The Working Capital Loan Agreement is a crucial financing document used when businesses in New Zealand require funding for their day-to-day operations, inventory management, or short-term working capital needs. This agreement, governed by New Zealand law, establishes a formal lending relationship between a financial institution and a borrower, typically structured as a revolving credit facility. It includes comprehensive terms covering facility limits, drawdown procedures, interest calculations, repayment obligations, security arrangements, and financial covenants. The document ensures compliance with New Zealand's financial services regulations while providing flexibility for businesses to manage their operational cash flow needs effectively.
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1. Parties: Identifies the lender and borrower with their full legal names and addresses
2. Background: Sets out the context of the loan and the parties' intentions
3. Definitions and Interpretation: Defines key terms used in the agreement and establishes interpretation rules
4. The Facility: Details the loan amount, purpose, and availability
5. Drawdown: Specifies the conditions and process for drawing down the loan
6. Interest: Sets out interest rate, calculation method, and payment terms
7. Repayment: Details repayment terms, schedules, and prepayment provisions
8. Representations and Warranties: Lists the borrower's confirmations about their legal and financial status
9. General Undertakings: Sets out the borrower's ongoing obligations during the loan term
10. Financial Covenants: Specifies the financial metrics the borrower must maintain
11. Events of Default: Lists circumstances that would trigger default and enforcement rights
12. Enforcement: Details the lender's rights and remedies upon default
13. General Provisions: Contains standard legal provisions including notices, amendments, and governing law
1. Security: Required if the loan is secured against specific assets or requires registration under PPSA
2. Guarantee: Include when third-party guarantees are required for the loan
3. Specific Covenants: Add when specific business or operational restrictions are needed
4. Insurance: Include when specific insurance requirements are imposed on the borrower
5. Bank Accounts: Required if specific account arrangements or cash management provisions apply
6. Information Undertakings: Add detailed reporting requirements for more complex facilities
7. Tax Provisions: Include when specific tax arrangements or gross-up provisions are needed
8. Assignment and Transfer: Required if either party needs specific rights to transfer the loan
1. Facility Details: Contains specific loan terms including amount, interest rate, and fees
2. Conditions Precedent: Lists all documents and conditions required before drawdown
3. Form of Drawdown Notice: Template for the borrower to request loan disbursements
4. Repayment Schedule: Details the timing and amount of repayment installments
5. Financial Covenant Calculations: Specifies the formulae for calculating financial covenants
6. Security Details: Lists and describes any security assets and registration requirements
7. Permitted Security Interests: Lists pre-approved security interests that may exist
8. Form of Compliance Certificate: Template for periodic compliance reporting
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Manufacturing
Retail
Agriculture
Construction
Technology
Healthcare
Hospitality
Transport and Logistics
Professional Services
Mining and Resources
Import/Export
Wholesale Trade
Relevant Teams
Legal
Finance
Treasury
Credit
Risk Management
Compliance
Commercial
Corporate Banking
Business Development
Company Secretariat
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Financial Controller
Credit Manager
Legal Counsel
Company Secretary
Commercial Director
Business Development Manager
Risk Manager
Compliance Officer
Account Manager (Banking)
Relationship Manager (Banking)
Credit Analyst
Chief Executive Officer
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