The Limited Recourse Loan Agreement is a specialized financing instrument commonly used in Irish structured finance and project finance transactions. It is particularly relevant when financing is provided to special purpose vehicles (SPVs) or for specific projects where the lender agrees to limit its recourse to particular assets or cash flows rather than having full recourse to the borrower's assets. This document type is frequently used in Ireland for real estate financing, renewable energy projects, aviation finance, and other asset-backed transactions. The agreement must comply with Irish financial services regulations, corporate law, and security requirements while clearly defining the limited recourse nature of the facility and associated security arrangements. It typically includes detailed provisions regarding the secured assets, cash flow mechanics, and enforcement limitations.
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1. Parties: Identifies the lender and borrower, including their registered addresses and company details
2. Background: Sets out the context of the loan and explicitly states its limited recourse nature
3. Definitions and Interpretation: Defines key terms and establishes interpretation principles, including specific definitions related to limited recourse concepts
4. The Facility: Details the loan amount, purpose, and availability period
5. Drawdown: Specifies conditions precedent and drawdown mechanics
6. Interest: Sets out interest rate, calculation methods, and payment dates
7. Repayment: Details repayment schedule, prepayment provisions, and payment mechanics
8. Limited Recourse Provisions: Explicitly limits lender's recourse to specified assets/cash flows and includes non-petition clauses
9. Security: Describes security package and enforcement limitations
10. Representations and Warranties: Standard and transaction-specific representations, focused on secured assets
11. Covenants: Borrower undertakings, particularly regarding secured assets and cash flows
12. Events of Default: Default triggers and consequences, modified to reflect limited recourse nature
13. Changes to Parties: Transfer and assignment provisions
14. Administration: Notices, calculations, and other administrative provisions
15. Governing Law and Jurisdiction: Confirms Irish law governance and jurisdiction
1. Tax Gross-Up and Indemnities: Include when tax implications are significant or cross-border elements exist
2. Increased Costs: Include for regulated lenders or when regulatory changes might affect the loan
3. Cash Waterfall: Include when there are multiple creditors or complex payment priorities
4. Account Bank Provisions: Include when specific account arrangements are required for capturing cash flows
5. Security Trustee Provisions: Include when security is held by a trustee for multiple lenders
6. Intercreditor Provisions: Include when there are multiple creditors with different rights
7. Further Assurance: Include when additional documentation or perfection steps may be needed
1. Form of Drawdown Request: Standard form for requesting loan disbursements
2. Conditions Precedent: Detailed list of required documents and conditions for drawdown
3. Secured Assets: Detailed description of assets/cash flows to which recourse is limited
4. Repayment Schedule: Detailed amortization or payment schedule
5. Form of Transfer Certificate: Standard form for transferring loan interests
6. Security Documents: Forms of security documents or summary of security arrangements
7. Notices and Contact Details: Contact information for all parties
8. Cash Flow Waterfalls: Detailed payment priorities and calculations
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Real Estate
Infrastructure
Renewable Energy
Aviation Finance
Shipping Finance
Project Finance
Asset Management
Private Equity
Structured Finance
Commercial Property
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Corporate Finance
Structured Finance
Project Finance
Commercial
Investment
Portfolio Management
Credit
Relevant Roles
Finance Director
Legal Counsel
Corporate Lawyer
Structured Finance Manager
Project Finance Manager
Treasury Manager
Risk Manager
Commercial Director
Investment Manager
Transaction Manager
Portfolio Manager
Compliance Officer
Chief Financial Officer
Senior Finance Manager
Corporate Finance Director
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