection with this Loan Agreement and which, if known, could materially and adversely affect McKayla’s decision to grant the Loan;

(e) The Borrower has read, understood, accepts and consents to all matters set forth in the Privacy Notice, Terms & Conditions of the Evolve Platform and mobile and/or web Application, and all of this Loan Agreement;

(f) The Borrower is aware that the falsification of documents, systems and software bypasses or trickery (even where enabled by an error or oversight on the part of McKayla) is illegal. The Borrower will not commit fraud or crime of any kind, lie, or commit any other illegal or unethical act to obtain this Loan, and, McKayla is entitled to prosecute the Borrower including seizing and selling assets, garnishing a portion of monthly employment wages, and other orders which may even affect the ability of a fraudster to travel; and

(g) The Borrower shall notify McKayla in writing on each occasion that a payment is made.

4.2 McKayla represents and warrants that:

(a) It may lawfully provide the Loan;

(b) It is compliant with the Data Protection Act and other applicable laws to safeguard the Borrower; and

Events of default

5.1 The following events are hereby defined as events of default under this Loan Agreement (each of them an “Event of Default”):

(a) The Borrower fails to pay punctually when due any principal or interest payable;

(b) Any representation or warranty made by or on behalf of the Borrower shall prove to have been incorrect in any material respect when made;

(c) The Borrower fails to comply with any covenant or provision of this Loan Agreement and/or the Terms & Conditions of the Evolve Platform and mobile and/or web Application, and such failure continues for three (3) Business Days after McKayla has notified the Borrower thereof;

(d) Any substantial indebtedness of the Borrower (other than the indebtedness under this Loan Agreement) becomes due, or capable of being declared due before its stated maturity, or any guarantee or similar obligation of the Borrower, is not discharged at maturity or when called, or the Borrower goes into default under, or commits a breach of any instrument or agreement relating to any such indebtedness, guarantee or other similar obligation;

(e) The Borrower did not disclose to McKayla any fact which the Borrower knew or ought reasonably to have known would be material to McKayla for the purpose of considering the Loan;

(f) Any other event occurs, or circumstance arises which gives reasonable ground to McKayla to conclude that such event or circumstances, is likely to materially adversely affect the ability of the Borrower to perform all or any of its obligations under this Loan Agreement, PROVIDED, the Borrower has been given a reasonable opportunity to satisfy and assure McKayla that such event or circumstance will not affect its ability to perform its obligations under this Agreement and has failed to do so.

5.2 If any of the Events of Default described in Clause 5.1 occurs McKayla may, by seven (7) Business Days’ written notice to the Borrower, declare an Event of Default whereupon the Loan together with the accrued interest thereon and any other amount payable under this Agreement shall become immediately due and payable. McKayla shall have the right to commence legal proceedings to recover the whole or any balance thereof which remains unpaid after the expiration of the seven (7) Business Days’ notice.

5.3 The Borrower shall provide McKayla with written notice of any Event of Default forthwith upon becoming aware of the occurrence thereof.

Jurisdiction & Intellectual Property

6.1 This Loan Agreement and the obligations arising therefrom shall be governed by the Laws of Jamaica.

6.2 The Jamaican Courts shall have jurisdiction to settle any dispute arising from this Loan Agreement and the Parties hereby submit to the jurisdiction of these Courts.

6.3 The Terms & Conditions detail Intellectual Property Ownership and the Parties are put on notice that if either Party breaches third party intellectual property rights, that third party MAY be able to commence a civil and/or criminal lawsuit or other claim against the breaching Party in a foreign jurisdiction.

Notices

7.1 All notices in connection herewith shall be in writing and shall be deemed to be properly served if served by hand, or, by eMail. No fax or postal service shall be accepted by either Party.

7.2 Notices not required by law to be served on you the Borrower personally will be sent to your email address at Item 4 Schedule 1 with a courtesy SMS advising of the same whenever an email is sent. Notices of a nature requiring personal service will be served on you physically in person anywhere that you might be found. We, McKayla, shall only be served at our geographic address at 7 Lismore Avenue, Kingston 5 in the parish of Saint Andrew during our opening hours advised above.

General

McKayla’s accounts, books and records constitute, in the absence of manifest error, conclusive evidence of the Loan, payments on account of the Loan, the indebtedness of the Borrower to McKayla, and any rates or amounts to be calculated under this Agreement.

This Loan Agreement contains the entire agreement and understandings between McKayla and the Borrower relating to the subject matter of this Agreement and supersedes any and all prior agreements and understandings between the Parties.

This Loan Agreement may be amended only by written agreement between the Parties and signed by them or their duly authorized representatives.

Any act by the Parties hereto or the non-exercise by such Party of any of the rights set forth in this Loan Agreement shall not be considered as a waiver of any right, power or privilege within the scope of this Agreement. The rights of the Parties set forth in this Loan Agreement are cumulative and additional to any other rights in accordance with the law governing this Loan Agreement.

In the event that any of the clauses (or part thereof) of this Loan Agreement is considered null, void or unenforceable, such clause shall be severed and the other provisions (or the balance of the provision) shall remain valid and binding upon the Parties.

This Agreement is binding upon the Parties hereto and all their heirs, beneficiaries, and assignees.

McKayla May assign this Loan Agreement or transfer the benefit thereof. The Borrower may NOT assign this Loan Agreement without the prior written consent of McKayla.

CERTIFICATE PAGE[XR2]

Certificate page proving e-signature of both to follow here. Just one at the end.

[XR1]McKayla Tax Registration Number #: 001713221-0000

[XR2]This page may be removed.

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