This Line of Credit Contract template is designed for use in the Irish jurisdiction when establishing revolving credit facilities between financial institutions and borrowers. It incorporates all necessary provisions required under Irish financial services legislation and EU regulations, including the Consumer Credit Act 1995 and relevant EU directives. The document is typically used when a borrower requires flexible access to credit up to a predetermined limit, with the ability to draw down and repay funds multiple times during the facility period. It contains comprehensive provisions covering facility terms, security arrangements, borrower obligations, regulatory compliance requirements, and risk management measures. The contract is structured to accommodate various business purposes while ensuring compliance with Irish banking and consumer protection regulations.
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1. Parties: Identification of the lender and borrower with full legal names and addresses
2. Background: Context of the agreement and relationship between the parties
3. Definitions: Definitions of key terms used throughout the agreement
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. Drawdown: Procedures and requirements for drawing down the credit facility
7. Interest and Fees: Interest rate calculations, fees, charges and payment terms
8. Repayment: Terms for repayment including minimum payments and payment schedules
9. Borrower Representations: Representations and warranties given by the borrower
10. Borrower Covenants: Positive and negative covenants the borrower must comply with
11. Events of Default: Circumstances constituting default and consequences
12. Notices: Communication requirements and contact details
13. Governing Law and Jurisdiction: Specification of Irish law as governing law and jurisdiction
14. Execution: Signature blocks and execution requirements
1. Security: Required if the facility is secured - details of security arrangements and enforcement rights
2. Guarantee: Required if there is a guarantor - terms of guarantee and guarantor obligations
3. Insurance: Required if specific insurance is mandatory - insurance requirements and provisions
4. Set-off Rights: Optional provision allowing lender to set off debts against other accounts
5. Assignment and Transfer: Include if transfer rights are to be granted to either party
6. Multi-currency Provisions: Required if the facility can be drawn in multiple currencies
7. Increased Costs: Include if lender wants protection against regulatory cost increases
8. Market Disruption: Include for EURIBOR/variable rate facilities to address market disruption
9. Data Protection: Detailed GDPR compliance section if not covered in standard terms
1. Schedule 1 - Conditions Precedent: Detailed list of required documents and conditions
2. Schedule 2 - Form of Drawdown Notice: Template for borrower to request drawdown of funds
3. Schedule 3 - Calculation of Interest Rate: Detailed methodology for interest calculation
4. Schedule 4 - Fees and Charges: Comprehensive list of all applicable fees and charges
5. Schedule 5 - Repayment Schedule: If applicable, schedule of repayment dates and amounts
6. Appendix A - Standard Terms and Conditions: General terms and conditions applicable to the facility
7. Appendix B - Security Documents: If secured facility, forms of security documents
8. Appendix C - Compliance Certificate: Template for periodic compliance certification by borrower
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