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The Peer to Peer Loan Agreement serves as a vital legal instrument for formalizing lending arrangements between private parties under Irish law. This document becomes necessary when individuals or entities wish to engage in direct lending outside traditional banking channels, whether for personal, property, or business purposes. It captures all essential elements of the lending relationship, including loan amount, interest calculations, repayment schedules, and default procedures. The agreement ensures compliance with Irish financial regulations and consumer protection laws while providing flexibility through optional clauses for different lending scenarios. It's particularly relevant in the growing alternative finance sector, where direct lending between parties has become increasingly common. The document can be customized to accommodate both simple personal loans and more complex arrangements involving security or guarantees.

1. Parties: Identifies and provides full details of the lender and borrower

2. Background: Sets out the context of the loan and the parties' intention to enter into the agreement

3. Definitions: Defines key terms used throughout the agreement

4. The Loan: Specifies the loan amount, purpose, and conditions precedent to drawdown

5. Interest: Details the interest rate, calculation method, and payment frequency

6. Repayment: Specifies repayment schedule, method of payment, and early repayment provisions

7. Representations and Warranties: Statements of fact made by the borrower about their financial situation and capacity to repay

8. Borrower Covenants: Ongoing obligations of the borrower during the loan term

9. Events of Default: Circumstances that would constitute a breach and trigger early repayment

10. Consequences of Default: Actions the lender can take in case of default, including acceleration of the loan

11. Notices: How formal communications between parties should be made and delivered

12. Assignment: Whether and how the agreement can be transferred to other parties

13. Governing Law and Jurisdiction: Confirms Irish law governs the agreement and Irish courts have jurisdiction