LOAN AGREEMENT SAMPLE
Tutorial
by philemon
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GLOBAL
FINANCIAL USA INC.
LOAN AGREEMENT
This Agreement is made and entered into by and between:
1) First Party: GLOBAL FINANCE
(Hereinafter referred as LENDER)
AND
2) Second Party:
Full Name: Philemon Ngeno
(Hereinafter referred as BORROWER)
RECITALS
Whereas the First Party is an investment management enterprise and would like to make an anonymous
business loan under the trusteeship of the second party for an amount of $150,000 (Hereinafter refer as
Fund), The Second Party is an experienced and proven management financial controller and turn around
manager with diversified investment knowledge and is willing to accept The fund and the First Party is
prepared to Co-operate with the Second Party in that respect. Now, therefore, in consideration of the
foregoing facts and the mutual Representations and covenants hereinafter set forth, the Parties hereto;
ARTICLE 1. AGREE AS FOLLOWS
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The recitals set forth above constitute an integral part of this agreement at all time and considered as a
fundamental condition to execute it.
ARTICLE 2. PURPOSE OF THIS AGREEMENT
The purpose of the present agreement is to define the contractual relation between the first party and the
second party.
ARTICLE 3. RIGHTS GRANTED
Subject to the terms and upon the conditions set forth herein, throughout the duration of $150,000 USD
and the Second Party Hereby accepts to use and invest the above mentioned Fund in financing
ARTICLE 4. PURPOSE
The provision of the fund is to enable the second party finance His Project with a loan under the direction
and approval of the management and authorized investment technocrats as may be assigned by the First
party.
ARTICLE 5: DUTIES OF THE FIRST PARTY
The duties of The First Party, under the terms and conditions of this contract shall be as follows:
A.) To make available the sum of $150,000USD as an loan upon formal approval by the board and
management.
B.) To confirm that the second party is legally entitled to receive the fund and is duly certified by a
certified and recognized professional body as trained fund administrator.
C.)To ensure that the second been has not been convicted of any criminal offense or does not have a
history of financial mis-application or belong to any out-lawed organization.
D.) To draw up contracts for the implementation of the agreed Investment Memorandum of
Understanding.
ARTICLE 6: DUTIES OF THE SECOND PARTY
The duties of The Second Party, under the terms and conditions of this contract shall be as follows:
A.) To make arrangement on his personal cost to be at the choice location for the formal for signing of
partnership contract and induction.
B.) To ensure prompt liberation investment portfolio (fund) allocated and transferred by the First Party, is
up to the total sum authorized , to be used for the purpose of investment.
C.) To acknowledge the receipt of funds in writing in presence of the representative of the first party.
D.) To pay on inception of the contract approved 3% interest rate per annum through out the duration of
the contract unless it?s modified by the organization.
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E.)To ensure proper documentation of all transactional expenses as well as submit quarterly audited
account to the first party financial designate.
F.)To endeavor to attend the necessary induction training and certifications.
ARTICLE 7: DURATION OF THIS AGREEMENT.
A.)The present agreement shall become effective only on the date that the first initial mobilization fund is
transferred, entered and availed into the account of the second party and shall be valid for an initial term
of Seven (7) full consecutive years
B.) Afterwards, this Agreement shall be terminated by first party after the loan tenure.
C.) Any termination of the present Agreement shall not impair any rights or remedies of any party hereto
neither accrued prior to the termination nor relieve any party of its obligations accrued prior to such
termination.
D.) The proof of acknowledgement of fund in account should be obtained from the receiving bank, as an
evidence that the money is being received by the second party to identify the validity and starting date of
this agreement.
ARTICLE 8. EXPIRATION AND CANCELLATION
8.1 This Agreement shall expire as provided in Article 8 hereon. It may Also be terminated by either party
for any of the following reasons and conditions:
8.2 If the fund agreed in this agreement has not been availed to the second party after the scheduled
transferred date for whatsoever reason, this contract will be automatically canceled and first party has
under law or jurisdiction to pay the compensation or amount to the second party.
8.3 The unanimous decision of the two parties to cancel this agreement at the terms and conditions
agreed and specified at that particular time If the second party fails to pay the interest agreed to the first
party for the first year.
8.4 Any one of the parties could cancel the agreement after settling his liabilities to the other party in the
following way:
8.5 If first party wishes to cancel at any time he should pay to the second Party the following amount: For
cancellation in any of the first year an amount of 3% of the total fund provided where it will be deducted
from the fund amount on the date of expiration
ARTICLE 9.CANCELATIONS:
9.1 For cancellation before the end of the last year of the agreement, an amount of 0.5% of the total fund
provided will be deducted from the principal amount to be paid on the date of expiration in additional to
the current year interest ( To be deducted )
9.2 The first party has the full rights to terminate the contract without any penalty or deduction if the
second party fails to pay the agreed interest rate for two consecutive years of transactions.
9.3 The second party can terminate this agreement at any time by paying back the fund in additional to
5% of the total fund or last year dividend, whichever is higher.
9.4 Furthermore, the present Agreement will be terminated in the event either party ceases activities,
liquidates or dissolves itself, demands a moratorium involving a large part of its assets, ceases to make
payments, declares bankruptcy, and is declared in judicial adjustments or liquidation or become the
object of any similar procedure, becomes the object of a judgment ordering it to cease activities, has its
assets seized or has trustee or receiver appointed.
9.5 At the end of this agreement for any reason whatsoever, the second party will return to the first Party
its whole value of current finance holding which the first party undertakes to take back.
ARTICLE 10. CONFIDENTIALITY AND ANONYMOUSITY
The parties hereto agree to respect the confidentiality nature of information which they receive during the
term of this Agreement, including information concerning the sale, distribution, Financial statements or
banks or accounts information of the company or the signatory of this agreement, and they undertake to
keep such information strictly confidential during the said term, and after the termination or non renewal of
the Agreement.
ARTICLE 11. LEGAL / PROCESSING FEES/ DUE DELIGENCE
In respect of the preparation of security documents, agreements and loan documentation, a solicitor shall
act only for the borrower/chargor and the remuneration of the solicitor shall be in accordance with the
applicable scale fee specified based on the secured or financed amount. This is in an amount of $450
payable to commence due diligence, preparation of security documents, agreements and loan
documentation.
ARTICLE 12. NOTICE
12.1 Any notice demand , request , consent , approval, designation, specification or other communication
given or made , or required to be given or made hereunder, shall be in writing and shall be hand delivered
or sent by email) addressed to the parties in the manner set forth below :
(i) to the First Party
(ii) to the Second Party
Or to such other address of facsimile or telex number or person as either party may hereafter designate.
12.2 A notice shall be deemed to have been given and received:
(i) when left at the appropriate address if hand-delivered or sent by email;
(ii) when actually received if sent by facsimile or electronic data exchange; or
(iii) when dispatched and the correct answerback received if sent by telex or facsimile.
ARTICLE 13. FORCE MAJEURE
Non compliance by either the First Party or the Second Party owing to Force Majeure with any of the said
obligations shall not lead to the Termination of this agreement provided either the first party or the Second
Party has, as soon as possible under the circumstances, notified the other party in a letter sent by email
or hand delivery, of the reason for non compliance. Pursuant to this clause, Force Majeure shall be
deemed to be any unforeseeable and irresistible event provoked by an external cause, which constitutes
an obstacle to the performance of an obligation, such as foreign or civil war, riots, acts of public enemies,
general strikes, sabotage, piracy, fire, explosion, natural disasters and act of local government and
parliamentary authority. The parties agreed to interrupt the
Agreement for the period of such event and until the activities resume normally.
ARTICLE 14. GOVERNING LAW AND JURIDICTION
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14.1 All difference concerning the validity, the interpretation or the performance of the present Agreement
shall be finally settled under the arbitration of a court in England and the language of such arbitration shall
be English.
14.2 This agreement shall in all respects be governed and construed in accordance with the law of the
country that the agreement was executed, delivered and performed within.
ARTICLE 15. MISCELLANEOUS PROVISIONS
15.1 This Agreement may be amended only by a written document signed by both parties or by their duly
authorized representatives.
15.2 This agreement supersedes all prior agreements between the parties (written or oral) and is
intended as a complete and exclusive statement of the terms of the Agreement between the parties.
15.3 All reference to a year or a month shall mean a calendar year and a period of thirty days
respectively.
15.4 In the event that this agreement is translated into any other language, the English language version
hereof shall govern.
__
Authorized Signatory For Global Finance:
Ari Gagne
____________________
Authorized Signature
For: Philemon Ngeno
GLOBAL
FINANCIAL USA INC.
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