The Construction Loan Agreement is essential for projects requiring structured financing during the construction phase in New Zealand. It is used when a borrower needs funding to complete a construction project, whether commercial, residential, or industrial. The agreement combines elements of traditional lending documents with construction-specific provisions, ensuring compliance with New Zealand's financial services regulations and construction law framework. The document typically includes detailed provisions for loan disbursement linked to construction progress, security arrangements, and risk management measures. It is particularly important in protecting the lender's interests while providing a clear framework for the borrower to access funds as construction progresses. The agreement must comply with various New Zealand legislation, including the Credit Contracts and Consumer Finance Act 2003, Property Law Act 2007, and Construction Contracts Act 2002.
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1. Parties: Identifies and defines the lender, borrower, and any guarantors
2. Background: Sets out the context of the loan and construction project
3. Definitions and Interpretation: Defines key terms and interpretation rules used throughout the agreement
4. Loan Facility: Details the loan amount, purpose, and facility type
5. Conditions Precedent: Specifies conditions that must be met before loan drawdown
6. Drawdown Procedures: Outlines the process and requirements for drawing down loan funds
7. Interest and Fees: Specifies interest rates, calculation methods, and applicable fees
8. Repayment Terms: Details repayment schedule, methods, and prepayment provisions
9. Construction Requirements: Specifies construction milestones, standards, and compliance requirements
10. Security Arrangements: Details the security provided for the loan
11. Representations and Warranties: States the borrower's representations regarding their capacity and project details
12. Borrower Covenants: Lists ongoing obligations of the borrower during construction and loan term
13. Events of Default: Defines circumstances constituting default and consequences
14. General Provisions: Contains standard legal provisions including notices, amendments, and governing law
1. Guarantees: Required when third-party guarantors are involved in securing the loan
2. Insurance Requirements: Detailed insurance provisions if not covered in main construction requirements
3. Cost Overrun Provisions: Specific provisions for handling construction cost overruns
4. Environmental Compliance: Required for projects with significant environmental considerations
5. Quantity Surveyor Provisions: When a quantity surveyor is required to certify construction progress
6. Development Conditions: For projects requiring specific development or planning approvals
7. Builder Default Provisions: Specific provisions dealing with builder default or replacement
8. Sales and Marketing Requirements: For developments intended for sale upon completion
1. Schedule 1 - Property Details: Legal description and details of the construction property
2. Schedule 2 - Loan Facility Details: Specific terms of the loan including amounts, rates, and fees
3. Schedule 3 - Construction Schedule: Detailed timeline of construction milestones and completion dates
4. Schedule 4 - Drawdown Schedule: Schedule of planned drawdowns linked to construction milestones
5. Schedule 5 - Construction Budget: Detailed breakdown of construction costs and contingencies
6. Schedule 6 - Form of Drawdown Notice: Template for drawdown requests
7. Schedule 7 - Required Insurance: Details of required insurance coverage
8. Appendix A - Construction Plans: Approved construction plans and specifications
9. Appendix B - Required Consents: Copies of building consents and permits
10. Appendix C - Construction Contract: Copy of the executed construction contract
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Construction & Engineering
Real Estate Development
Commercial Property
Residential Property
Infrastructure Development
Property Investment
Urban Development
Industrial Development
Relevant Teams
Legal
Credit Risk
Construction Finance
Property Development
Project Management
Compliance
Commercial Lending
Risk Management
Construction Management
Financial Control
Relevant Roles
Commercial Banker
Construction Finance Manager
Property Developer
Project Manager
Construction Manager
Legal Counsel
Risk Manager
Credit Analyst
Quantity Surveyor
Development Manager
Loan Officer
Compliance Officer
Construction Director
Financial Controller
Chief Financial Officer
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