Pro Forma Credit Agreement
Purpose
This Pro Forma Credit Agreement (the "Agreement") is entered into as of the 24th day of August 2054, by and between Maria Turner("Lender") and Lawrence Orn("Borrower"). The primary purpose of this Agreement is to establish the terms and conditions under which the Lender extends a credit facility to the Borrower.
Definitions
For the purposes of this Agreement, the following terms shall have the meanings set forth below:
Credit Facility: The total amount of credit to be made available to the Borrower by the Lender, as described in Section 2.
Maturity Date: The date on which the Borrower must repay the outstanding principal and all accrued interest.
Interest Rate: The annual rate at which interest shall accrue on the outstanding principal.
Credit Facility
Amount and Availability
The Lender hereby agrees to extend a credit facility to the Borrower in the principal amount not exceeding four hundred and fifty thousand Dollars ($450,000), subject to the terms and conditions herein.
Interest and Repayment
Interest
The outstanding principal balance under the Credit Facility shall bear interest at a rate of 8% per annum. Interest shall be calculated on the basis of a 365-day year and the actual number of days elapsed.
Repayment
The Borrower agrees to repay the outstanding principal balance and all accrued interest in full on or before the Maturity Date, which shall be the 14th day of September, 2058.
Covenants and Representations
The Borrower hereby represents and warrants to the Lender as follows:
The Borrower is duly organized, validly existing, and in good standing under the laws of its jurisdiction of incorporation.
The Borrower has full power and authority to enter into and perform its obligations under this Agreement.
This Agreement has been duly authorized, executed, and delivered by the Borrower and constitutes a legal, valid, and binding obligation of the Borrower.
Events of Default
The following events shall constitute an event of default ("Event of Default") under this Agreement:
The Borrower fails to make any payment when due under this Agreement.
The Borrower breaches any representation, warranty, or covenant contained in this Agreement.
The Borrower becomes insolvent or files for bankruptcy protection.
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.
Signatures
IN WITNESS WHEREOF, the parties hereto have executed this Pro Forma Credit Agreement as of the date first above written.
Maria Turner
Rocky Orn
Agreement Templates @ Template.net
