LOAN AGREEMENT
THIS AGREEMENT IS MADE the __ day of ___2003 BETWEEN:
(1) GAN-Ga :)(the “Lender”); and
(2) [ ](the “Borrower”).
IT IS HEREBY AGREED as follows:
1. Loan. Subject to and in accordance with this agreement, its terms,
conditions and covenants, the Lender agrees to lend the Borrower on __
day of ___ (the “Loan Date”) the sum of fourteen hundred pounds
(£1400.00) (the “Loan”).
2. Note. The Loan shall be evidenced by a Note in the form attached
as Exhibit A of this agreement (the “Note”) executed by the Borrower
and delivered to the Lender on the Loan Date.
3. Interest. Both parties have agreed that the Loan shall not bear
interest. However, in the event of a default in payment, interest
shall be applied from the date of default at an annual rate of [ ]%
per annum unless otherwise agreed in writing between the parties.
4. Payment. Payment shall be in accordance with the terms of the
Note. The Note may, at any time, and from time to time, be paid or
prepaid in whole or in part without premium or penalty except that any
partial payment shall be a minimum of £[ ].
5. Security. From time to time the Lender may demand, and the
Borrower shall execute, additional loan documents which are reasonably
necessary to perfect the Lender’s security interests.
6. Representations and Warranties. The Borrower represents and
warrants: (i) that the execution, delivery and performance of this
agreement and the Note have been duly authorised and are proper; (ii)
that there will be no material adverse changes in the financial
condition of the Borrower at the time of the Loan Date; (iii) there
are no material, unrealised or anticipated losses from any present
commitment of the Borrower; (iv) that the Borrower will advise the
Lender of material adverse changes which may occur at any time prior
to the Loan Date and thereafter to the date of final payment. The
Borrower represents and warrants that such representations and
warranties shall be deemed to be continuing representations and
warranties during the entire life of this agreement.
7. Default. The Borrower shall be in default: (i) if any payment due
hereunder is not made within [10] days of the date due; (ii) in the
event of assignment by the Borrower for the benefit of creditors;
(iii) upon the filing of any voluntary or involuntary petition of
bankruptcy by or against the Borrower; or (iv) if the Borrower has
breached any representation or warranty specified in this agreement.
8. Governing Law. This agreement and the Note shall be governed by,
construed and enforced in accordance with the laws of England and
Wales and both parties agree to submit to the exclusive jurisdiction
of the English Courts.
IN WITNESS OF WHICH the parties have signed this agreement the day and
year first above written.
Signed by the Borrower: ____________________
in the presence of (witness signature): ______________
Name:
Address:
Occupation:
Signed by the Lender: ____________________
in the presence of (witness signature): ______________
Name:
Address:
Occupation: