The Interest Only Loan Contract is used when parties wish to establish a lending arrangement where the borrower pays only interest during the loan term, with the principal due at maturity. This document, governed by English and Welsh law, is particularly relevant for property financing, business lending, and situations where cash flow management is crucial. It includes detailed provisions for interest calculations, payment terms, security arrangements (if applicable), and default scenarios, while ensuring compliance with UK financial regulations, including the Consumer Credit Act 1974 and Financial Services and Markets Act 2000.
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1. Parties: Details of lender and borrower including full legal names, addresses, and company registration numbers if applicable
2. Background: Context of the loan agreement, relationship between parties, and purpose of the loan arrangement
3. Definitions: Key terms used throughout the agreement including Business Day, Default Interest Rate, Interest Period, Loan, Security
4. Loan Amount and Purpose: Principal sum being lent and specified purpose of the loan facility
5. Interest Rate and Calculations: Interest rate specifications, calculation methodology, and payment schedule details
6. Term and Repayment: Duration of loan, repayment terms, and provisions for interest-only payments during the term
7. Events of Default: Comprehensive list of default events and their consequences
8. Representations and Warranties: Statements of fact and promises made by the borrower regarding their status and ability to repay
1. Security: Details of any collateral, charges, or guarantees securing the loan
2. Insurance Requirements: Specifications for required insurance coverage on any secured assets
3. Early Repayment: Terms and conditions for early loan settlement including any penalties or fees
4. Assignment: Provisions regarding the ability to transfer or assign the loan to other parties
1. Repayment Schedule: Detailed schedule of payment dates, interest payment amounts, and final principal repayment
2. Security Details: Comprehensive description of any security arrangements and secured assets
3. Conditions Precedent: List of conditions that must be satisfied before the loan can be drawn
4. Form of Drawdown Notice: Standard template for requesting disbursement of the loan
Relevant legal definitions
Agreement
Applicable Rate
Available Facility
Borrower
Business Day
Commitment
Default
Default Interest Rate
Default Notice
Drawdown Date
Drawdown Notice
Effective Date
Event of Default
Facility
Finance Documents
Financial Indebtedness
Interest Payment Date
Interest Period
Interest Rate
Lender
LIBOR
SONIA
Loan
Margin
Material Adverse Effect
Maturity Date
Outstanding Amount
Parties
Payment Date
Principal Amount
Secured Assets
Security
Security Documents
Tax
Term
Transaction Documents
Applicable Rate
Available Facility
Borrower
Business Day
Commitment
Default
Default Interest Rate
Default Notice
Drawdown Date
Drawdown Notice
Effective Date
Event of Default
Facility
Finance Documents
Financial Indebtedness
Interest Payment Date
Interest Period
Interest Rate
Lender
LIBOR
SONIA
Loan
Margin
Material Adverse Effect
Maturity Date
Outstanding Amount
Parties
Payment Date
Principal Amount
Secured Assets
Security
Security Documents
Tax
Term
Transaction Documents
Clauses
Loan Facility
Interest and Interest Periods
Repayment
Prepayment
Interest Rate Adjustments
Conditions Precedent
Representations and Warranties
Covenants
Security
Events of Default
Acceleration
Payment Mechanics
Set-off
Costs and Expenses
Indemnities
Tax Gross-up and Indemnities
Changes to Parties
Assignment and Transfer
Notices
Calculations and Certificates
Partial Invalidity
Remedies and Waivers
Amendments and Waivers
Counterparts
Confidentiality
Governing Law
Enforcement
Jurisdiction
Interest and Interest Periods
Repayment
Prepayment
Interest Rate Adjustments
Conditions Precedent
Representations and Warranties
Covenants
Security
Events of Default
Acceleration
Payment Mechanics
Set-off
Costs and Expenses
Indemnities
Tax Gross-up and Indemnities
Changes to Parties
Assignment and Transfer
Notices
Calculations and Certificates
Partial Invalidity
Remedies and Waivers
Amendments and Waivers
Counterparts
Confidentiality
Governing Law
Enforcement
Jurisdiction
Relevant Industries
Relevant Teams
Relevant Roles
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