Jurisdiction(s):
United Kingdom

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Key definition

Term definition

What does Term mean? In lending practice, the term is the length of time a loan is intended to run, from initial drawdown (or first utilisation) to the final scheduled repayment date (often called the maturity date or final repayment date). It is market usage rather than a statutory concept, and the meaning is consistent across England & Wales, Scotland, Northern Ireland and Ireland. Consumer credit rules require disclosure of the duration of an agreement, but do not redefine the term. Key features: - Also known as the tenor. - For amortising loans, the term covers the period over which instalments are scheduled; for bullet loans,...

Precedent TOBA (Insurer/Managing Agent-Broker): Risk Transfer/Non-risk Transfer, FCA/PRA and CASS Compliance, Data Protection—Law of England and Wales

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Precedents

An agreement dated [ date ] regulating the carrying on and conduct of Insurance Business between: 1 [ Full name of insurance company ][ (insert company acronym) ], incorporated and registered in [ country ] with company number [ number ], whose registered office is at [ registered office address OR (the Insurer) full name of Managing agent ], on behalf of the underwriting members of all Lloyd’s syndicates it manages from time to time (the Managing Agent), AND 2 [ Full name of broking company ], incorporated and registered in [ country ] with company number [ number ], whose registered address is at [ registered office address ] (the Broker) (collectively, the “Parties”, and each separately a “Party” herein)

AGREED TERMS

1 Definitions and interpretation

1.1 The definitions and rules of interpretation apply to this Agreement as follows:

ADR Notice: has the meaning set out in clause 25.2.
Agreement: refers to this contract, the “Terms of Business Agreement Non Risk Transfer or Risk Transfer.
Appointed Representative: denotes an individual who meets the requirements of section 39(1) of FSMA...

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Web page updated on 22/05/2026

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