Definitions

Loan

A loan is an amount of money temporarily given by one party to another, that has to be paid back within a specific timeframe, usually with interest.

Principal

Principal Amount is the amount that is borrowed from a Lender.

Borrower

The Borrower is the recipient of Principal Amount of a Loan. The Borrower also undertakes to fulfill the obligations under the agreement governing the Loan, including the obligations to make the payments called for by the agreement governing the Loan.

Lender

The Lender is the party that delivers the Principal Amount to the Borrower and to which the Borrower owes its obligations under the agreement governing the Loan.

Maturity Date

Maturity Date is the date, established at the time a Loan is made, when the outstanding Principal Amount of such Loan, plus all accrued and unpaid interest, becomes due.

ACH

(Automated Clearing House) ACH is a nationwide batch-oriented electronic funds transfer system governed by The NACHA Operating Rules. ACH is used to transmit or receive funds electronically, as in direct deposits, business-to-business payments, and e-checks. For more information, visit the NACHA website: (http://www.nacha.org/c/Intro2ACH.cfm).

Repayment Amount

Repayment Amount refers to total amount the Borrower owes to the Lender under the Loan Agreement.

Personal Guarantee of Payment

A legally binding agreement under which the guarantor agrees to pay any or all of the amount due pursuant to a Loan and the agreement governing such Loan.