A Limited Recourse Loan Agreement is commonly used in project finance and asset-based lending scenarios where lenders agree to look primarily or exclusively to specific assets or revenue streams for repayment. This document is particularly relevant in the United States where it must comply with federal lending laws and state-specific regulations. The agreement typically includes detailed provisions on the loan amount, interest rates, payment terms, specific collateral arrangements, and most importantly, the precise limitations on the lender's recourse rights. It's particularly useful for special purpose vehicles, real estate developments, and infrastructure projects where investors seek to ring-fence their liability.
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1. Parties: Identification of borrower and lender with full legal names and addresses
2. Background/Recitals: Context of the loan agreement and relationship between parties
3. Definitions: Key terms used throughout the agreement, including 'Collateral', 'Limited Recourse', 'Event of Default'
4. Loan Amount and Purpose: Principal amount, purpose of the loan, and disbursement terms
5. Interest and Payments: Interest rate, calculation method, payment schedule and mechanisms
6. Limited Recourse Provisions: Specific limitations on lender's recourse and available collateral
7. Security Interest: Description of collateral and security arrangements
8. Representations and Warranties: Standard declarations by borrower regarding legal status and ability to enter agreement
9. Events of Default: Circumstances constituting default and consequences
1. Tax Provisions: Additional terms addressing specific tax treatment and obligations between parties
2. Insurance Requirements: Specific insurance requirements for collateral and related obligations
3. Intercreditor Provisions: Terms governing relationships and priorities between multiple creditors
4. Currency Provisions: Terms addressing currency conversion and exchange rates for cross-border transactions
1. Schedule of Collateral: Detailed description of all assets serving as collateral
2. Payment Schedule: Detailed repayment terms including dates and amounts
3. Form of Security Documents: Ƶ for security agreements and filings
4. Compliance Certificates: Forms for periodic compliance certification
5. Notice Requirements: Forms and procedures for required notices
Relevant legal definitions
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