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Home Equity Line Agreement
"Need a Home Equity Line Agreement for a £500,000 facility secured against a London residential property, with quarterly interest payments and a 5-year term starting March 2025, including specific provisions for self-employed borrowers."
1. Parties: Identification of lender and borrower with full details
2. Background: Context of the agreement and property details
3. Definitions: Key terms used throughout the agreement
4. Facility Details: Credit limit, term, and purpose of the facility
5. Interest and Charges: Interest calculation, rates, and applicable fees
6. Drawdown Conditions: Requirements and process for accessing funds
7. Repayment Terms: Payment obligations and schedule
8. Security: Details of the charge over the property
9. Borrower Covenants: Ongoing obligations of the borrower
10. Default Provisions: Consequences of default and enforcement rights
1. Insurance Requirements: Additional insurance requirements beyond standard building insurance
2. Additional Security: Requirements for additional security beyond the property
3. Guarantor Provisions: Terms applying to any guarantors
1. Property Schedule: Detailed description of the secured property
2. Fee Schedule: Comprehensive list of all applicable fees and charges
3. Drawdown Procedures: Detailed process for requesting and receiving funds
4. Standard Conditions: Standard terms and conditions referenced in the main agreement
5. Form of Drawdown Notice: Template for requesting drawdowns
Authors
Agreement
Available Credit
Borrower
Business Day
Charges
Commitment
Credit Limit
Default
Default Rate
Drawdown
Drawdown Date
Drawdown Notice
Encumbrance
Event of Default
Facility
Fee Schedule
Financial Indebtedness
Interest Payment Date
Interest Period
Interest Rate
Lender
Legal Charge
Loan
Material Adverse Effect
Maturity Date
Outstanding Amount
Property
Repayment Date
Security
Security Documents
Standard Conditions
Tax
Term
Title Documents
Valuation
Valuation Report
VAT
Facility Terms
Purpose
Conditions Precedent
Drawdown
Interest
Fees and Charges
Repayment
Prepayment
Security
Representations and Warranties
Covenants
Property Maintenance
Insurance
Valuations
Information Undertakings
Events of Default
Enforcement
Set-off
Assignment and Transfer
Calculations and Evidence
Data Protection
Notices
Amendments and Waivers
Severability
Counterparts
Third Party Rights
Confidentiality
Governing Law
Jurisdiction
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