The Recourse Loan Agreement is a critical financial instrument used in Australian lending transactions where the lender requires comprehensive rights to recover the loan amount. This document is typically used when providing significant financial accommodation to businesses or individuals, where the loan is secured against specific assets but the lender also maintains the right to pursue the borrower's other assets if the security proves insufficient to cover the debt. The agreement must comply with Australian financial services regulations, including the National Consumer Credit Protection Act 2009 (Cth) and the Personal Property Securities Act 2009 (Cth). It is particularly relevant for commercial lending, property finance, and business expansion scenarios where substantial funding is required and the lender needs robust protection for their financial exposure. The document includes detailed provisions for loan terms, security arrangements, borrower obligations, and enforcement mechanisms.
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1. Parties: Identifies and defines the Lender and Borrower with their full legal names and addresses
2. Background: Sets out the context of the loan agreement and the parties' intentions
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. The Loan: Details the principal amount, purpose, and drawdown conditions of the loan
5. Interest: Specifies the interest rate, calculation method, and payment terms
6. Repayment: Sets out the repayment schedule, methods, and prepayment provisions
7. Security: Details the security arrangements and assets securing the loan
8. Representations and Warranties: Lists the Borrower's declarations regarding their legal and financial status
9. Undertakings: Specifies the Borrower's ongoing obligations throughout the loan term
10. Events of Default: Defines circumstances constituting default and their consequences
11. Enforcement Rights: Details the Lender's rights and remedies upon default, including recourse provisions
12. Costs and Expenses: Allocates responsibility for fees, charges, and enforcement costs
13. Notices: Specifies how formal communications between parties should be made
14. General Provisions: Contains standard boilerplate clauses including governing law and jurisdiction
1. Guarantor Provisions: Required when a third party guarantees the loan obligations
2. Insurance Requirements: Needed when specific insurance coverage is required for secured assets
3. Special Drawdown Conditions: Used for loans with multiple tranches or special disbursement requirements
4. Financial Covenants: Included for business loans requiring ongoing financial performance metrics
5. Security Trustee Provisions: Required in syndicated loans or when security is held by a trustee
6. Assignment and Transfer: Detailed provisions for when loan transfer rights are important to the lender
7. Multiple Borrower Provisions: Required when there are joint borrowers or cross-guarantees
1. Loan Terms Schedule: Details specific loan terms including amount, interest rate, and payment dates
2. Repayment Schedule: Amortization table showing payment dates and amounts
3. Security Details: Detailed description of security assets and registration requirements
4. Conditions Precedent: List of documents and conditions required before loan drawdown
5. Form of Drawdown Notice: Template for requesting loan disbursements
6. Guarantor Documents: Forms and requirements for guarantors if applicable
7. Fee Schedule: Detailed breakdown of all fees and charges
8. Insurance Requirements: Specific insurance requirements for secured assets
Relevant legal definitions
Acceleration Event
Applicable Law
Availability Period
Business Day
Borrower
Collateral
Conditions Precedent
Default Interest Rate
Default Notice
Drawdown Date
Drawdown Notice
Event of Default
Enforcement Action
Facility
Financial Indebtedness
Financial Year
Guarantor
Interest Payment Date
Interest Period
Interest Rate
Lender
Loan
Loan Amount
Material Adverse Effect
Maturity Date
Permitted Security Interest
PPSA
Principal
Recourse Rights
Repayment Date
Repayment Schedule
Security
Security Agreement
Security Documents
Security Interest
Security Provider
Secured Property
Secured Obligations
Tax
Term
Transaction Documents
Unpaid Amount
Applicable Law
Availability Period
Business Day
Borrower
Collateral
Conditions Precedent
Default Interest Rate
Default Notice
Drawdown Date
Drawdown Notice
Event of Default
Enforcement Action
Facility
Financial Indebtedness
Financial Year
Guarantor
Interest Payment Date
Interest Period
Interest Rate
Lender
Loan
Loan Amount
Material Adverse Effect
Maturity Date
Permitted Security Interest
PPSA
Principal
Recourse Rights
Repayment Date
Repayment Schedule
Security
Security Agreement
Security Documents
Security Interest
Security Provider
Secured Property
Secured Obligations
Tax
Term
Transaction Documents
Unpaid Amount
Clauses
Interpretations
Definitions
Facility Details
Purpose
Drawdown
Interest Calculation
Repayment Terms
Security Arrangements
Representations and Warranties
Covenants
Undertakings
Conditions Precedent
Events of Default
Enforcement Rights
Recourse Provisions
Set-off Rights
Payment Mechanics
Tax Provisions
Increased Costs
Assignment and Transfer
Changes to Parties
Confidentiality
Privacy
Anti-Money Laundering
Force Majeure
Notices
Amendments
Severability
Counterparts
Waiver
Indemnity
Costs and Expenses
Governing Law
Jurisdiction
Dispute Resolution
Definitions
Facility Details
Purpose
Drawdown
Interest Calculation
Repayment Terms
Security Arrangements
Representations and Warranties
Covenants
Undertakings
Conditions Precedent
Events of Default
Enforcement Rights
Recourse Provisions
Set-off Rights
Payment Mechanics
Tax Provisions
Increased Costs
Assignment and Transfer
Changes to Parties
Confidentiality
Privacy
Anti-Money Laundering
Force Majeure
Notices
Amendments
Severability
Counterparts
Waiver
Indemnity
Costs and Expenses
Governing Law
Jurisdiction
Dispute Resolution
Relevant Industries
Banking
Financial Services
Real Estate
Commercial Property
Manufacturing
Retail
Construction
Agriculture
Mining
Professional Services
Healthcare
Education
Technology
Relevant Teams
Legal
Finance
Credit Risk
Compliance
Treasury
Corporate Banking
Commercial Banking
Risk Management
Operations
Business Development
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Credit Manager
Risk Manager
Loan Officer
Commercial Banking Manager
Corporate Banking Director
Compliance Officer
Financial Controller
Treasury Manager
Business Development Manager
Account Manager
Credit Analyst
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