A Non-Recourse Loan Agreement is utilized when parties wish to structure financing where the lender's recovery is limited to specific collateral, without recourse to the borrower's other assets. This document type is commonly used in Irish real estate financing, project finance, and large asset acquisitions. The agreement must comply with Irish financial services regulations and relevant EU directives, including the Consumer Credit Act 1995 and the Central Bank Act. It includes comprehensive provisions covering loan terms, security arrangements, collateral maintenance, default scenarios, and enforcement mechanisms. The non-recourse nature makes it particularly suitable for special purpose vehicles and project-specific financing where risk isolation is crucial.
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1. Parties: Identifies the lender and borrower with full legal names and addresses
2. Background: Sets out the context of the loan agreement and the parties' intention to enter into a non-recourse financing arrangement
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. The Facility: Details the loan amount, purpose, and drawdown conditions
5. Interest: Specifies interest rate, calculation method, and payment terms
6. Repayment: Sets out repayment schedule, methods, and prepayment provisions
7. Security: Describes the collateral securing the loan and perfection requirements
8. Limited Recourse: Explicitly states the non-recourse nature and limits of lender's recovery rights
9. Representations and Warranties: Borrower's confirmations regarding their status, authority, and the collateral
10. Covenants: Borrower's ongoing obligations regarding the collateral and loan maintenance
11. Events of Default: Circumstances constituting default and resulting rights and remedies
12. Enforcement: Procedures for enforcing security interest in event of default
13. Costs and Expenses: Allocation of transaction costs and ongoing expenses
14. Notices: Communication procedures between parties
15. Assignment and Transfer: Rules regarding transfer of rights under the agreement
16. Governing Law and Jurisdiction: Confirms Irish law governance and jurisdiction for disputes
1. Guarantees: Include when there are third-party guarantees for specific aspects of the loan
2. Insurance: Include when specific insurance requirements apply to the collateral
3. Tax Provisions: Include when specific tax considerations need addressing
4. Multiple Lenders: Include for syndicated non-recourse loans with multiple lenders
5. Interest Rate Hedging: Include when interest rate hedging arrangements are required
6. Property Management: Include when collateral is real estate requiring specific management provisions
7. Environmental Matters: Include when environmental risks need specific addressing
8. Construction Provisions: Include when loan relates to property under construction
1. Schedule 1 - Loan Details: Detailed terms of the loan including amount, interest rate, and payment schedule
2. Schedule 2 - Collateral Description: Detailed description of the assets serving as collateral
3. Schedule 3 - Conditions Precedent: List of documents and conditions required before drawdown
4. Schedule 4 - Drawdown Request Form: Template form for requesting loan disbursements
5. Schedule 5 - Representations and Warranties: Detailed list of representations and warranties
6. Schedule 6 - Covenants: Detailed list of positive and negative covenants
7. Schedule 7 - Security Documents: Forms of security documents and filing requirements
8. Appendix A - Calculation of Interest: Detailed methodology for interest calculations
9. Appendix B - Form of Notices: Template forms for various notices under the agreement
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