The Common Terms Agreement is a fundamental document in complex financing arrangements where multiple facilities or multiple lenders are involved. It streamlines documentation by consolidating common provisions that would otherwise need to be repeated across multiple facility agreements. This document is particularly relevant in New Zealand's commercial lending landscape, where it helps establish a consistent framework for rights, obligations, and remedies across various facilities. The agreement typically includes detailed provisions on representations, warranties, covenants, events of default, and administrative matters, all tailored to comply with New Zealand law and market practice. It's commonly used in syndicated loans, project financing, and other structured finance transactions where multiple parties and facilities need to be coordinated under a single framework.
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1. Parties: Identifies all parties to the agreement, including borrowers, lenders, facility agents, and security trustees
2. Background: Sets out the context and purpose of the agreement, including brief description of the facilities and security structure
3. Definitions and Interpretation: Comprehensive definitions section and rules of interpretation for the agreement
4. Common Terms: Establishes the basis for how the terms will apply across various facilities and documents
5. Representations and Warranties: Standard representations and warranties given by the borrowers and other obligors
6. Information Undertakings: Obligations regarding financial and other information to be provided to the lenders
7. Financial Covenants: Key financial ratios and tests that must be maintained
8. General Undertakings: General positive and negative covenants applicable to all facilities
9. Events of Default: Comprehensive list of events triggering default and consequences
10. Changes to Parties: Provisions governing transfers, assignments, and accession of new parties
11. Administration: Administrative provisions including notices, calculations, and payment mechanics
12. Governing Law and Enforcement: Choice of law, jurisdiction, and enforcement provisions
1. Security Provisions: Required if there is a common security package across facilities
2. Subordination Provisions: Include when there are multiple classes of debt requiring subordination
3. Intercreditor Provisions: Required when multiple creditor groups need to establish their respective rights
4. Guarantee Provisions: Include when guarantees are part of the credit support structure
5. Accordion Facility Provisions: Include when there is ability to increase facility amounts
6. Common Currency Provisions: Required for multi-currency facilities
7. Bank Product Provisions: Include when hedging or other bank products are part of the arrangement
8. Tax Gross-Up and Indemnities: Detailed section required for cross-border transactions
1. Initial Conditions Precedent: List of documents and conditions required before initial utilization
2. Form of Accession Deed: Standard form for new parties joining the agreement
3. Form of Compliance Certificate: Template for periodic compliance certification
4. Form of Transfer Certificate: Standard form for transfers between lenders
5. Financial Covenant Calculations: Detailed methodology for calculating financial covenants
6. Form of Utilization Request: Standard form for requesting drawdowns
7. Existing Security: List of permitted security interests
8. Group Structure Chart: Corporate structure of the borrower group
9. Timetables: Operating timeframes for various actions under the agreement
10. Address Details: Contact details for all parties for notices and communications
Relevant legal definitions
Clauses
Relevant Industries
Banking & Finance
Corporate Lending
Project Finance
Infrastructure
Real Estate
Energy
Mining
Manufacturing
Telecommunications
Healthcare
Retail
Agriculture
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Credit
Operations
Documentation
Relationship Management
Syndications
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Legal Counsel
Corporate Lawyer
Compliance Officer
Risk Manager
Credit Manager
Relationship Manager
Loan Officer
Transaction Manager
Syndications Manager
Security Trustee Officer
Facility Agent Officer
Documentation Manager
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