The Loan Commitment Agreement is a crucial document in financial transactions under English and Welsh law, establishing the framework for lending arrangements between parties. It is commonly used when a lender wishes to provide certainty to a borrower about the availability of funds while maintaining necessary protections through conditions precedent and ongoing obligations. The agreement includes detailed terms about the facility, drawdown mechanisms, representations, warranties, and covenants, ensuring compliance with UK financial services regulations and establishing clear rights and obligations for all parties involved.
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1. Parties: Identification and details of the lender and borrower
2. Background: Context and purpose of the loan commitment
3. Definitions: Key terms used throughout the agreement
4. Facility Details: Amount, purpose, and type of facility being committed
5. Conditions Precedent: Conditions that must be satisfied before drawdown
6. Representations and Warranties: Statements of fact made by the borrower
7. Covenants: Ongoing obligations of the borrower
8. Events of Default: Circumstances that would trigger default
9. Fees and Expenses: All applicable fees and cost arrangements
1. Security: Details of any security arrangements (include when the loan is secured)
2. Guarantees: Details of any guarantees provided (include when third-party guarantees are required)
3. Syndication Provisions: Terms for syndicated lending (include for syndicated facilities)
1. Form of Drawdown Notice: Template for requesting loan disbursements
2. Conditions Precedent Documents: List of required documents and conditions
3. Repayment Schedule: Detailed payment terms and dates
4. Security Documents: Forms and details of security arrangements
5. Fee Schedule: Detailed breakdown of all applicable fees
Relevant legal definitions
Advance
Applicable Margin
Availability Period
Banking Day
Base Rate
Borrower
Business Day
Commitment
Commitment Fee
Conditions Precedent
Default
Default Interest
Event of Default
Facility
Facility Amount
Financial Indebtedness
Financial Statements
Group
Interest Payment Date
Interest Period
Interest Rate
Lender
LIBOR/SONIA
Loan
Material Adverse Effect
Maturity Date
Obligor
Outstanding Amount
Permitted Security
Potential Default
Prepayment
Purpose
Relevant Jurisdiction
Repayment Date
Repeating Representations
Security
Security Documents
Subsidiary
Tax
Transaction Documents
Utilisation
Utilisation Date
Utilisation Request
Applicable Margin
Availability Period
Banking Day
Base Rate
Borrower
Business Day
Commitment
Commitment Fee
Conditions Precedent
Default
Default Interest
Event of Default
Facility
Facility Amount
Financial Indebtedness
Financial Statements
Group
Interest Payment Date
Interest Period
Interest Rate
Lender
LIBOR/SONIA
Loan
Material Adverse Effect
Maturity Date
Obligor
Outstanding Amount
Permitted Security
Potential Default
Prepayment
Purpose
Relevant Jurisdiction
Repayment Date
Repeating Representations
Security
Security Documents
Subsidiary
Tax
Transaction Documents
Utilisation
Utilisation Date
Utilisation Request
Clauses
Facility Terms
Purpose
Availability
Conditions Precedent
Drawdown
Interest
Repayment
Prepayment
Fees
Tax Gross-up and Indemnities
Representations and Warranties
Information Covenants
Financial Covenants
General Covenants
Events of Default
Security
Set-off
Assignment and Transfer
Costs and Expenses
Payments
Notices
Calculations and Certificates
Amendments and Waivers
Confidentiality
Counterparts
Severability
Governing Law
Jurisdiction
Service of Process
Entire Agreement
Third Party Rights
Change of Control
Force Majeure
Anti-corruption
Sanctions Compliance
Purpose
Availability
Conditions Precedent
Drawdown
Interest
Repayment
Prepayment
Fees
Tax Gross-up and Indemnities
Representations and Warranties
Information Covenants
Financial Covenants
General Covenants
Events of Default
Security
Set-off
Assignment and Transfer
Costs and Expenses
Payments
Notices
Calculations and Certificates
Amendments and Waivers
Confidentiality
Counterparts
Severability
Governing Law
Jurisdiction
Service of Process
Entire Agreement
Third Party Rights
Change of Control
Force Majeure
Anti-corruption
Sanctions Compliance
Relevant Industries
Relevant Teams
Relevant Roles
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