The Drawdown Loan Agreement is essential for situations where borrowers need flexible access to funds over time rather than a single lump sum. This agreement type is commonly used in the United States for construction projects, business expansion, or working capital needs. It provides detailed mechanisms for requesting and receiving loan disbursements, specifies conditions precedent for each drawdown, and establishes a comprehensive framework for the lending relationship. The agreement must comply with federal regulations such as the Truth in Lending Act and state-specific lending laws.
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1. Parties: Identification of lender and borrower with full legal names and addresses
2. Background: Context of the loan arrangement and purpose
3. Definitions: Key terms used throughout the agreement
4. Facility: Details of the loan facility including amount, purpose, and availability period
5. Drawdown: Conditions and procedures for drawing down the loan
6. Interest: Interest rate, calculation method, and payment terms
7. Repayment: Repayment terms, schedule, and prepayment provisions
8. Representations and Warranties: Statements of fact and assurances from the borrower
9. Covenants: Ongoing obligations of the borrower
10. Events of Default: Circumstances constituting default and consequences
1. Security: Details of any collateral or security arrangements when loan is secured
2. Guarantees: Terms of any guarantees provided when third-party guarantees are involved
3. Financial Covenants: Specific financial metrics borrower must maintain, typically used for corporate borrowers or large loans
4. Change of Control: Provisions dealing with ownership changes, applicable for corporate borrowers
1. Drawdown Notice Form: Template for requesting loan disbursements
2. Repayment Schedule: Detailed schedule of repayment dates and amounts
3. Security Details: Detailed description of any security/collateral for secured loans
4. Conditions Precedent: List of conditions to be satisfied before drawdown
5. Financial Covenants Calculations: Formulas and methods for calculating financial covenants when applicable
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