Loan Agreement
The loan agreement will be effective between: May 8, 2019 and August 8, 2019.
Parties
Borrower:
Under the Bonnet Wines Ltd
Flat 6, Woodfield House
Dacres Estate,
Dacres Road,
London
SE23 2BL
Lenders:
Please provide details on form, below.
Terms and Conditions
Loan Amount & Interest
1. The Lender promises to loan £510(GBP) to the Borrower for Wine Pallet Purchase and the Borrower promises to repay this principal amount to the Lender with interest payable in the form of wine bottles equal to a pre-agreed percentage (24% at retail value) based on the loan amount.
2. The wine bottles will be distributed to the Lenders after the Borrower retains possession of the wine pallet.
3. This Loan will be repaid in full when the business has received full payment from customers, being no later than three months from the execution of this Loan.
4. Notwithstanding anything to the contrary in this Agreement, if the Borrower defaults in the performance of any obligation under this Agreement, then the Lender may declare the principal amount owing and interest due under this Agreement at that time to be immediately due and payable.
Governing Law
5. This Agreement will be construed in accordance with and governed by the laws of the Country of England.
Amendments
6. This Agreement may only be amended or modified either in part or whole, by a further agreement in writing executed by both the Borrower and the Lender, and signed by both parties.
Entire Agreement
7. This Agreement constitutes the entire agreement between the parties and there are no further items or provisions, either oral or otherwise.