This Loan Agreement (the “Agreement”) is made of (the “Effective Date”), between United Finance Ltd, P O Box 1798,BOROKO, National Capital District (the “Lender”) with an address
that on online form(the “Borrower”), collectively “the Parties”.
WHEREAS, Borrower desires to borrow a fixed amount of money,
WHERE AS, Lender agrees to lend a fixed amount of money;
IN CONSIDERATIONS of, the mutal promises, covenants, conditions contained herein, the Parties agree as follows:
1 Loan Amount: The Parties agree the Lender will loan the Borrower in the sum of that stated on online form(amount in Words)
(K – total ) (the “Loan”).
2 Interest Rate. The Parties Agree the Interest Applied to Borrowers loan is the rate set by the company from time to time according to its company
policy on interest rates.
3 Loan Term. This Loan shall be for a period of (stated on online form)forthnight/month/year.
4 Repayment. The Parties agree Borrower shall pay Lender (K – amount agreed on online form)per forthnightly/monthly. Payment shall be
applied as follows: Principal Loan amount K – (you agreed & stated) Interest K (you agreed & stated)Total Payable K (you agreed & stated )
5 Default. If Borrower defaults on its payments and fails to pay the said default within a reasonable amount of time, Lender will have no
option to commence recovery action anytime preceding the first (1st) default. Borrower can pay by cash/chq/sms banking/internet banking or
eptos into United Finance account to avoid the aforesaid default arrears. A default interest rate of 35% be applied to all arrears outstanding every
pay period defaulted.
6 Prepayment. Borrower will not be penalized for early payment.
7 Death/Suspension/Termination/Leave of Borrower. Both parties agree that, in the event of borrower taking annual leave or
recreational leave, their outstanding repayment loan be deducted from their leave entitlements. If suspension from work, salary
deduction would commence immediately upon resumption of duties. In the event of termination, death,resignation, retrenchment,
any outstanding loan balance including penalty charges will be recouped from their final entitlements or other means of savings.
8 Representations and Warranties. Both Parties represent that they are fully authorized to enter into this Agreement. The perform
ance and obligations of either party will not voilate or infringe upon the rights of any third-party or voilate any other agreement
between the parties, individually, and any other person, organization, or business or any law or governmental regulation.
9 Waiver. The failure by either party to exercise any rights, power or privilege under the terms of this agreement will not be contrued
as a waiver of any subsequent or further exercise of any right, power or priviledge.
10 Legal Fees. In the event of a dispute resulting in legal action, the successful party will be entitled to its legal fees, including, but not limited
to its attorney’s fees, collection fees and the like.
11 Legal and Binding Agreement. This Agreement is legal and binding between the Parties as stated above. This agreement may be
entered into and is legal and binding as both in parties each represent that they have the authority to enter into this Agreement.
12 Governing Law and Jurisdiction. The Parties agree that this Agreement shall be governed by the laws of Papua New Guinea in which
both Parties reside/do business.
13 Entire Agreement. The Parties acknowledge and agree that this Agreement represents the entire agreement between the Parties. In
the event that the Parties desire to change, add or otherwise modify any terms, they shall do in writing to be signed by both parties.
The Parties agree to the terms and conditions set forth above as demonstrated by checking the check box (unlock button) and hit submitted button.
