Repayment Contract
REPAYMENT CONTRACT
This Repayment Contract ("Contract ") is made and entered into by [Your Name], whose address is [Your Company Address] (hereinafter referred to as "Lender" or "Party A"), and [Name of Borrower], whose address is [Borrower's Address] (hereinafter referred to as "Borrower" or "Party B"). Collectively, Party A and Party B may be referred to as the "Parties."
RECITALS
WHEREAS, the Lender has agreed to extend a loan to the Borrower, and
WHEREAS, the Borrower has agreed to accept this loan and is committed to repaying the full amount under the terms and conditions agreed upon herein;
NOW, THEREFORE, in consideration of the mutual promises and agreements contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:
1. Loan Amount
The principal sum of the loan provided by the Lender to the Borrower under this Agreement is $10,000 (USD) (the "Loan").
2. Purpose of Loan
Party B agrees and declares that the mentioned loan from Party A will be used for unexpected financial emergencies only.
3. Interest Rate
The Loan shall bear interest at an annual rate of 5 percent. Interest shall be calculated on a 365-day year basis and shall accrue daily from the date the Loan is disbursed to the Borrower.
4. Repayment
The Borrower shall repay the principal amount of the Loan, together with accrued interest, according to the following repayment schedule:
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The initial repayment is due on January 1, 2050.
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Subsequent repayments are due on April 1, 2050, and July 1, 2050, and will continue quarterly until the Loan is fully repaid.
5. Default
In the event of a default, which is defined as the Borrower's failure to pay any amount due under this Agreement on the due date, the Lender shall have the right, without prejudice to any other rights it may have under this Agreement or by law, to demand immediate payment of all outstanding balances owed
6. Governing Law
This Agreement shall be governed by and interpreted under the laws of [Country], without giving effect to any principles of conflicts of law.
7. Entire Agreement
This document and any exhibits attached constitute the entire agreement between the Parties concerning the subject matter hereof and supersede all previous agreements, understandings, and negotiations, whether written or oral.
8. Amendment
This Agreement may only be amended or modified by a written document executed by both Parties.
IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.
Lender: [Your Name]
Borrower: [Name of Borrower]
