The Overdraft Facility Agreement is utilized when a bank or financial institution agrees to provide flexible borrowing arrangements to a customer, allowing them to overdraw their account up to an agreed limit. This document, governed by English and Welsh law, is essential for both commercial and personal banking relationships, setting out the terms of borrowing, including interest rates, fees, and repayment obligations. It provides legal protection for both parties and ensures compliance with UK financial regulations, including FCA requirements and banking legislation.
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1. Parties: Identification of lender and borrower
2. Background: Context of the facility and relationship between parties
3. Definitions: Key terms used throughout the agreement
4. Facility: Details of the overdraft facility including limit and purpose
5. Interest and Fees: Interest rate calculation, fees and charges
6. Repayment Terms: Conditions for repayment and payment mechanics
7. Representations and Warranties: Statements of fact by the borrower
8. Events of Default: Circumstances constituting default and consequences
9. Termination: Conditions for terminating the facility
1. Security: Details of any security provided - used when facility is secured
2. Guarantees: Terms of any guarantees provided - used when facility is guaranteed by third party
3. Financial Covenants: Financial requirements imposed on borrower - used for corporate borrowers or larger facilities
1. Fee Schedule: Detailed breakdown of all applicable fees and charges
2. Security Documents: Forms of security documents if applicable
3. Conditions Precedent: List of documents and conditions required before facility becomes effective
4. Form of Drawdown Notice: Standard form for requesting drawdowns
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