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Loan Agreement

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This should be the amount of money that is being loaned and will be paid at the start of the agreement to the borrower(s). It will be the amount repaid by the borrower, plus if applicable, any interest.

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Loan Agreement (England and Wales only)

IMPORTANT:

This Agreement is a legally binding document. Please read it carefully and ensure that it includes everything you want and nothing you are not prepared to agree. If you are unsure of your obligations and responsibilities under this Agreement then you are advised to seek independent legal advice before signing.

DATED: ________

BETWEEN:

________ of:
________

(hereafter "the Lender")

AND

IN CONSIDERATION of the Lender advancing the Loan Amount to the Borrower as a loan, and the Borrower having agreed to act and make payment to the Lender in accordance with this Agreement, it is agreed that:

I - Interpretation

1. this Agreement and any documents referred to in it represents the entire agreement between the parties in relation to the Loan and supersedes all previous offers, agreements and/or understanding whether written or oral relating to the subject matter hereof

2. each of the parties acknowledges and agrees that in entering into the Agreement, it does not rely on, and shall have no remedy in respect of, any statement, representation, warranty, understanding, promise or assurance (whether negligently or innocently made) of any person (whether party to this Agreement or not) other than as expressly set out in this Agreement

3. nothing in this agreement shall operate to limit or exclude any liability for fraud

4. In this Agreement

a) the words "include", "includes" and "including" are deemed to be followed by the words 'without limitation'

b) the word "liability" includes all costs, loss, damage, expenses and claims incurred or suffered by the relevant party

c) words introduced by the word 'other' do not have restrictive meaning even where preceded by words indicating or referring to a particular class of acts, things or matters

5. In this Agreement unless otherwise specified:

a) a reference to one gender shall include a reference to the other gender

b) a reference to the plural is a reference to the singular and vice versa

c) headings are inserted for the convenience of the parties and shall not be considered in the interpretation of this agreement

d) reference to clauses is a reference to a clause under this Agreement

e) a reference to legislation is a reference to all legislation having effect in England and Wales at any time during the Term, including directives, decisions and regulations of the Council or Commission of the European Union, Acts of Parliament, orders, regulations, consents, licenses, notices, and bye laws made or granted under any Act of Parliament or directive, decision or regulation of the Council or Commission of the European Union, or made or granted by a local authority or by a court of competent jurisdiction and any approved codes of practice issued by a statutory body; and

f) a reference to particular legislation is a reference to that legislation as amended, consolidated or re-enacted from time to time and all subordinate legislation made under it from time to time, as such is in force at the present time.

II - Definitions

the following definitions will apply throughout this Agreement:

The Commencement Date

________

Business Day

a day (other than Saturday and Sunday) on which banks are open for normal banking

The Loan

the loan arrangement created under this Agreement

The Loan Amount

the Loan Amount advanced by the Lender to the Borrower is £________ (________ pounds)

Indebtedness

any outstanding payable sums, unpaid interest and any outstanding charges incurred by the Borrower and owed to the Lender in accordance with this Agreement

The Outstanding Loan

the amount of the Loan Amount that remains unpaid and owing to the Lender after any sums paid by the Borrower and applied towards the Loan Amount have been taken into account

The Interest Rate

no interest is payable on this loan

The Loan Term

the term of the Loan will be ________ calendar months

The Repayment Date

the date falling exactly ________ calendar months from the commencement of this Agreement

The Instalment

the sum of £________

Payment Day

the first Payment Day will fall one calendar month from the commencement of this Agreement and every month thereafter on the same day of each calendar month, that being the same day of each month as the day of the month on which this Agreement commences. If a month doesn't have the same day of the month as that on which this Agreement commences, the Payment Day for that month only will be the last day of that calendar month:

e.g. if this Agreement were to commence on 13th December, the Instalment would be payable on the 13th of each month but if this Agreement were to commence on 30th December, the Instalment would be payable on the 30th of every month, except for February when the Instalment would be payable on 28 February

Final Payment Day

the Final Payment Day will fall exactly ________ calendar months from the Commencement Date

Event of Default

any event set out in the Events of Default section below

III - Repayment

1. the Borrower shall promptly pay the Instalment on the Payment Day throughout the Loan Term

2. on the Final Payment Date any Outstanding Loan, Interest and/or Indebtedness will be repaid in full by the Borrower

3. should any Event of Default occur any Outstanding Loan, Interest and/or Indebtedness will become payable by the Borrower immediately

4. the Outstanding Loan, Interest and any Indebtedness shall be paid without deduction or set off in pounds sterling to such account or accounts as may be specified by the Lender

5. should any right to repayment be waived the Outstanding Loan, Interest and all Indebtedness shall be immediately payable upon service of a written demand, or a further written demand by the Lender

IV - Application of Payments

all payments made by the Borrower will be applied to the Outstanding Loan, Interest and Indebtedness in the following order:

a) towards any Indebtedness

b) towards the Outstanding Loan

c) as a prepayment towards the Outstanding Loan

V - Events of Default

1. the Lender shall be entitled at any time after the occurrence of an Event of Default by notice in writing to the Borrower to declare that the Outstanding Loan, any Interest and the Indebtedness has become immediately due and payable whereupon the same shall become immediately due and payable and the Borrower shall immediately pay the same to the Lender

2. An Event of Default occurs if:

a) a petition is presented for the bankruptcy of the Borrower

b) the Borrower to perform and observe any of their undertakings or obligations under this Agreement

c) the Borrower to make any payment due under this Agreement on the due date

d) a material adverse change occurs in the opinion of the Lender in the assets, financial condition, results of operations, prospects or business or affairs of the Borrower

e) any representation or warranty made by the Borrower pursuant to this Agreement or any statement delivered or made pursuant to it is incorrect

f) in the reasonable opinion of the Lender the business or operations of the Borrower are not being responsibly or efficiently conducted or the financial or other information provided to the Lender concerning the business or affairs of the Borrower is unsatisfactory

g) any emcumbrancer takes possession of or a receiver, administrative receiver or administrator is appointed in respect of all or a substantial part of the undertaking, property and assets of the Borrower or circumstances arise which entitle any person to make such appointment

h) the Borrower unable to pay its debts

i) a proposal for an Individual Voluntary Arrangement or any voluntary arrangement is made to the Borrower and its creditors

j) any creditor of the Borrower becomes entitled to a charge over their assets for non-payment of a debt or judgment

k) any creditor obtains a writ of control against the Borrower

l) any other indebtedness of the Borrower is not paid when due or becomes due or capable of being declared due prior to its stated date of payment

n) any event occurs which with the giving of notice and/or lapse of time and/or making of a determination would constitute an Event of Default

3. In the event that the Loan shall be declared immediately due and payable as stated above, the Borrower will reimburse the Lender for all losses and expenses incurred by the Lender as a consequence of the Event of Default, such sums being added to the Indebtedness. The certificate of the Lender as to the amount of such losses and expenses shall, in the absence of manifest error, be conclusive

VI - Deduction, Counterclaim and Set-Off

all sums payable under this Agreement will be paid in full without set-off, counterclaim or deduction for any claims or other payments made by the Borrower other than in accordance with this Agreement

VII - Default Interest

1. should any sums due in accordance with this Agreement are unpaid, or delayed, interest will accrue on them daily at the rate of 6% per year until such sums are repaid either prior to or following any judgment of a court

2. such interest on unpaid sums will be added to and become a part of the Indebtedness

VIII - Prepayment

the Borrower may prepay the whole or any part of the Loan at any time

IX Fees and Expenses

1. all costs, fees, and expenses (including legal fees and expenses, and in each case VAT thereupon) relating to the preparation, negotiation and execution of this Agreement shall be payable on demand on a full indemnity basis by the Borrower to the Lender, and added to the Indebtedness if not so paid

2. all costs, fees, and expenses (including legal fees and expenses, and in each case VAT thereupon) incurred by the Lender in connection with preserving or enforcing or attempting to preserve or enforce any of the Lender's rights under this Agreement shall be payable on demand on a full indemnity basis by the Borrower to the Lender, and added to the Indebtedness if not so paid

X - Representations and Warranties

1. Borrower acknowledges, represents and warrants to the Lender as follows:

a) neither the execution and delivery of this Agreement or the form of acceptance endorsed on this Agreement by the Borrower nor the performance or observance of any obligations under this Agreement will conflict with, or result in any breach of any law, statute, regulation, indenture, mortgage trust deed, agreement, constitutional documents, or other instrument, arrangement, obligation or duty by which the Borrower bound

b) the Borrower not aware of any default under any law, statute, regulation, indenture, mortgage, trust deed, agreement or other instrument, arrangement, obligation or duty by which bound

c) no litigation or administrative or arbitration proceeding before or of any court, governmental authority or arbitrator is presently taking place, pending or (to the best of the knowledge, information and belief of the Borrower) threatened against or against any of the assets of the Borrower which might have a material adverse effect on their business, assets, condition or operations or might adversely affect their ability to perform their obligations under this Agreement

d) all information supplied to the Lender in connection with this Agreement is true, accurate and complete in all material respects and the Borrower not aware of any material facts or circumstances which have not been disclosed to the Lender which might, if disclosed, adversely affect the decision of a person considering whether or not to lend to the Borrower

e) no termination event or potential termination event being an Event of Default has occurred and remains unremedied or unwaived

f) not aware of any breach of any law, regulation, agreement or arrangement applicable to or any of assets

XI - Undertakings

1. the Borrower to be bound by the following undertakings and shall:

a) give the Lender notice in writing immediately upon becoming aware of the occurrence of any Event of Default or other event which, with the giving of notice and/or lapse of time and/or upon the Lender making the relevant determination, would constitute an Event of Default

b) for so long as the Loan and Indebtedness remains owing to keep the Lender fully and promptly informed to such extent and in such form as the Lender may from time to time require with particulars of any matter which is relevant to this Agreement or the Borrower adherence to this Agreement

XII - Service of Demands and Notices

1. any notice or service to the Lender or Borrower under this Agreement shall be addressed and delivered to the Lender or Borrower at the relevant address stated above

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3. any notice or communication notice shall be deemed to have been given:

i) if left at the relevant address on the day it was so left

ii) if sent by first class prepaid post, two (2) week days after the time when the demand was put in the post (and in proving delivery it shall be sufficient to prove that the same was properly addressed and put in the post)

except if receipt is not on a Business Day, in which case the next following Business Day

XIII - Entitlement to Statement of Account

the Borrower shall be entitled on request to a statement of account from the Lender showing the total of the Outstanding Loan, Interest and Indebtedness at the date of request, together with a schedule of any payments previously made and the level of Outstanding Debt, Interest and Indebtedness at the date of each payment

XIV - Assignment

1. the Borrower may not assign, charge, mortgage, transfer or otherwise encumber or deal in any manner with any of its rights or obligations under this Agreement without the prior written consent of the Lender (such consent not to be unreasonably withheld or delayed).

2. the Lender may assign or transfer any of its rights or obligations (in whole or part) under this Agreement with the prior written consent of the Borrower (such consent not to be unreasonably withheld or delayed).

XV - Joint and Several Liability

where any party comprises more than one person the obligations and liabilities of that party under this agreement shall be the joint and several obligations of those persons.

XVI - Severability

each of the provisions of this agreement is severable and distinct from the others, and if at any time one or more provisions is or becomes invalid, illegal or unenforceable in any respect under the law of any jurisdiction, the validity, legality and enforceability of the remaining provisions is not to be affected or impaired in any way

XVII - Waiver

no failure or delay by the Lender in exercising any right, power or privilege under this Agreement shall impair the same or operate as a waiver of the same nor shall any single or partial exercise of any right, power or privilege preclude any further exercise of the same or the exercise of any other right, power or privilege. No waiver, compromise agreement, or other dealing with one person jointly and severally liable shall affect or reduce the liability of any other such person

XVIII - Cumulative Remedies

the rights and remedies provided by this Agreement are cumulative and not exclusive of any rights or remedies provided by law

XIX - Benefit

this Agreement shall be binding upon and endure to the benefit of each party to this Agreement, and their successors and permitted transferees and assigns

XX - Amendments

this Agreement may only be amended or modified either in part or in whole, by further agreement in writing and signed by all parties to this Agreement

XXI - Eca

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Signed by the following parties:

Lender

Signature.....................
Name: ________
Date:
Address:

________

Witness

Signature.....................
Name:
Date:
Address:

See your document in progress

Loan Agreement (England and Wales only)

IMPORTANT:

This Agreement is a legally binding document. Please read it carefully and ensure that it includes everything you want and nothing you are not prepared to agree. If you are unsure of your obligations and responsibilities under this Agreement then you are advised to seek independent legal advice before signing.

DATED: ________

BETWEEN:

________ of:
________

(hereafter "the Lender")

AND

IN CONSIDERATION of the Lender advancing the Loan Amount to the Borrower as a loan, and the Borrower having agreed to act and make payment to the Lender in accordance with this Agreement, it is agreed that:

I - Interpretation

1. this Agreement and any documents referred to in it represents the entire agreement between the parties in relation to the Loan and supersedes all previous offers, agreements and/or understanding whether written or oral relating to the subject matter hereof

2. each of the parties acknowledges and agrees that in entering into the Agreement, it does not rely on, and shall have no remedy in respect of, any statement, representation, warranty, understanding, promise or assurance (whether negligently or innocently made) of any person (whether party to this Agreement or not) other than as expressly set out in this Agreement

3. nothing in this agreement shall operate to limit or exclude any liability for fraud

4. In this Agreement

a) the words "include", "includes" and "including" are deemed to be followed by the words 'without limitation'

b) the word "liability" includes all costs, loss, damage, expenses and claims incurred or suffered by the relevant party

c) words introduced by the word 'other' do not have restrictive meaning even where preceded by words indicating or referring to a particular class of acts, things or matters

5. In this Agreement unless otherwise specified:

a) a reference to one gender shall include a reference to the other gender

b) a reference to the plural is a reference to the singular and vice versa

c) headings are inserted for the convenience of the parties and shall not be considered in the interpretation of this agreement

d) reference to clauses is a reference to a clause under this Agreement

e) a reference to legislation is a reference to all legislation having effect in England and Wales at any time during the Term, including directives, decisions and regulations of the Council or Commission of the European Union, Acts of Parliament, orders, regulations, consents, licenses, notices, and bye laws made or granted under any Act of Parliament or directive, decision or regulation of the Council or Commission of the European Union, or made or granted by a local authority or by a court of competent jurisdiction and any approved codes of practice issued by a statutory body; and

f) a reference to particular legislation is a reference to that legislation as amended, consolidated or re-enacted from time to time and all subordinate legislation made under it from time to time, as such is in force at the present time.

II - Definitions

the following definitions will apply throughout this Agreement:

The Commencement Date

________

Business Day

a day (other than Saturday and Sunday) on which banks are open for normal banking

The Loan

the loan arrangement created under this Agreement

The Loan Amount

the Loan Amount advanced by the Lender to the Borrower is £________ (________ pounds)

Indebtedness

any outstanding payable sums, unpaid interest and any outstanding charges incurred by the Borrower and owed to the Lender in accordance with this Agreement

The Outstanding Loan

the amount of the Loan Amount that remains unpaid and owing to the Lender after any sums paid by the Borrower and applied towards the Loan Amount have been taken into account

The Interest Rate

no interest is payable on this loan

The Loan Term

the term of the Loan will be ________ calendar months

The Repayment Date

the date falling exactly ________ calendar months from the commencement of this Agreement

The Instalment

the sum of £________

Payment Day

the first Payment Day will fall one calendar month from the commencement of this Agreement and every month thereafter on the same day of each calendar month, that being the same day of each month as the day of the month on which this Agreement commences. If a month doesn't have the same day of the month as that on which this Agreement commences, the Payment Day for that month only will be the last day of that calendar month:

e.g. if this Agreement were to commence on 13th December, the Instalment would be payable on the 13th of each month but if this Agreement were to commence on 30th December, the Instalment would be payable on the 30th of every month, except for February when the Instalment would be payable on 28 February

Final Payment Day

the Final Payment Day will fall exactly ________ calendar months from the Commencement Date

Event of Default

any event set out in the Events of Default section below

III - Repayment

1. the Borrower shall promptly pay the Instalment on the Payment Day throughout the Loan Term

2. on the Final Payment Date any Outstanding Loan, Interest and/or Indebtedness will be repaid in full by the Borrower

3. should any Event of Default occur any Outstanding Loan, Interest and/or Indebtedness will become payable by the Borrower immediately

4. the Outstanding Loan, Interest and any Indebtedness shall be paid without deduction or set off in pounds sterling to such account or accounts as may be specified by the Lender

5. should any right to repayment be waived the Outstanding Loan, Interest and all Indebtedness shall be immediately payable upon service of a written demand, or a further written demand by the Lender

IV - Application of Payments

all payments made by the Borrower will be applied to the Outstanding Loan, Interest and Indebtedness in the following order:

a) towards any Indebtedness

b) towards the Outstanding Loan

c) as a prepayment towards the Outstanding Loan

V - Events of Default

1. the Lender shall be entitled at any time after the occurrence of an Event of Default by notice in writing to the Borrower to declare that the Outstanding Loan, any Interest and the Indebtedness has become immediately due and payable whereupon the same shall become immediately due and payable and the Borrower shall immediately pay the same to the Lender

2. An Event of Default occurs if:

a) a petition is presented for the bankruptcy of the Borrower

b) the Borrower to perform and observe any of their undertakings or obligations under this Agreement

c) the Borrower to make any payment due under this Agreement on the due date

d) a material adverse change occurs in the opinion of the Lender in the assets, financial condition, results of operations, prospects or business or affairs of the Borrower

e) any representation or warranty made by the Borrower pursuant to this Agreement or any statement delivered or made pursuant to it is incorrect

f) in the reasonable opinion of the Lender the business or operations of the Borrower are not being responsibly or efficiently conducted or the financial or other information provided to the Lender concerning the business or affairs of the Borrower is unsatisfactory

g) any emcumbrancer takes possession of or a receiver, administrative receiver or administrator is appointed in respect of all or a substantial part of the undertaking, property and assets of the Borrower or circumstances arise which entitle any person to make such appointment

h) the Borrower unable to pay its debts

i) a proposal for an Individual Voluntary Arrangement or any voluntary arrangement is made to the Borrower and its creditors

j) any creditor of the Borrower becomes entitled to a charge over their assets for non-payment of a debt or judgment

k) any creditor obtains a writ of control against the Borrower

l) any other indebtedness of the Borrower is not paid when due or becomes due or capable of being declared due prior to its stated date of payment

n) any event occurs which with the giving of notice and/or lapse of time and/or making of a determination would constitute an Event of Default

3. In the event that the Loan shall be declared immediately due and payable as stated above, the Borrower will reimburse the Lender for all losses and expenses incurred by the Lender as a consequence of the Event of Default, such sums being added to the Indebtedness. The certificate of the Lender as to the amount of such losses and expenses shall, in the absence of manifest error, be conclusive

VI - Deduction, Counterclaim and Set-Off

all sums payable under this Agreement will be paid in full without set-off, counterclaim or deduction for any claims or other payments made by the Borrower other than in accordance with this Agreement

VII - Default Interest

1. should any sums due in accordance with this Agreement are unpaid, or delayed, interest will accrue on them daily at the rate of 6% per year until such sums are repaid either prior to or following any judgment of a court

2. such interest on unpaid sums will be added to and become a part of the Indebtedness

VIII - Prepayment

the Borrower may prepay the whole or any part of the Loan at any time

IX Fees and Expenses

1. all costs, fees, and expenses (including legal fees and expenses, and in each case VAT thereupon) relating to the preparation, negotiation and execution of this Agreement shall be payable on demand on a full indemnity basis by the Borrower to the Lender, and added to the Indebtedness if not so paid

2. all costs, fees, and expenses (including legal fees and expenses, and in each case VAT thereupon) incurred by the Lender in connection with preserving or enforcing or attempting to preserve or enforce any of the Lender's rights under this Agreement shall be payable on demand on a full indemnity basis by the Borrower to the Lender, and added to the Indebtedness if not so paid

X - Representations and Warranties

1. Borrower acknowledges, represents and warrants to the Lender as follows:

a) neither the execution and delivery of this Agreement or the form of acceptance endorsed on this Agreement by the Borrower nor the performance or observance of any obligations under this Agreement will conflict with, or result in any breach of any law, statute, regulation, indenture, mortgage trust deed, agreement, constitutional documents, or other instrument, arrangement, obligation or duty by which the Borrower bound

b) the Borrower not aware of any default under any law, statute, regulation, indenture, mortgage, trust deed, agreement or other instrument, arrangement, obligation or duty by which bound

c) no litigation or administrative or arbitration proceeding before or of any court, governmental authority or arbitrator is presently taking place, pending or (to the best of the knowledge, information and belief of the Borrower) threatened against or against any of the assets of the Borrower which might have a material adverse effect on their business, assets, condition or operations or might adversely affect their ability to perform their obligations under this Agreement

d) all information supplied to the Lender in connection with this Agreement is true, accurate and complete in all material respects and the Borrower not aware of any material facts or circumstances which have not been disclosed to the Lender which might, if disclosed, adversely affect the decision of a person considering whether or not to lend to the Borrower

e) no termination event or potential termination event being an Event of Default has occurred and remains unremedied or unwaived

f) not aware of any breach of any law, regulation, agreement or arrangement applicable to or any of assets

XI - Undertakings

1. the Borrower to be bound by the following undertakings and shall:

a) give the Lender notice in writing immediately upon becoming aware of the occurrence of any Event of Default or other event which, with the giving of notice and/or lapse of time and/or upon the Lender making the relevant determination, would constitute an Event of Default

b) for so long as the Loan and Indebtedness remains owing to keep the Lender fully and promptly informed to such extent and in such form as the Lender may from time to time require with particulars of any matter which is relevant to this Agreement or the Borrower adherence to this Agreement

XII - Service of Demands and Notices

1. any notice or service to the Lender or Borrower under this Agreement shall be addressed and delivered to the Lender or Borrower at the relevant address stated above

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3. any notice or communication notice shall be deemed to have been given:

i) if left at the relevant address on the day it was so left

ii) if sent by first class prepaid post, two (2) week days after the time when the demand was put in the post (and in proving delivery it shall be sufficient to prove that the same was properly addressed and put in the post)

except if receipt is not on a Business Day, in which case the next following Business Day

XIII - Entitlement to Statement of Account

the Borrower shall be entitled on request to a statement of account from the Lender showing the total of the Outstanding Loan, Interest and Indebtedness at the date of request, together with a schedule of any payments previously made and the level of Outstanding Debt, Interest and Indebtedness at the date of each payment

XIV - Assignment

1. the Borrower may not assign, charge, mortgage, transfer or otherwise encumber or deal in any manner with any of its rights or obligations under this Agreement without the prior written consent of the Lender (such consent not to be unreasonably withheld or delayed).

2. the Lender may assign or transfer any of its rights or obligations (in whole or part) under this Agreement with the prior written consent of the Borrower (such consent not to be unreasonably withheld or delayed).

XV - Joint and Several Liability

where any party comprises more than one person the obligations and liabilities of that party under this agreement shall be the joint and several obligations of those persons.

XVI - Severability

each of the provisions of this agreement is severable and distinct from the others, and if at any time one or more provisions is or becomes invalid, illegal or unenforceable in any respect under the law of any jurisdiction, the validity, legality and enforceability of the remaining provisions is not to be affected or impaired in any way

XVII - Waiver

no failure or delay by the Lender in exercising any right, power or privilege under this Agreement shall impair the same or operate as a waiver of the same nor shall any single or partial exercise of any right, power or privilege preclude any further exercise of the same or the exercise of any other right, power or privilege. No waiver, compromise agreement, or other dealing with one person jointly and severally liable shall affect or reduce the liability of any other such person

XVIII - Cumulative Remedies

the rights and remedies provided by this Agreement are cumulative and not exclusive of any rights or remedies provided by law

XIX - Benefit

this Agreement shall be binding upon and endure to the benefit of each party to this Agreement, and their successors and permitted transferees and assigns

XX - Amendments

this Agreement may only be amended or modified either in part or in whole, by further agreement in writing and signed by all parties to this Agreement

XXI - Eca

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Signed by the following parties:

Lender

Signature.....................
Name: ________
Date:
Address:

________

Witness

Signature.....................
Name:
Date:
Address: