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Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I am in the process of agreeing a loan to a small UK business

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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.
Hello my name is ***** ***** I will help you.What is it you would like to know about this please? Alex
Customer: replied 2 years ago.
Can you review the loan agreement please
I can but it would be an additional service if thats ok. How many pages is it?
Customer: replied 2 years ago.
Just one page, I can cut and paste here
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 2 years ago.
It would be easier to forward as an email
Ok - you need to send it to***@******.*** - but it can take 24 hours to get forwarded onto me.
Customer: replied 2 years ago.
I can't really wait until next week for it to be looked at. Any other way
Only if you can attach it here or copy and paste. But you would still need to accept the additional offer.
Customer: replied 2 years 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 ________, _____________________________________
before me, this ________________ day of ________, ________
Amati Denak UK Ltdper: ___________________
You will need to accept the additional service to allow me to review this please. Thanks.
Customer: replied 2 years ago.
Please confirm you have the document before I confirm extra charge
I do yes, I can see it here, 11 paragraph terms
Ash and 3 other Law Specialists are ready to help you
Ok - let me review and come back in 20 minutes once I have considered them
Customer: replied 2 years ago.
Ok thanks
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 2 years ago.
I am the lender as previously stated.
Please review from that view point
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 2 years ago.
Anything else
That's it really, security is most important in the event of default.