This document provides a way to record the agreement to pay the principal amount of a loan in irregular periodic instalments. 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”.
Where a borrower agrees to repay the principal amount of the loan in instalments over the period of the loan but the instalments will be made on an irregular basis then it is important that this is captured in the loan agreement. You should incorporate a schedule which stipulates each instalment be paid and the date on which the instalment is to be paid.
- Basic loan agreement
- Guarantee of payment of loan
- General security deed
- Amendment and restatement agreement
- Deed of priority
- Forbearance of debt agreement
- Real property mortgage
- Deed of assignment of debt
- 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.