Simple Loan Repayment Agreement Template for Ireland

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Key Requirements PROMPT example:

Simple Loan Repayment Agreement

"I need a Simple Loan Repayment Agreement for a €50,000 business loan from my company to a small supplier, secured against their equipment, with monthly repayments starting March 2025 and a 5% annual interest rate."

Document background
The Simple Loan Repayment Agreement is a fundamental legal document used in Ireland to formalize lending arrangements between parties. This document is essential when any loan is made, whether between individuals, companies, or financial institutions. It provides a clear framework for the repayment terms, protecting both lender and borrower interests under Irish law. The agreement includes crucial elements such as loan amount, interest rates, payment schedules, and default provisions, ensuring compliance with Irish financial regulations, including the Consumer Credit Act 1995 and relevant EU directives. It's particularly valuable for straightforward lending arrangements where parties need a clear, legally binding document that outlines all essential terms and conditions of the loan repayment.
Suggested Sections

1. Parties: Identifies and defines the Lender and Borrower with full legal names and addresses

2. Background: Explains the context of the loan agreement and the parties' intention to be legally bound

3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty

4. Loan Amount and Purpose: Specifies the principal amount being lent and the agreed purpose of the loan

5. Repayment Terms: Details the repayment schedule, including payment amounts, frequency, and duration

6. Interest: Specifies the interest rate, calculation method, and payment terms

7. Method of Payment: Establishes the approved payment methods and payment processing details

8. Early Repayment: Sets out terms and conditions for early repayment of the loan

9. Default and Remedies: Defines events of default and the lender's rights and remedies in such cases

10. Representations and Warranties: States the basic promises and assertions made by the borrower

11. Notices: Specifies how formal communications between parties should be made

12. Governing Law: Confirms Irish law as governing law and jurisdiction

13. Execution: Signature blocks and execution requirements

Optional Sections

1. Security: Include when the loan is secured by any assets or guarantees

2. Insurance Requirements: Include when specific insurance must be maintained by the borrower

3. Late Payment Penalties: Include when specific late payment fees or penalties apply

4. Assignment: Include when either party needs the right to assign the agreement to others

5. Guarantor Provisions: Include when a guarantor is providing additional security for the loan

6. Data Protection: Include when personal data processing needs specific attention beyond standard terms

7. Force Majeure: Include when parties want specific provisions for unforeseen circumstances

8. Costs and Expenses: Include when legal or administrative costs need to be allocated between parties

Suggested Schedules

1. Schedule 1 - Repayment Schedule: Detailed amortization table showing payment dates, amounts, and interest calculations

2. Schedule 2 - Security Details: Description of any security or collateral provided (if applicable)

3. Schedule 3 - Conditions Precedent: List of conditions that must be satisfied before the loan is advanced

4. Appendix A - Form of Notice: Template for formal notices between parties

5. Appendix B - Direct Debit Mandate: Standard form for setting up automatic payments (if applicable)

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

Relevant Industries

Financial Services

Banking

Private Lending

Real Estate

Small Business

Corporate Finance

Retail Banking

Investment Services

Professional Services

Commercial Lending

Relevant Teams

Legal

Finance

Credit Risk

Compliance

Commercial

Treasury

Collections

Loan Operations

Corporate Banking

Risk Management

Relevant Roles

Finance Manager

Legal Counsel

Credit Officer

Loan Officer

Compliance Manager

Risk Manager

Commercial Director

Financial Controller

Corporate Lawyer

Banking Executive

Account Manager

Treasury Manager

Collections Manager

Debt Recovery Specialist

Industries
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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