CONTRACT OF INTEREST-FREE LOAN
We, the undersigned:
, hereinafter referred to as the "Lender", and , hereinafter referred to as the "Borrower", and collectively referred to as the "Parties" and individually as the "Party", made this Contract for the following:
1. SUBJECT MATTER OF THE CONTRACT
1.1. The Lender shall transfer to the Borrower`s ownership the money funds in the amount of (hereinafter the "Loan Sum"), and the Borrower shall repay the Loan Sum to the Lender within the time and in the manner provided for by the Contract.
1.2. The Borrow shall not pay any interest for using the Loan Sum to the Lender.
2. PROCEDURE FOR GRANTING AND REPAYMENT OF THE LOAN SUM
2.1. The Loan Sum shall be provided in available funds. By signing this Contract, the Borrower confirms that the Loan Sum has been received by him in full prior to signing this Contract (Clause 1.1 hereof). The Parties confirm that no other document is required to recognize the contract as concluded.
2.2. The Borrower shall repay the Loan Sum specified in Clause 1.1 of the Contract no later than .
2.3. The Borrower shall be repay the Loan Sum by handing over available funds or by transferring money funds to the bank account of the Lender specified in Section 6 hereof.
2.4. In the event that available funds are handed over, the Loan Sum (its part) shall be deemed repaid from the date on which the Lender issues a receipt for the Loan Sum (its part) received to the Borrower.
2.5. In the event that money funds are transferred to the bank account of the Lender, the Loan Sum (its part) shall be deemed repaid on the date, on which it is credited to the Lender`s account.
2.6. The Loan Sum may be repaid ahead of schedule in full or in parts.
2.7. The Loan Sum (its part) shall be repaid in the loan currency.
3. LIABILITIES OF THE PARTIES
3.1. In the event that the Loan Sum (its part) is not repaid in due time (Clause 2.2 of the Contract), the Borrower shall have the right to demand the Borrow to pay a penalty at the rate of 0.05% (Zero point five per cent) of the outstanding Loan Sum (its part) per each day of delay.
3.2. Payment of the penalty shall not release the Borrower from the specific performance of its contractual obligations.
4. SPECIAL CONDITIONS
4.1. The Parties confirm that they have obtained the consents of third parties that are required to enter into this Contract on the terms and conditions set forth herein.
4.2. Pursuant to Articles 1 and 6 of Federal Law No. 173-FL On Currency Regulation and Currency Control, the Borrower is a non-resident of the Russian Federation.
4.3. The Parties shall have the right to authorize their own representatives with issuance of the respective Power of Attorney to represent the Parties in the process of the performance of this Contract including the right to enter into supplementary agreements, hand over and accept the money funds, acquire other rights and obligations.
5. FINAL PROVISIONS
5.1. The Contract shall be valid until the Borrower performs his obligations to repay the Loan Sum in full.
5.2. In all other matters not covered by this Contract, the Parties shall be governed by the acting legislation of the Russian Federation.
5.3. All additions and amendments to this Contract shall be valid or binding upon the Parties unless made in writing and signed by each Party.
The Parties shall serve the written notices to the addresses of actual place of residence of the other Party specified in Section 6 hereof. Each Party shall notify the other Party of any changes in the actual places of residence, other details within three (3) working days from the day of respective changes.
5.4. The Parties agree that any court disputes arising out of this Contract shall be solved in a court of general jurisdiction at the place of registration of the Borrower on the date of singing this Contract.
5.5. This Contract is made and signed in two identical copies, legally valid, one for each party.
6. ADDRESSES, BANK DETAILS AND SIGNATURES OF THE PARTIES