The Fixed Sum Loan Agreement is a fundamental financing document used when a lender provides a specific amount of money to a borrower under clearly defined terms. This agreement type is commonly used in Australia for both business and consumer lending, requiring compliance with Australian credit laws, particularly the National Consumer Credit Protection Act 2009 and the National Credit Code. The document is essential for establishing legally binding loan terms, including the principal amount, interest calculations, repayment schedule, and any security arrangements. It includes mandatory consumer protection provisions, credit disclosure requirements, and defines events of default and remedies. The agreement can be used for various purposes, from business expansion to asset acquisition, and can be either secured or unsecured, depending on the loan terms and risk assessment.
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1. Parties: Identifies and defines the Lender and Borrower with full legal names and details
2. Background: Contextual information about the purpose of the loan and the parties' intention
3. Definitions and Interpretation: Defines key terms used throughout the agreement and sets interpretation rules
4. Loan Amount and Purpose: Specifies the principal amount and permitted use of the loan funds
5. Interest Rate and Calculations: Details the applicable interest rate and calculation methodology
6. Repayment Terms: Specifies repayment schedule, installment amounts, and payment methods
7. Representations and Warranties: Borrower's confirmations about their financial status and capacity to repay
8. Borrower Covenants: Ongoing obligations of the borrower during the loan term
9. Events of Default: Circumstances that constitute default and consequences thereof
10. Enforcement Rights: Lender's rights and remedies in case of default
11. General Provisions: Standard contract clauses including notices, amendments, governing law, etc.
1. Security: Details of any security/collateral for the loan - include when loan is secured
2. Guarantor Provisions: Terms applying to guarantors - include when there are third-party guarantors
3. Insurance Requirements: Mandatory insurance requirements - include for larger loans or when security assets must be insured
4. Early Repayment: Terms for early loan repayment - include when early repayment is permitted
5. Draw Down Conditions: Conditions for accessing loan funds - include for staged loan disbursements
6. Special Conditions: Any unique terms specific to the loan - include when standard terms need modification
1. Repayment Schedule: Detailed breakdown of payment dates and amounts
2. Fee Schedule: Comprehensive list of all applicable fees and charges
3. Security Details: Detailed description of security assets and registration requirements
4. Disclosure Statement: Mandatory credit disclosure information required by NCCP Act
5. Direct Debit Authority: Authorization for automatic payment deductions
6. Guarantor Acknowledgment: Separate execution page and acknowledgments for guarantors
Relevant legal definitions
Acceleration Event
Applicable Law
Approved Purpose
ASIC
Authorised Representative
Business Day
Commencement Date
Conditions Precedent
Default Interest Rate
Default Rate
Drawdown Date
Drawdown Notice
Event of Default
Facility
Finance Documents
Financial Indebtedness
Government Agency
GST
Guarantee
Interest Payment Date
Interest Period
Interest Rate
Loan
Loan Account
Loan Amount
Material Adverse Effect
Maturity Date
National Credit Code
Outstanding Amount
Payment Date
Permitted Security Interest
PPSA
Principal
Repayment Date
Repayment Schedule
Security
Security Interest
Security Provider
Taxes
Term
Applicable Law
Approved Purpose
ASIC
Authorised Representative
Business Day
Commencement Date
Conditions Precedent
Default Interest Rate
Default Rate
Drawdown Date
Drawdown Notice
Event of Default
Facility
Finance Documents
Financial Indebtedness
Government Agency
GST
Guarantee
Interest Payment Date
Interest Period
Interest Rate
Loan
Loan Account
Loan Amount
Material Adverse Effect
Maturity Date
National Credit Code
Outstanding Amount
Payment Date
Permitted Security Interest
PPSA
Principal
Repayment Date
Repayment Schedule
Security
Security Interest
Security Provider
Taxes
Term
Clauses
Loan Amount
Interest Rate
Repayment Terms
Security
Representations and Warranties
Conditions Precedent
Drawdown
Events of Default
Enforcement
Guarantee
Assignment
Set-off
Indemnity
Force Majeure
Notices
Confidentiality
Costs and Expenses
Governing Law
Dispute Resolution
Amendment
Severability
Entire Agreement
Further Assurance
Counterparts
Electronic Execution
Privacy
Anti-Money Laundering
GST
Financial Covenants
Information Undertakings
Insurance
Default Interest
Early Repayment
Payment Mechanics
Tax Gross-up
Interest Rate
Repayment Terms
Security
Representations and Warranties
Conditions Precedent
Drawdown
Events of Default
Enforcement
Guarantee
Assignment
Set-off
Indemnity
Force Majeure
Notices
Confidentiality
Costs and Expenses
Governing Law
Dispute Resolution
Amendment
Severability
Entire Agreement
Further Assurance
Counterparts
Electronic Execution
Privacy
Anti-Money Laundering
GST
Financial Covenants
Information Undertakings
Insurance
Default Interest
Early Repayment
Payment Mechanics
Tax Gross-up
Relevant Industries
Banking & Financial Services
Commercial Real Estate
Small Business
Corporate Finance
Agricultural Finance
Construction & Development
Manufacturing
Retail
Professional Services
Investment & Capital Markets
Relevant Teams
Legal
Finance
Risk Management
Compliance
Credit Assessment
Commercial Banking
Corporate Finance
Treasury
Operations
Business Development
Relevant Roles
Credit Manager
Loan Officer
Financial Controller
Risk Manager
Legal Counsel
Compliance Officer
Commercial Manager
Chief Financial Officer
Credit Analyst
Banking Relationship Manager
Corporate Lawyer
Finance Director
Treasury Manager
Account Manager
Business Development Manager
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