The Common Loan Agreement is a fundamental financing document used in England and Wales for establishing legally enforceable lending arrangements. It serves as the primary contract documenting the terms of a loan transaction, whether for corporate financing, real estate acquisition, or other commercial purposes. The agreement includes essential elements such as loan amount, interest calculations, repayment schedules, security provisions, and default scenarios. This document type complies with English legal requirements and regulatory frameworks, including FCA regulations and consumer protection laws where applicable.
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Key Requirements PROMPT example:
Common Loan Agreement
"I need a Common Loan Agreement for a £5 million secured business loan between ABC Bank plc as lender and XYZ Manufacturing Ltd as borrower, with quarterly repayments over 5 years starting from March 2025, secured against the borrower's commercial property."
1. Parties: Identification and details of the lender and borrower
2. Background: Context and purpose of the loan agreement
3. Definitions: Key terms used throughout the agreement
4. Loan Amount and Purpose: Specifies the amount being lent and its intended use
5. Interest Rate and Calculations: Details of interest rate, calculation method, and payment periods
6. Repayment Terms: Schedule and method of repayment
7. Events of Default: Circumstances constituting default and consequences
8. Representations and Warranties: Statements of fact and assurances from the borrower
9. Covenants: Ongoing obligations of the borrower during the loan term
10. Boilerplate Provisions: Standard legal provisions including notices, governing law, and jurisdiction
1. Security: Details of any collateral or guarantees - used when loan is secured
2. Insurance Requirements: Required insurance coverage for secured assets - used when loan is secured or insurance is mandatory
3. Guarantor Provisions: Terms applying to guarantors - used when there are third-party guarantors
4. Syndication Provisions: Terms relating to multiple lenders - used for syndicated loans
5. Tax Gross-Up: Provisions for tax treatment of payments - used in cross-border or complex lending arrangements
1. Schedule 1 - Repayment Schedule: Detailed breakdown of repayment dates and amounts
2. Schedule 2 - Security Details: Detailed description of security assets and their registration details
3. Schedule 3 - Conditions Precedent: List of conditions to be met before drawdown
4. Schedule 4 - Form of Drawdown Notice: Template for requesting loan disbursement
5. Schedule 5 - Form of Transfer Certificate: Template for transferring loan participation
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