Loan Agreement

 

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THIS AGREEMENT is made on the [insert day] day day] day of [insert month] [insert year]   BETWEEN: [Insert name and address of the organisation or individual lending the money], ("the money],  ("the Lender") AN [Insert name and address of the organisation or individual borrowing the money], ("the money],  ("the Borro!er")

WHEREB IT IS AGREE as fo##o!s:

,. Introduction The Lender !i## ma$e a%ai#a&#e to the Borro!er the f'## s'm of [insert amount in words] o'nds * [insert in numbers] in numbers] in the form of a #oan on the &asis of the terms and +onditions !ithin this Loan A,reement-

-. %oan *epayment Date The .rin+i.a# amo'nt of the Loan to,ether !ith a## interest d'e 'nder this A,reement sha## &e re.aid in f'## &y the +#ose of &'siness on [insert full date]-date]

 

. %oan *epayment Schedule ., The first re.ayment sha## &e made &y the Borro!er to the Lender on [insert date] and s'&se/'ent .ayments !i## &e made [insert time period, for example, monthly or quarterly]quarterly].- The first re.ayment amo'nt sha## &e of [insert amount in words] .- The o'nds * [insert in numbers]numbers]. S'&se/'ent re.ayment amo'nts sha## &e for the same amo'nt . S'&se/'ent s'&0e+t to +han,es in the &ase rate of [insert bank name] Ban$ name] Ban$ .#+. Any +han,es in the &ase rate of [insert bank name] Ban$ . Any name] Ban$ .#+ !i## &e a..ortioned on a dai#y &asis for the month in !hi+h the +han,e o++'rs-

. $arly *epayment ., The Borro!er on ,i%in, the Lender three months !ritten noti+e may re.ay the entire Loan 1 the .rin+i.a# amo'nt and a## interest o!in, '. to the date of a+t'a# re.ayment.- A#ternati%e#y the Borro!er may ,i%e the Lender !ritten noti+e of immediate re.ayment  re.ayment of the entire Loan 1 the .rin+i.a# amo'nt and a## interest o!in, '. to the date of a+t'a# re.ayment- The Borro!er !i## a#so .ay an additiona# three months interest in #ie' of noti+e to the Lender-

0. %oan "urpose 0., The Loan sha## &e 'sed e2+#'si%e#y for fo##o!in, s.e+ified .'r.ose: [insert details of what the loan will be used for] 0.- The Borro!er sha## not 'se the Loan for any other .'r.ose !itho't the 0.- The .rior !ritten a..ro%a# of the Lender-

1. Documentation 1., The Loan amo'nt !i## on#y &e made a%ai#a&#e to the Borro!er on+e the Lender re+ei%es and a..ro%es +o.ies of the fo##o!in, do+'mentation: If the Borro!er is a +om.any: 1.,., A +o.y of the reso#'tion made &y the dire+tors of the +om.any a,reein, and a..ro%in, that the +om.any &orro!s the s'm of the #oan from the Lender- The reso#'tion m'st a#so &e si,ned and a..ro%ed &y the +om.any se+retary1.,.- A +o.y of the Memorand'm and Arti+#es of Asso+iation of the Borro!er !hi+h m'st &e +ertified &y the +om.any se+retary as +om.#ete Borro!er and '. to date-

 

If the Borro!er is a .artnershi.: 1.,. A## of the .artners !ithin the .artnershi. m'st si,n this Loan L oan A,reement-

2. %oan Interest The interest on the .rin+i.a# amo'nt of the Loan o'tstandin, sha## a++r'e dai#y at the rate of [insert amount in words] .er +ent [ ]3 .er ann'm a&o%e the &ase rate of [insert bank name] Ban$ name] Ban$ .#+ as %aried from time to time-

Sample document – the remaining are clause headings only 3ull document contains all clauses

4. Default Interest 5. %oan "ayments 'pplication ,6. *epresentations 7 Warranties ,,. Borrower8s 9ndertaings ,-. Immediate *epayment Due To Default   ,. 3ees 7 $penses ,. "ayment +ethods 7 "rocedures ,0. (otices ,1. 'ssignment ,2. )eneral ,4. ;urisdiction IN WITNESS of !hi+h the .arties ha%e s si,ned i,ned this A,reement the day month and year first a&o%e !ritten-

[Insert Lender’s name] [Insert name of person signing on the Lender’s behalf] [Insert their position] Si,nat're: 

 

In the .resen+e of: [Insert Witness’s name] [Insert Witness’s address] Si,nat're:  [Insert orrower’s name] [Insert name of person signing on the orrower’s behalf] [Insert their position] Si,nat're:  In the .resen+e of: [Insert Witness’s name] [Insert Witness’s address] Si,nat're:  (+) http://www.compactlaw.co.u http://www.compactlaw.co.u/loan!agreement.html