Short-form facility agreement (term loan): single company borrower—bilateral (lender as an individual)—unsecured
Short-form facility agreement (term loan): single company borrower—bilateral (lender as an individual)—unsecured

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

  • Short-form facility agreement (term loan): single company borrower—bilateral (lender as an individual)—unsecured
  • background
  • 1 Definitions and interpretation
  • 2 Conditions precedent to drawing
  • 3 The loan
  • 4 Purpose
  • 5 Drawings
  • 6 Interest
  • 7 Repayment
  • 8 Prepayment
  • More...

This Agreement is made on [insert day and month] 20[insert year]

Parties

  1. 1

    [insert name of Lender], of [insert address] (the Lender); and

  1. 2

    [insert name of party] [of OR a company incorporated in [England and Wales] under number [insert registered number] whose registered office is at] [insert address] (the Borrower).

background

    1. (A)

      The Lender has agreed to provide to the Borrower an unsecured term loan facility of £[insert amount of loan in figures] ([insert amount of loan in words] pounds Sterling) subject to the terms and conditions of this Agreement.

    1. (B)

      The Lender is a [shareholder OR director OR [insert details of Lender]] of the Borrower.

    1. (C)

      [[insert any further details]]

The parties agree:

    1. 1

      Definitions and interpretation

      1. 1.1

        In this Agreement, unless otherwise provided:

        Business Day

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

        Drawdown Notice

        1. means the written notice provided to the Lender by the Borrower under Clause 5.1;

        Event of Default

        1. means any one of the events specified in Clause 11.1;

        Interest Payment Date

        1. shall have the meaning given to it in Clause 6.1;

        Loan

        1. means the aggregate principal amount for the time being advanced and outstanding under this Agreement; and

        Party

        1. means a party to this Agreement, and Parties shall be construed accordingly.

      1. 1.2

        Unless the context otherwise requires:

        1. 1.2.1

          words in the singular include the plural and vice

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