Document:

Exhibit
10.1

 

 

LINE OF CREDIT AGREEMENT

 

	Borrower:   Alternative Investment Corp.	Lender: Alternative Strategy Partners
	 	 
	Ceiling Amount: $1,000,000.00	Date of Note: August 8, 2019

 

Alternative
Strategy Partners Pte Ltd, a Singaporean corporation with a principal place of business at 10 Collyer Quay Level 40 #40-53,
Ocean Financial Centre, Singapore 049315 (together with its successors and assigns, the “Lender”) commits itself,
subject to the terms of this Agreement (the “Agreement”) to make advances (“Advances”) available
to Alternative Investment Corporation, a Nevada corporation with a principal place of business at 150 East 52nd
Street, Suite 1102, New York, NY 10022 (the “Borrower”), in such amounts as Borrower may request, and the Borrower
agrees to accept and repay Lender the Advances, with interest thereon at the Rate of Interest as defined herein, in accordance
with the terms hereof. In no event shall the total Advances outstanding at any one time exceed the aggregate principal amount of
One Million and 00/100 Dollars ($1,000,000.00) (the “Ceiling Amount”).

 

The Borrower
may borrow up to the Ceiling Amount in full or in part, repay in full or in part, and reborrow in accordance with the terms of
this Agreement. In no event shall the total Advances outstanding at any one time exceed the Ceiling Amount as it may vary during
various times of the year. Advances in excess of the Ceiling Amount are “Overadvances.”

 

This Line of
Credit and all amendments, extensions and replacements hereof is secured by all business assets of Borrower pursuant to a Security
Agreement dated on or about even date herewith.

 

Lender’s
commitment shall expire on the first to occur of the following: (a) the occurrence of an Event of Default as defined herein, or
(c) the Maturity Date set forth below.

 

In consideration of this commitment by Lender, the Borrower agrees
with the Lender as follows:

 

1.             
EXPIRATION DATE / MATURITY. The availability of Advances hereunder shall terminate and expire
and this Agreement shall mature on December 31, 2024 (the “Maturity Date”). Therefore, unless sooner accelerated
or renewed, the entire principal balance hereof (including costs and late fees), together with all interest thereon, shall be due
and payable to Lender on said date without further notice or demand. If the Maturity Date is a day other than a business day of
the Lender, the maturity hereof shall be extended to the next succeeding business day, and interest shall be payable with respect
to such extension. The Maturity Date may be extended for successive periods at the Lender’s sole discretion following its
review of credit, pricing and all other underwriting criteria deemed appropriate by Lender. Each successive renewal shall modify
the Maturity Date, and the term “Maturity Date” shall mean such extended date. Renewal may be accomplished only by
letter agreement or similar instrument signed by an officer of Lender.

 

2.             
RATE OF INTEREST. For each day any principal amount due hereunder shall remain outstanding
and unpaid under this credit facility, interest shall accrue thereon for a maximum of 8% per annum, unless the maturity date is
reached.

 

d.       DEFAULT
/ POST JUDGMENT INTEREST RATE. The Lender shall have the right to charge interest on the unpaid principal balance hereof at an
interest rate of ten percent (10.0%) per annum in excess of the Rate of Interest otherwise payable as provided herein for any period
during which the Borrower shall be in default under any material provision hereof or there shall be a default under any other document
guarantying, governing or securing this Note. The Rate of Interest as set forth herein shall apply following entry of any judgment
hereon notwithstanding any otherwise applicable statutory rate.

 

    	 

    	 

    

  

3.             
PAYMENT. All payments shall be made by Borrower to Lender at its principal office in New York,
NY in immediately available funds.

 

4.             
BALANCE FORWARD. The Line of Credit and the provisions of this Agreement are applicable retroactively
to any promissory note which the Borrower and Lender may have signed preceding the date of this Agreement. To date, the Line of
Credit includes a balance forward of $277,423.13 (principal only), leaving a remaining Line of Credit of $722,576.87 as of the
date of this Agreement.

 

5.             
NO PREPAYMENT PREMIUM. Borrower may pay all or any portion of the amount due hereunder at
any time without premium. Early payments will not, unless otherwise agreed by Lender in writing, relieve Borrower of its obligation
to continue to make payments of accrued, unpaid interest. Rather, early payments will reduce the principal balance due.

 

6.             
LINE OF CREDIT. Borrower hereby requests and authorizes the Lender to make Advances to Borrower
during the term hereof, and in connection with each Advance to: (a) reduce the funds available hereunder by, and credit to the
Borrower’s demand deposit account (or such other account as agreed upon by the parties) with the Lender, the proceeds of
Advances hereunder requested by the Borrower pursuant to request form(s) satisfactory to and received by the Lender or at the option
of Lender by telephone call by Borrower’s duly authorized representative; (b) enter into the records maintained by the Lender
with respect to each Advance, all interest accruals, payments, other charges or items arising hereunder or otherwise properly chargeable
or creditable to the Borrower’s account in accordance with generally accepted accounting principles or Lender’s standard
bank policies, practices and fee schedules as they may be amended from time to time; and (c) render to Borrower a monthly statement
of interest and the then outstanding principal balance due hereunder. Each such statement shall be considered accepted by and conclusively
binding upon Borrower unless Borrower gives Lender written notice of exceptions within sixty (60) days of the receipt of said statement
by Borrower.

 

This Agreement
evidences a revolving line of credit. Upon duly authorized written request from Borrower, Lender may, but is not obligated to,
make Advances under this Agreement pursuant to oral requests by Borrower. In such case, Lender reserves the right to require Borrower
to confirm all oral requests in writing on the day of the request. All communications, instructions, or directions by telephone
or otherwise to Lender are to be directed to Lender’s office shown above. The following person is currently authorized to
request Advances and authorize payments under the line of credit until Lender receives from Borrower, at Lender’s address
shown above, written notice of revocation of his authority: Michael Brigham. Borrower agrees to be liable for all sums either (A)
advanced in accordance with the instructions of an authorized person or (B) credited to any of Borrower’s accounts with Lender.
The unpaid principal balance owing hereunder at any time may be evidenced by endorsements on this Agreement or any schedules attached
hereto or by Lender’s internal records, including daily computer print-outs.

 

Lender will
have no obligation to advance funds under this Agreement if: (A) an Event of Default has occurred and is continuing, or (B) an
event has occurred which with the passage of time or giving of notice if left uncured would constitute an Event of Default hereunder.

 

7.             
WAIVE JURY. Borrower hereby expressly and voluntarily waives any and all rights, whether arising
under the United States or Maine Constitution, any Rules of Civil Procedure, common law or otherwise, to demand a trial by jury
in any action, suit, proceeding or counterclaim involving Lender as to any matter, claim or cause of action whatsoever arising
out of or in any way related to this Agreement or any loan with Lender or any of the transactions contemplated between the parties.

 

8.             
GOVERNING LAW. This Agreement is being executed by the parties, delivered by Borrower and
accepted by Lender in New York, NY and shall be governed by and construed in accordance with the laws of the State of New York
to the maximum extent the parties may so lawfully agree. Borrower hereby submits to the jurisdiction of any state or federal court
located within the State of New York, to the jurisdiction of any state, federal or other court of the United States of America,
the State of New York, or any other state, district, commonwealth, territory, county, province, or country in which assets owned
by Borrower are or may be located (including jointly with others). Notwithstanding any provision herein or in any instrument now
or hereafter securing this Agreement, the total liability for payments in the nature of interest shall not exceed the limits imposed
by the usury laws of said State.

 

    	 

    	 

    

 

9.             
DISHONERED ITEM FEE. Borrower will pay a fee to Lender of $50.00 if Borrower makes a payment
under this Agreement and the check or preauthorized charge with which Borrower pays is later dishonored.

 

10.             
SUCCESSOR INTERESTS. The terms of this Agreement shall be binding upon Borrower, and upon
Borrower’s successors and assigns, and shall inure to the benefit of Lender and its successors and assigns.

 

11.             
GENERAL PROVISIONS. Lender may delay or forgo enforcing any of its rights or remedies under
this Agreement without losing them. Borrower and any other person who signs, guarantees, or endorses this Agreement, to the extent
allowed by law, waive presentment, demand for payment, and notice of dishonor. Upon any changes in the terms of this Agreement,
and unless otherwise expressly stated in writing, no party who signs this Agreement or any guaranty or security agreement of any
kind, whether as maker, guarantor, accommodation maker or endorser, shall be released from liability. All such parties agree that
Lender may renew or extend repeatedly and for any length of time this Agreement or release any party or guarantor or collateral
without thereby releasing Borrower or any guarantor from liability hereunder. Neither Borrower nor any guarantor will be released
from liability hereunder if Lender fails to realize upon or perfect Lender’s security interest in any collateral, releases
any obligor, guarantor or collateral, extends, renews or modifies the terms hereof or otherwise takes any action deemed necessary
by Lender with or without the consent of or notice to anyone and even over objection. All such parties also agree that Lender may
modify this loan without the consent of or notice to anyone other than the party with whom the modification is made. The obligations
under this Agreement are joint and several. In the event any provision of this Agreement shall be determined by a court of competent
jurisdiction to be invalid or unenforceable, said provision shall be deemed to be deleted and this Agreement modified accordingly
and in such manner as to give effect to all other provisions hereof to the maximum extent possible with only the invalid or unenforceable
provisions removed.

 

This Agreement
and each Advance hereunder are for a business, commercial or agricultural purpose and not for a personal, consumer or household
purpose.

 

Whenever notice,
demand or a request may properly be given to Borrower under this Agreement, the same shall always be sufficient if in writing and
deposited in the United States mails, certified mail, postage prepaid, return receipt requested, addressed to Borrower either at
the address given in this Agreement as Borrower’s address, or the business address given in writing to Lender hereof by Borrower
more than thirty (30) days prior to the date Lender sends Borrower the notice in question. Any notice, demand or request hereunder
shall be treated as having been given two (2) business days after deposit in the United States mails, by certified or registered
mail, postage prepaid, and return receipt requested, or upon the date of hand delivery if delivered on a business day.

 

In witness hereof the parties hereto
have EXECUTED THIS AGREEMENT AS A SEALED INSTRUMENT, as of the day and year first above written.

 

	Alternative Investment Corporation, Borrower
	 	 
	 	 
	By:	/s/ Antonio Treminio
	 	Antonio Treminio
	 	Chief Executive Officer & Director
	 	 
	Alternative Strategy Partners Pte Ltd, Lender
	 	 
	 	 
	By:	/s/ Yuhi Horiguchi
	 	Yuhi Horiguchi
	 	Chief Executive Officer & DirectorBOND

 

	 	Effective Date: _______________
	U.S. $600,000.00	 

 

1.
FOR VALUE RECEIVED, Leader Capital Holdings Corp., a Nevada corporation (“Company”), promises to pay to_______________
, or its successors or assigns (“Investor”), US$600,000.00 (the “Purchase Price”), and any interest, fees,
charges and penalties in accordance with the terms set forth herein. This Bond (this “Bond”) is issued and made effective
as of __________________ (the “Effective Date”). For purposes hereof, the “Outstanding Balance” (as defined
below) means the Purchase Price (as defined below), as reduced or increased, as the case may be, pursuant to the terms hereof
for redemption, or otherwise, plus any accrued but unpaid interest, collection and enforcements costs, and any other fees or charges
(including without limitation late charges) incurred under the Bond.

 

The
Purchase Price shall be paid by Investor directly to the Company. Company agrees that the Bond is fully paid for as of the Effective
Date.

 

This
Bond shall have a maturity date, which shall be the date that is three (3) years from the Purchase Price is paid (the “Purchase
Price Date”) for the Bond (the “Maturity Date”). The Purchase Price Date for the Bond shall be the Effective
Date. On the Maturity Date, the Outstanding Balance shall be due and payable.

 

2.
Interest. Company may repay this Bond at any time on or before two (2) years from the Maturity Date (the “Prepayment Date”)
by wiring 100% of all outstanding principal and interest(s) to the Investor. The Bond shall accrue an interest charge of 10.0%,
per annum (equivalent to 0.8333%, per month) (the “Interest Charge”) from the Effective Date, and the Interest Charge
will be paid to the investor on semi-yearly basis. Company may not prepay any balance remaining following the Prepayment Date.

 

3.
Intentionally Omitted.

 

4.
Intentionally Omitted.

 

5.
Default. The following are events of default under this Bond: (i) Company shall fail to pay any principal under this Bond, pursuant
to the terms of this Bond, on or before the Maturity Date; or (ii) Company shall fail to pay any interest or any other amount
under this Bond, pursuant to the terms of this Bond, on or before the Maturity Date; or (iii) a receiver, trustee or other similar
official shall be appointed over Company or a material part of its assets and such appointment shall remain uncontested for ten
(10) days or shall not be dismissed or discharged within thirty (30) days; or (iv) Company shall become insolvent or generally
fails to pay, or admits in writing its inability to pay, its debts as they become due, subject to applicable grace periods, if
any; or (v) Company shall make a general assignment for the benefit of creditors; or (vi) Company shall file a petition for relief
under any bankruptcy, insolvency or similar law (domestic or foreign); or (vii) an involuntary proceeding shall be commenced or
filed against Company; or (viii) Company shall fail to observe or perform any covenant, obligation, condition or agreement of
Company contained herein, including without limitation all covenants to timely file all required quarterly and annual reports,
and any other filings related to Rule 144; or (ix) any representation, warranty or other statement made or furnished by or on
behalf of Company to Investor herein or in connection with the issuance of the Bonds shall be false, incorrect, incomplete or
misleading in any material respect when made or furnished.

 

6.
Remedies. Upon the occurrence of any event of default described in clauses (iii), (iv), (v), (vi) or (vii) of Section 5, the Outstanding
Balance as of the date of acceleration shall become immediately and automatically due and payable in cash at the Mandatory Default
Amount, without any written notice required by Investor. The “Mandatory Default Amount” means 100% multiplied by the
applicable Outstanding Balance (the “Default Effect”), provided that the Default Effect may only be applied with respect
to the first two (2) events of default that occur. Commencing five (5) days after the occurrence of any event of default, interest
shall accrue on the Outstanding Balance of each Bond at an interest rate equal to the lesser of 12% per annum or the maximum rate
permitted under applicable law. In connection with such acceleration described herein, Investor need not provide, and Company
hereby waives, any presentment, demand, protest or other notice of any kind, and Investor may immediately and without expiration
of any grace period enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable
law. Such acceleration may be rescinded and annulled by Investor at any time prior to payment hereunder and Investor shall have
all rights as a holder of the Bond until such time, if any, as Investor receives full payment pursuant to this Section 6. No such
rescission or annulment shall affect any subsequent event of default or impair any right consequent thereon. Nothing herein shall
limit Investor’s right to pursue any other remedies available to it at law or in equity.

 

    	 

    	 

    

 

7.
No Offset. Company acknowledges that this Bond is an unconditional, valid, binding and enforceable obligation of Company not subject
to offset, deduction or counterclaim of any kind. Company hereby waives any rights of offset it now has or may have hereafter
against Investor, its successors and assigns, and agrees to make the payments or conversions called for herein in accordance with
the terms of the Bonds.

 

8.
Intentionally Omitted.

 

9.
Opinion of Counsel. In the event that an opinion of counsel is needed for any matter related to any Bond, Investor has the right
to have any such opinion provided by its counsel and Company agrees that it shall not unreasonably withhold acceptance of any
such opinion. Investor acknowledges that Company requires an opinion of counsel independent of Company for all sales of its restricted
common stock.

 

10.
In case of any discrepancy between the English version and the Chinese version, the English version shall prevail.

 

(REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK)

 

IN
WITNESS WHEREOF, Company has caused this Bond to be duly executed as of the Effective Date set out above.

 

The
Company

 

	SIGNED
    by Lin, Yi-Hsiu	)	 
	for
    and on behalf of LEADER CAPITAL HOLDINGS CORP.	)

        )
	 
	 	)	 
	whose
    signature(s) is/are verified by / in the presence of:	)

        )
	 
	 	)	 
	Signature
    of witness:	)	 
	 	 	 
	 	 	 
	Name
    of witness:	 	 
	 	 	 
	 	 	 
	ACKNOWLEDGED,
    ACCEPTED AND AGREED:	 	 

 

The
Investor

 

	SIGNED
    by ____________________________	)	 
	 	)	 
	whose
    signature(s) is/are verified by / in the presence of:	)	 
	 	)	 
	Signature
    of witness:	)	 
	 	)	 
	 	 	 
	Name
    of witness:	)

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