The Line of Credit Agreement is a fundamental financial instrument used in Australian business and consumer lending, providing flexible access to credit up to a predetermined limit. This document is essential when establishing ongoing credit arrangements between financial institutions and borrowers, whether for business working capital, investment purposes, or personal financial needs. The agreement must comply with Australian financial services regulations, including the National Consumer Credit Protection Act 2009, ASIC requirements, and relevant state laws. It typically includes comprehensive terms covering facility limits, drawdown procedures, interest calculations, security requirements, and default provisions. The document is particularly relevant in situations requiring regular or irregular access to funds, offering more flexibility than traditional fixed loans.
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1. Parties: Identification of the lender and borrower with full legal names and details
2. Background: Context of the agreement and relationship between the parties
3. Definitions and Interpretation: Defined terms used throughout the agreement and rules of interpretation
4. The Facility: Details of the credit facility including the credit limit, purpose, and availability period
5. Conditions Precedent: Conditions that must be satisfied before the facility becomes available
6. Interest and Fees: Interest rate calculations, fees, charges and when/how they are payable
7. Drawdown: Process and requirements for accessing the credit facility
8. Repayment Terms: Minimum payments, payment schedule, and method of payment
9. Borrower's Representations and Warranties: Statements of fact and assurances given by the borrower
10. Borrower's Obligations: Ongoing obligations and covenants of the borrower
11. Events of Default: Circumstances that constitute default and their consequences
12. Enforcement Rights: Lender's rights and remedies upon default
13. General Provisions: Standard contractual provisions including notices, amendments, and governing law
1. Security: Details of any security or guarantees required - include when the facility is secured
2. Guarantor Provisions: Obligations and liability of guarantors - include when guarantors are involved
3. Insurance Requirements: Mandatory insurance coverage - include when specific insurance is required
4. Special Drawdown Conditions: Additional drawdown requirements - include for complex facilities or higher risk borrowers
5. Financial Covenants: Specific financial requirements - include for business borrowers or higher value facilities
6. Change of Control: Provisions dealing with change in ownership - include for corporate borrowers
7. Multi-currency Provisions: Rules for multiple currency drawings - include if facility offers multiple currencies
1. Facility Details: Detailed terms of the facility including credit limit, interest rates, and fees
2. Drawdown Notice: Form of notice to be used when requesting drawdown
3. Calculation of Interest and Fees: Detailed methodology for calculating interest and other charges
4. Security Details: List and description of security provided (if applicable)
5. Conditions Precedent Documents: List of required documents and conditions to be satisfied
6. Permitted Purpose: Detailed description of approved purposes for the facility
7. Standard Forms: Templates for various notices and certificates required under the agreement
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Commercial Real Estate
Retail
Manufacturing
Professional Services
Construction
Agriculture
Technology
Healthcare
Education
Mining and Resources
Transport and Logistics
Relevant Teams
Legal
Finance
Risk Management
Compliance
Treasury
Credit Assessment
Commercial Banking
Corporate Finance
Business Development
Operations
Relevant Roles
Chief Financial Officer
Finance Manager
Credit Manager
Risk Manager
Legal Counsel
Compliance Officer
Treasury Manager
Commercial Director
Financial Controller
Banking Relationship Manager
Credit Analyst
Corporate Lawyer
Business Development Manager
Account Manager
Debt Finance Specialist
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