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Vendor Loan Agreement

Vendor Loan Agreement Template for Australia

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Key Requirements PROMPT example:

Vendor Loan Agreement

"I need a Vendor Loan Agreement for the sale of my manufacturing business valued at $2.5M, where I'm providing vendor finance for 40% of the purchase price over 5 years, with the business assets serving as security and monthly repayments starting March 2025."

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Document background
The Vendor Loan Agreement is a crucial document in Australian business and property transactions where traditional financing options may not be suitable or available. This agreement is commonly used when a vendor agrees to finance part of the purchase price for their business, property, or assets, effectively becoming the lender. The document must comply with Australian lending laws and regulations, including the National Consumer Credit Protection Act 2009 and related legislation. It typically includes detailed terms about the loan amount, interest calculations, repayment schedule, security arrangements, and default provisions. The agreement is particularly valuable in business succession planning, small business sales, and property transactions where vendor financing can facilitate deal completion. The document should be customized based on the specific transaction while maintaining compliance with Australian legal requirements.
Suggested Sections

1. Parties: Identifies and defines the Vendor (Lender) and Purchaser (Borrower) with full legal names and details

2. Background: Context of the loan agreement, typically referencing the related sale agreement and purpose of the vendor finance

3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules

4. Loan Amount and Purpose: Specifies the principal amount being lent and confirms its purpose relating to the purchase

5. Interest: Details of interest rate, calculation method, and payment frequency

6. Repayment Terms: Specifies repayment schedule, installment amounts, and payment methods

7. Security: Details of any security interests over property or assets securing the loan

8. Representations and Warranties: Standard declarations by the borrower about their financial situation and ability to repay

9. Events of Default: Lists circumstances that constitute default and the consequences

10. General Provisions: Standard contract clauses including notices, amendments, governing law, and dispute resolution

Optional Sections

1. Guarantee: Required when a third party guarantees the loan repayment

2. Insurance Requirements: Included when specific insurance coverage is required for secured assets

3. Early Repayment: Details early repayment options and any associated fees or calculations

4. Subordination: Required when this loan needs to be subordinated to other financing

5. Special Conditions: For any unique terms specific to the transaction

6. Direct Debit Authority: When automatic payment arrangements are required

7. Privacy and Information Sharing: Extended privacy provisions when significant personal information handling is involved

Suggested Schedules

1. Schedule 1 - Loan Details: Key commercial terms including loan amount, interest rate, and payment dates

2. Schedule 2 - Repayment Schedule: Detailed amortization schedule showing all payments

3. Schedule 3 - Security Details: Description of any assets provided as security

4. Schedule 4 - Special Conditions: Any transaction-specific terms or conditions

5. Appendix A - Direct Debit Request Form: Standard form for setting up automatic payments

6. Appendix B - Guarantee Deed: If applicable, the deed of guarantee from any guarantors

7. Appendix C - Certificate of Independent Legal Advice: If required, confirmation that parties received independent legal advice

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Business Day
Completion Date
Default Event
Default Interest Rate
Default Notice
Drawdown Date
Due Date
Encumbrance
Event of Default
Facility
Financial Indebtedness
Government Agency
GST
Guarantee
Guarantor
Initial Interest Rate
Interest Payment Date
Interest Period
Interest Rate
Law
Legal Costs
Loan Amount
Material Adverse Effect
Outstanding Amount
Payment Date
Permitted Security Interest
PPSA
Principal
Purchase Agreement
Purchase Price
Purchaser
Related Entity
Repayment Date
Repayment Schedule
Security
Security Interest
Security Provider
Secured Property
Settlement Date
Term
Transaction Documents
Vendor
Relevant Industries

Real Estate

Manufacturing

Retail

Professional Services

Agriculture

Construction

Hospitality

Technology

Transport and Logistics

Healthcare

Small Business

Relevant Teams

Legal

Finance

Commercial

Risk and Compliance

Credit

Operations

Company Secretariat

Business Development

Corporate Development

Treasury

Relevant Roles

Legal Counsel

Commercial Lawyer

Finance Manager

Chief Financial Officer

Business Development Manager

Commercial Director

Risk Manager

Credit Manager

Company Secretary

Compliance Officer

Business Owner

Property Developer

Financial Controller

Managing Director

Operations Manager

Industries
National Consumer Credit Protection Act 2009 (Cth): Primary legislation governing consumer credit in Australia, including licensing requirements for credit providers and responsible lending obligations
Personal Property Securities Act 2009 (Cth): Governs the creation, registration and enforcement of security interests in personal property, relevant for securing the loan
Australian Consumer Law (Schedule 2 of the Competition and Consumer Act 2010): Provides consumer protections against unfair contract terms and misleading or deceptive conduct in financial services
Privacy Act 1988 (Cth): Regulates the handling of personal information, including credit reporting and privacy obligations for credit providers
Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth): Sets requirements for customer identification and transaction monitoring in financial services
Electronic Transactions Act 1999 (Cth): Enables electronic execution of contracts and provides legal framework for electronic transactions
Australian Securities and Investments Commission Act 2001 (Cth): Provides additional consumer protection specifically for financial products and services
Common Law Contract Principles: Fundamental principles of contract law including offer, acceptance, consideration, and capacity to contract
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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