Waiver (Banking & Finance) meaning

In this issue: Lending Sustainable finance Debt capital markets Derivatives Regulation for derivatives lawyers Daily and weekly news alerts New and updated content Useful information Lending Email correspondence can give rise to waiver of facility agreement (Little v Olympian Homes Ltd) This matter concerned two bids to set aside statutory demands that arose from personal guarantees linked to a facility agreement. The principal sum was settled late, prompting the lender to issue statutory demands for default interest due under that agreement. The applicants maintained that the lender had surrendered its right to contractual interest via email correspondence (contractual waiver) or, in the alternative, through its conduct (waiver estoppel). The court made it plain that the applicants could not rely on any suggestion of an oral waiver of the facility agreement’s terms, because the agreement expressly stipulated that any contractual waiver must be in writing...

This Deed is dated [ insert day and month ] 20[ insert year ] Parties [ Insert name of Chargor ], a company registered in England and Wales under number [ insert company number ], with its registered office at [ insert address ] (the Chargor); and [ Insert name of Lender ], of [ insert address ] (the Lender). Recitals: The Lender has agreed to provide a loan facility to the Company (as defined below) on the terms and conditions specified in the Facility Agreement (as defined below). The availability of that facility to the Company is conditional upon the Chargor entering into this Deed to grant security in favour of the Lender for the Secured Obligations (as defined below). ...

This Deed is entered into on [ insert day and month ] 20[ insert year ] by parties set out below Parties [ Insert name of Chargor ], a company registered in England and Wales under number [ insert company number ], with its registered office at [ insert address ] (the Chargor); and [ Insert name of Lender ], whose address is [ insert address ] (the Lender). Recitals: The Lender has agreed to make available a loan facility to the Company on the terms and conditions that are set out in the Facility Agreement (as defined below). A condition precedent to making the loan facility available to the Company is that the Chargor executes this Deed to grant security in favour of the Lender in respect of the Secured Obligations (as defined below)...