The Loan Sharing Agreement is essential in scenarios where multiple lenders collaborate to provide financing to a borrower, particularly in large-scale financing arrangements common in commercial, real estate, or infrastructure projects. This document type is crucial when the loan amount exceeds a single lender's capacity or risk appetite, necessitating the participation of multiple financial institutions. The agreement must comply with New Zealand's regulatory framework, including the Credit Contracts and Consumer Finance Act 2003, Fair Trading Act 1986, and relevant banking regulations. It details the mechanics of loan participation, including commitment shares, interest allocation, voting rights, and administrative procedures. The Loan Sharing Agreement also establishes the relationship between lenders, defining their respective rights, obligations, and the procedures for making collective decisions regarding the loan facility.
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1. Parties: Identifies and defines all parties to the loan sharing agreement, including lenders, borrowers, and any facility agent or security trustee
2. Background: Sets out the context of the agreement, including the purpose of the loan and the intention to share the lending obligations
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes rules for interpretation
4. Loan Amount and Shares: Specifies the total loan amount and each lender's share or participation percentage
5. Purpose and Utilization: Details the approved purpose of the loan and how funds can be drawn down
6. Interest and Fees: Specifies interest rates, calculation methods, and any fees payable
7. Repayment Terms: Sets out the repayment schedule, prepayment provisions, and allocation of payments between lenders
8. Representations and Warranties: Standard representations and warranties from all parties
9. Lender Obligations: Details the obligations of each lender, including funding commitments and participation requirements
10. Decision Making and Administration: Procedures for making decisions affecting the loan and administrative matters
11. Events of Default: Lists circumstances constituting default and consequences
12. Payments and Calculations: Mechanics for making and receiving payments, including payment calculations and distributions
13. Costs and Expenses: Allocation of costs and expenses among parties
14. Confidentiality: Provisions regarding confidential information and its treatment
15. Notices: Requirements for giving notices under the agreement
16. General Provisions: Standard boilerplate clauses including governing law, jurisdiction, and amendment procedures
1. Security: Include when the loan is secured against assets or property
2. Guarantee: Include when there are third-party guarantors for the loan
3. Facility Agent Provisions: Include when a facility agent is appointed to manage the loan on behalf of multiple lenders
4. Tax Provisions: Include detailed tax provisions when cross-border lending is involved or specific tax arrangements are needed
5. Transfer and Assignment: Include when lenders may want the ability to transfer their loan shares
6. Majority Lender Decisions: Include when there are multiple lenders and specific voting rights need to be established
7. Currency Provisions: Include when the loan involves multiple currencies
1. Schedule 1 - Lender Commitments: Details of each lender's commitment amount and participation percentage
2. Schedule 2 - Conditions Precedent: List of conditions that must be satisfied before the loan becomes effective
3. Schedule 3 - Repayment Schedule: Detailed schedule of repayment dates and amounts
4. Schedule 4 - Form of Transfer Certificate: Standard form for transferring loan participations
5. Schedule 5 - Notice Details: Contact details and notice requirements for all parties
6. Appendix A - Calculation Principles: Details of how interest, fees, and other amounts are calculated
7. Appendix B - Form of Utilization Request: Standard form for requesting drawdown of loan funds
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