Clear terms for a loan between you and Eduardas Shishmanian.
The Lender lends the Borrower £[amount], paid into the Borrower's account on [start date] (the "Principal").
The loan has a minimum lock-in of 18 months from the start date and is planned to run for 18 months (ending [date]). Either party may give 3 months' written notice to repay; the earliest such notice may be given is [date] (15 months in), so the Principal is returned no sooner than the 18-month lock-in. After the lock-in the loan continues on a rolling basis on the same notice terms, with the Principal repaid in full 3 months after notice is given.
Interest accrues at a fixed rate of 7% per year on the outstanding Principal. It starts accruing on [date] — one month after the start — and is calculated daily.
The Borrower may repay early, in whole or in part, at any time with no penalty. Any payment goes first to interest, then to the Principal.
If the Borrower misses a payment by more than 15 business days, or becomes insolvent, the full Principal and any accrued interest become immediately due.
This Agreement is governed by the laws of England & Wales, and both parties submit to the courts of England & Wales.
Either party can give 3 months' written notice to call the loan back. The earliest interest-preserving notice is 15 months in (repayment lands at the 18-month lock-in). Requesting earlier still returns the Principal within 3 months — but forfeits interest. Pick a date to see what happens.