Letter of Non-Crystallisation (Confirms Floating Charge)
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England and WalesCost
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Type of legal document
☁️ Interest rate swapBusiness activity
Lend or borrow a loanAn interest rate swap is a derivative contract in which two parties agree to exchange periodic payments, based on interest rates, for a predetermined period of time. The payments are calculated by using a fixed or floating interest rate, and are usually made in different currencies.
A Letter of Non-Crystallisation (Confirms Floating Charge) is a legal template used in the United Kingdom to document and confirm the existence of a floating charge over the assets of a company, typically in a corporate lending or financing context. The document asserts that the charge remains in a floating state, rather than crystallizing into a fixed charge, which allows the company to continue conducting its ordinary course of business and dealing with its assets. This letter serves as an acknowledgement by the lender or creditor that they are aware of the floating charge and their priority in relation to the specified assets, while affirming that the charge does not currently transform into a fixed charge. It may be utilized by both the borrower company and the lender to protect their rights and delineate the terms of the floating charge arrangement. The letter is generally prepared in accordance with the relevant UK laws and regulations governing floating charges, ensuring compliance and legal validity.
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