The Credit Facility Agreement is a fundamental financing document used when a lender extends credit to a borrower in Ireland. It serves as the primary documentation for various types of credit arrangements, including term loans, revolving facilities, and multi-currency facilities. The agreement must comply with Irish financial services regulations, consumer protection laws, and relevant EU directives. It typically includes detailed provisions on facility terms, drawdown conditions, repayment obligations, security arrangements, and standard protections for the lender. This document is essential for both bilateral and syndicated lending arrangements and can be adapted for different business purposes, from working capital financing to acquisition funding. The agreement's structure reflects market practice in Ireland while incorporating necessary regulatory requirements and appropriate risk allocation between parties.
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1. Parties: Identifies the lender(s), borrower(s), and any guarantors or other parties to the agreement
2. Background: Sets out the context and purpose of the facility
3. Definitions and Interpretation: Defines key terms and establishes interpretation principles
4. The Facility: Details the type, amount, and purpose of the credit facility
5. Conditions Precedent: Lists conditions that must be satisfied before drawdown
6. Drawdown: Procedures and requirements for utilizing the facility
7. Interest: Interest calculation, periods, and payment provisions
8. Repayment and Prepayment: Terms for scheduled repayments and voluntary/mandatory prepayments
9. Representations and Warranties: Borrower's confirmations about its status and capacity
10. Information Undertakings: Obligations to provide financial and other information
11. Financial Covenants: Financial ratios and tests the borrower must maintain
12. General Undertakings: Borrower's operational and business commitments
13. Events of Default: Circumstances that trigger default and lender's remedies
14. Changes to Parties: Rules for assignments and transfers
15. Payment Mechanics: Banking and administrative arrangements for payments
16. Notices: Communication procedures between parties
17. Miscellaneous: Standard boilerplate provisions
18. Governing Law and Jurisdiction: Confirms Irish law governance and jurisdiction
1. Security: Required if the facility is secured - details security arrangements and enforcement
2. Guarantee: Required if there are guarantors - terms of guarantee and indemnity
3. Accordion Facility: Optional provision allowing for future increase in facility amount
4. Multi-currency Provisions: Required if facility can be drawn in multiple currencies
5. Agency and Security Trustee Provisions: Required for syndicated facilities with an agent bank
6. Increased Costs and Tax Gross-up: More detailed provisions typically used in larger/syndicated facilities
7. Market Disruption: Provisions dealing with benchmark rate unavailability or market disruption
8. Sustainability-Linked Provisions: Required if facility includes sustainability-linked pricing mechanics
1. Conditions Precedent: Detailed list of required documents and conditions
2. Form of Drawdown Request: Template for borrower to request utilization of the facility
3. Form of Compliance Certificate: Template for periodic financial covenant compliance certification
4. Repayment Schedule: Detailed schedule of repayment dates and amounts
5. Form of Transfer Certificate: Template for transferring commitments between lenders
6. Form of Assignment Agreement: Template for assigning rights under the agreement
7. Financial Covenant Calculations: Detailed methodology for calculating financial covenants
8. Existing Security: List of permitted existing security interests
9. Contact Details: Administrative and notice details for all parties
Relevant legal definitions
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Transportation
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Relevant Teams
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Finance
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Compliance
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Corporate Banking
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Relevant Roles
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Risk Manager
Banking Relationship Manager
Credit Officer
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Corporate Banking Director
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Company Secretary
General Counsel
Banking Partner
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