LOAN BACK TO TCN AGREEMENT
Loan Number: 118270722 Referral ID Number: 110436940 $600.00 September 09, 2013
For value received, the undersigned TCN International Corporation
the "Borrower",
who’s address is 2255 Glades Road, Suite 324, Boca Raton, FL 33431
promises to pay to the order of r n .RedCar.WS roney jr
the "Lender",
who’s address is 124 tarpley st, burlington, NC,27215, United States
collectively hereinafter referred to as the “Parties”,
the sum of $600.00 with interest on the unpaid principal at the rate of 50%
per annum, calculated yearly not in advance
This "Loan Agreement" shall commence on the date which the Borrower
receives and accepts cleared funds in the amount of $600.00, which date shall become
the effective loan “Funding Date”. Borrower shall provide
Lender email notice of such
effective Funding Date. In consideration of
the Lender loaning monies to the Borrower,
and the Borrower
repaying the Loan to the Lender, both Parties agree to keep, perform
and fulfill the promises and conditions set out in the Loan Agreement.
I. TERMS OF REPAYMENT
A. Payments
-
Six (6) calendar months after the loan Funding Date, the Lender may demand repayment at any time with written notice,
which date shall become the “
Demand Date
”. Upon such written notice interest shall cease to accrue and all unpaid principal and accrued
interest shall become payable in full sixty (60) days from such Demand Date and will become the effective "
Due Date
".
B. Withdrawal of Principal
– Lender may withdraw all or part of Principal at any time six (6) calendar months after the loan Funding Date.
Request to withdraw Principal shall be settled sixty (60) days from such request.
C. Bonus Payment
- Borrower shall pay Lender a onetime “Bonus Payment” of $500.00 at such time the Due Date falls five (5) calendar
years after the Funding Date and no request for withdrawal of any Principal have been made.
II. PREPAYMENT
The
Borrower reserves the right to prepay this Loan Agreement (in whole or
in part) prior to the Due Date with no prepayment penalty. All
payments made shall be first applied to accrued interest, then to any outstanding principal amounts due.
III. COLLECTION COSTS
If
any payment obligation under this Loan Agreement is not paid when due,
the Borrower promises to pay all costs of collection, including
reasonable attorney fees, whether or not a lawsuit is commenced as part of the collection process.
IV. DEFAULT
If
any of the following events of default occur, this Loan Agreement and
any other obligations of the Borrower to the Lender, shall become
due
immediately, without demand or notice: a.) the failure of the Borrower
to pay the principal and any accrued interest in full on or before
the
Due Date; b.) the filing of bankruptcy proceedings involving the
Borrower as a debtor; c.) the application for the appointment of a
receiver
for the Borrower; d.) the making of a general assignment for the
benefit of the Borrower's creditors; e.) the insolvency of the
Borrower.
V. MISCELLANEOUS
All payments of principal and interest on this Loan Agreement shall be paid in the legal currency of the United States.
The
Parties agree that all documentation with regards to this Loan
Agreement exchanged between the Parties will carry the Loan Number
“119172140”
for the duration of the Loan Agreement. This Loan Number may not be altered unless agreed to, in writing, by both Parties.
This
Loan Agreement contains the entire understanding among the Parties and
supersedes any prior written or oral agreements between
them
respecting the subject matter contained herein. There are no
representations, agreements, arrangements, or understandings, oral or
written,
between and among the Parties relating to the subject matter of this
Loan Agreement that are not fully expressed herein.
No
renewal or extension of this Loan Agreement, delay in enforcing any
right of the Lender under this Loan Agreement, or assignment by
Lender
of this Loan Agreement shall affect the liability or the obligations of
the Borrower. All rights of the Lender under this Loan Agreement
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