The Limited Recourse Loan Agreement is a specialized financing instrument used when parties wish to limit the lender's recourse to specific assets rather than the borrower's entire asset base. This document is particularly relevant in New Zealand's project finance, real estate development, and asset-based lending sectors. It needs to comply with New Zealand's legal framework, including the Contract and Commercial Law Act 2017, Property Law Act 2007, and relevant financial services regulations. The agreement typically details the loan facility, identifies the specific assets against which recourse is available, establishes security arrangements, and outlines enforcement limitations. It's commonly used for project-specific financing where lenders agree to look primarily to the project's assets and cash flows for repayment.
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1. Parties: Identifies and defines the Lender and Borrower, including their legal details and addresses
2. Background: Sets out the context of the loan agreement and the parties' intention to enter into a limited recourse arrangement
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation principles
4. The Facility: Details of the loan amount, purpose, and drawdown conditions
5. Limited Recourse Nature: Explicitly defines the limited recourse nature of the loan and specifies the assets against which recourse is available
6. Security: Describes the security arrangements over the specified assets
7. Interest and Payments: Specifies interest rate, calculation method, payment dates, and payment mechanics
8. Representations and Warranties: Standard and specific representations and warranties from the Borrower
9. Covenants: Positive and negative obligations of the Borrower, particularly regarding the secured assets
10. Events of Default: Defines circumstances constituting default and consequences, subject to limited recourse provisions
11. Enforcement: Specifies enforcement rights and limitations, emphasizing the limited recourse nature
12. General Provisions: Standard provisions including notices, amendments, governing law, and jurisdiction
1. Conditions Precedent: Required when there are specific conditions that must be met before drawdown, such as delivery of security documents or legal opinions
2. Guarantee: Include when there is a guarantor providing additional support for the loan, subject to limited recourse provisions
3. Additional Security Provisions: Required when there are complex security arrangements or multiple secured assets
4. Tax Provisions: Include when there are specific tax considerations or withholding requirements
5. Assignment and Transfer: Include when parties want to allow for potential transfer of loan rights or obligations
6. Increased Costs and Market Disruption: Include for longer-term loans or when market volatility protection is required
7. Multiple Lenders: Required when there is more than one lender, including provisions for decision-making and sharing of payments
1. Loan Terms Schedule: Details specific loan terms including amount, interest rate, payment dates, and maturity
2. Secured Assets Schedule: Detailed description and/or listing of the assets against which recourse is available
3. Drawdown Notice: Form of notice to be used when requesting drawdown of the loan
4. Conditions Precedent: Detailed list of conditions to be satisfied before drawdown
5. Security Documents: Forms of security documents required to perfect security over the secured assets
6. Repayment Schedule: If applicable, schedule of repayment dates and amounts
7. Compliance Certificate: Form of certificate for periodic confirmation of compliance with loan terms
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate & Property
Infrastructure & Project Finance
Mining & Resources
Energy & Utilities
Asset Finance
Commercial Property Development
Private Equity
Investment Management
Agriculture
Relevant Teams
Legal
Finance
Treasury
Risk Management
Credit
Corporate Banking
Structured Finance
Commercial Banking
Investment Banking
Project Finance
Asset Management
Deal Advisory
Security & Compliance
Portfolio Management
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Corporate Lawyer
Legal Counsel
Risk Manager
Credit Manager
Investment Manager
Project Finance Manager
Asset Manager
Relationship Manager
Commercial Director
Security Trustee
Loan Officer
Corporate Banking Manager
Structured Finance Manager
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