revolving credit agreement

Loan Agreement

This Loan Agreement (this Agreement) is made on [DATE],

BETWEEN:

[LENDER NAME], a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at:

[COMPLETE ADDRESS]

(the Lender)

AND:

[BORROWER NAME], a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at:

[COMPLETE ADDRESS]

(the (Borrower)

BACKGROUND

A. The Lender has agreed to make a loan of $2,500 to the Borrower on the terms and conditions set out below.

C. The Borrower is prepared to accept the loan on such terms and conditions.

In consideration of the mutual covenants, and conditions set out herein, the Lender and the Borrower hereby agree as follows:

1. Loan

The Lender agrees to loan the sum of $2,500 to the Borrower (the “Loan”).

2. Repayment of the Loan

The Borrower agrees to repay the Loan to the Lender in [NUMBER] equal monthly installments of [AMOUNT], and the first payment is due [DATE].

3. Interest

The Loan shall bear simple interest of [INTEREST RATE] per annum as may be amended by the Lender from time to time.

4. Prepayment

The Borrower shall be allowed to prepay the Loan, in full or in part, at any time without penalty.

5. Default

a) The Borrower shall be in default on the Loan if it fails to make any payment on the Loan within [DAYS] of the date on which the payment is due or fails to comply with any other provision of this Agreement.

b) In the event of default, the interest rate on the outstanding balance of the Loan shall increase to [INTEREST RATE] per annum.

c) The Lender reserves the right to pursue any remedies available at law or in equity for any default by the Borrower, including without limitation the right to seek the appointment of a receiver, or to commence foreclosure proceedings.

6. Warranty

The Borrower represents and warrants that:

a) it is a corporation duly organized, validly existing and in good standing under the laws of the [State/Province] of [STATE/PROVINCE];

b) it has the power and authority to enter into this Agreement and to perform its obligations hereunder; and

c) this Agreement is valid and binding upon the Borrower in accordance with its terms.

7. Representations

The Borrower hereby represents and warrants that:

a) all information provided to the Lender in connection with the Loan is true and correct; and

b) the Loan shall be used solely for lawful purposes.

8. Governing Law

This Agreement shall be governed by and construed in accordance with the laws of [STATE/PROVINCE], and the parties hereby submit to the exclusive jurisdiction of the courts of [STATE/PROVINCE] for any disputes that may arise under this Agreement.

IN WITNESS WHEREOF, the Lender and Borrower have executed this Agreement on the day and year first written above.

[LENDER NAME]

[BORROWER NAME]

Revolving Credit Agreement

This Revolving Credit Agreement (this “Agreement”) is dated [date], by and between [Name of Borrower] (the “Borrower”), whose address is [address], and [Name of Lender] (the “Lender”), whose address is [address]. The Borrower and Lender are hereby collectively referred to as the “Parties.”

WHEREAS, the Borrower wishes to obtain a revolving line of credit in the principal amount of [Currency and Amount] (the “Loan”) from the Lender;

WHEREAS, the Lender is willing to provide such financing to the Borrower on the terms and conditions set forth in this Agreement;

NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

1. Definitions. Each of the terms “Borrower”, “Lender”, and “Loan” shall have the meanings given to them in the preamble of this Agreement.

2. Loan Draws. The Lender shall make available to the Borrower an amount equal to the Loan upon the draw down date set forth in the Schedule. Interest shall accrue at a rate of [percentage] per annum, compounded and calculated on the principal amount outstanding, from the drawdown date until all amounts due hereunder are paid in full.

3. Repayment. All amounts due hereunder will be due and payable by the Borrower on the repayment date set forth in the Schedule. The Borrower shall be required to make regular repayments of principal, interest, and any other fees owing in accordance with the repayment schedule set forth in the Schedule.

4. Default. In the event that the Borrower fails to make any payment when due as provided herein, the Borrower shall be in default. Upon default, the Lender may, at its discretion, declare all amounts owing hereunder immediately due and payable and take any further action as may be permissible under applicable law, including, but not limited to, recovering any amounts due from the Borrower from other sources.

5. Representations, Warranties and Covenants. Both the Borrower and the Lender each represent, warrant, and covenant that:

a. The Borrower is a duly organized and validly existing corporation;

b. The Borrower has all corporate power and authority necessary to enter into and perform its obligations under this Agreement;

c. The Borrower has full power to execute and deliver this Agreement; and

d. All payments and reimbursements required to be made by the Borrower under this Agreement will be full without fraud or negligence.

6. Governing Law. This Agreement and the rights and obligations of the Parties hereunder shall be governed by, and construed in accordance with, the laws of [state].

7. No Waiver. No waiver of any breach or default by any party under this Agreement shall be deemed to be a waiver of any other breach or default of any kind whatsoever.

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first above written.

BORROWER:

[Name of Borrower]

By: ___________________________________

Name: ________________________________

Title: ________________________________

LENDER:

[Name of Lender]

By: ___________________________________

Name: ________________________________

Title: ________________________________