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The document discusses terms of a loan agreement between a creditor and debtor. It outlines penalties for late payments including a 1.25% weekly penalty on overdue amounts. It also discusses provisions for indemnifying legal fees and costs for any party that materially breaches the agreement.

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Cyrus Santos
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25 views

5

The document discusses terms of a loan agreement between a creditor and debtor. It outlines penalties for late payments including a 1.25% weekly penalty on overdue amounts. It also discusses provisions for indemnifying legal fees and costs for any party that materially breaches the agreement.

Uploaded by

Cyrus Santos
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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ment to CREDITOR is overdue under the loan agreement and,

also, the late payment penalty describe below, or (ii) CREDITOR has the right to redeem the PRODUCT

3. Penalty for Late Payment. There shall also be imposed upon EBTOR a 1.25% penalty for any late

payment computed upon the amount of any principal and accrued interest per week whose payment to

CREDITOR is overdue under this loan agreement.

4. Indemnification of Attorney’s Fees and Out-of- Pockets Cost. Should any party materially breach this

agreement, the non-breaching party shall be indemnified by the breaching party for its reasonable

attorney’s fees and out-of-pocket cost which in any way relate to, or were precipitated by, the breach of

this agreement. The term “out-of-pocket costs”, as used herein, shall not include lost profits. A default

by DEBTOR which is not cured within 15 days after receiving a notice of default from CREDITOR

constitutes a material breach of this agreement by DEBTOR.

IN WITNESS WHEREOF, the parties hereto have caused this AGREEMENT to be executed by their
respective

duly authorized signatories on (date) ______________.

_________________________ ______________________

(Creditor) (Debtor)

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