FRIENDLY LOAN AGREEMENT
AN AGREEMENT made the …………
BETWEEN
…… SDN BHD (Company No: …) of …….. (hereinafter called “[Comp A]”) of the one part;
AND
…….. (NRIC No: …….) and …. (NRIC No: …) both of ……… (hereinafter collectively called “the Lender”) of the other part.
WHEREAS:
1. [COMP A] has requested the Lender to ADVANCE them a loan of RINGGIT MALAYSIA … (RM…………..) ONLY (hereinafter referred to as “the said Loan”).
2. The Lender agrees to advance or grant [COMP A] the said Loan on the following terms and conditions.
NOW IT IS HEREBY AGREED as follows:-
1. In consideration of the Loan of the sum of RINGGIT MALAYSIA ……….(RM…..) ONLY (hereinafter referred to as “the said Loan”) paid to [COMP A] by the Lender (the receipt of which [COMP A] hereby acknowledges) [COMP A] HEREBY AGREES COVENANTS AND UNDERTAKES to repay the Lender the said Loan on or before the or on demand by the Lender in writing as provided for in Clause 2 herein below.
2. Notwithstanding any provisions to the contrary in this agreement, the Lender may by way of a SEVEN (7) days’ notice demand the repayment of the said Loan or any part thereof.
3. In the event that [COMP A] shall:-
(a) default in payment of the said Loan or any part thereof.
(b) fail to observe or perform any of the agreements covenants stipulation terms and conditions on the part of [COMP A] herein contained.
(c) a petition is presented or an order is made or an effective resolution is passed or a meeting is convened to consider the passing of a resolution for the winding up of [COMP A].
(d) [COMP A] allows any legal suit or any judgment against [COMP A] to remain unsatisfied or outstanding for a period of more than seven (7) days;
then and in any of such cases the said Loan for the time being owing shall immediately become payable by [COMP A] to the Lender and the Lender shall forthwith become entitled to recover the same without previous notice to or concurrence on the part of [COMP A].
4. The Lender may at any time and without in any way affecting the security created:
(a) determine vary or increase the credit of other facility granted to [COMP A].
(b) grant to [COMP A] or to any other surety or guarantor any time or indulgence.
5. [COMP A] shall and hereby undertakes to pay bear all whatsoever costs charges registration and other fees stamp duty and other disbursements in any way connected with or arising out of this Agreement including all costs charges fees and other disbursements incurred by the Lender in enforcing its rights hereunder.
6. This Agreement shall be binding upon the executors and assigns of [COMP A] and the successors-title and assigns of the Lender.
IN WITNESS WHEREOF the parties hereto have hereunto set their hands the day and year first above written.
SIGNED by )
)
in the presence of : )
) ……………………………………………
SIGNED by )
)
in the presence of : )
) ……………………………………………
