Exhibit 10.4
Master Loan Agreement
(1) [LENDER]
and
(2) Wattbike Limited
THIS AGREEMENT dated 28-Sep-26 | 2:00 PM BST
PARTIES
(1) Wattbike Limited, a company incorporated in England and Wales with registered number 05554245 whose registered office is at Unit 13 Nottingham South & Wilford Industrial Estate, Ruddington Lane, West Bridgford, Nottingham, Nottinghamshire, NG11 7EP (the Borrower); and
(2) [LENDER], a company incorporated in England and Wales with registered number [NUMBER] whose registered office is at [ADDRESS] (the Lender).
BACKGROUND
A The Lender acts as a funder in relation to the supply of goods to the commercial market by way of Loans.
B Pursuant to the commercial terms set out in the Offer Letter (as defined below), the Borrower wishes to borrow, and the Lender wishes to advance, Loans on the terms and conditions set out in this Agreement in order to fund the purchase of Goods.
C The Borrower has agreed for the Lender to open and manage the Bank Account (as defined below), in the Borrower’s name, in order for the Lender to make payment of the funds to an agreed third party on the Borrower’s behalf.
D The Lender has agreed to make available to the Borrower the Facility (as defined below) on the terms and conditions set out in this Agreement.
IT IS AGREED as follows:
1 Definitions and interpretation
1.1 Definitions
In this Agreement, unless otherwise provided:
Agreement means this Agreement (including any schedule or annexure to it and any document in agreed form);
Bank Account means the bank account in the name of the Borrower but is opened and managed by the Lender in accordance with the Finance Documents with account number and sort code to be advised or any replacement account as agreed between the Parties;
Business Day means a day, other than a Saturday, Sunday or public holiday, on which banks are open for business in London;
Debenture means the debenture pursuant to which the Borrower grants ranking fixed and floating charges over all of its business, assets and undertaking in favour of the Lender;
Drawdown means a utilisation of the Facility;
Drawdown Date means the date of Drawdown as specified in the applicable Drawdown Notice;
Drawdown Longstop Date has the meaning given to the term in the relevant Drawdown Notice;
Drawdown Notice means a notice substantially in the form set out in Schedule 1 (Form of Drawdown Notice);
Event of Default has the meaning given to the that term in Clause 13 (Events of Default);
Extension Letter means any extension letter entered into by the Lender and the Borrower setting out any extension to the Facility Tenor;
Facility means the Sterling multiple drawdown term loan facility made available under this Agreement;
Facility Limit means the facility limit set out in the Offer Letter minus any amount reduced or cancelled in accordance with this Agreement;
Facility Period means the period from the date of this Agreement until all the obligations of the Borrower under this Agreement have been unconditionally and irrevocably discharged to the reasonable satisfaction of the Lender;
Facility Tenor means the facility tenor as specified in the Offer Letter or such later date as may be agreed by the Lender pursuant to any Extension Letter;
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Finance Documents means:
(a) this Agreement;
(b) the Debenture;
(c) the Offer Letter;
(d) any other agreement or document guaranteeing or securing or purporting to guarantee or secure the Borrower’s obligations to the Lender from time to time under this Agreement or the Finance Documents; and
(e) any other document that the Borrower and Lender agree is a Finance Document;
Financial Indebtedness means indebtedness arising from:
(a) borrowing (including overdrafts) and amounts raised that have the commercial effect of borrowing;
(b) any issued bonds, notes, debentures or similar instruments;
(c) any liabilities under finance or capital leases;
(d) any sold or discounted receivables;
(e) counter-indemnity obligations in relation to guarantees, indemnities, standby or documentary letters of credit and similar instruments; and
(f) the amount of any liability under a guarantee or indemnity for any of the items listed in paragraphs (a) to (e) above;
Fixed Rate Period means, in relation to a Loan, the date from (and including) the relevant Drawdown Date to (but excluding) the first Interest Payment Date;
Goods means the goods to be purchased by the Borrower using the proceeds of the relevant Loan;
Interest Payment Date means, in relation to a Loan:
(a) for the first Interest Payment Date, the calendar day that is 30 calendar days from the relevant Drawdown Date; and
(b) for each successive Interest Payment Date, the calendar day that is 30 calendar days from the preceding Interest Payment Date.
If, however, any such day is not a Business Day, the Interest Payment Date will instead be the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not);
Interest Rate means the interest rate set out in the Offer Letter;
Loan means any loan or loans made under this Agreement to the extent not repaid;
Obligor means the Borrower and any other entity or person who has entered into a document guaranteeing or securing or purporting to guarantee or secure the Borrower’s obligations to the Lender from time to time under this Agreement or the Finance Documents;
Offer Letter means the offer letter made between the Lender and the Borrower dated 24 August 2026;
Party means a party to this Agreement;
Potential Event of Default means an event that with the giving of notice, lapse of time or other applicable condition would be an Event of Default; and
Sterling and ‘£’ shall mean the lawful currency of the United Kingdom.
1.2 Interpretation
1.2.1 In this Agreement, unless the context otherwise requires:
(a) words in the singular include the plural and vice versa;
(b) including means including without limitation;
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(c) where an act is required to be performed promptly, it must be performed as soon as reasonably possible from the moment when the act could reasonably have been performed, having regard to all of the circumstances;
(d) a time of day is a reference to London time;
(e) a reference to any Party shall be construed as including, where relevant, successors in title to that Party, and that Party’s permitted assigns and transferees (if any);
(f) a reference to a person includes individuals, unincorporated bodies, government entities, companies and corporations;
(g) a reference to a Clause or a Schedule is to a clause of, or schedule to, this Agreement;
(h) a reference to this Agreement or any other agreement is a reference to that document as amended, novated, supplemented, restated or replaced from time to time in accordance with its terms; and
(i) references to legislation include any modification or re-enactment of such legislation or any part of it.
1.2.2 Any Clause title or other headings in this Agreement are included for convenience only and shall have no effect on the interpretation of this Agreement.
1.2.3 An Event of Default is ‘continuing’ if it has not been waived in writing by the Lender and a Potential Event of Default is ‘continuing’ if it has not been remedied by the Borrower or waived in writing by the Lender.
1.3 Third party rights
1.3.1 Except as expressly provided for in this Agreement, a person who is not a Party shall not have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any of the provisions of this Agreement.
1.3.2 The Parties may terminate or rescind this Agreement, or agree to any variation, waiver or settlement in connection with it, without the consent of any third party, whether or not it extinguishes or alters any entitlement they may have to enforce any of the provisions of this Agreement.
1.4 Offer Letter The Offer Letter and this Agreement should be read together and shall constitute a single agreement between the parties and, in the event of any inconsistency, the terms of the Offer Letter shall prevail over the terms of this Agreement.
2 The Facility
2.1 Subject to the terms of this Agreement, the Lender makes the Facility available to the Borrower.
2.2 The Lender is under no obligation to investigate how any amount borrowed under this Agreement is used.
3 Conditions to drawing a Loan
3.1 The Lender is not obliged to advance any Loan unless on the date of the Drawdown Notice and on the Drawdown Date for the proposed Loan:
3.1.1 The conditions precedent set out in the Offer Letter have been satisfied to the satisfaction of the Lender;
3.1.2 no Event of Default has occurred and is continuing or will occur on the making of that
Loan and
3.1.3 all representations and warranties set out in Clause 10 (Representations and warranties) of this Agreement are true.
4 Mechanics of drawing a Loan
4.1 Subject to Clause 3 (Conditions to drawing a Loan) and this Clause 4 (Mechanics of drawing a Loan), the Borrower may request a drawing under the Facility by delivering a duly completed
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Drawdown Notice to the Lender.
4.2 The Drawdown Notice must be substantially in the form set out in Schedule 1 (Form of
Drawdown Notice) and include:
4.2.1 the amount of the relevant Loan;
4.2.2 the proposed Drawdown Date;
4.2.3 the Drawdown Longstop Date;
4.2.4 the bank account details to which the Lender will pay the proceeds of the relevant Loan in accordance with Clause 4.8; and
4.2.5 a copy of the invoice relating to the Goods appended to the Drawdown Notice.
4.3 No Loan (when aggregated with all other Loans) shall exceed the amount of the undrawn Facility Limit.
4.4 The proposed Drawdown Date must be a Business Day within the Facility Tenor.
4.5 The Drawdown Notice for each Loan must be received by the Lender before 14.30 pm (GMT) at least one (1) Business Day prior to the proposed Drawdown Date for that Loan.
4.6 Each Loan shall be:
4.6.1 in sterling; and
4.6.2 in an amount that is not more than the purchase price of the Goods.
4.7 Subject to this Clause 4, on the Drawdown Date the Lender shall pay the relevant Loan directly into the Bank Account, which is governed in accordance with the Finance Documents.
4.8 Following the drawdown of the relevant Loan into the Bank Account, the Lender will make a payment in an amount equal to that Loan to the bank account details set out in the applicable
Drawdown Notice.
5 Interest
5.1 Payment of interest Subject to Clause 5.1.2, The Borrower shall pay to the Lender interest on the Loans at the Interest Rate in arrears on each Interest Payment Date.
If a Loan (or any part of it) is repaid or prepaid during the applicable Fixed Rate Period, the Borrower must on such date of repayment or prepayment pay to the Lender an amount equal to the interest which would, but for such repayment or prepayment, have been payable on the first Interest Payment Date in accordance with Clause 5.1.1.
5.2 Interest Rate
5.2.1 Interest on the principal amount of any Loans shall accrue daily on the basis of a 365– day year and for the actual number of days elapsed.
5.2.2 The rate of interest applicable to each Loan shall be the Interest Rate.
5.3 Default interest If the Borrower fails to make any payment due under this Agreement or any Finance Document on its due date, interest on the unpaid amount shall accrue daily, from the date of non-payment to the date of actual payment (both before and after judgment) at a rate of 0.658% per 30 days above the Interest Rate and the Borrower undertakes to pay any such interest to the Lender immediately on demand by the Lender.
6 Repayment, prepayment and cancellation
6.1 Repayment
6.1.1 Subject to Clause 6.3, the Borrower must repay each Loan in full by way of a single repayment upon the earlier of:
(a) the sale of the Goods purchased with the relevant Loan; or
(b) the relevant Drawdown Longstop Date.
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6.1.2 Any part of the Facility which is prepaid or repaid may be reborrowed in accordance with the terms of this Agreement.
6.2 Prepayment and cancellation
6.2.1 Subject to Clause 5.1.2, the Borrower may repay all or part only of the Loans at any time (together with all interest accrued and unpaid on it).
6.2.2 The Borrower may cancel all or part only of the undrawn Facility Limit at any time without notice or penalty, and the Facility Limit will be reduced accordingly.
6.3 Cancellation by the Lender All obligations of the Borrower arising under this Facility or any other Loans provided by the Lender to the Borrower shall be paid in full upon demand by the Lender, notwithstanding the Lenders right upon the occurrence of an Event of Default and whether or not such Event or Default has occurred.
7 Withholding All payments by the Borrower under this Agreement or the Finance Documents must be made free and clear of any deduction or withholding. If the Borrower is required by law to make any deduction or withholding from any such payment for or on account of tax the sum due from it in respect of such payment must be increased to the extent necessary to ensure that, after the making of such deduction or withholding, the Lender receives and retains (free from any liability in respect of any such deduction or withholding) a net sum equal to the sum which it would have received had no deduction or withholding been made or been required to be made.
8 Costs, expenses and indemnity
8.1 The Borrower must, within 3 Business Days of demand by the Lender, pay to the Lender on a full indemnity basis all costs, expenses, losses and liabilities (including legal fees) together with VAT on such amounts incurred by or on behalf of the Lender arising at any time as a result of or in connection with:
8.1.1 the occurrence of an Event of Default;
8.1.2 the negotiation, preparation, execution, perfection, or enforcement of this Agreement or the Finance Documents;
8.1.3 any losses, taxation, penalties or levies incurred by the Lender in relation to the Loan.
9 Evidence of debt
A copy of any entry in the Lender's accounts shall in any legal proceedings arising out of or in connection with this Agreement or any of the Finance Documents be prima facie evidence of the matters, transactions and accounts to which it relates. A certificate by the Lender as to any sum payable to it under this Agreement or any of the Finance Documents shall, in the absence of manifest error, be conclusive for the purposes thereof.
10 Representations and warranties
10.1 The Borrower makes the following representations and warranties to and for the benefit of the Lender on the date of this Agreement and acknowledges that the Lender has entered into this Agreement in reliance on such representations and warranties:
10.1.1 Corporate power: it has the corporate power to carry on its business as it is now being conducted and own its assets;
10.1.2 Binding obligations: its obligations under this Agreement or the Finance Documents to which it is a party are legal, valid, binding and enforceable;
10.1.3 Ranking: its payment obligations under this Agreement or the Finance Documents to which it is a party rank at least pari passu with all its other present and future unsecured and unsubordinated payment obligations, apart from payment obligations mandatorily preferred by law;
10.1.4 Insolvency: no corporate action, legal proceedings or other procedures or steps have been taken to obtain a moratorium (whether pursuant to the Insolvency Act 1986 or otherwise), or for its winding-up, dissolution, administration or re-organisation or restructuring, or for the appointment of a receiver, administrator, administrative receiver, trustee, nominee, supervisor, monitor or similar officer of it or of any or all of its assets or revenues.
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11 Information undertakings The undertakings in this Clause 11 (Information undertakings) remain in effect throughout the Facility Period.
11.1 Notification of default
The Borrower must, promptly on becoming aware of the same, notify the Lender of the occurrence of:
11.1.1 any Event of Default or Potential Event of Default together with the steps being taken to remedy it (if applicable); and
11.1.2 any default under any other agreement or instrument which is binding on it.
11.2 Litigation
The Borrower must, promptly on becoming aware of the same, notify the Lender of any actual, pending or threatened litigation, arbitration or other court or arbitral proceedings against it.
12 Undertakings
12.1 The Borrower must not create or permit to subsist any security over any of its assets (whether present or future).
12.2 The Borrower must not incur or permit to subsist any Financial Indebtedness except for:
12.2.1 Financial Indebtedness under the Finance Documents; or
12.2.2 Financial Indebtedness that has the prior approval of the Lender in writing (and which may be subject to conditions).
12.3 The Borrower shall not make any loans, grant any credit or give any guarantee except with the prior written consent of the Lender.
12.4 The Borrower shall:
12.4.1 comply with and retain all licences, permits, consents or other authorisations held and comply with any applicable laws, regulations or other legal requirements; and
12.4.2 promptly notify the Lender of any breach of (i) any law, regulation or other legal requirement and/or (ii) any licence, permit, consent or other authorisation held, and immediately remedy such breach.
12.5 The Borrower must maintain the Bank Account at all times and must ensure that it does not go into overdraft.
13 Events of Default
13.1 The occurrence of any of the following is an Event of Default:
13.1.1 Non-payment: an Obligor fails to pay any amount payable by it under this Agreement or any Finance Document to which it is a party on the date it falls due;
13.1.2 Breach of obligations:
(a) an Obligor fails to perform promptly any of its obligations under this Agreement or any Finance Document to which it is a party;
(b) or any other entity or person who has provided a guarantee or Security to the Lender in respect of an Obligor’s obligations to the Lender fails to perform promptly any of its obligations under this Agreement or any Finance Document to which it is a party;
13.1.3 Misrepresentation: any representation or warranty contained in this Agreement or any Finance Document or in any document or instrument delivered under or in connection with this Agreement or any Finance Document, is incorrect or misleading when made or deemed to be made;
13.1.4 Enforcement of security: any step is taken to enforce any security over the undertaking, property, revenue or assets of an Obligor;
13.1.5 Composition: any step is taken by an Obligor or its directors (or any agent of an Obligor) or any creditor with a view to resolving to enter into, convening meetings for the approval of,
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commencing negotiations in respect of, or making any requisite application to court in respect of any composition, compromise, assignment, or arrangement (whether under the Insolvency Act 1986, the Companies Act 2006 or otherwise) with any creditor;
13.1.6 Insolvency proceedings: any of the following occur:
(a) an Obligor or its directors (or any agent of an Obligor) take any steps under the Insolvency Act 1986 and/or the Insolvency (England and Wales) Rules 2016, SI 2016/1024 to wind up an Obligor voluntarily or to apply to the court for a winding-up order;
(b) a petition is presented to wind up an Obligor;
(c) a provisional liquidator is appointed to an Obligor or an Obligor goes into liquidation within the meaning of that term under section 247 of the Insolvency Act 1986;
(d) an Obligor or its directors (or any agent of an Obligor ) request or suffer the appointment of a Law of Property Act 1925 receiver, court appointed receiver or other receiver/manager or similar officer over or in relation to the whole of its undertaking, property, revenue or assets or any part thereof, or any person holding security over all or any of its undertaking, property, revenue or assets takes possession of them or any part of them or any distress is executed or levied over all or any of its undertaking, property, revenue or assets;
(e) any step is taken by an Obligor or its directors (or any agent of an Obligor) to negotiate or obtain a moratorium in respect of any of its liabilities (including a statutory moratorium under the Insolvency Act 1986);
(f) any steps are taken to appoint an administrator in respect of an Obligor) pursuant to the Insolvency Act 1986, Schedule B1 and/or Insolvency (England and Wales) Rules 2016, SI 2016/1024 or an Obligor) enters administration;
(g) an Obligor is dissolved, or is removed from the Register of Companies, or ceases to exist (whether or not capable of reinstatement or reconstitution) or the directors or agents of an Obligor apply for the relevant company to be struck-off the Register of Companies or cause for the relevant company to be struck-off the Register of Companies or the Registrar of Companies strikes off, or takes any step towards striking off, an Obligor from the Register of Companies; or
13.1.7 Insolvency: an Obligor is or becomes unable to pay its debts within the meaning of section 123 of the Insolvency Act 1986 (ignoring the requirement in that section that any fact or matter ‘is proved to the satisfaction of the court’) or suspends or threatens to suspend making payments with respect to all or any class of its debts;
13.1.8 Analogous process or proceedings: an Obligor is or becomes subject to, takes or has taken against it or in relation to it, or against any or all of its undertaking, property, revenue, or assets, any equivalent analogous, corresponding, or similar finding, step, process or proceeding to those in this Clause 13 (Events of Default) in any jurisdiction, whether or not any finding, step, process or proceeding had been taken against it or in relation to it, or any or all of its undertaking, property, revenue, or assets in England and Wales;
13.1.9 Cross default: any Financial Indebtedness of an Obligor is not paid when due;
13.1.10 Unlawfulness and Invalidity: it becomes unlawful for:
(a) an Obligor to perform any of its obligations under any Finance Document to which it is a party; and/or
(b) the Lender to exercise any of its rights under any Finance Document; and/or
(c) any Finance Document becomes invalid or unenforceable or ceases to be in full force and effect for any other reason;
13.1.11 Change or suspension of business: an Obligor changes or threatens to change the nature or scope of its business, or suspends or threatens to suspend all or a substantial part of its business operations, or commences any business other than that being carried on by it as at the date of this Agreement;
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13.1.12 Material litigation: any litigation, arbitration or other court or arbitral proceedings is commenced against an Obligor which the Lender considers (in its sole discretion) to be material; or
13.1.13 Expropriation of Assets: Any expropriation, attachment, sequestration, distress or execution or any analogous process in any jurisdiction affects any asset or assets of an Obligor.
13.2 Consequences If an Event of Default occurs and is continuing, the Lender may, by notice to an Obligor, declare that:
13.2.1 any outstanding Facility Limit is immediately cancelled; and/or
13.2.2 the full amount of Loans and any other amount due or becoming due to the Lender is immediately due and payable (in which case those amounts shall be immediately due and payable); and/or
13.2.3 it intends to exercise any or all of its rights, remedies, powers or discretions under this Agreement or the Finance Documents (in which case it may exercise any such rights).
14 Currency indemnity
14.1 The Borrower must, as an independent obligation, indemnify the Lender against any loss or liability which the Lender incurs as a consequence of:
14.1.1 the Lender receiving an amount in respect of the Borrower’s liability under this Agreement or the Finance Documents; or
14.1.2 that liability being converted into a claim, proof, judgment or order, in a currency other than Sterling.
14.2 Unless otherwise required by law, the Borrower waives any right it may have in any jurisdiction to pay any amount under this Agreement to which it is a party in a currency other than Sterling.
15 Information
The Lender may from time to time seek from any other creditor or provider of finance to the Borrower such information about the Borrower and its affairs as the Lender may think fit and the Borrower directs such third party to provide such information to the Lender.
16 Transfers
16.1 The Lender is entitled at any time to assign its rights or otherwise transfer all or any part of its rights or obligations under this Agreement at any time.
16.2 The Borrower is not entitled to assign its rights or otherwise transfer all or any part of its rights or obligations under this Agreement or any Finance Document.
17 Notices
17.1 Any notice or other communication given by a party under this Agreement must be in writing and be signed by or on behalf of the party giving it.
17.2 Notices will be sent to the parties at the addresses detailed at the outset of this Agreement.
17.3 A Party may change any of its details given in Clause 17.2 by giving not less than 5 Business Days’ notice to the other Party.
17.4 This Clause 17 (Notices) does not apply to any notice given in legal proceedings, arbitration or other dispute resolution proceedings.
18 Amendments No amendment, waiver or variation of any of the terms of this Agreement will be valid or effective unless made in writing and signed by or on behalf of the Parties.
19 Remedies Waivers and Invalidity
19.1 No failure, delay or omission by the Lender in exercising any right, power or remedy provided by law or under this Agreement, nor any single or partial exercise of any right, power or remedy provided by law or under this Agreement shall operate as a waiver of that right, power or remedy, nor shall it preclude or restrict any future exercise of that or any other right, power or remedy.
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19.2 The Lender’s rights, powers and remedies under this Agreement are cumulative and they do not exclude any rights, powers or remedies that arise by law.
19.3 If any provision or part of any provision of this Agreement is or becomes illegal, invalid or unenforceable, the legality, validity and enforceability of any other provision of this Agreement (or other part of that provision of this Agreement) shall not be affected and the provision or part- provision in question shall apply with such deletions or modifications as may be necessary to make the provision legal, valid and enforceable.
20 Counterparts
20.1 This Agreement may be signed in any number of separate counterparts and this has the same effect as if the signatures on those counterparts were on a single copy of this Agreement.
20.2 Each Party may evidence their signature of this Agreement by emailing a signed signature page of this Agreement in PDF format together with the final version of this Agreement in PDF or Word format, or by signing this Agreement electronically which shall constitute an original signed counterpart of this Agreement. Each Party adopting this method of signing will, following circulation by email, provide the original, hard copy signed signature page to the other Party as soon as reasonably practicable.
21 Governing law and jurisdiction
21.1 This Agreement and any dispute or claim arising out of, or in connection with it, its subject matter or formation (including non-contractual disputes or claims) shall be governed by, and construed in accordance with, the laws of England and Wales. Subject to Clause 21.2, the Parties irrevocably agree, for the sole benefit of the Lender, that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim arising out of, or in connection with, this Agreement, its subject matter or formation (including non-contractual disputes or claims).
21.2 Notwithstanding Clause 21.1, the Parties irrevocably agree that the Lender shall have the right to take, and shall not be prevented from taking, proceedings against the Borrower to settle any dispute or claim arising out of, or in connection with, this Agreement, its subject matter or formation (including non-contractual disputes or claims) in any other court of competent jurisdiction and that the Lender may take such proceedings in any number of jurisdictions, whether concurrently or not, to the extent permitted by law.
AGREED by the Parties on the date set out at the head of this Agreement.
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SCHEDULE 1 FORM OF DRAWDOWN NOTICE [insert date]
To: [LENDER] (the Lender)
From: Wattbike Limited (the Borrower)
Dear [LENDER], Master Loan agreement between the Borrower and the Lender dated [insert date] (the Master Loan Agreement) Terms defined and references construed in the Master Loan Agreement have the same meaning and construction in this notice.
We request a Loan to be drawn down under the Master Loan Agreement as follows:
Amount of Loan: £[insert amount]
Drawdown Date: [insert date]
Drawdown Longstop Date: [insert date]
Purpose of Loan: [insert purpose of loan] Please pay the Loan into the following account:
Bank: [insert name of bank]
Account name: [insert name of account]
Account number: [insert account number]
Sort code: [insert sort code]
We confirm that on the date of this notice and on the Drawdown Date:
1 no Event of Default or Potential Event of Default has occurred and is continuing or will occur on the making of the Loan; and
2 all representations and warranties set out in Clause 10 (Representations and warranties) of the Master Loan Agreement are true as at the date of this Drawdown Notice. ………………………………. [insert name of director] Director for and on behalf of Wattbike Limited
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Signatories to the Master Loan Agreement
The Borrower
For and on behalf of WATTBIKE LIMITED
By:
Trent Ward
Name:…/s/ Trent Ward………………………………
The Lender
For and on behalf of [LENDER]
By:
[NAME]
Name:…………………………………
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