This document is a fixed term clause. It is designed to be inserted into a loan agreement. The defined terms in this clause have the same meaning as those in the precedent called “Basic loan agreement”.
Fixed term loans
Most loans are advanced for a fixed term and ensure that at some stage during the loan cycle the full amount owing under the loan, including interest and fees, must be repaid in full.
This precedent sets out the way in which one can record a fixed loan term. Importantly, the drafter should always include a directive of the type of payments, including outstanding loan amount and fees, to be paid when the loan term expires.
- Basic loan agreement
- Guarantee of payment of loan
- General security deed
- Amendment and restatement agreement
- Deed of priority
- Forbearance of debt agreement
- Deed of assignment of debt
- Real property mortgage
- Loan agreement checklist
This document has been authored for Lexis Nexis by Elise Margow, Principal, Legally Speaking.
This document is prepared with the assistance of Specialist Editors Geoff Geha, Partner, Clayton Utz and Karen Lee, Principal and Consultant, Legal Know-How.