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Simple Line Of Credit Agreement

Simple Line Of Credit Agreement Template for New Zealand

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Key Requirements PROMPT example:

Simple Line Of Credit Agreement

"I need a Simple Line of Credit Agreement for my technology startup company to receive a NZD 500,000 credit facility from ANZ Bank New Zealand, with quarterly reviews and the ability to draw down in both NZD and USD."

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Document background
This Simple Line of Credit Agreement is designed for use in New Zealand financial transactions where a lender agrees to provide a borrower with access to a revolving credit facility. The document is particularly useful for businesses seeking flexible financing options or individuals requiring ongoing access to credit. It incorporates all necessary elements required under New Zealand law, including compliance with the Credit Contracts and Consumer Finance Act 2003 and related financial services legislation. The agreement details credit limits, drawing mechanisms, interest calculations, repayment terms, and any security arrangements, while ensuring clear documentation of both parties' rights and obligations. This template is structured to accommodate various lending scenarios while maintaining compliance with New Zealand's regulatory framework for financial services.
Suggested Sections

1. Parties: Identifies the lender and borrower with their full legal names and addresses

2. Background: Explains the context of the agreement and the parties' intention to enter into a line of credit arrangement

3. Definitions and Interpretation: Defines key terms used throughout the agreement and sets rules for interpretation

4. The Facility: Details the credit limit, purpose, and availability of the line of credit

5. Drawdown: Specifies the procedures and conditions for accessing the credit facility

6. Interest and Fees: Sets out the interest rate, calculation method, and applicable fees

7. Repayment: Details minimum payment requirements, payment methods, and timing

8. Representations and Warranties: States the borrower's assertions about their legal and financial status

9. Borrower Covenants: Lists ongoing obligations of the borrower during the term of the facility

10. Events of Default: Defines circumstances that constitute default and the lender's remedies

11. Termination: Specifies how and when the facility can be terminated by either party

12. General Provisions: Contains standard legal clauses including notices, amendments, and governing law

Optional Sections

1. Security: Include when the line of credit is secured by specific assets or property

2. Guarantees: Required when there are personal or corporate guarantors for the facility

3. Insurance Requirements: Include when specific insurance coverage is required for secured assets

4. Special Drawing Conditions: Used when there are specific conditions or restrictions on drawing down the facility

5. Financial Covenants: Include for business borrowers when specific financial ratios must be maintained

6. Review Events: Include when periodic review of the facility terms or borrower's circumstances is required

7. Multi-currency Provisions: Include if the facility can be drawn in multiple currencies

Suggested Schedules

1. Facility Details: Contains specific details of the credit facility including credit limit, interest rates, and fees

2. Drawing Notice Form: Template form for requesting drawdowns under the facility

3. Security Details: Lists and describes any security assets or collateral (if applicable)

4. Fee Schedule: Detailed breakdown of all applicable fees and charges

5. Compliance Certificate: Template for periodic confirmation of compliance with agreement terms

6. Direct Debit Authority: Form for setting up automatic payment arrangements

7. Required Insurance Coverage: Details of required insurance coverage for secured assets (if applicable)

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions








































Clauses






























Relevant Industries

Banking & Financial Services

Small Business

Retail

Manufacturing

Professional Services

Construction

Agriculture

Technology

Healthcare

Real Estate

Hospitality

Import/Export

Wholesale Trade

Relevant Teams

Legal

Finance

Credit

Risk Management

Compliance

Treasury

Commercial Banking

Corporate Banking

Business Development

Account Management

Operations

Relevant Roles

Chief Financial Officer

Finance Manager

Credit Manager

Legal Counsel

Commercial Banker

Lending Officer

Risk Manager

Compliance Officer

Business Development Manager

Account Manager

Treasury Manager

Financial Controller

Credit Analyst

Corporate Lawyer

Banking Relationship Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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