Facility letter (term loan): single company borrower—bilateral—unsecured

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

  • Facility letter (term loan): single company borrower—bilateral—unsecured

Facility letter (term loan): single company borrower—bilateral—unsecured

[TO BE PRINTED ON THE HEADED PAPER OF THE LENDER]

[insert name and address of borrower]

[insert date]

Dear [insert full name of borrower]

We offer to place at your disposal a Sterling loan facility in the aggregate principal amount of £[insert amount in figures] ([insert amount in words] Sterling) [for the purpose of [insert details]] on the following terms and conditions:

    1. 1

      Definitions

      1. 1.1

        In this letter, unless otherwise provided:

        Base Rate

        1. means the base rate of [the Lender OR [insert name of Bank]] for the time being and from time to time;

        Borrower

        1. means [insert name of company], a company incorporated in England and Wales with registered number [insert company number] whose registered office is at [insert address];

        Business Day

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

        Commitment Expiry Date

        1. means the earlier of the date falling [insert number] months after the date of this letter and the date upon which the full amount of the Facility is first outstanding under this letter;

        Drawing

        1. means [the OR a] drawing under the Facility;

        Environmental Law

        1. means any law or applicable regulation relating to pollution or the protection of the environment, the conditions of any workplace or the storage, handling or use of any substance;

        Event of Default

        1. means any one of the events specified in Clause 8

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