How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Ash Your Own Question

Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
75100385
Type Your Law Question Here...
Ash is online now

I am in the process of agreeing a loan to a small UK business

Customer Question

I am in the process of agreeing a loan to a small UK business and need to have the loan agreement reviewed as this has been prepared by the borrowing company.
Your advice would be appreciated.
Submitted: 10 months ago.
Category: Law
Expert:  Ash replied 10 months ago.
Hello my name is ***** ***** I will help you.What is it you would like to know about this please? Alex
Customer: replied 10 months ago.
Can you review the loan agreement please
Expert:  Ash replied 10 months ago.
I can but it would be an additional service if thats ok. How many pages is it?
Customer: replied 10 months ago.
Just one page, I can cut and paste here
Expert:  Ash replied 10 months ago.
It would be an additional service reviewing documents as this is a question and answer site. But if you are happy with that, then please attach it here rather than copy and paste if you can
Customer: replied 10 months ago.
It would be easier to forward as an email
Expert:  Ash replied 10 months ago.
Ok - you need to send it to***@******.*** - but it can take 24 hours to get forwarded onto me.
Customer: replied 10 months ago.
I can't really wait until next week for it to be looked at. Any other way
Expert:  Ash replied 10 months ago.
Only if you can attach it here or copy and paste. But you would still need to accept the additional offer.
Customer: replied 10 months ago.
LOAN AGREEMENTTHIS LOAN AGREEMENT (this "Agreement") dated this ________________ day of ________, ________BETWEEN:__________ of __________, __________, ______, __________
(the "Lender")OF THE FIRST PARTANDAmati Denak UK Ltd of Geneva House, Roseberry Court, Stokesley, TS9 5QT
(the "Borrower")OF THE SECOND PARTIN CONSIDERATION OF the Lender loaning certain monies (the "Loan") to the Borrower, and the Borrower repaying the Loan to the Lender, both parties agree to keep, perform and fulfil the promises and conditions set out in this Agreement:Loan Amount & Interest1. The Lender promises to loan £100,000.00 GBP to the Borrower and the Borrower promises to repay this principal amount to the Lender, with interest payable on the unpaid principal at the rate of 10.00 percent per annum, calculated yearly not in advance.Payment2. This Loan will be repaid in consecutive quarterly instalments of interest only commencing at the end of the first quarter after the execution of this Agreement and continuing until March 31st, 2017 with the balance then owing under this Agreement being paid at that time.3. At any time while not in default under this Agreement, the Borrower may pay the outstanding balance then owing under this Agreement to the Lender without further bonus or penalty.Default4. Notwithstanding anything to the contrary in this Agreement, if the Borrower defaults in the performance of any obligation under this Agreement, then the Lender may declare the principal amount owing and interest due under this Agreement at that time to be immediately due and payable.Governing Law5. This Agreement will be construed in accordance with and governed by the laws of Country of England.Costs6. All costs, expenses and expenditures including, without limitation, the complete legal costs incurred by enforcing this Agreement as a result of any default by the Borrower, will be added to the principal then outstanding and will immediately be paid by the Borrower.Binding Effect7. This Agreement will pass to the benefit of and be binding upon the respective heirs, executors, administrators, successors and permitted assigns of the Borrower and Lender. The Borrower waives presentment for payment, notice of non-payment, protest, and notice of protest.Amendments8. This Agreement may only be amended or modified by a written instrument executed by both the Borrower and the Lender.Severability9. The clauses and paragraphs contained in this Agreement are intended to be read and construed independently of each other. If any term, covenant, condition or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, it is the parties' intent that such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable and enforceable and the remainder of the provisions of this Agreement will in no way be affected, impaired or invalidated as a result.General Provisions10. Headings are inserted for the convenience of the parties only and are not to be considered when interpreting this Agreement. Words in the singular mean and include the plural and vice versa. Words in the masculine mean and include the feminine and vice versa.Entire Agreement11. This Agreement constitutes the entire agreement between the parties and there are no further items or provisions, either oral or otherwise.IN WITNESS WHEREOF, the parties have duly affixed their signatures on this ________________ day of ________, ________.SIGNED, SEALED AND DELIVERED
before me, this ________________ day of ________, _____________________________________
__________SIGNED, SEALED AND DELIVERED
before me, this ________________ day of ________, ________
Amati Denak UK Ltdper: ___________________
©2002-2016 LawDepot.co.uk™
Expert:  Ash replied 10 months ago.
You will need to accept the additional service to allow me to review this please. Thanks.
Customer: replied 10 months ago.
Please confirm you have the document before I confirm extra charge
Expert:  Ash replied 10 months ago.
I do yes, I can see it here, 11 paragraph terms
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience: Solicitor with 5+ years experience
Ash and other Law Specialists are ready to help you
Expert:  Ash replied 10 months ago.
Ok - let me review and come back in 20 minutes once I have considered them
Customer: replied 10 months ago.
Ok thanks
Expert:  Ash replied 10 months ago.
The title shows who the lending is from/to and its for £100,0001. You promise to pay it back with an intererest rate of 10% per annum2. You will pay it back every 3 months, first payment 3 months after signing, you will be paying it over 4 payments.3. If you want you can pay it back early without penalty4. If you default on any instalment then the whole amount comes due5. English law applies to this6. Any legal costs because of your default are paid by you.7. This agreement is binding and if the lender dies it can be assigned to his/her hiers8. You can both amend the agreement with agreement of both sides9. If a Court finds any clause invalid the rest of the agreement is still valid10. Plural and singular words are interchangeable11. This is the entire agreement.The agreement seems fine for you, not particularly onerous. So it seems ok. The lender doesnt appear to want security or anything.Can I clarify anything for you?
Customer: replied 10 months ago.
I am the lender as previously stated.
Please review from that view point
Expert:  Ash replied 10 months ago.
Yes I am aware of that. I would ask for some sort of security though, ie a temporary charge over property. Then if there is a default you can enforce it.
Customer: replied 10 months ago.
Anything else
Expert:  Ash replied 10 months ago.
That's it really, security is most important in the event of default.

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Jo C.

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
< Previous | Next >
  • http://ww2.justanswer.com/uploads/EM/emus/2015-7-7_192327_bigstockportraitofconfidentfemale.64x64.jpg Jo C.'s Avatar

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
  • http://ww2.justanswer.com/uploads/BE/benjones/2015-12-1_0437_ennew.64x64.jpg Ben Jones's Avatar

    Ben Jones

    UK Lawyer

    Satisfied Customers:

    11553
    Qualified Solicitor - Please start your question with 'For Ben Jones'
  • http://ww2.justanswer.com/uploads/BU/Buachaill/2012-5-25_211156_barrister5.64x64.jpg Buachaill's Avatar

    Buachaill

    Barrister

    Satisfied Customers:

    1754
    Barrister 17 years experience
  • http://ww2.justanswer.com/uploads/JO/jojobi/2013-3-19_0265_maxlowryphoto.64x64.jpg Max Lowry's Avatar

    Max Lowry

    Advocate

    Satisfied Customers:

    894
    LLB, 10 years post qualification experience
  • http://ww2.justanswer.com/uploads/UK/UKLawyer/2012-4-12_9849_F2.64x64.jpg UK_Lawyer's Avatar

    UK_Lawyer

    Solicitor

    Satisfied Customers:

    750
    I am a qualified solicitor and an expert in UK law.
  • http://ww2.justanswer.com/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    402
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
  • http://ww2.justanswer.com/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    8199
    LL.B (Hons), Higher Prof. Dip. Law & Practice