Commercial Loan Agreement

This template is a basic Commercial Loan Agreement for use by companies.

It sets out the obligations of the Lender and the Borrower and regulates how the loan is to work.

The loan is for principal and interest, with equal monthly repayments calculated to ensure full repayment within the period of the loan.

The Borrower may elect at any time to repay the balance owing for the principal and for interest to the date of repayment.

This Agreement provides for two directors of the Borrower to personally guarantee the loan. This means that, if the Borrower were to breach the Agreement, the directors would each become personally liable for all money owing.

This Agreement makes no provision for there being security over any assets owned by the Borrower, or the Borrower’s directors, in the event of any default.

It would be prudent for the Lender, Borrower and Guarantors to obtain taxation and financial advice prior to entering into this Agreement.

This template is provided by LegalRocket to the Lender and for the Lender’s benefit.┬áIt is provided free of charge and on the terms and conditions set out on the LegalRocket website.

It has been drafted by an incorporated legal practice registered under the Legal Profession Uniform Law in Australia.

It has been drafted by an incorporated legal practice registered under the Legal Profession Uniform Law in Australia.

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