Loan Agreement Between Trustees And A Beneficiary (Page 2 of 3) in pdf

Loan agreement between trustees and a beneficiary

The Trustees and the Beneficiary should read Important Notes on page 1 before completing the Loan Agreement between Trustees and a Beneficiary.

part a. date of Loan agreement

INSERT date when last person

THIS Loan Agreement is made on the

day of

signs on page 3.

BETWEEN the Trustees (1) and the Beneficiary (2)

part b. definitions

Please insert the full name

1. The ‘Trustees’

of the current Trustees of the

Declaration of Trust.

Trustee 1

Trustee 2

Full Name

Trustee 3

Trustee 4

Full Name

Please insert the details of

2. The ‘Beneficiary’

the Beneficiary.

The Beneficiary must be a

Beneficiary

Beneficiary of the Declaration

of Trust.

The Beneficiary CANNOT be

Name

the Settlor/Donor/Grantee or

an Excluded Person.

Address

Continuing Trustee 3

Postcode

Date of Birth

Please insert details of the amount

3. 'The Sum' shall mean the sum specified in Schedule 1.

of the loan in Schedule 1.

4. Construction

4.1 In this Loan Agreement words importing the singular shall include the plural and vice versa.

4.2 The Notes in the margin are for the purposes of information only and shall not be used in the

construction of this Loan Agreement or any part of it.

4.3 Legal & General shall mean Legal & General Assurance Society Limited.

part c. recitaLs

Please insert details of the

a. The Trustees are the present trustees of the Declaration of Trust specified in Schedule 2

original Declaration of Trust

(the ‘Declaration’).

in Schedule 2.

b. The Declaration confers on the Trustees the power to lend money or assets to Beneficiaries on such

terms as they think fit.

c. The Beneficiary is a member of the class of beneficiaries of the Declaration.

d. The Trustees have determined to make a loan to the Beneficiary on the following terms.

part d. Key provisions

1. In exercise of the powers contained in the Declaration and all other relevant powers (if any), the Trustees hereby lend the Sum to the

Beneficiary (the ‘Loan’) (as the Beneficiary by his signature to this Deed acknowledges) on the following terms.

2. The Loan shall be interest free but repayable on the demand in writing of the Trustees.

3. Where the Loan has been demanded but remains unpaid interest shall accrue and be payable on the sum outstanding from and including the

date of demand up to the date of actual payment at a rate equivalent to the Base Rate of the Bank of England from time to time in force from

the date upon which the same fell due until payment. The interest shall accrue from day to day.

Page 2

Loan Agreement Between Trustees And A Beneficiary Page 2

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