The Commercial Credit Agreement is a fundamental document in New Zealand's commercial lending landscape, used when a financial institution provides credit facilities to commercial entities. It is essential for businesses seeking financing for operations, expansion, or specific projects. The agreement must comply with New Zealand's regulatory framework, including the Credit Contracts and Consumer Finance Act 2003 and related financial services legislation. This document typically includes detailed provisions on facility terms, security arrangements, financial covenants, and enforcement mechanisms, tailored to the specific needs of commercial borrowers while protecting the lender's interests. It's particularly crucial for establishing clear rights and obligations of all parties involved, managing risk, and ensuring legal enforceability of the credit arrangement.
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1. Parties: Identifies and defines all parties to the agreement, including the lender, borrower, and any guarantors
2. Background: Sets out the context and purpose of the credit facility and key commercial elements
3. Definitions and Interpretation: Defines key terms and establishes rules for interpreting the agreement
4. Facility Details: Specifies the type, amount, and purpose of the credit facility
5. Conditions Precedent: Lists conditions that must be satisfied before the facility becomes available
6. Drawdown: Details the process and requirements for accessing the credit facility
7. Interest and Fees: Specifies interest rates, calculation methods, and all applicable fees
8. Repayment Terms: Sets out repayment schedule, methods, and prepayment provisions
9. Representations and Warranties: States the borrower's assertions about their legal and financial status
10. Covenants: Details ongoing obligations of the borrower, including financial covenants
11. Events of Default: Lists circumstances that constitute default and their consequences
12. Enforcement Rights: Outlines the lender's rights and remedies upon default
13. General Provisions: Includes standard clauses on notices, amendments, assignments, and governing law
1. Security Arrangements: Include when the facility is secured by specific assets or guarantees
2. Guarantee Provisions: Required when third-party guarantors are involved
3. Syndication Provisions: Include for facilities involving multiple lenders
4. Increased Costs and Market Disruption: Relevant for facilities with variable rates or international elements
5. Review Events: Include when periodic review of facility terms is required
6. Special Purpose Covenants: Add for facilities with specific industry or purpose restrictions
7. Insurance Requirements: Include when specific insurance coverage is required for security
8. Cross-Default Provisions: Add when linking defaults with other facilities or agreements
1. Facility Terms Schedule: Detailed terms including limits, interest rates, and fees
2. Drawdown Notice: Template form for requesting drawdowns
3. Compliance Certificate: Template for periodic financial covenant compliance reporting
4. Security Details: List and description of all security assets and arrangements
5. Repayment Schedule: Detailed schedule of repayment dates and amounts
6. Financial Covenants Calculations: Formulae and methods for calculating financial covenants
7. Conditions Precedent Documents: List of required documents and evidence
8. Permitted Security Interests: List of pre-approved security interests and encumbrances
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Commercial Real Estate
Manufacturing
Retail
Agriculture
Technology
Construction
Mining and Resources
Transport and Logistics
Healthcare
Education
Professional Services
Hospitality
Energy
Relevant Teams
Legal
Finance
Risk Management
Compliance
Corporate Banking
Credit Assessment
Treasury
Commercial Lending
Document Management
Business Development
Relevant Roles
Chief Financial Officer
Finance Director
Commercial Lending Manager
Credit Risk Manager
Legal Counsel
Corporate Lawyer
Relationship Manager
Treasury Manager
Financial Controller
Credit Analyst
Compliance Officer
Risk Assessment Officer
Corporate Banking Manager
Loan Officer
Business Development Manager
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