(b). It is essential that the Joint Memorandum be registered at the Stamp Duties Office or sworn to before a Commissioner for Oaths in any Court of Law. Note that the Joint Memorandum must have been completed on the front and reverse sides as directed thereon and explicit therefrom, before same is stamped or sworn to.
(c). It is in the interest of the lender not to disburse funds until a letter advising lien placement has been received from CSCS Plc.
(d). The Lender, the Borrower and the Stock-broking firm(s) may be required to confirm and/or consent to the lien agreement. The stockbroking firm(s) in particular is required to expressly ascertain/confirm in writing that the Shareholder is the genuine owner of the stated stock(s) and that they, therefore, have no objection on Lien being placed on the stated stock(s) by CSCS Plc.
(e). The stockbroking firm(s) must write the letter (referred to in paragraph (d) above and address it to CSCS Plc of which same is expected to accompany the Joint Memorandum when forwarded to CSCS Plc.
(f). Any insertion/alteration on the Joint Memorandum may be a ground for rejection of the application although a Letter of Indemnity from the Applicant/Lender or stock-broking firm may give us the comfort to process the application.
(g). The drawdown date and duration of the lien agreement must be specifically stated (filled out) in the Joint Memorandum.
(a). Inform CSCS Plc of the default by the Borrower and advise CSCS Plc to remove the lien to enable the sale to be effected.
(b). With a copy of the undated letter written by the Borrower to the Lender further give instructions/directives to CSCS Plc for the purpose of the release and sale of the totality of the holdings through a mandated or named stock-broking firm, which is a member of The Nigerian Stock Exchange.
(c). CSCS Plc, if satisfied that the procedure has been complied with, will be obliged to remove the lien on the stock(s) upon such information/instructions from the Lender after the expiration of the loan due-date without recourse to the Borrower, moreso when evidence of Notice of Default from Lender to Borrower is received/sighted by CSCS Plc.