This document contains clauses relating to one lump sum loan amount. 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”.
Lump sum loans
Lenders can agree to loan amounts to borrowers either by way of:
- one lump sum; or
- more than one sum over a period of time comprising a maximum amount.
It is important for the purposes of a loan agreement to clarify:
- the amount of the loan;
- method of the loan payment; and
- whether the loan will comprise one lump sum or be paid in instalments.
- 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 LexisNexis 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.