Commercial Loan Agreement (Corporate Borrower)

Date:          22 November 2024
Parties:       PARTY_2_NAME (“Borrower”)
                  PARTY_1_NAME (“Lender”)

1    Interpretation

Definitions
1.1    In this agreement:

Business Day means a day, not being a Saturday or a Sunday, on which banks are open for general banking business in JURISDICTION_STATE and .

Encumbrance means any bill of sale, mortgage, charge, lien, pledge, trust or power as or in effect as security for the payment of money or the performance of any other obligation.
Event of Default has the meaning given to it in clause 9.

Interest Rate means the rate of INTEREST_RATE % per annum. 

Interest Payment Date means the 1st day of each month, commencing on INTEREST_PAYMENT_DATE, until the Repayment Date.

Loan means the amount stated in clause 2.

Loss includes claim, liability, damage costs and expense.

Parties means the Borrower and the Lender and Party refers to either of them.

Other Amounts Payable means all amounts other than the Principal Outstanding payable by the Borrower under this agreement.

Principal Outstanding means the amount of the Loan which has been advanced from time to time and not repaid.

Relevant Jurisdiction means .

Repayment Date means the date or dates determined in accordance with clause 5.1.

Subsidiary means, in relation to any company or corporation, a company or corporation:
(a)    which is controlled, directly or indirectly, by the first mentioned company or corporation;
(b)    more than half the issued equity share capital of which is beneficially owned, directly or indirectly, by the first mentioned company or corporation; or
(c)    which is a Subsidiary of another Subsidiary of the first mentioned company or corporation,
and for this purpose, a company or corporation shall be treated as being controlled by another if that other company or corporation is able to direct its affairs and/or to control the composition of its board of directors or equivalent body.

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