The Revolving Agreement is a crucial financial instrument used in New Zealand to establish flexible credit arrangements between lenders and borrowers. It is particularly suited for businesses and individuals requiring ongoing access to credit with the ability to draw down and repay funds multiple times within an approved limit. This agreement type must comply with New Zealand's robust financial services regulatory framework, including the Contract and Commercial Law Act 2017 and Credit Contracts and Consumer Finance Act 2003. The document typically includes comprehensive terms covering facility limits, drawdown mechanisms, repayment terms, interest calculations, security arrangements, and compliance requirements. It can be adapted for various purposes, from working capital facilities to trade finance, and can include additional features such as multi-currency options or specialized drawing rights.
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1. Parties: Identification of all parties to the agreement, including their legal names, addresses, and company numbers if applicable
2. Background: Context of the agreement, relationship between parties, and purpose of the revolving facility
3. Definitions and Interpretation: Definitions of key terms used throughout the agreement and rules for interpretation
4. Facility Details: Core terms of the revolving facility including limit, purpose, and revolving nature
5. Drawdown Mechanics: Procedures and conditions for requesting and receiving drawdowns under the facility
6. Repayment Terms: Terms for repayment including minimum payments, payment frequency, and revolving nature of repaid amounts
7. Interest and Fees: Interest calculation methodology, applicable fees, and payment terms
8. Conditions Precedent: Conditions that must be satisfied before the facility becomes available
9. Representations and Warranties: Statements of fact and assurances given by the borrower
10. Undertakings: Ongoing obligations of the borrower during the term of the facility
11. Events of Default: Circumstances that constitute default and consequences
12. Term and Termination: Duration of the agreement and circumstances for termination
13. General Provisions: Standard legal provisions including notices, amendments, governing law, and dispute resolution
1. Security Arrangements: Required if the facility is secured, detailing the security structure and enforcement rights
2. Guarantees: Required if there are guarantors, detailing guarantee obligations
3. Financial Covenants: For business facilities where financial performance metrics need to be maintained
4. Consumer Protection Provisions: Required for consumer agreements under CCCFA, including hardship provisions
5. Insurance Requirements: If specific insurance coverage is required as part of the facility
6. Special Drawing Rights: For facilities with multiple currencies or special drawing conditions
7. Agency and Syndication: Required for syndicated facilities involving multiple lenders
1. Facility Limits and Pricing: Details of facility limit, interest rates, fees, and pricing mechanisms
2. Drawdown Request Form: Standard form for requesting drawdowns under the facility
3. Conditions Precedent Documents: List of required documents and conditions to be satisfied
4. Compliance Certificate: Template for periodic compliance certification
5. Security Details: Details of any security arrangements and secured property
6. Calculation Methods: Detailed methodology for calculating interest, fees, and other amounts
7. Required Forms and Notices: Ƶ for various notices and forms required under the agreement
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