HSBC Bank Middle East Limited - PERSONAL LOAN AGREEMENT

HSBC Bank Middle East Limited

Personal Loan Agreement

March 2014

Copyright. HSBC Bank Middle East Limited 2014 ALL RIGHTS RESERVED. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of HSBC Bank Middle East Limited.

Issued by HSBC Bank Middle East Limited, PO Box 66, Dubai, UAE. Regulated by the Jersey Financial Services Commission.

HSBC Bank Middle East Limited - PERSONAL LOAN AGREEMENT

1. Payment, Repayment and Fees

The Borrower undertakes, represents and warrants for himself / herself, and for his/her heirs and/or successors in title the following:

(a) To pay the Bank an arrangement fee of ............................................................ which fee shall be paid by the Borrower on the date of this Agreement.

(b) To pay interest on Loan at the fixed rate of .................................................................% and to repay the Loan with interest in ........................................................................... monthly instalments on the ......................... day of each calendar month. The first repayment shall be AED ................................................................................ commencing in the month of ..............................................................................or the month following the drawdown, whichever is later provided the first instalment date is within 45 days from date of draw down.

(c) To ensure that the credit balance on the Account will be sufficient to meet the monthly instalment as such sum falls due for payment. Debiting the Account will not constitute any form of repayment unless there are sufficient available funds in the Account to meet such repayment.

(d) To transfer his/her monthly salary to the Bank throughout the term of the Loan.

(e) To provide the Bank with a security cheque prior to draw down for the full value of the Loan plus a proportion of interest as notified to the Borrower by the Bank at the time of application in accordance with applicable laws and regulations.

(f) To pay all applicable fees and charges as set out in the Banks Schedule of Services and Tariffs as amended and re-named from time to time (the latest version of which will be available on the Banks website www.hsbc.ae), including (but not limited to) a prepayment fee on the outstanding Loan amount if the Borrower partially or fully settles the Loan.

(g) That any payments made into the Account are subject to clearance. Until such payments are cleared, the Bank may not be able to use such monies towards the Loan repayment and will continue to charge interest on outstanding Loan repayments until there are sufficient monies in the Account to settle such repayments.

(h) That the Bank has the right to claim full repayment of the outstanding amount of the Loan at its absolute discretion at all times for any reason whatsoever.

(i) That on the date hereof and until the date of final repayment of the Loan that:

(i) he/she is a natural person who is not bankrupt;

(ii) he/she has the legal capacity to enter into this Agreement and he/she has the financial capacity to fulfill his/her obligations under this Agreement;

(iii) this Agreement constitutes legally binding obligations, enforceable against him/her in accordance with its terms; and

(iv) he/she undertakes to transfer his/her salary to the Bank.

(j) That throughout the continuation of this Agreement and so long as any sum is or may become payable under this Agreement to supply to the Bank upon request such information about his/her financial position and affairs as the Bank may from time to time require.

(k) To inform the Bank at least one month in advance before the Borrower ceases to reside in the United Arab Emirates.

2. Payments

The Borrower agrees that:

(a) The instalment specified in Clause 1(b) above is indicative only. The Borrower acknowledges that the indicative instalment is acceptable and that the exact instalment amount will be confirmed to him at the time the funds are transferred to his / her bank account. The Borrower can check the exact monthly instalment amounts by accessing Personal Internet Banking and by using the payment calculators on the personal loan pages of the Banks website (www.hsbc.ae) and by checking his/her monthly statement.

(b) The Bank may debit the monthly instalment to the Borrowers Current/Savings* (delete as applicable) Account number................................................................................................................ (or

PERSONAL LOAN AGREEMENT

This Agreement is dated the ........................................ day of ............................................................................. 20 ....................... , and made between HSBC Bank Middle East Limited of PO Box 66 Dubai, UAE (the Bank) and .......................................................................................................................................................................................................................................................................................................................................................................... of P.O. Box ..................................................................................................................................................................................................................................................................................................................................... (the Borrower) by which the Bank agrees to lend and the Borrower agrees to borrow the sum of AED....................................................................... (in words ......................................................................................................................................................................................... ) (the Loan) upon the terms set out below.

This is a Fixed Rate Loan Agreement, with a fixed monthly instalment comprising capital and a fixed rate of interest.

HSBC Bank Middle East Limited - PERSONAL LOAN AGREEMENT

any other account held with the Bank as notified to the Bank by the Borrower from time to time) (the Account) until the Loan together with any outstanding interest is fully repaid.

(c) Draw down of the Loan is conditional upon the Borrower transferring his/her salary to the Bank. The Borrower agrees to continue to transfer his/her salary to the Bank throughout the term of the Loan.

(d) If the Borrowers salary is credited to the Account prior to the usual monthly instalment repayment date in any given month then the number of monthly installments corresponding to the amount of months of the salary credit that has been paid in advance will be immediately due and payable and the Borrower agrees that Bank may use such advance salary credit monies towards repayment of those monthly instalments of the Loan.

3. Default

If:

(a) The Borrower fails to pay punctually any sum payable under this Agreement or there is any other breach by the Borrower of this Agreement; or

(b) Any representation or warranty made by the Borrower in Clause 1 or under or in relation to this Agreement is or becomes incorrect; or

(c) The Borrower breaches any undertaking given in Clause 1; or

(d) The Borrower dies; or

(e) The Borrower stops transferring his/her salary to the Bank; or

(f) The Borrower ceases to reside in the United Arab Emirates; or

(g) The Bank makes demand for the full outstanding amount of the Loan in accordance with its rights under Clause 1(h) above

then the Borrower agrees that:

(i) all the outstanding Loan shall immediately become due and payable by the Borrower without any further notification thereof and that the Borrower shall immediately pay to the Bank the amount of such Loan together with all commission, interest and any other sums then due to the Bank under this Agreement or otherwise;

(ii) the Bank may, at its absolute discretion, declare the Loan terminated and no longer available;

(iii) without prejudice to the right of the Bank under this Agreement, the Bank may apply any balance standing to the credit of any

accounts of the Borrower held by the Bank or HSBC Holdings plc, its subsidiaries, associated and affiliated companies, whether held singly or jointly, against all monies due under the Loan, the Bank may convert the currency of any such credit as may be necessary for this purpose;

(iv) the Bank may enforce its rights under any security held by the Bank in respect of the liabilities of the Borrower under this Agreement;

(v) the Bank is authorized to complete the date on any security cheque held by the Bank and present the security cheque for payment; and

(vi) the Bank may deduct such fees and charges as applicable in the event of default (in accordance with Clause 1(f) above).

4. Demand

Any claim, summons, advice or notice relating to the Loan shall be deemed to have been duly given to the Borrower if given in writing by recorded delivery or registered post to the address of the Borrower last known to the Bank. It is the responsibility of the Borrower to advise the Bank of any change of address.

5. Statements

The Borrower undertakes to check all notifications received from the Bank of amounts owing to the Bank. If within thirty (30) days of the date of dispatch of a notification of balance to the Borrowers address as it appears in the records of the Bank, no objection has been received from the Borrower, then the balance shown therein will be considered correct and the fact that no communication has been received from the Borrower will, subject to manifest error on the part of the Bank, be confirmation of the correctness of the account and the Borrower may not thereafter raise any objection in respect of any such notification of balance. The Borrower acknowledges that should the Borrower not receive a notification of balance for any period it is solely and entirely the responsibility of the Borrower to demand a statement of balance from the Bank.

6. Indemnity

The Borrower hereby undertakes to indemnify and release the Bank, and keep it so indemnified

HSBC Bank Middle East Limited - PERSONAL LOAN AGREEMENT

against all proceedings, costs (including legal fees), liabilities, losses, expenses and damages of whatsoever nature that the Bank may incur in relation to the execution of this Agreement.

7. Rights of set-off

(a) Payments by the Borrower pursuant to this Agreement shall be made to the Bank without any set-off, counter claim, withholding or condition of any kind, save that if the Borrower is compelled by law to make such withholding the sum payable by the Borrower shall be increased so that the amount actually received by the Bank is the amount it would have received if there had been no withholding.

(b) The Borrower agrees that the Bank may at any time and without notice or demand, combine and/or consolidate all or any of the Borrowers existing accounts (whether current, deposit, loan or of any other nature and whether denominated in UAE Dirhams or in any other currency and whether held solely or jointly with others) with the Bank at any of its branches, whether within the UAE or abroad, and apply set-off or transfer any credit balance or sum standing to the credit of any such account in or towards satisfaction of any of the Borrowers obligations or liabilities (including those in relation to the Loan) of whatever nature, whether actual or contingent, as principal or surety, and whether solely or jointly with any other person. Where such set-off or transfer requires conversion of one currency into another currency such conversion shall be calculated at the Banks then prevailing rate of exchange as determined by the Bank.

8. Payment Holidays

(a) A payment holiday means the ability to defer payment of any one of the usual monthly payments of the Loan (Payment Holiday). The deferred payment will become due and payable at the end of the term of the Loan and the term of the Loan will be extended by the number of months corresponding to the number of monthly payments deferred.

(b) The Borrower is entitled to request up to two Payment Holidays in each year. The Bank at its sole discretion may reject any request for a Payment Holiday by the Borrower taking into account all of the circumstances of the Borrower at the time of the request.

(c) The Borrower is not entitled to request a Payment Holiday in the first 6 months of the term of the Loan and must have paid at least 6 consecutive monthly instalments in full before taking their first Payment Holiday.

(d) If the Borrower wishes to take a Payment Holiday,

the Borrower must notify the Bank at least 5 working days in advance of either: 1) the day the Borrowers salary is due to be credited to the Account; or 2) the Borrowers usual monthly repayment date, whichever is the earlier in any particular month.

(e) Payment Holidays cannot be taken consecutively.

(f) The Borrower acknowledges that taking a Payment Holiday will mean that more interest will become payable over the term of the Loan, since the capital portion of the Loan will not be paid down as quickly (because the deferred instalment is payable at the end of the term of the Loan). In addition, the final instalment of the Loan may be higher than the Borrowers usual monthly instalment (to take into account the interest calculation) and the Borrower agrees to pay any amount over and above his/her usual monthly instalment at the end of the term of the Loan. The Borrower further acknowledges that taking a Payment Holiday shall not change any of the other terms and conditions that govern the Loan.

(g) For renewable 12 month Loans (12 Month Loan), the deferred payment will become due and payable at the end of the initial 12 month term (or, if the 12 Month Loan has been renewed, the renewed 12 month term) of the 12 Month Loan and the initial 12 month term (or renewed 12 month term, if the 12 Month Loan has been renewed) of the 12 Month Loan will be extended by the duration of the number of deferred payments. In the penultimate month of the extended term (or renewed term, as applicable), the Bank will contact the Borrower to ask if the Borrower would like to renew the 12 Month Loan in accordance with the usual terms and conditions of renewals.

(h) Additional terms related to Payment Holidays may apply at the time of availing the Payment Holiday. Fees and charges relating to taking a Payment Holiday may apply. The Borrower agrees that the Bank may debit such fees and charges from the Account.

(i) The Borrower acknowledges that the Loan will not be fully paid off until all deferred instalments have been repaid in full and that the Bank will include any deferred instalments on any liability letter issued in relation to the Loan.

(j) If the Borrower opts to fully settle the Loan before the expiry of the term, the Borrower will be liable to pay any deferred installment(s) at the point of settlement. Fees and charges for early settlement may apply.

(k) The Borrower acknowledges that requesting a Payment Holiday shall not change any of the other terms and conditions that govern the Loan.

HSBC Bank Middle East Limited - PERSONAL LOAN AGREEMENT

9. Death

In the event of the Borrowers death:

(a) the outstanding Loan amount shall become immediately due and payable;

(b) this Agreement will remain valid and will bind the Borrowers estate (or heirs and successors);

(c) the Bank needs to be informed promptly of the Borrowers death by the Borrowers estate (or heirs and successors) and provided with a certified copy of the Borrowers death certificate (or any other supporting documentation that the Bank may request at its discretion);

(d) the Borrowers estate (or heirs and successors) will be responsible for paying the outstanding Loan amount in full and shall keep the Bank indemnified from all costs and expenses including legal fees on a full indemnity basis) that the Bank may incur in recovering the outstanding Loan amount.

10. Miscellaneous

(a) The Borrower hereby authorises the Bank to sell or realize as it sees fit any and all securities held by it in order to repay the Loan together with all commissions, interest and any other sums due to the Bank. The Borrower shall remain responsible to the Bank for any shortfall.

(b) Upon request by the Borrower, any 12 Month Loan may be automatically renewed by the Bank for up to twelve months at a time for a maximum of three times at the Banks sole discretion, subject to the Borrower continuing to meet the Banks eligibility criteria, due diligence requirements and providing any new documentation/ further information which may be required by the Bank. The maximum term of the 12 Month Loan following renewals may be four years. Upon renewal the interest rate, charges, fees and terms of borrowing may be different and the Bank will inform the Borrower of such changes if this is the case.

(c) If any change in law or circumstances occur which the Bank at its sole discretion considers affects this Agreement, and if the Bank and the Borrower cannot agree changes to this Agreement to cover such change in law or circumstances the Borrower shall on demand repay the Loan and all other amounts then due to the Bank hereunder.

(d) No failure to exercise, nor any delay in exercising, on the part of the Bank of any right or remedy hereunder shall operate as a waiver thereof. The rights and remedies of the Bank herein provided are cumulative and not exclusive of any other rights or remedies it may have.

(e) The Borrower hereby acknowledges that he/she have read this Agreement, that he/she understands and agrees to the obligations, liabilities and rights as mentioned therein whether set out in English and/or Arabic and that he/she has received an unsigned copy hereof.

11. Your Information

The Bank will treat all of the Borrowers personal information as private and confidential. Nothing about the Borrowers relationship with the Bank or the Borrowers name and address will be disclosed to anyone, other than in accordance with the Personal Banking General Terms and Conditions, which are incorporated into this Loan Agreement.

12. Governing Law and Jurisdiction

This Loan Agreement is governed by the Federal laws of the United Arab Emirates, as applied in the Emirate of Dubai. The parties agree to submit to the non-exclusive jurisdiction of the non-DIFC courts of Dubai.

For and on behalf ofHSBC Bank Middle East Limited

Signature and Date

Borrower:

Signature and Date

Copyright. HSBC Bank Middle East Limited 2014 ALL RIGHTS RESERVED. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of HSBC Bank Middle East Limited.

Issued by HSBC Bank Middle East Limited, PO Box 66, Dubai, UAE. Regulated by the Jersey Financial Services Commission.