Facility agreement (term loan): single company borrower—bilateral—with or without security or a guarantee
Facility agreement (term loan): single company borrower—bilateral—with or without security or a guarantee

The following Banking & Finance precedent provides comprehensive and up to date legal information covering:

  • Facility agreement (term loan): single company borrower—bilateral—with or without security or a guarantee
  • Background
  • 1 Definitions and interpretation
  • 2 The Facility
  • 3 Conditions to drawing thea Loan
  • 4 Mechanics of drawing thea Loan
  • 5 Interest
  • 6 Repayment, prepayment and cancellation
  • 7 Taxes
  • 8 Change of circumstances
  • More...

This Agreement dated [] 20[] is made

Parties

  1. 1

    [insert name of Borrower], a company incorporated in England and Wales with registered number [insert company number] whose registered office is at [insert address] (the Borrower); and

  1. 2

    [insert name of Lender] of [insert address] (the Lender).

Background

    1. (A)

      [insert description of background to transaction].

    1. (B)

      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. 1

      Definitions and interpretation

      1. 1.1

        Definitions

        In this Agreement, unless otherwise provided:

        Business Day

        1. means a day, other than a Saturday, Sunday or public holiday, on which banks are open for business in London;

        Cancellation Notice

        1. has the meaning given to it in Clause 6.5.1;

        Commitment

        1. means £[] ([] Sterling) minus any amount reduced or cancelled in accordance with this Agreement;

        Commitment Period

        1. means the period commencing on the date of this Agreement to and including [];

        [Debenture

        1. means the debenture dated on or about the date of this Agreement pursuant to which the Borrower grants first ranking fixed and floating charges over all of its business, assets and undertaking in favour of the Lender;]

        Drawdown

        1. means [the OR a] utilisation of the Facility;

        Drawdown Date

        1. means the date of Drawdown as specified in the [applicable] Drawdown Notice;

        Drawdown Notice

        1. means a notice substantially in the form set out in Schedule 2 (Form

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