The Undertaking Loan Agreement is a critical financial instrument used in the Irish lending market when a lender provides financial facilities to a borrower. It serves as the primary document governing the lending relationship, incorporating all essential terms, conditions, and obligations of the parties involved. The agreement must comply with Irish banking regulations, including the Consumer Credit Act 1995, Central Bank Act 1997, and relevant EU regulations incorporated into Irish law. It is particularly important for commercial lending transactions and requires careful consideration of security arrangements, covenants, and regulatory requirements. The document typically includes detailed provisions on drawdown conditions, repayment terms, events of default, and security arrangements, making it essential for both secured and unsecured lending transactions in Ireland.
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1. Parties: Identification of the Lender and Borrower with full legal names and addresses
2. Background: Context of the loan agreement, including purpose and any relevant pre-conditions
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement
4. The Facility: Details of the loan amount, purpose, and availability
5. Conditions Precedent: Conditions that must be satisfied before the loan becomes available
6. Drawdown: Procedures and requirements for drawing down the loan
7. Interest: Interest rate, calculation method, and payment terms
8. Repayment: Terms and schedule for repayment of the loan
9. Representations and Warranties: Statements of fact and assurances given by the borrower
10. Covenants: Positive and negative obligations of the borrower during the loan term
11. Events of Default: Circumstances that constitute default and consequences
12. Indemnities: Borrower's obligations to indemnify the lender
13. Costs and Expenses: Allocation of costs related to the loan and its administration
14. Notices: How formal communications between parties should be made
15. Assignment and Transfer: Rights and restrictions regarding transfer of rights under the agreement
16. Governing Law and Jurisdiction: Specification of Irish law as governing law and jurisdiction
17. Execution: Signature blocks and execution formalities
1. Security: Include when the loan is secured against specific assets
2. Guarantees: Include when there are third-party guarantors for the loan
3. Insurance: Include when specific insurance requirements are needed for secured assets
4. Financial Covenants: Include for corporate borrowers when financial ratios/tests are required
5. Tax Gross Up: Include when tax implications need to be addressed specifically
6. Multiple Drawdown Provisions: Include when the loan is available in multiple tranches
7. Increased Costs: Include when regulatory changes might affect the lender's costs
8. Market Disruption: Include for floating rate loans to address market disruption scenarios
9. Set-off Rights: Include when the lender requires explicit set-off rights
1. Schedule 1 - Conditions Precedent: Detailed list of documents and conditions required before drawdown
2. Schedule 2 - Form of Drawdown Request: Template for the borrower to request loan disbursement
3. Schedule 3 - Repayment Schedule: Detailed payment dates and amounts if term loan
4. Schedule 4 - Financial Covenants Calculations: Formulas and methods for calculating financial covenants
5. Schedule 5 - Security Documents: List and copies of security documents if secured loan
6. Schedule 6 - Fees: Detailed breakdown of all applicable fees
7. Appendix A - Form of Compliance Certificate: Template for periodic compliance certification
8. Appendix B - Form of Transfer Certificate: Template for transferring rights under the agreement
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Relevant Teams
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