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to you. Yours faithfully For and on behalf of the [Lender] Agreed and accepted Date [ ] For and on behalf of the [Borrower] Simple Loan Letter 3 . To accept the terms and conditions of this letter, please sign and return the enclosed copy within 14 days from today's date, failing which this letter will lapse and the loan will not be available nor shall any single partial or defective exercise by us of any such right or remedy preclude any other or further exercise of that or any other right or remedy. This letter is governed by English lawbligations under or in respect of this facility but no failure by us to exercise or delay by us in exercising any right or remedy under or in respect of this facility shall operate as a wavier of it, d at the opening of business on the first working day following the day on which it was posted, even if returned undelivered.] Simple Loan Letter 2 Time shall be of the essence in respect of your oal: to you or your personal representatives at the place last known to us as your usual abode or place of business]. Any such demand or notice delivered personally shall be deemed to have been receivecers at any place or by despatching it addressed to you at your registered or principal office for the time being or any of your places of business last know to us] [OR, if the borrower is an individuletter and/or the loan will be in writing and (without prejudice to any other effective means of serving it) may be served on you personally or by post and either by delivering it [to any of your offion demand an on a full indemnity basis, all cost and expenses (and VAT) which I/we may from time to time incur in connection with this letter and/or the loan. [Any demand or notice in respect of this rty or assets; or (v) you die; or (vi) by reason of illness or incapacity you become incapable of managing your own affairs or you become a patient under any mental health legislation.] You will pay, angement with your creditors or an interim order is made under section 252(1) of the Insolvency Act 1986 in relation to you; or (iv) any distress or execution is levied on or affects any of your propether provision of this letter [or the security referred to above]; (iii) you are in default under any other financial obligations to any person; or (iii) you become bankrupt or you make or seek an arrll become due and payable or repayable forthwith on demand by me/us if (i) you fail to pay any sum under this letter when due or you are [or any third party giving such security is] in breach of any oo pay your debts; or (vii) you cease to carry on business.] [OR, in the case of a borrower who is an individual: Notwithstanding the above provisions of this letter, the loan and all interest on it wiad to any such occurrence referred to in (iii) above; or (v) any distress or execution is levied on or affects any of your property or assets; or (vi) you are or are deemed to be insolvent or unable treceiver is appointed of you or any of your assets or you enter into liquidation; or (iv) any petition is presented, any resolution is proposed or any other steps or proceedings are taken which may leferred to above]; or (ii) you are in default under any other financial obligation to any person; or (iii) an administration order is made in relation to you or a receiver or manager or administrative th on demand by me/us (i) you fail to pay any sum under this letter when due or you are [or any third party giving such security is] in breach of any other provision of this letter [or the security rehholding. [Either, in the case of a borrower which is the company: Notwithstanding the above provisions of this letter, the loan and all interest on it will become due and payable or repayable forthwime/us such amount as will after such tax has been deducted or withheld be the same Simple Loan Letter 1 amount as I/we would have been entitled to receive in the absence of the tax deduction or wit and free and clear of any withholding or deduction for or on account of tax, save as may be required by law, provided that if you are required to make such a deduction or withholding you will pay to lly open for business in London, the due date of such payment will be extended to the next business day. You will make all payments under or in respect of this facility without set-off or counterclaimalue on the due date in pounds sterling to us to such bank account as we may from time to time instruct you in writing. If any payment becomes due on a day which is not a day on which banks are genera varied from time to time. [The loan will be unsecured.][The loan will be secured by [ form which is acceptable to us.] ] in such You will make all payments under or in respect of this facility for vhe amount in respect of which default has been made from the date of default until actual payment (both before and after judgment) at the rate of [5] per cent per annum above [ ] Bank plc base rate asber in each year]. However if you default in the payment or repayment on the due date of any sum from time to time due under this letter, interest will accrue on a daily basis (payable on demand) on tate of [ as varied from time to time of [ ] Bank plc] [subject to a minimum of [ ] per cent per annum] accruing daily and payable [quarterly] in arrears [at the end of March, June, September and Decemany part of it early but may not re-borrow any amount so repaid. The principal amount of the loan outstanding from time to time will carry ] per cent per annum] [above the base rate interest [at the ritten request to me/us, but so that no drawing may be made after [ ] 20[ ]. You will repay the loan together with interest on it [on[ 20 ]][at any time forthwith on demand]. You may repay the loan or able to you a loan in the principal sum of £[ ] on the terms and conditions of this letter. Subject as provided below, you may draw the loan in one or more amounts on not less than 3 business days' wr the "Terms and Conditions" found at findlegalforms.com. SIMPLE LOAN LETTER [Lender's letter head note paper] [Name and address of borrower] [Date] Dear [Borrower] I am/We are pleased to make availY THEORY OF LIABILITY, WHETHER IN CONTRACT, STRICT LIABILITY, OR TORT (INCLUDING NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY OUT OF THE USE OF THESE MATERIALS. The use of these materials is subject toSPECIAL, EXEMPLARY, OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO, PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES; LOSS OF USE, DATE OR PROFITS; OR BUSINESS INTERRUPTION) HOWEVER USED AND ON ANR OWN RISK. IN NO EVENT WILL: I) FLF, ITS AGENTS, PARTNERS, OR AFFILIATES; OR II) THE PROVIDERS, AUTHORS OR PUBLISHERS OF ITS MATERIALS, BE RESPONSIBLE OR LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, PROVIDED "AS-IS." FLF DOES NOT GIVE ANY EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY, SUITABILITY OR COMPLETENESS FOR ANY OF THE MATERIALS FOR YOUR PARTICULAR NEEDS. THE MATERIALS ARE USED AT YOUvide legal advice. An attorney/solicitor should be consulted for all serious legal matters. No Attorney-Client / Solicitor-Client relationship is created by use of these materials. THESE MATERIALS AREaph DISCLAIMER: FindLegalForms, Inc. ("FLF") is not a law firm and does not provide legal advice. The use of these materials is not a substitute for legal advice. Only an attorney / solicitor can prof the loan will not be secured then just delete the superfluous wording. Please make sure you delete the company or individual references that are not needed. 3rd Paragraph 4th Paragraph 9th Paragr loan. If interest is not going to be charged then state that the loan will be free of interest. If the loan is going to be secured by a mortgage, debenture or personal guarantee then state so here. Ian be repaid when the Lender demands it (like an overdraft at a bank). Ensure that you delete the option you choose not to use. In this paragraph state what interest rate the Lender will charge on the you will need to enter the amount of the loan. With respect to when the loan will be repaid you have two choices. Either the Lender will require the loan to be repaid on a specific date or the loan cs. Top Perhaps obvious but make sure the Lender writes the letter on his headed note paper and that the letter is addressed to the Borrower and dated. 1st Paragraph 2nd Paragraph In this paragraphsions relating an individual. If money is being loaned to an individual then you must delete all provisions relating to a company. Within the loan letter you will see clearly these different provision the basis that the money can be lent either to a company or an individual. Please note there is difference as explained below. If money is being loaned to a company then you must delete all the proviis missing and will need to be inserted by you. Once you have added the information then delete the square brackets. We would draw your attention to the following: This loan letter has been drafted onat information needs to be inserted. Once you have inserted this information the delete the square brackets. You will also note just blank square brackets in the letter. This denotes that information individual circumstances but this letter agreement will act as a good foundation for your negotiations. In this letter you will see some wording within square brackets giving you instructions as to whebenture or personal guarantee or not at all As with all our agreements this loan letter is prepared in simple and easily understood language. Obviously not all the clauses will be required for your ney is lent. They are: · · · · · How much money is being loaned When will the loan be repaid What is the interest rate (if any) When will the interest be paid Will the loan be secured by a mortgage, dCOMMENTARY SIMPLE LOAN LETTER This is an uncomplicated loan letter to be used when lending money. It is vital that if you ever loan or borrow money that you document the main terms under which the mo