The following Banking & Finance Q&A Produced in partnership with Richard Hanke of 3 Verulam Buildings (3VB) provides comprehensive and up to date legal information covering:
The effect of specifying events of default or a scheduled termination date in a facility that is otherwise stated to be repayable on demand will depend upon the precise language used. None of these terms has an automatic or invariable effect upon a loan facility.
Where a facility includes reference to being both repayable on demand and upon a scheduled termination date it is possible that the facility is repayable in one of two situations:
only upon the specified termination date, or
when demanded by the lender and, in any event, by the termination date
Facilities containing both of these terms have been considered in a number of authorities. In Titford Property Co Ltd v Cannon Street Acceptances (unreported, 22 May 1975), Goff J concluded that the reference to a fixed term and
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