Promissory Note Line of Credit

{{company_name}}

{{company_address}}

Phone: {{phone}} | Email: {{email}} | Web: {{website}}

Promissory Note Line of Credit

Promissory Note Line of Credit

PARTIES

This Promissory Note Line of Credit (hereinafter "Note") is made and entered into on this {{day}} day of {{month}}, {{year}}, by and between:

Lender: {{lender_company_name}} Registration Number: {{lender_company_registration_number}} Address: {{lender_company_address}}

Borrower: {{borrower_company_name}} Registration Number: {{borrower_company_registration_number}} Address: {{borrower_company_address}}

(collectively referred to as "Parties" and individually as "Party").

PRINCIPAL AMOUNT

For value received, the Borrower promises to pay to the order of the Lender, at the address specified above or such other place as the Lender may designate in writing, the principal sum of up to {{currency}} {{maximum_credit_limit}} ({{maximum_credit_limit_words}}), representing the maximum available credit under this Note (the "Principal Amount").

DRAWDOWNS AND REPAYMENT

2.1. The Borrower may request advances (each, a "Drawdown") against the Principal Amount from time to time, up to the maximum credit limit, by providing written notice to the Lender.

2.2. Each Drawdown shall be evidenced by a written request or a record maintained by the Lender. The aggregate outstanding balance of all Drawdowns shall not exceed the Principal Amount.

2.3. The Borrower agrees to repay the outstanding Principal Amount, together with all accrued interest and other charges, in {{number_of_installments}} ({{number_of_installments_words}}) equal monthly installments of {{currency}} {{monthly_installment_amount}} ({{monthly_installment_amount_words}}), commencing on {{first_repayment_date}} and continuing on the {{repayment_day_of_month}} day of each subsequent month until the entire Principal Amount and all accrued interest have been paid in full.

2.4. Notwithstanding the foregoing, the entire outstanding balance of this Note, including all accrued interest and other charges, shall become immediately due and payable on {{maturity_date}} (the "Maturity Date").

INTEREST

3.1. Interest shall accrue on the outstanding Principal Amount at a rate of {{interest_rate_percentage}}% ({{interest_rate_percentage_words}} percent) per annum, calculated daily and compounded monthly.

3.2. Interest shall be calculated on the basis of a 365-day year for the actual number of days elapsed.

3.3. In the event of default, interest on the overdue amount shall accrue at a default rate of {{default_interest_rate_percentage}}% ({{default_interest_rate_percentage_words}} percent) per annum, from the date of default until the overdue amount is paid in full.

DEFAULT

5.1. The occurrence of any of the following events shall constitute an "Event of Default" under this Note:

(a) Failure by the Borrower to pay any amount due under this Note on the due date.

(b) Breach by the Borrower of any other term or condition of this Note.

(c) Insolvency or bankruptcy of the Borrower.

5.2. Upon the occurrence of an Event of Default, the Lender may, at its option, declare the entire outstanding balance of this Note, including all accrued interest and other charges, immediately due and payable without presentment, demand, protest, or further notice of any kind.

GOVERNING LAW AND JURISDICTION

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

6.2. Any dispute arising out of or in connection with this Note shall be subject to the exclusive jurisdiction of the courts of {{country}}.

GENERAL PROVISIONS

7.1. This Note constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior discussions, negotiations, and agreements, whether oral or written.

7.2. No amendment or modification of this Note shall be effective unless in writing and signed by both Parties.

7.3. The Borrower waives presentment for payment, demand, notice of non-payment, protest, and notice of protest.

7.4. The Lender may assign or transfer its rights and obligations under this Note without the prior written consent of the Borrower.

7.5. If any provision of this Note is held to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.

NOTICES

Any notice or communication required or permitted under this Note shall be in writing and shall be deemed to have been duly given if delivered personally, sent by registered mail, or transmitted by email to the addresses of the Parties first set forth above, or to such other address as a Party may designate by notice to the other Party.

SIGNATURES

IN WITNESS WHEREOF, the Parties hereto have executed this Promissory Note Line of Credit as of the date first above written.

Lender: _____________________________ By: {{lender_authorized_signatory_name}} Title: {{lender_authorized_signatory_title}}

Borrower: _____________________________ By: {{borrower_authorized_signatory_name}} Title: {{borrower_authorized_signatory_title}}

Witness 1: _____________________________ Name: {{witness_1_name}} Address: {{witness_1_address}}

Witness 2: _____________________________ Name: {{witness_2_name}} Address: {{witness_2_address}}