(LenderandBorrowerandGuarantorhereinafter jointly referred to as the "Parties" and individually as the "Party")
IN CONSIDERATION OF the Lender loaning certain amount of money to the Borrower and the Borrower repaying the Loan to the Lender, both Parties agree to keep, perform and fulfil the promises and conditions set out in this Agreement:
1.1.The Lender promises to loanIn Words(the "Loan")to the Borroweron the terms and subject to the conditions of this Agreement and the Borrower promises to repay the Loan to the Lenderinterestpayable on the unpaid principal at the rate ofpercentagepercent (the "Interest Rate") percalculatedadvance.
2.1.The Borrower will use any amount borrowed under this Agreementdescribe purposeor for any
other purpose approved by the Lender.
2.2.The Lender has no obligation to check how any amount lent under this Agreement is used.
3.1.The Lender must pay the full amount of the Loan to the Borrower in one drawing by
in cleared funds .
How will the Borrower repay the Loan?
4.1.The Loan will be repaid in full on
4.2.The interest shall be paid .
4.3.At any time while not in default under this Agreement, the Borrower may pay the outstanding balance then owing under this Agreement to the Lender witout further bonus or penalty.
5.1.If the Borrower does not make a payment under this Agreement when due, interest on the unpaid amount will accrueat a rate ofpercentage%above the Interest Ratefrom the date of non-payment to the date of actual payment. Interest accrued under this paragraph will be payable at any time on demand.
5.2.Notwithstanding anything to the contrary in this Agreement, if the Borrower defaults in the performance of any obligation under this Agreement more thannumberday(s), than the Lender may declare the principal amount owingand interestdue under this Agreement at that time to be immediately due and payable.
5.3.Further, if the Lender declares the principal amount owing under this Agreement to be immediately due and payable, and the Borrower fails to provide full payment, interest at the rate ofpercentage% percalculatedadvance, will be charged on the outstanding amount, commencing the day the principal amount is declared due and payable, until full payment is received by the Lender.
Will this Agreement be secured by any collateral?
The Loan is secured by
6.1.This Loan is secured by themake:, model:, year:, VIN:(the "Security").
6.2.This Loan is secured by the bank saving of the Borrower.
Bank account details:
Owner's name: .
Bank name: .
Bank address: .
Bank sortcode: .
Account number: .
6.3.The Borrower grants to the Lender a security interest in the Security until this Loan is paid in full. The lender will be listed as a lender on the title of the Security whether or not the Lender elects to perfect the security interest in the Security. The Borrower will do everything necessary to assist the Lender in perfecting its security interest.
7.1.The Guarantor irrevocably and unconditionally:
7.1.1.guarantees to the Lender punctual performance by the Borrower of all that Borrower’s obligations under the Agreement;
7.1.2.undertakes with each Lender that whenever a Borrower does not pay any amount when due under or in connection with the Loan Agreement, that Guarantor shall immediately on demand pay that amount as if it was the principal Borrower; and.
7.1.3.agrees with the Lender that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary obligation, indemnify the Lender immediately on demand against any cost, loss or liability it incurs as a result of the Borrower not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by it under the Agreement on the date when it would have been due. The amount payable by a Guarantor under this indemnity will not exceed the amount the Borrower would have had to pay under this Agreement if the amount claimed had been recoverable on the basis of a guarantee.
7.2.This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by the Borrower under the Agreement, regardless of any intermediate payment or discharge in whole or in part.
8.1.address specified below or at such other address as the party shall specify in writing. Such notice shall be deemed given upon personal delivery, or USPS express mail delivery, to the appropriate address, or if sent by certified or registered mail,numberdays after the date of mailing to the following:
Individual Name: .
Individual Name: .
9.1.Neither party shall be responsible for damages to the other party to the extent that a breach of this Agreement (or failure to perform) by such party is due to an act of god, strike or other labor dispute, war, terrorist activity, riot, civil disorder, embargo, fire, flood, weather condition, or any other casualty, beyond the reasonable control of such party (collectively, “Force Majeure”).
9.2.During any delay in performance due to an event of Force Majeure, the disabled party shall use its reasonable efforts and due diligence to resolve the cause of the delay and to minimize the effects thereof. If any of the obligations of any of the parties is hindered or prevented, in whole or in substantial part, because of a Force Majeure Event, then all other obligations of the parties shall continue. Delays or non-performance excused by this provision shall not excuse performance of any other obligation that is outstanding at the time of occurrence.
9.3.Notwithstanding the preceding, in the event such Force Majeure continues for a period ofnumberconsecutive months, either party shall have the right, but not the obligation, to serve a written notice on the other terminating this Agreement in full and each shall have no further obligation whatsoever to the other save that Company shall continue to be obliged to make payments of monies due hereunder but not paid at the date of termination.
This Agreement shall be governed by and construed in accordance with the laws of the Province of .
Pronouns; Statutory References
All pronouns and all variations thereof shall be deemed to refer to the masculine, feminine, or neuter, singular or plural, as the context in which they are used may require. Any reference to the Code, the Regulations, the Act, or other statutes or laws will include all amendments, modifications, or replacements of the specific sections and provisions concerned.
In the event any claim is made by any Party relating to any conflict, omission or ambiguity in this Agreement, no presumption or burden of proof or persuasion shall be implied by virtue of the fact that this agreement was prepared by or at the request of a particular Party or the Party’s counsel.
References to this agreement
Numbered or lettered articles, sections and subsections herein contained refer to articles, section and subsections of this Agreement unless otherwise expressly stated.
All Exhibits attached to this Agreement are incorporated and shall be treated as if set forth herein.
In the event that any term or provision of this Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect, such validity, illegality or unenforceability shall not affect any other term or provision, and this Agreement shall be interpreted and construed as if such term or provision, to the extent the same shall have been held invalid, illegal or unenforceable, had never been contained herein.
Each of the parties hereto shall execute and deliver any and all additional papers, documents, and other assurances, and shall do any and all acts and things, which are reasonably necessary (including, without limitation, the delivery by Assignor of any original Trademark registration certificates and all subsequent certificates should they issue to Assignor, including all executed assignment documents relating to this Agreement to Assignee promptly after the date listed above in connection with the performance by the parties of their obligations hereunder and to carry out the intent of the parties hereto.
The paragraph headings used herein are descriptive only and shall not affect the meaning or interpretation of this Agreement.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which when taken together shall constitute one and the same Agreement.
This Agreement constitutes the entire understanding between the parties with respect to the subject matter contained herein.
IN WITNESS WHEREOF, the Parties have duly affixed their signatures on_____
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