EMPLOYEE LOAN AGREEMENT
This Employee Loan Agreement ("Agreement") is entered into on June 1, 2053 by and between [Your Company Name], hereinafter referred to as the "Employer," and Belinda Jones, hereinafter referred to as the "Employee."
1. Loan Details
1.1. Loan Amount: The Employer agrees to lend the Employee the sum of $5,000.00 (USD).
1.2. Interest Rate: This loan shall be interest-free.
2. Loan Purpose
2.1. The Employee shall use the loan solely for the purpose of paying off outstanding medical bills. The Employee shall provide proof of expenditure upon request by the Employer.
3. Repayment Terms
3.1. Repayment Schedule: The Employee agrees to repay the loan in [Number of Installments] equal monthly installments of 12 equal monthly installments of $416.67 (USD) starting on June 30, 2053 and continuing on the 15th day of each subsequent month until the loan is fully repaid.
3.2. Method of Repayment: The loan repayment will be deducted from the Employee's salary through direct deposit on the 15th day of each month.
3.3. Prepayment: The Employee may make prepayments or pay off the loan in full at any time without incurring any prepayment penalties.
4. Duration of Agreement
This Agreement shall commence on June 1, 2053 and shall continue until the full loan amount, including any interest, if applicable, is repaid in accordance with Section 3.
5. Default
In the unfortunate event of any default in making a payment under this Agreement, the Employee shall be held liable for a late payment fee of 5% of the outstanding installment, as stipulated by applicable state and federal laws. This provision ensures adherence to legal requirements while also highlighting the importance of timely and responsible repayment to avoid any complications.
6. Termination or Repayment upon Employment Termination
In the event of the Employee's voluntary or involuntary termination of employment with the Company, the outstanding loan balance shall become immediately due and payable. The Employee authorizes the Company to deduct any outstanding loan balance from his/her final paycheck.
7. Confidentiality
The Employee commits to maintaining strict confidentiality regarding this Agreement and all aspects related to the loan, including its terms and financial particulars, to safeguard the privacy and integrity of the transaction and the involved parties. The Employee further agrees not to disclose this Agreement to any third parties, ensuring the utmost discretion and security in handling this sensitive financial arrangement.
8. Governing Law
This Agreement shall be exclusively governed by and meticulously constructed in accordance with the laws of the State of Delaware, serving as the authoritative legal jurisdiction for any matters, disputes, or interpretations pertaining to this Agreement, and affirming the clear legal framework underpinning the loan arrangement.
9. Entire Agreement
This Agreement constitutes the entire agreement between the parties and supersedes all prior oral or written agreements, understandings, or representations.
10. Signatures
By affixing your signatures below, both parties acknowledge to have diligently read and fully comprehended the terms and conditions outlined in this Employee Loan Agreement. You willingly and knowingly agree to be bound by these provisions, promoting transparency and mutual understanding in this financial arrangement.
[Your Name] | | Belinda Jones |
Authorized Representative June 1, 2053 | Employee June 1, 2053 |
HR Templates @ Template.net
