The Business Line of Credit Agreement is a fundamental financing instrument used when businesses require flexible access to working capital. This agreement, governed by English and Welsh law, enables companies to draw down funds as needed up to an agreed limit, with interest typically charged only on the amount utilized. The document encompasses crucial elements including facility limits, interest calculations, security arrangements, financial covenants, and reporting requirements. It's particularly useful for businesses with seasonal fluctuations or varying working capital needs, providing more flexibility than traditional term loans.
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1. 1. Parties: Identification and details of the lender and borrower
2. 2. Background: Context of the agreement and relationship between parties
3. 3. Definitions: Key terms used throughout the agreement
4. 4. The Facility: Details of the credit line including amount, purpose, and availability period
5. 5. Drawdown Conditions: Conditions precedent and process for accessing the credit line
6. 6. Interest and Fees: Interest calculation, payment terms, and applicable fees
7. 7. Repayment Terms: Repayment schedule and obligations
8. 8. Representations and Warranties: Standard declarations by the borrower
9. 9. Covenants: Ongoing obligations of the borrower
10. 10. Events of Default: Circumstances constituting default and consequences
1. Security: Details of any collateral or security arrangements - include when the facility is secured
2. Guarantees: Terms of any guarantees provided - include when third-party guarantees are required
3. Insurance Requirements: Specific insurance obligations - include when insurance is required as part of the facility
1. Schedule 1 - Drawdown Notice: Form of drawdown request
2. Schedule 2 - Conditions Precedent: List of required documents and conditions
3. Schedule 3 - Permitted Security: List of pre-approved security arrangements
4. Schedule 4 - Calculation of Interest: Detailed interest calculation methodology
5. Schedule 5 - Form of Compliance Certificate: Template for periodic compliance reporting
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