This Loan Agreement for Secured Loan with Guaranty - Fixed is designed for use in Australia. This form is ready for immediate download.
A loan agreement defines the terms and conditions under which a lender advances funds to a borrower. This Loan Agreement for a secured loan with guaranty is repayable on the expiry date. This agreement also allows the lender to hold a security charge over property or assets and to name a guarantor who promises to repay the loan if the borrower defaults. Having a written Loan Agreement – Secured Loan with Guaranty Fixed will prove valuable in the event of disagreements or misunderstandings.
Guarantee: This provision sets forth that the guarantor agrees to repay the loan on demand if borrower defaults.
(n) reference to a person includes a corporation and vice versa.
(a) The Borrower will pay to the Lender the debt and all interest accruing thereon on the date and the manner stipulated in Item 5.
(b) The Borrower may, at any time repay the whole of the debt however the Borrower shall pay at least two months interest notwithstanding that the date of repayment of the loan may be less than two months after the advance date.
(a) The Borrower must repay the Loan on the Expiry Date.
(b) The Borrower may, on one (1) month's written notice to the Lender, and with the consent of the Lender, repay the Loan in full before the Expiry Date, but the repayment will only be consented to by the Lender if, in consideration for the Lender giving the consent, the Borrower makes the payment on the last Business Day of a month.
(c) If any interest is not paid within 7 days after it becomes due for payment, the interest is added to the Loan from the date it became due and bears interest from that date, but without prejudice to the Lender's right immediately to sue for that interest, or the other rights of the Lender on default.
(d) The interest must be paid on the Loan or sums forming part of the Loan from the dates they are provided until the Expiry Date or until earlier repayment under clause 4(b) (but if the Borrower makes default in repaying the Loan on the Expiry Date, then until repayment).
All money payable by the Borrower must be paid in full without any deduction on account of any income or other taxes or charges present or future. If the Borrower is compelled by law to deduct any taxes or charges the Borrower must pay to the Lender such further sum as will result in the receipt by the Lender of the full amount payable.
The Borrower must pay to the Lender on reasonable notice any money which the Lender may reasonably see fit to pay to remedy any default of the Borrower.
In the event of the bankruptcy, assignment for the benefit of creditors, arrangement with creditors, winding-up, receivership or the demise of the Borrower resulting in claims by creditors, the Guarantor agrees with the Lender that the Guarantor will not prove or claim in competition with the Lender so as to diminish any distribution, dividend or payment which, but for such proof, the Lender would be entitled to receive. The Guarantor will, if required by the Lender, prove or claim in the bankruptcy, assignment arrangement, winding-up, receivership or demise of the Borrower and any amount thereby received by the Guarantor from any distribution, dividend or payment shall be received and held by the Guarantor in trust for the Lender and paid to the Lender in reduction of the amount owing by the Guarantor to the Lender.
including, in each case without limitation, legal costs and expenses on a full indemnity basis or on a solicitor and client basis whichever is the greater.
Secured Loan with Guaranty, Payable on Demand Ths Loan Agreement for a Secured Loan with Guaranty, Payable on Demand is created for use in Australia. This form is available for immediate download. Secured Loan without Guaranty - Fixed Loan Agreement for a Secured Loan without Guaranty - Fixed for use in Australia.