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This area covers lending by banks or other lenders to businesses where no asset is pledged as collateral. It includes facilities such as revolving credit, overdrafts, and term facilities that rely on the borrower's creditworthiness rather than specific assets. A solicitor drafts and negotiates facility agreements, sets drawdown terms, interest, covenants, representations and undertakings, and coordinates any personal guarantees. They review financial information, advise on regulatory requirements, and handle negotiations with lenders on terms and conditions to protect the borrower’s position throughout the facility’s life.
The solicitor works through the precise terms of unsecured facilities—drawdown mechanics, interest margins, repayment schedules, covenants, event of default provisions, undertakings, and any associated guarantees or undertakings from directors. They interpret how disclosure, financial covenants and liquidity tests interact with ongoing compliance, and ensure the client’s commercial needs are balanced with risk management and lender expectations.
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