Secured Installment Note

Company Letterhead

{{company_name}}

{{company_address}}

Phone: {{phone}}

Email: {{email}}

Website: {{website}}

SECURED INSTALLMENT NOTE

FOR VALUE RECEIVED, the undersigned, {{borrower_name}} (the “Borrower”), located at {{borrower_address}}, promises to pay to the order of {{lender_name}} (the “Lender”), located at {{lender_address}}, the principal sum of {{loan_amount_words}} (R{{loan_amount_figures}}), together with interest at the rate of {{interest_rate}}% per annum (the “Principal Amount”).

Payment Terms

The Principal Amount and accrued interest shall be repaid in regular installments of R{{installment_amount}} each, commencing on {{first_payment_date}} and continuing on the {{payment_day}} day of each subsequent {{payment_frequency}} thereafter until the Principal Amount and all accrued interest are paid in full. All payments shall be made to the Lender at the address stated above, or at such other place as the Lender may designate in writing. Each payment shall be applied first to accrued interest and then to the Principal Amount.

Collateral

To secure the repayment of this Note, the Borrower hereby grants to the Lender a security interest in the following described collateral (the “Collateral”): {{collateral_description}} The Borrower represents and warrants that it is the lawful owner of the Collateral, free and clear of all liens, encumbrances, and security interests other than those granted herein, and that it has the right to grant this security interest. The Borrower agrees to maintain the Collateral in good condition and to keep it insured against loss or damage in an amount not less than the outstanding balance of this Note, with the Lender named as an additional loss payee.

Acceleration upon Default

If the Borrower fails to make any payment when due under this Note, or if any representation or warranty made by the Borrower herein proves to be false, or if the Borrower breaches any other term or condition of this Note or any related security agreement, then the entire unpaid Principal Amount and all accrued interest shall, at the option of the Lender, become immediately due and payable without notice or demand. The Lender shall also have all rights and remedies of a secured creditor under the applicable laws, including the right to repossess and sell the Collateral.

Prepayment

The Borrower shall have the right to prepay this Note in whole or in part at any time without penalty.

Governing Law

This Note shall be governed by and construed in accordance with the laws of {{country_of_governing_law}}.

Notices

Any notice required or permitted to be given under this Note shall be in writing and shall be deemed to have been duly given if delivered personally, sent by reputable overnight courier service, or mailed by certified or registered mail, postage prepaid, return receipt requested, to the parties at their respective addresses set forth above, or to such other address as any party may designate by notice in accordance with this Section.

Entire Agreement

This Note constitutes the entire agreement between the Borrower and the Lender with respect to the subject matter hereof and supersedes all prior negotiations, understandings, and agreements, whether written or oral, between the parties.

Signatures

IN WITNESS WHEREOF, the parties have executed this Secured Installment Note as of {{note_date}}.

_____________________________

{{borrower_name}}

Borrower

_____________________________

{{lender_name}}

Lender