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...

9 Representations and warranties
10 Undertakings
11 Events of default
12 Costs
13 Currency and payments
14 Set-off
15 Miscellaneous
16 Notices
17 Governing law and jurisdiction
The Schedule Conditions Precedent
Execution page

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

Parties

1
[insert name of Lender], of [insert address] (the Lender); and

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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