Jurisdiction(s):
United Kingdom

Key definition

Borrower definition

What does Borrower mean? In practice, the borrower is the person or entity that receives credit under a loan or facility agreement and undertakes to repay it. The term is descriptive rather than fixed by statute; finance documents define “Borrower” for that contract. Usage is broadly consistent across England and Wales, Scotland, Northern Ireland and Ireland, although consumer credit legislation often uses “debtor” or “consumer” instead. Key features: - The party to whom a lender, asset-based lender or receivables financier makes a facility available (for example, a term loan, revolving credit facility, borrowing‑base/ABL facility or invoice finance). - May be a single borrower or co‑borrowers within a...

Precedent: demand, acceleration and security enforcement letter to borrower following Events of Default under facility agreement and debenture (English law)

Published by a LexisNexis Restructuring & Insolvency expert

Precedents

[ To be produced on the headed paper of the lender issuing the demand ]

To:

[ Insert name of individual and/or position ]
[ insert name of the borrower or other relevant entity ]
[ insert address ]
[ insert facsimile/fax number ]
[ insert email address ]
[ copy [ specify to whom ] ]

Sent by [ Hand OR First class post OR Facsimile OR Email ]

[ Insert date of letter ]

Letter of demand

Facility agreement dated [ insert date ] between [ insert name of lender ] (the Lender) and [ name of borrower ] (the Borrower) (the Facility Agreement).

[ debenture ] dated [ insert date ] executed by the Borrower in favour of the Lender (the Debenture).

Unless stated otherwise, terms and expressions defined in the Facility Agreement bear the same meanings in this letter of demand. References to “you” mean the Borrower, and references to “we” or “us” mean the Lender.

1 Event [ s ] of default

1.1 [ An Event of Default has arisen and is continuing under the Facility Agreement, specifically the non-payment of the amount due on [ insert date ]. ]...

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Web page updated on 22/05/2026

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