Free Simple Credit Agreement Template
Simple Credit Agreement
Parties
This Simple Credit Agreement ("Agreement") is made and entered into by and between the following parties:
Lender: GraceSpace, whose address is San Bernardino, CA 92401.
Borrower: CorpEdge, whose address is Providence, RI 02901.
Effective Date
This Agreement shall become effective as of the 19th day of February, 2055 ("Effective Date").
Purpose
The purpose of this Agreement is to establish the terms and conditions under which the Lender agrees to extend credit to the Borrower in the form of a loan.
Loan Amount
The Lender agrees to provide a loan of [Loan Amount] USD to the Borrower.
Interest Rate
The loan shall bear interest at a rate of [Interest Rate]% per annum, calculated on the outstanding principal balance.
Repayment Terms
The Borrower agrees to repay the full amount of the loan, including interest, in 6 installments, with each installment amounting to 250 USD.
Payments shall be due on the 24th of each month, commencing on March 24, 2055 and concluding on February 24, 2065.
Late Payment
In the event of any late payment, the Borrower shall incur a late payment fee of 50 USD for each overdue installment.
Default
Should the Borrower fail to make payments as agreed upon, or otherwise breach the terms of this Agreement, the Lender reserves the right to declare the full outstanding balance immediately due and payable.
Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of [State], without regard to its conflict of law principles.
Entire Agreement
This Agreement constitutes the entire understanding between the parties and supersedes all prior agreements, whether oral or written, relating to the subject matter herein.
Amendments
Any amendments or modifications to this Agreement must be made in writing and signed by both parties to be effective.
Signature
IN WITNESS WHEREOF, the parties hereto have executed this Simple Credit Agreement as of the Effective Date.
Party A:
Party B:
