Line of Credit Agreement between StimCell Energetics Inc. and Richard Jeffs dated February 14, 2025
This agreement establishes an unsecured revolving line of credit of up to CAD $100,000 from Richard Jeffs to StimCell Energetics Inc. The company can borrow funds as needed, provided the total does not exceed the credit limit. Interest accrues at 10% per year, compounded monthly. The lender can demand full repayment at any time, and the borrower may repay early without penalty. The agreement is governed by the laws of British Columbia and contains standard terms regarding default, amendments, and enforcement.
LINE OF CREDIT AGREEMENT
This Line of Credit Agreement (“Line of Credit”) is made and entered into as of the Effective Date set forth below, by and between:
Lender: Richard Jeffs, an individual with an address at 11750 Fairtide Road, Ladysmith, BC V9G 1K5 (“Lender “),
AND
Borrower: StimCell Energetics Inc., a corporation with an address at ###-###-#### West Pender Street, Vancouver, BC V6E 4A4 (“Borrower”)
1. CREDIT LINE
1.1 The Lender agrees to extend to the Borrower an unsecured revolving line of credit (“Credit Line”) in the maximum principal amount of CAD $100,000 (the “Credit Limit”).
1.2 The Borrower may request advances under the Credit Line, provided that the total outstanding balance does not exceed the Credit Limit at any time.
2. INTEREST RATE
2.1 The outstanding balance under this Credit Line shall accrue interest at a rate of 10% per annum, compounded monthly, calculated on the basis of a 365-day year and payable on the outstanding principal balance.
3. REPAYMENT TERMS
3.1 The entire outstanding balance, including principal and accrued interest, shall be payable on demand by the Lender.
3.2 The Borrower may make payments of principal or interest at any time without penalty.
4. SECURITY
4.1 This Credit Line is unsecured, and the Lender shall not require any collateral or security interest in any property of the Borrower.
5. EVENTS OF DEFAULT
5.1 The Lender may demand full repayment of the outstanding balance if the Borrower:
(a) Fails to make any payment when due;
(b) Becomes insolvent, files for bankruptcy, or has a receiver appointed over its assets; or
(c) Breaches any material provision of this Line of Credit.
6. GOVERNING LAW
6.1 This Agreement shall be governed by and construed in accordance with the laws of the Province of British Columbia, and any disputes shall be subject to the exclusive jurisdiction of the courts of British Columbia.
7. GENERAL PROVISIONS
7.1 No Waiver - The failure of either party to enforce any provision of this Agreement shall not be considered a waiver of any right under this Agreement.
7.2 Amendments - Any modifications to this Agreement must be made in writing and signed by both parties.
7.3 Entire Agreement - This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date.
Effective Date: February 14, 2025
LENDER:
Susan Jeffs
By: /s/ Richard Jeffs
Date:February 14, 2025
BORROWER:
StimCell Energetics Inc.
By: /s/ David Jeffs_______
Name:David Jeffs__________
Title:President and CEO
Date:February 14, 2025
