The Non-Recourse Loan Agreement is utilized in New Zealand when parties wish to structure a loan facility where the lender's recovery is strictly limited to specific secured assets, without recourse to the borrower's other assets or personal guarantees. This type of agreement is commonly used in project finance, real estate development, and asset-based lending scenarios where the loan is secured by high-value assets generating their own income stream. The document must comply with New Zealand's regulatory framework, including the Credit Contracts and Consumer Finance Act 2003 and Property Law Act 2007. It contains detailed provisions regarding the security assets, maintenance requirements, operating conditions, and explicit limitations on the lender's recovery rights, making it distinct from traditional full-recourse lending arrangements.
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1. Parties: Identifies and defines the Lender and Borrower with their full legal details
2. Background: Outlines the context of the loan arrangement and the parties' intentions
3. Definitions and Interpretation: Defines key terms used throughout the agreement and interpretation rules
4. Loan Amount and Purpose: Specifies the loan amount and its intended use
5. Security and Limited Recourse: Details the specific assets securing the loan and explicitly states the non-recourse nature
6. Interest and Fees: Specifies interest rate, calculation method, and any applicable fees
7. Drawdown: Conditions and process for accessing the loan funds
8. Repayment Terms: Details payment schedule, amounts, and methods
9. Borrower Representations and Warranties: Borrower's confirmations regarding their status and the security asset
10. Borrower Covenants: Ongoing obligations regarding the security asset and loan conditions
11. Events of Default: Circumstances constituting default and consequences
12. Enforcement and Recovery Limitations: Specifies the lender's limited recovery rights against the security asset only
13. General Provisions: Standard clauses including notices, amendments, governing law, etc.
14. Execution: Signing provisions and execution blocks
1. Insurance Requirements: Required when the security asset must be insured
2. Property Maintenance Obligations: Used when the security is real property requiring specific maintenance
3. Environmental Matters: Required for properties with environmental risks or obligations
4. Asset Operation Requirements: Used when the security asset has specific operational requirements
5. Co-Borrower Provisions: Required when multiple borrowers are involved
6. Guarantor Provisions: Used when there are guarantors despite the non-recourse nature
7. Special Purpose Vehicle Requirements: When the borrower is an SPV with specific obligations
8. Cross-Collateralization: When multiple assets secure the loan
1. Schedule 1 - Loan Terms: Detailed financial terms including loan amount, interest rate, fees, and payment schedule
2. Schedule 2 - Security Asset Details: Comprehensive description and details of the security asset(s)
3. Schedule 3 - Drawdown Requirements: Specific conditions and documentation required for drawdown
4. Schedule 4 - Form of Drawdown Notice: Template for requesting loan disbursement
5. Schedule 5 - Security Registration Requirements: Requirements for registering security interests
6. Appendix A - Property Reports: When applicable, technical or valuation reports for the security asset
7. Appendix B - Insurance Certificates: Copies of required insurance documentation
8. Appendix C - Security Asset Operating Procedures: When applicable, procedures for operating/maintaining the security asset
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking and Financial Services
Commercial Property
Infrastructure
Mining
Energy
Aviation
Shipping
Construction
Asset Finance
Project Finance
Property Development
Relevant Teams
Legal
Finance
Risk Management
Credit
Compliance
Treasury
Property Management
Asset Management
Investment
Commercial Banking
Project Finance
Real Estate Finance
Due Diligence
Portfolio Management
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Corporate Lawyer
Risk Manager
Credit Manager
Property Manager
Asset Manager
Investment Manager
Loan Officer
Commercial Banking Manager
Project Finance Manager
Real Estate Finance Manager
Compliance Officer
Due Diligence Officer
Portfolio Manager
Transaction Manager
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