The Evergreen Loan Agreement is designed for situations where parties require a long-term, flexible lending arrangement without a fixed maturity date. This type of facility is particularly useful for businesses seeking ongoing working capital support or revolving credit facilities. The agreement incorporates Australian legal and regulatory requirements, including ASIC guidelines and banking regulations, while providing mechanisms for regular review and adjustment of terms. It includes comprehensive provisions for drawdown procedures, interest calculations, security arrangements, and covenant testing, making it suitable for sophisticated commercial lending relationships. The evergreen nature of the facility means it continues indefinitely until terminated by either party according to specified conditions, distinguishing it from traditional term loans.
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1. Parties: Identification of the lender and borrower, including ABN/ACN and registered addresses
2. Background: Context of the loan facility, including the evergreen nature of the arrangement
3. Definitions and Interpretation: Key terms used throughout the agreement and rules for interpretation
4. The Facility: Details of the loan facility, including nature, purpose, and evergreen renewal mechanisms
5. Conditions Precedent: Conditions that must be satisfied before the facility becomes available
6. Drawdown Procedures: Process and requirements for drawing down funds under the facility
7. Interest and Fees: Interest calculation, payment terms, and applicable fees
8. Repayment and Prepayment: Terms for repayment, including minimum payments and prepayment provisions
9. Representations and Warranties: Borrower's declarations regarding their legal and financial status
10. Undertakings: Ongoing obligations of the borrower during the term of the facility
11. Events of Default: Circumstances that constitute default and consequences
12. Review and Termination: Provisions for periodic review and circumstances for termination
13. Security: Overview of security arrangements for the facility
14. General Provisions: Standard clauses including notices, amendments, governing law, and jurisdiction
1. Guarantees: Required when the loan is supported by personal or corporate guarantees
2. Multi-currency Provisions: Include when the facility can be drawn in multiple currencies
3. Interest Rate Hedging: Required when interest rate hedging is mandatory or available
4. Special Purpose Vehicle Provisions: Include when the borrower is an SPV with specific restrictions
5. Property Security Provisions: Required when real property is provided as security
6. Cross-Default Provisions: Include when linking defaults across multiple facilities
7. Syndication Provisions: Required for facilities that may be syndicated
8. Environmental Undertakings: Include for borrowers in environmentally sensitive industries
1. Facility Details: Specific terms including facility limit, interest rates, and fees
2. Conditions Precedent Documents: List of required documentation prior to first drawdown
3. Form of Drawdown Notice: Template for drawdown requests
4. Financial Covenants: Detailed financial ratios and reporting requirements
5. Security Documents: List and copies of security documentation
6. Permitted Security Interests: List of pre-approved security interests
7. Compliance Certificate: Template for periodic compliance certification
8. Fee Schedule: Detailed breakdown of all applicable fees
9. Required Insurance: Specification of required insurance coverage
Relevant legal definitions
Acceptable Bank
Account
Account Bank
Additional Cost Rate
Additional Facility
Affiliate
Applicable Margin
Authorisation
Availability Period
Available Commitment
Available Facility
Base Rate
Break Costs
Business Day
Commitment
Compliance Certificate
Confidential Information
Default
Default Rate
Defaulting Lender
Disruption Event
Drawing
Event of Default
Evergreen Period
Evergreen Renewal Date
Facility
Facility Agent
Facility Limit
Facility Office
Finance Document
Finance Party
Financial Close
Financial Indebtedness
Financial Statements
Financial Year
Group
Guarantee
Hedging Agreement
Holding Company
Interest Payment Date
Interest Period
Legal Reservation
Loan
Material Adverse Effect
Month
New Lender
Notice of Drawing
Original Financial Statements
Participating Member State
Party
Permitted Security Interest
Potential Event of Default
Quarter Date
Quotation Day
Reference Banks
Reference Bank Rate
Related Corporation
Relevant Market
Repeating Representations
Review Date
Review Event
Screen Rate
Security
Security Document
Security Interest
Security Provider
Security Trust
Security Trustee
Subsidiary
Tax
Term
Total Commitments
Transaction Document
Transfer Certificate
Trust
Trust Deed
Unpaid Sum
Account
Account Bank
Additional Cost Rate
Additional Facility
Affiliate
Applicable Margin
Authorisation
Availability Period
Available Commitment
Available Facility
Base Rate
Break Costs
Business Day
Commitment
Compliance Certificate
Confidential Information
Default
Default Rate
Defaulting Lender
Disruption Event
Drawing
Event of Default
Evergreen Period
Evergreen Renewal Date
Facility
Facility Agent
Facility Limit
Facility Office
Finance Document
Finance Party
Financial Close
Financial Indebtedness
Financial Statements
Financial Year
Group
Guarantee
Hedging Agreement
Holding Company
Interest Payment Date
Interest Period
Legal Reservation
Loan
Material Adverse Effect
Month
New Lender
Notice of Drawing
Original Financial Statements
Participating Member State
Party
Permitted Security Interest
Potential Event of Default
Quarter Date
Quotation Day
Reference Banks
Reference Bank Rate
Related Corporation
Relevant Market
Repeating Representations
Review Date
Review Event
Screen Rate
Security
Security Document
Security Interest
Security Provider
Security Trust
Security Trustee
Subsidiary
Tax
Term
Total Commitments
Transaction Document
Transfer Certificate
Trust
Trust Deed
Unpaid Sum
Clauses
Interpretation
Facility Terms
Purpose
Conditions Precedent
Drawdown
Interest
Market Disruption
Repayment
Prepayment
Cancellation
Tax Gross Up
Increased Costs
Payments
Set-off
Security
Guarantee
Representations
Information Covenants
Financial Covenants
General Undertakings
Events of Default
Changes to Parties
Facility Agent Role
Security Trustee Provisions
Conduct of Business
Calculations
Evidence and Calculations
Fees
Indemnities
Costs and Expenses
Amendments and Waivers
Confidentiality
Notices
Partial Invalidity
Remedies and Waivers
Counterparts
Governing Law
Enforcement
Jurisdiction
Service of Process
Review and Renewal
Anti-Money Laundering
Privacy
Force Majeure
Electronic Execution
Facility Terms
Purpose
Conditions Precedent
Drawdown
Interest
Market Disruption
Repayment
Prepayment
Cancellation
Tax Gross Up
Increased Costs
Payments
Set-off
Security
Guarantee
Representations
Information Covenants
Financial Covenants
General Undertakings
Events of Default
Changes to Parties
Facility Agent Role
Security Trustee Provisions
Conduct of Business
Calculations
Evidence and Calculations
Fees
Indemnities
Costs and Expenses
Amendments and Waivers
Confidentiality
Notices
Partial Invalidity
Remedies and Waivers
Counterparts
Governing Law
Enforcement
Jurisdiction
Service of Process
Review and Renewal
Anti-Money Laundering
Privacy
Force Majeure
Electronic Execution
Relevant Industries
Banking and Financial Services
Commercial Real Estate
Manufacturing
Retail
Healthcare
Technology
Agriculture
Mining and Resources
Infrastructure
Professional Services
Hospitality
Transport and Logistics
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Credit Assessment
Corporate Banking
Relationship Management
Company Secretariat
Loan Administration
Securities Administration
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Corporate Lawyer
Legal Counsel
Risk Manager
Credit Manager
Relationship Manager
Compliance Officer
Company Secretary
Financial Controller
Banking Manager
Loan Officer
Chief Risk Officer
Corporate Banking Director
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