Loan Agreement

Loan Agreement

Loan Agreements prepared by our lawyers within 5 days

Our commercial lawyers act for both creditors (lender) and debtors (borrower) and can assist with any type of loan agreement. A Loan Agreement protects the interests of both parties, by clearly setting out all the terms and obligations that are being agreed to.

There are basic provisions that all loan agreements will address, including:

  • Interest
    And whether the interest rate is fixed or a floating rate. The default interest rate should also be addressed. This is the ability to raise the interest rate payable on amounts which have not been paid at their due date.
  • Repayment
    Repayment should consider how the debt will be repaid, eg annual percent rate, the frequency of repayments, additional fees, a method for calculating repayments, whether interest will be charged or not, and so on. 
  • Prepayment
    Ability to let the borrower repay the loan earlier than what has been scheduled.
  • Default events
    Any acts that will constitute default of the loan, eg insolvency, breach, types of non-payment etc.
  • Committed or Uncommitted
    If the loan is committed, the lender is required to make the loan only once they have satisfied scheduled Conditions Precedents (CPs).
  • Late Fees
    It should be clearly defined what constitutes a default of the loan, how late fees are determined and the penalty for them. 

The OpenLegal lawyers can provide you with help on reviewing or drafting loan agreemeents for your business or startup. 

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We recently engaged OpenLegal. The team were extremely friendly and energetic, took the time to understand my business, were responsive, and overall it was a very smooth speedy process. Would recommend OpenLegal to those businesses seeking cost-effective quick expert advice from a team of personable skilled lawyers.

Emma Borton-Sutherland ★★★★★
Emma Borton-Sutherland
Business One Consulting

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