OverFacility Agreement Template for England and Wales

Create a bespoke document in minutes, or upload and review your own.

4.6 / 5

4.8 / 5

Let's create your OverFacility Agreement

1. Select your governing law and document type:

2. Enter your key requirements:

3. Create your document to edit, review or download

Get your first 2 documents free

Your data doesn't train Genie's AI

You keep IP ownership of your information

Key Requirements PROMPT example:

Overdraft Facility Agreement

Need an Overdraft Facility Agreement for a medium-sized manufacturing company with a Â£500,000 facility limit, including security over company assets and personal guarantees from two directors, to be effective from March 2025.

Document background

The Overdraft Facility Agreement is utilized when a bank or financial institution agrees to provide flexible borrowing arrangements to a customer, allowing them to overdraw their account up to an agreed limit. This document, governed by English and Welsh law, is essential for both commercial and personal banking relationships, setting out the terms of borrowing, including interest rates, fees, and repayment obligations. It provides legal protection for both parties and ensures compliance with UK financial regulations, including FCA requirements and banking legislation.

Suggested Sections

1. Parties: Identification of lender and borrower

2. Background: Context of the facility and relationship between parties

3. Definitions: Key terms used throughout the agreement

4. Facility: Details of the overdraft facility including limit and purpose

5. Interest and Fees: Interest rate calculation, fees and charges

6. Repayment Terms: Conditions for repayment and payment mechanics

7. Representations and Warranties: Statements of fact by the borrower

8. Events of Default: Circumstances constituting default and consequences

9. Termination: Conditions for terminating the facility

Optional Sections

1. Security: Details of any security provided - used when facility is secured

2. Guarantees: Terms of any guarantees provided - used when facility is guaranteed by third party

3. Financial Covenants: Financial requirements imposed on borrower - used for corporate borrowers or larger facilities

Suggested Schedules

1. Fee Schedule: Detailed breakdown of all applicable fees and charges

2. Security Documents: Forms of security documents if applicable

3. Conditions Precedent: List of documents and conditions required before facility becomes effective

4. Form of Drawdown Notice: Standard form for requesting drawdowns

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking
Financial Services
Retail
Manufacturing
Small Business

Relevant Teams

Credit
Legal
Commercial Banking
Risk
Compliance

Relevant Roles

Relationship Manager
Credit Officer
Commercial Banking Manager
Risk Manager
Legal Counsel

Industries

Financial Services and Markets Act 2000: Primary legislation governing financial services regulation in the UK, establishing regulatory framework and authorities

Consumer Credit Act 1974: Regulates consumer credit agreements and provides consumer protections in credit arrangements

Bank of England Act 1998: Establishes the Bank of England's role and responsibilities in financial regulation

Banking Act 2009: Provides framework for bank regulation and special resolution regime for failing banks

Small Business, Enterprise and Employment Act 2015: Contains provisions affecting lending to small businesses and related protections

FCA Handbook - CONC: Consumer Credit Sourcebook containing detailed rules for consumer credit activities

FCA Handbook - BCOBS: Banking Conduct of Business Sourcebook setting out rules for banking services

FCA Handbook - PRIN: Principles for Businesses establishing fundamental obligations of regulated firms

Consumer Rights Act 2015: Consolidates consumer protection law and regulates unfair terms in consumer contracts

Unfair Contract Terms Act 1977: Regulates unfair terms in contracts, particularly exclusion clauses

Consumer Protection from Unfair Trading Regulations 2008: Prohibits unfair commercial practices between traders and consumers

Financial Services (Distance Marketing) Regulations 2004: Regulates the distance marketing of financial services to consumers

Money Laundering Regulations 2017: Sets out requirements for anti-money laundering and counter-terrorist financing

Proceeds of Crime Act 2002: Establishes money laundering offenses and reporting requirements

UK GDPR: Regulates the processing and handling of personal data

Data Protection Act 2018: Implements and supplements UK GDPR requirements in UK law

Misrepresentation Act 1967: Provides remedies for misrepresentation in contract formation

Statute of Frauds 1677: Requires certain contracts to be in writing and signed

Law of Property Act 1925: Governs real property law and security interests in property

Companies Act 2006: Regulates company formation, operation, and corporate borrowing

Late Payment of Commercial Debts (Interest) Act 1998: Provides for statutory interest on late payments in commercial transactions

Find the exact document you need