The Interest Bearing Loan Agreement is a vital financial instrument used in Australian lending transactions where funds are provided with the expectation of interest returns. This document is essential for both commercial and private lending arrangements, providing a legally binding framework that protects the interests of both lender and borrower. It should be used whenever a loan is made with interest charges, whether in a business-to-business context, financial institution to individual, or private lending arrangement. The agreement includes crucial details such as interest calculation methods, repayment schedules, default provisions, and security arrangements if applicable. It must comply with Australian financial services regulations, including the National Consumer Credit Protection Act 2009 (Cth) for consumer loans, and state-specific requirements. The document is particularly important for establishing clear terms and ensuring enforceability of the loan arrangement under Australian law.
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1. Parties: Identifies and provides full details of the lender and borrower
2. Background: Explains the context of the loan and the parties' intention to enter into the agreement
3. Definitions: Defines key terms used throughout the agreement
4. Loan Amount and Purpose: Specifies the principal amount and permitted use of the loan funds
5. Interest: Details the interest rate, calculation method, and payment frequency
6. Repayment Terms: Outlines the repayment schedule, method of payment, and early repayment provisions
7. Conditions Precedent: Lists conditions that must be satisfied before the loan is advanced
8. Representations and Warranties: States the facts and assurances provided by the borrower
9. Borrower Covenants: Sets out the borrower's ongoing obligations during the loan term
10. Events of Default: Defines circumstances that constitute default and the lender's rights upon default
11. Costs and Expenses: Allocates responsibility for fees, charges, and expenses
12. Notices: Specifies how formal communications between parties should be made
13. General Provisions: Contains standard boilerplate clauses including governing law, variation, and assignment
1. Security: Include when the loan is secured against specific assets or guarantees
2. Guarantor Provisions: Required when a third party guarantees the loan
3. Insurance Requirements: Include when specific insurance coverage is required for secured assets
4. Special Drawdown Conditions: Used for loans with multiple drawdown periods or special disbursement conditions
5. Financial Covenants: Include for business loans requiring maintenance of specific financial ratios
6. Cross-Default Provisions: Include when default on other loans should trigger default under this agreement
7. Review Events: Include when periodic review of borrower's circumstances is required
8. Set-off Rights: Include when lender has right to set off against borrower's other accounts
1. Repayment Schedule: Detailed schedule of repayment dates and amounts
2. Security Details: Description of any assets provided as security
3. Fee Schedule: Breakdown of all applicable fees and charges
4. Drawdown Notice Form: Template form for requesting loan disbursements
5. Conditions Precedent Documents: List of required documents and evidence
6. Interest Rate Calculation Examples: Examples showing how interest is calculated
7. Direct Debit Authority: Form authorizing automatic payment deductions
8. Guarantor Documents: Forms and certificates related to guarantors if applicable
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Real Estate
Construction
Manufacturing
Retail
Professional Services
Healthcare
Technology
Agriculture
Mining
Education
Hospitality
Transport and Logistics
Relevant Teams
Legal
Finance
Credit
Risk Management
Compliance
Treasury
Commercial Banking
Retail Banking
Corporate Finance
Operations
Business Development
Account Management
Debt Recovery
Document Management
Relevant Roles
Chief Financial Officer
Finance Manager
Credit Manager
Loan Officer
Commercial Banker
Financial Controller
Treasury Manager
Risk Manager
Compliance Officer
Legal Counsel
Contract Manager
Business Development Manager
Account Manager
Credit Analyst
Financial Advisor
Corporate Lawyer
Banking Executive
Debt Recovery Officer
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