Application 

The terms and conditions set out herein (the “Conditions”) shall, in addition to the terms and conditions set out in the Letter, apply to all facilities granted by the Bank on terms which expressly incorporate the Conditions or any of them.

Definitions and Interpretation

In this document and the Letter of Offer, unless the context otherwise requires, the following expressions shall have the meanings set against them herein below and cognate expressions shall bear corresponding meanings:-

•  “Appraisal Fee” means the appraisal fee set out in the Letter of Offer payable by the Borrower upon acceptance of the Letter of Offer.
  
• Annual Review Fee” means the fee set out in the Letter of Offer payable by the Borrower on anniversary of disbursement and annually thereafter during the continuance of the Facilities until repayment in full; 
•  “Bank” means The Co-operative Bank of Kenya Limited, a banking company incorporated in the Republic of Kenya, whose address is care of Post Office Box Number 48231-00100, Nairobi;
• “Bank Base Rate” means the  interest rate set and published by the Bank from time to time;
• “Borrower” means the borrower named in the Letter of Offer;
• “Business Day” means a day on which the Bank is open for business (other than Saturday, Sunday or public holidays) in the Republic of Kenya;
• “Conditions Precedent” mean the conditions the Borrower is required to fulfill unless expressly waived by the Bank in writing prior to the disbursement of the Facility as set out in the Letter of Offer and in clause 8 herein;
• “Currency of Account” means the currency in which the Facility or any part thereof is granted;

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