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Bank Credit Agreement Template for Ireland

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Key Requirements PROMPT example:

Bank Credit Agreement

"I need a Bank Credit Agreement for a €5 million secured term loan facility to an Irish manufacturing company, with quarterly repayments over 5 years starting March 2025, including standard security package and financial covenants."

Document background
The Bank Credit Agreement serves as the primary legal document establishing a lending relationship between a bank and a borrower under Irish law. This document is essential when a business or individual seeks credit facilities from a bank in Ireland, whether for general corporate purposes, specific projects, or asset financing. The agreement must comply with the Consumer Credit Act 1995, Central Bank of Ireland regulations, and relevant EU directives. It typically includes detailed provisions on facility terms, drawdown conditions, interest calculations, security arrangements, and borrower covenants. The document's structure reflects Irish banking practices while incorporating necessary consumer protection measures and regulatory requirements. It's particularly important that the agreement includes all mandatory disclosures and follows the prescribed format for credit agreements under Irish law.
Suggested Sections

1. Parties: Identifies the lending bank and the borrower(s), including full legal names and addresses

2. Background: Explains the context of the agreement and summarizes the credit facility being provided

3. Definitions and Interpretation: Defines key terms used throughout the agreement and sets out interpretation rules

4. The Facility: Details the credit amount, purpose, and type of facility being provided

5. Conditions Precedent: Lists conditions that must be satisfied before the facility becomes available

6. Drawdown: Specifies the process and requirements for drawing down the credit facility

7. Interest: Sets out interest rates, calculation methods, and payment terms

8. Repayment: Details the repayment schedule, methods, and terms

9. Fees and Costs: Specifies all applicable fees, charges, and costs

10. Representations and Warranties: Lists statements of fact and assurances given by the borrower

11. Covenants: Sets out positive and negative obligations of the borrower during the facility term

12. Events of Default: Defines circumstances that constitute default and their consequences

13. Bank's Rights and Remedies: Outlines the bank's rights and available remedies upon default

14. Changes to Parties: Addresses assignment and transfer rights of both parties

15. Notices: Specifies how formal communications between parties should be made

16. Governing Law and Jurisdiction: Confirms Irish law as governing law and jurisdiction for disputes

Optional Sections

1. Security: Required when the facility is secured - details the security arrangements and enforcement rights

2. Guarantees: Required when there are guarantors - specifies guarantee terms and guarantor obligations

3. Insurance: Required when specific insurance coverage is mandatory - details required insurance and terms

4. Special Drawdown Conditions: Used for facilities with multiple tranches or special drawdown requirements

5. Syndication Provisions: Required for syndicated facilities - details arrangements between multiple lenders

6. Tax Gross-Up and Indemnities: Used when tax implications need specific treatment - details tax-related obligations

7. Increased Costs: Used when regulatory changes might affect the bank's costs - allocates regulatory risk

8. Set-off Rights: Optional provisions for the bank's right to set off debts against other accounts

Suggested Schedules

1. Schedule 1 - Conditions Precedent Documents: Detailed list of documents required before facility availability

2. Schedule 2 - Drawdown Request Form: Standard form for requesting drawdown under the facility

3. Schedule 3 - Calculation of Interest: Detailed methodology for interest calculation and examples

4. Schedule 4 - Repayment Schedule: Detailed repayment schedule with dates and amounts

5. Schedule 5 - Fee Schedule: Comprehensive list of all applicable fees and charges

6. Appendix A - Standard Terms and Conditions: Bank's standard terms and conditions applicable to credit facilities

7. Appendix B - Regulatory Disclosures: Mandatory disclosures required under Irish and EU banking regulations

8. Appendix C - Security Documents: Forms of security documents when security is required

Authors

Alex Denne

Head of Growth (Open Source Law) @ ºÚÁÏÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions





























































Clauses































Relevant Industries

Banking

Financial Services

Corporate Lending

Real Estate

Manufacturing

Retail

Technology

Healthcare

Construction

Agriculture

Professional Services

Hospitality

Relevant Teams

Legal

Finance

Treasury

Compliance

Risk Management

Credit

Corporate Banking

Commercial Banking

Operations

Company Secretariat

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Legal Counsel

Compliance Officer

Risk Manager

Credit Manager

Corporate Banking Manager

Loan Officer

Financial Controller

Company Secretary

Commercial Director

Managing Director

Business Development Manager

Relationship Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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