Loan Agreement
DATED 10th January 2016
LOAN AGREEMENT FROM A DIRECTOR TO A COMPANY (Unsecured Loan)
Between
(1) Bubblr Limited
and
(2) Stephen Morris
THIS AGREEMENT is dated
BETWEEN:
| (1) | Bubblr Limited (the “Borrower”) with 09012621 and 2 Chapel Court, London, SE1 1HH and |
| (2) | Stephen Morris (the “Lender”) being a Director of the Borrower of 4 Blairadam Grove, Keltybridge, Kelty, Fife, KY4 0JU. |
AGREED TERMS:
| 1. | Definitions and Interpretation |
In this Agreement:-
|
“Business Day”
“Commencement Day” |
A day other than a Saturday, Sunday or public holiday in England when banks in London are open for business;
the date of this Agreement; |
| “Default” | means any event or circumstance as specified in clause 8; |
| “Loan” | The term loan facility made available under this Agreement; |
| 2. | The Facility |
The Lender, being a Director of the Borrower agrees to provide the Borrower with a Loan under the terms of this agreement as set out in the Schedule hereto.
| 3. | Purpose |
| 3.1 | The Borrower shall use all sums borrowed by it under this agreement for Working Capital or as the Borrower deems appropriate. |
| 3.2 | The Lender is not obliged to monitor or verify how any amount under this agreement is used. |
| 4. | Drawdown |
The Loan is available for drawing by the Borrower in multiple tranches as available, being renumeration due to the Director for work undertaken on behalf of the Company or the sale of the Directors shares to a third party, or as and when required by agreement with the Borrower .
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| 5. | No Security |
Notwithstanding the terms of any charge created by the Borrower to secure other sums due to the Lender, this Loan is and will remain unsecured.
| 6. | Repayment |
| 6.1 | The Borrower shall repay the Loan and all accrued interest in instalments in accordance with the Schedule hereto. |
| 6.2 | Without any obligation upon the Lender to do so, the Lender shall be entitled to allow the Borrower extended time to pay or grant any other indulgence to the Borrower without affecting any of the rights of the Lender in whole or in part. |
| 7. | Interest |
| 7.1 | The Loan shall bear interest at the rate of 0% percent. |
Default
| 7.2 | The Loan plus accrued interest shall (subject to the service of notice and/or the obtaining of any court order) become immediately due and payable by the Borrower, in so far as then remaining unpaid, if any of the following events occurs:- |
| 7.2.1 | Non-payment of any payments due (including interest) within seven days from the date on which it is due. |
| 7.2.2 | Any information given or representation made by or at the request of the Borrower to the Lender proving to be inaccurate. |
| 7.2.3 | The Borrower becomes subject to an administration order or makes any voluntary arrangement with its creditors (within the meaning of the Insolvency Act 1986) or becomes bankrupt. |
| 7.2.3 | An encumbrancer takes possession, or a receiver is appointed, of any of the property or assets of the Borrower. |
| 7.2.4 | The Loan is used otherwise than as specified in this Agreement. |
| 7.3 | The Borrower shall be liable for any costs incurred by the Lender in taking any steps to obtain payment of monies due under this Agreement. |
| 8. | Payment |
All payments made by the Borrower to the Lender under this Agreement shall be made in full without set-off and paid on the due date for that payment in sterling and in immediately cleared funds to the account of the Lender at TSB Bank SC:87-70-06 Account:75664260 or any other account as the Lender may notify the Borrower.
| 9. | Set-off |
The Lender may set off any amounts due under this Agreement against any sums owed by the Lender to the Borrower.
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| 10. | Assignment |
| 10.1 | The Lender may assign any of its rights hereunder, or transfer any of its rights or obligations hereunder by novation. |
| 10.2 | The Borrower may not assign any of its rights or obligations under this Agreement. |
| 11. | Communications |
| 11.1 | All communications between the parties about the loan shall be in writing and delivered by hand or sent by pre-paid first class post to the other party’s registered office address or by electronic mail. |
| 11.2 | Communications shall be deemed to have been received: |
| 11.2.1 | if sent by pre-paid first class post, two Business Days after posting (exclusive of the day of posting); or |
| 11.2.2 | if delivered by hand, on the day of delivery; or |
| 11.2.3 | electronic acknowledgement is received by the sender. |
| 12 | Governing Law and Jurisdiction |
The Agreement shall be governed by, construed and enforced in accordance with the law of England and Wales to the jurisdiction of which the parties hereto submit.
IN WITNESS WHEREOF this Agreement has been duly executed the day and year first before written
| SIGNED by | Counter signed on 25th June 2019 by | |
| /s/ Stephen Morris | /s/ Steven Saunders | |
| Stephen Morris | Steven Saunders | |
| for and on behalf of Bubblr Limited | for and on behalf of Bubblr Limited |
SIGNED by
/s/ Stephen Morris
Stephen Morris
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SCHEDULE
Loan Amount and Repayment Schedule
Loan Amount: £ not specified
Loan Date: 10th January 2016
Repayment Date: On request of Lender
| Year-end Date | Capital Addition Amount | Capital Repayment Amount | Interest Repayment | Balance of Loan remaining |
| April 30, 2018 | £ - | £ - | £ - | £ 201,430 |
| April 30, 2019 | £ 221,028 | £ - | £ - | £ 422,458 |
| April 30, 2020 | £ - | £ 54,790 | £ - | £ 367,668 |
| December 31, 2020 | £ - | £ - | £ - | £ 367,668 |
| November 30, 2021(financial year to date) | £ - | £ 51,133 | £ - | £ 316,535 |
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