BETWEEN:
(1) Ashford Holdings LtdAshford Real Estate Partners Ltd (registered no. 04821733), a company incorporated in England and Wales (the "Borrower"); and
(2) Barclays Bank PLC, acting through its London branch, as lender and agent (the "Lender").
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Borrower means Ashford Holdings Ltd (registered no. 04821733), a company incorporated in England and Wales.
Borrower means Ashford Real Estate Partners Ltd (registered no. 04821733), a company incorporated in England and Wales.
Lender means Barclays Bank PLC, acting through its London branch.
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AI suggestion · Clause 1.1 Definitions (Borrower)
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Accepting will propagate "Borrower" name change to 3 linked documents
Security AgmtLegal OpinionBoard Res.
2. THE FACILITY
2.1 Facility Amount
Subject to the terms of this Agreement, the Lender makes available to the Borrower a term loan facility in an aggregate amount equal to £45,000,000 (forty five million pounds sterling) (the "Facility").
2.2 Purpose
The Borrower shall apply all amounts borrowed by it under the Facility towards the acquisition and development of the Property at 14–22 Bishops Square, London E1 6AD and associated costs.
8. INTEREST
8.1 Calculation of Interest
The rate of interest on each Loan for each Interest Period shall be the aggregate of the applicable Margin and SONIA for that Interest Period, as determined by the Agent.
8.2 Margin
The Margin shall be 2.10% per annum, subject to any margin ratchet as set out in Schedule 1 (Margin Grid).
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Cross-document inconsistency detected. You changed the Margin to 1.95%, but the Margin Letter still references 2.10%. The Drawdown Notice (Section 4) also references this rate.
14. REPRESENTATIONS
14.1 Status
The Borrower is a limited liability company, duly incorporated and validly existing under the law of England and Wales, and has the power to own its assets and carry on its business as it is being conducted.
14.2 Binding Obligations
The obligations expressed to be assumed by it in each Finance Document are legal, valid, binding and enforceable obligations.
SECURITY AGREEMENT
Dated 14 March 2025 · Ashford RE Finance
BETWEEN:
(1) Ashford Real Estate Partners Ltd (the "Chargor"); and
(2) Barclays Bank PLC as security agent (the "Security Agent").
1. DEFINITIONS
"Borrower" means Ashford Real Estate Partners Ltd, a company incorporated in England and Wales with registered number 04821733.
2. CHARGE
2.1 Fixed charge
The Borrower, as continuing security for the payment and discharge of the Secured Obligations, charges in favour of the Security Agent by way of first fixed charge all of its right, title and interest in and to the Property.
2.2 Floating charge
The Borrower charges in favour of the Security Agent by way of first floating charge the whole of its undertaking and all its property and assets, present and future, other than any assets validly and effectively charged.
3. REPRESENTATIONS
The Borrower represents and warrants that it is the sole legal and beneficial owner of the Property and that the Property is free from any Security other than as permitted under the Facility Agreement.
4. ENFORCEMENT
The Security constituted by this Deed shall become enforceable upon the occurrence of an Event of Default which is continuing under the Facility Agreement, and the Security Agent may exercise all rights, powers and remedies available to it under applicable law.
MARGIN LETTER
Dated 14 March 2025 · Ashford RE Finance
To: Ashford Real Estate Partners Ltd From: Barclays Bank PLC Re: £45,000,000 Real Estate Facility, Margin
Dear Sirs,
We refer to the facility agreement dated 14 March 2025 (the "Facility Agreement") between Ashford Real Estate Partners Ltd as Borrower and Barclays Bank PLC as Lender.
1. APPLICABLE MARGIN
We confirm that, as at the date of this letter, the Margin applicable to each Loan made under the Facility Agreement shall be 2.10%1.95% per annum.
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…the Margin applicable to each Loan made under the Facility Agreement shall be 2.10% per annum.
…the Margin applicable to each Loan made under the Facility Agreement shall be 1.95% per annum.