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    Loan Agreement: of Jmv/la/sept292020

    Uploaded by

    James
    This loan agreement is between Nenalyn F. Tallo as the creditor and an unnamed debtor. The creditor agrees to loan 50,000 Saudi Riyals to the debtor with an interest rate of 3% per month on the outstanding balance. The debtor must repay the loan in equal monthly installments over a set number of months, with interest and any penalties paid on the same dates. The agreement outlines events of default such as failure to pay or insolvency, allowing the creditor to demand full repayment, and specifies that Philippine law governs the contract.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Loan Agreement: of Jmv/la/sept292020

    Uploaded by

    James
    174 views3 pages
    This loan agreement is between Nenalyn F. Tallo as the creditor and an unnamed debtor. The creditor agrees to loan 50,000 Saudi Riyals to the debtor with an interest rate of 3% per month on the outstanding balance. The debtor must repay the loan in equal monthly installments over a set number of months, with interest and any penalties paid on the same dates. The agreement outlines events of default such as failure to pay or insolvency, allowing the creditor to demand full repayment, and specifies that Philippine law governs the contract.

    Original Title

    LOAN AGREEMENT

    Copyright

    © © All Rights Reserved

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    This loan agreement is between Nenalyn F. Tallo as the creditor and an unnamed debtor. The creditor agrees to loan 50,000 Saudi Riyals to the debtor with an interest rate of 3% per month on the outstanding balance. The debtor must repay the loan in equal monthly installments over a set number of months, with interest and any penalties paid on the same dates. The agreement outlines events of default such as failure to pay or insolvency, allowing the creditor to demand full repayment, and specifies that Philippine law governs the contract.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    174 views3 pages

    Loan Agreement: of Jmv/la/sept292020

    Uploaded by

    James
    This loan agreement is between Nenalyn F. Tallo as the creditor and an unnamed debtor. The creditor agrees to loan 50,000 Saudi Riyals to the debtor with an interest rate of 3% per month on the outstanding balance. The debtor must repay the loan in equal monthly installments over a set number of months, with interest and any penalties paid on the same dates. The agreement outlines events of default such as failure to pay or insolvency, allowing the creditor to demand full repayment, and specifies that Philippine law governs the contract.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3
    At a glance
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    The key takeaways are that this document outlines the terms of a loan agreement between a creditor and debtor, including the loan amount, interest rate, payment schedule, events of default, and consequences.

    The terms of the loan include a principal amount of 50,000 Saudi Riyals at 3% interest per month to be paid back in equal monthly installments over a certain number of months, with interest due along with each principal payment.

    Events of default include failure to make payments on time, insolvency of the debtor, or attachment or levy of the debtor's property that would impair their ability to repay the loan.

    LOAN AGREEMENT

    KNOW ALL MEN BY THESE PRESENTS:

    This agreement is entered into this 29 September 2020, at Jeddah, Saudi


    Arabia, by and between:

    Nenalyn F. Tallo, Filipino, single, of legal age, and with postal address at
    Guimbal, Iloilo, Philippines , hereinafter referred to as the “Creditor”;

    -and-

    (Name of Debtor), Filipino, single, of legal age, and with postal address at
    (address), hereinafter referred to as the “Debtor”;

    WITNESSETH: THAT

    WHEREAS, the Debtor has requested a loan of Fifty Thousand Saudi


    Riyals (50,000 Riyals) (the “Loan’) from the Creditor;

    WHEREAS, the Creditor has agreed to extend the loan to the Debtor
    subject to the terms and conditions set forth herein;

    NOW, THEREFORE, for and in consideration of the foregoing premises


    and of the mutual covenants and agreements hereinafter stated, the
    Parties agree as follows:

    1. Loan. The Creditor has agreed to extend the loan to the Debtor, the full
    amount of which is acknowledged to have been received by the Debtor.

    2. Interest. The Debtor shall pay interest on the Loan at the rate of three
    percent (3%) per month on the outstanding balance. All payments for
    interests shall be computed monthly on the basis of twelve (12) months
    a year for the actual months elapsed. Interest shall accrue from the date
    hereof until full payment thereof.

    3. Payment. The Debtor shall fully pay the Loan and any accrued interest
    to the Creditor as follows:

    a. Loan. Within (number of months kung kelan babayaran like 3


    months to pay) equal instalments of (amount of installment
    per month like 3,000 per installment) payable every (date ng
    payment or payment date, example, 15 th day of October) (the
    “Payment Date”).

    Page 1 of 3

    jmv/la/Sept292020
    b. Interest. Any accrued interest shall likewise be paid, in
    addition to the Loan, on the Payment Dates describe above.

    c. If any Payment Date would fall on a day which is not a


    business day, the Loan shall be payable on the succeeding
    business day and the interest shall be adjusted accordingly.

    5. Application of Payment. All payments shall be applied first against


    penalties; then against interest due on the Loan, then against the
    principal amount of the Loan then due and payable.

    6. Taxes and Fees. All documentary stamps due on this Agreement shall
    be for the account of the Debtor.

    7. Event of Default or Delay. Each of the following shall constitute an


    Event of Default or Delay:

    a. Failure of the Debtor to comply with any of the covenants or


    obligation expressed or implied in this Agreement;

    b. Failure of the Debtor to pay any principal amount or interest,


    when due and payable in accordance with the terms of this
    Agreement; or with respect to any amount other than the
    principal interest, failure of the Debtor to pay within thirty (30)
    days from receipt of payment notice for said amount;

    c. Insolvency of the Debtor or the inability of the Debtor to pay


    its debts when due or commits any act of insolvency;

    d. An attachment or levy all or substantial party of the Debtor’s


    property which would materially impair the Debtor’s financial
    ability to perform its obligations under this Agreement.

    8. Consequences of Event of Default. If an Event of Default or Delay


    shall have accrued, the Creditor may, by notice in writing, require the
    Debtor to immediately pay the entire Loan and any accrued interest and
    penalty.

    9. Notices. Any notice or communication sought to be made in relation to


    this Agreement shall be in writing and shall be deemed duly given and
    sufficient under the following:

    a. on the date given, if personal delivery;

    b. Ten (10) business days after posting or the date of receipt,


    whichever is earlier, if transmitted by mail; or

    Page 2 of 3

    jmv/la/Sept292020
    c. Two (2) business days from the date of transmittal or the
    date of acknowledgement of transmittal, whichever is
    earlier, if transmitted by facsimile or email.

    11. Waiver and Cumulative Rights. Failure or delay of the Creditor in


    exercising any right, power, or remedy upon any breach or default of
    the Debtor under this Agreement shall thereafter not be construed as a
    waiver, abandonment or cancellation nor shall it impair any such right,
    power, or remedy. Any waiver on the part of the Creditor shall be in
    writing. All remedies afforded the Creditor under this Agreement, by
    law, or otherwise, shall be cumulative and not alternative.

    12. Governing Law. This Agreement and all other documents pertaining
    hereto shall be governed and construed in accordance with the laws of
    the Republic of the Philippines.

    13. Assignment. This Agreement shall be binding upon and enforceable


    on the Debtor and the Creditor and their respective successors and
    assigns. The Debtor shall not assign or transfer its rights or obligations
    hereunder without prior consent of the Creditor, which consent shall
    not be unreasonable withheld.

    SIGNED:

    ___________________ _____________________
    (CREDITOR) (DEBTOR)

    WITNESSES:

    ___________________ _______________________

    Page 3 of 3

    jmv/la/Sept292020

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