LLC Loan Agreement
1. PARTIES
This Loan Agreement (the "Agreement") is entered into between:
Lender: [Your Company Name], LLC, a limited liability company organized under the laws of the State of New York, has its principal place of business at [Your Company Address] ("Lender").
Borrower: TechNova Solutions, LLC, a limited liability company organized under the laws of the State of California, has its principal place of business at 456 Innovation Drive, San Francisco, CA 94101 ("Borrower").
2. LOAN AMOUNT AND PURPOSE
The Lender agrees to provide a loan to the Borrower in the amount of $500,000 (Five Hundred Thousand Dollars) (the "Loan").
The Borrower agrees to use the Loan to finance its new AI research and development lab.
3. LOAN TERMS
Interest Rate: The Loan shall bear interest at a fixed annual rate of 5%.
Repayment Schedule: The Loan shall be repaid in 60 monthly installments of $9,416.67 each, commencing on February 15, 2050, and continuing on the 15th of each subsequent month until the Loan is fully repaid.
Maturity Date: The final payment shall be due on January 15, 2055.
4. COLLATERAL
As security for the Loan, the Borrower pledges its proprietary AI patents, specifically Patent Nos. 123456-AI2050 and 654321-AI2050.
5. REPRESENTATIONS AND WARRANTIES
The Borrower represents and warrants that:
It is duly organized, validly existing, and in good standing under the laws of the State of California.
It has the authority to enter into and perform its obligations under this Agreement.
The proceeds of the Loan will be used solely for lawful business purposes as specified in Section 2.
6. EVENTS OF DEFAULT
The Loan shall be considered in default if:
The Borrower fails to make any payment when due.
The Borrower breaches any covenant or representation in this Agreement.
The Borrower files for bankruptcy or becomes insolvent.
In the event of default, the Lender may accelerate the Loan, requiring immediate payment of all principal and accrued interest.
7. GOVERNING LAW
This Agreement shall be governed by and construed by the laws of the State of New York.
8. ENTIRE AGREEMENT
This Agreement constitutes the entire understanding between the parties and supersedes all prior agreements, whether written or oral, concerning the Loan.
9. SIGNATURES
[Your Name]
[Your Company Name]
[Date]
Jane Innovator
TechNova Solutions, LLC
[Date]
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