Free Company Credit Agreement Template
Company Credit Agreement
This Company Credit Agreement ("Agreement") is made and entered into as of the [Date] ("Effective Date"), by and between Notable20, a California corporation with its principal place of business at San Francisco, CA 94102 ("Lender"), and ZenExa, a Colorado corporation with its principal place of business at Denver, CO 80202 ("Borrower").
1. Purpose
The purpose of this Agreement is to set forth the terms and conditions under which the Lender will extend credit to the Borrower and the Borrower shall repay any amounts advanced under the terms of this Agreement.
2. Credit Facility
2.1 Amount
The Lender agrees to make available to the Borrower a credit facility in the maximum principal amount of $125,000 (the "Credit Facility"), which may be drawn upon as needed by the Borrower in accordance with the terms and conditions of this Agreement.
2.2 Conditions Precedent
The obligation of the Lender to extend credit under the Credit Facility shall be subject to the receipt by the Lender of a duly executed copy of this Agreement and such other documents, certificates, and/or conditions as the Lender may reasonably require.
3. Interest
The principal amount outstanding under the Credit Facility shall bear interest at a rate of [Interest Rate] per annum, calculated on the basis of a 360-day year and the actual number of days elapsed in the period during which it accrues, unless otherwise specified in this Agreement.
4. Repayment
4.1 Payment Schedule
The Borrower shall repay the principal amount of the Credit Facility in accordance with the repayment schedule set forth in Exhibit A attached hereto.
4.2 Prepayment
The Borrower may prepay any amounts owed under this Agreement at any time without penalty, subject to the Lender's receipt of written notice at least [Notice Period] days prior to any prepayment.
5. Events of Default
An "Event of Default" shall occur if (a) the Borrower fails to make any payment due under this Agreement within 14 days of its due date, (b) the Borrower breaches any covenant or agreement contained herein, or (c) any representation or warranty made by the Borrower in connection with this Agreement is false or misleading in any material respect.
6. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of California, without regard to its conflict of laws principles.
7. Entire Agreement
This Agreement constitutes the entire agreement and understanding between the parties with respect to the subject matter hereof and supersedes all prior agreements, understandings, negotiations, and discussions, whether oral or written, between the parties.
Signatures
IN WITNESS WHEREOF, each of the undersigned has executed this Agreement as of the Effective Date.
Party A:
Party B:
