MALAYSIA KOCHOW ASSOCIATION
STUDY LOAN AGREEMENT
THIS AGREEMENT is made on the day of20
between MALAYSIA KOCHOW ASSOCIATION, a society incorporated in Malaysia and having its registered address at No. 272, Changkat Thambi Dollah,Off Jalan Pudu, 55100 Kuala Lumpur (hereinafter called "the Association") of the first part, the Scholar ______[NRIC No. ______] of ______(hereinafter called "the Scholar") of the second part and the two Guarantors, namely:-
(1)Name:
NRIC No:
Occupation:
Address:
Tel:
(2)Name:
NRIC No:
Occupation:
Address:
Tel:
(hereinafter collectively called "the Guarantors") of the third part.
WHEREAS
(a)The Scholar is desirous of pursuing the course of study leading to diploma/ degree of ______(hereinafter called "the said Course" at ______(hereinafter called "the Institution");
(b)The Association has agreed to grant the Scholar financial assistance to pursue the said Course for a period of ______years commencing from ______and the Guarantors hereto have agreed to guarantee the due performance of the obligations of theScholar as hereinafter contained.
NOW IT IS HEREBY AGREED as follows:-
(1)The Scholar hereby covenants with the Association that he/she shall:-
(a)diligently pursue the said Course and shall complete within the prescribed period of the said Course or such longer period as may be allowed by the Institution and approved by the Association;
(b)not hold or receive any other scholarship, fellowship or other award,bursary, loan or financial assistance during the durationof the said Course unless with the prior written approval of the Association;
(c)inform the Association in respect of any improvement in the financialstanding of the family of the Scholar;
(d)submit before the commencement of each academic year the results and conduct reports issued by the Institution to the Association;
(e)notify the Association upon completion of the said Course and employment with any company or corporation entered into;
(f)keep the Association informed of his/her last known address and notify the Association of any change of employment.
(2)If the Association is of the opinion:-
(a)that the other scholarship, fellowship or award, bursary, loan or financial assistance held or received by the Scholar is sufficient to support the Scholar in the said Course:
(b)that the financial standingof the family of the Scholar has improved to such an extent that financial assistance is not required;
(c)that the conduct or behavior of the Scholar is unbecoming to a university or college student or is prejudicial to the Association,
then the Association shall have the absolute right to forthwith terminate the financial assistance to the Scholar.
(3)The Association shall during the duration of the said Course provide financial assistance in the sum ofRinggit Malaysia ______(RM______) per academic year to the Scholar.
(4)If the Scholar does not or fails to complete the said Course or fails in his/her examination for any reason whatsoever, the Association may at its absolute discretion discontinue the financial assistance granted to the Scholar and the Scholar shall be required to commence repayment of all monies already loaned by the Association two (2) months after the results released by the Institution.
(5)Upon completion of the said Course and six (6) months after commencement of workor upon the occurrence of event(s) referred to in Clause (2) or (4) hereof, the Scholar shall repay every month a minimum sum equivalent to one-twelveth (1/12) of the yearly financial assistance granted to the Scholar by the Association. The financial assistance granted to the Scholar is free of interest.
(6)The guarantors, who shall be financially sound and no bankruptcy proceedings have been commenced against any one of them, in consideration of the financial assistance given to the Scholar by the Association herein before contained having been made at their request hereby covenant with the Association that the Scholar shall duly perform and observe all the covenants herein before contained and that in the event of default of repayment by the Scholar under Clause (5) hereof or performance or observance of any of the covenants on the part of the Scholar as aforesaid, the Guarantors shall jointly and severally be liable to pay and make good to the Association on demand all the losses, damages, costs and expenses thereby arising or incurred by the Association PROVIDED ALWAYS that it is hereby agreed that any neglect or forbearance of the Association to enforce performance or observance of the several stipulations herein on the Scholar's part herein contained and any extension which may be given by the Association to the Scholar shall not release or exonerate or in any way affect the liability of the Guarantors under this covenant.
(7)It is hereby agreed and declared that if at any time during the continuanceof this Agreement either or both of the Guarantors shall die or cease to reside permanently in Malaysia or remain out of Malaysia for more than twelve consecutive months or shall be adjudged a bankrupt or sufferfinancial hardship, then in any such event the other of the Guarantors or the Scholar shall find another guarantor or guarantors to the satisfaction and approval of the Association and who shall be ready and willing to be substituted in the place of the guarantor or guarantors so vacated. If such other guarantor or guarantors are not satisfactory to and not approved by the Association or is/are not forthcoming or refuse(s) to enter into a written agreement whereby he or they undertake(s) to be bound by the like terms and conditions of this Agreement relating to the Guarantors, the Association may at its absolute discretion ay any time thereafter terminate the financial assistance to the Scholar. Upon such termination, the Scholar and the other Guarantor shall reimburse the Association all the financial assistance granted to the Scholar.
(8)This Agreement shall be binding on the Association, its assigns and successor in title and on the Scholar and the Guarantors and their respective heirs, executors and administrators.
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IN WITNESS WHEREOF the parties hereto have hereunto set their hands the day and year first above written.
Signed by)
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for and on behalf of the Association)
in the presence of:-)
Signed by the abovenamed Scholar)
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in the presence of:-)
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Signed by the abovenamed )
1st Guarantor)
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in the presence of:-)
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Signed by the abovenamed )
2nd Guarantor)
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in the presence of:-)
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OBG/09-Study Loan Agreement