Facility Agreement: unsecured
Facility agreement for an unsecured loan facility to a corporate borrower which is incorporated in England and Wales, to be available to be drawn during an availability period and repayable on a fixed repayment date.
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When do I use this document?
- for an unsecured loan facility to be available for drawing during an availability period
- for a borrower which is a company incorporated in England and Wales
What are the key features?
- 23 clauses and two schedules over 14 pages
- mechanism for the borrower to request advances, subject to satisfaction of conditions precedent
- regular interest payments at either fixed or floating interest rate by reference to specified bank’s base rate of interest
- repayment of all loans on a fixed repayment date, with borrower able to prepay in whole or in part
- provision for an arrangement fee and facility commitment fee
- undertakings from the borrower, including to provide information to the lender and prohibition on granting security and additional borrowings
- events of default, leading to the lender having the right to stop further advances and demand immediate repayment
What other documents are available?
For a form of secured facility agreement, see
For forms of unsecured and secured loan agreements, see
When do I use this document?
- for an unsecured loan facility to be available for drawing during an availability period
- for a borrower which is a company incorporated in England and Wales
What are the key features?
- 23 clauses and two schedules over 14 pages
- mechanism for the borrower to request advances, subject to satisfaction of conditions precedent
- regular interest payments at either fixed or floating interest rate by reference to specified bank’s base rate of interest
- repayment of all loans on a fixed repayment date, with borrower able to prepay in whole or in part
- provision for an arrangement fee and facility commitment fee
- undertakings from the borrower, including to provide information to the lender and prohibition on granting security and additional borrowings
- events of default, leading to the lender having the right to stop further advances and demand immediate repayment
What other documents are available?
For a form of secured facility agreement, see
For forms of unsecured and secured loan agreements, see
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Updated by a lawyer on 04/09/2024
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