Loan agreement—individuals


Published by a ½Û×ÓÊÓƵ Private Client expert
Precedents

Loan agreement—individuals


Published by a ½Û×ÓÊÓƵ Private Client expert

Precedents
imgtext

DATE:

Parties

  1. 1

    [[name] of [address] [and [name] of [address]] OR [name] and [name] both of [address]] (Lender[s])

  1. 2

    [[name] of [address] [and [name] of [address]] OR [name] and [name] both of [address]] (Borrower[s])

    1. 1

      Definitions

      In this Agreement, the following definitions apply:

      Default

      1. •

        is:

        1. (a)

          a breach by the Borrower[s] of any of their obligations under this Agreement; or

        2. (b)

          the Borrower[s or one of them] [dying, or] becoming insolvent or entering into any form of composition or arrangement with their creditors;

      Final Repayment Date

      1. •

        [date] (unless clause 7 applies);

      Interest Rate

      1. •

        [figure]% above the base lending rate of [name

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Jurisdiction(s):
United Kingdom
Key definition:
Loan definition
What does Loan mean?

An advance of funds from one party (the creditor) to another party (the debtor) for a period of time. The funds can be advanced for an agreed period or be repayable upon demand. Interest is usually paid on the advance which can be secured or unsecured

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