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The Revolving Credit Agreement serves as the primary document governing the extension of flexible credit facilities in the Irish market. It is commonly used when businesses require ongoing access to working capital or need to finance fluctuating operational needs. The agreement details the commitment of the lender to provide revolving credit up to a specified limit, allowing the borrower to draw down, repay, and reborrow funds during the facility term. Governed by Irish law and compliant with Irish banking regulations and EU directives, it includes comprehensive provisions covering facility mechanics, security arrangements (if applicable), operational requirements, financial covenants, and reporting obligations. This type of agreement is particularly suitable for businesses with cyclical cash flows or varying capital requirements, providing flexibility in managing working capital needs while establishing clear rights and obligations for all parties involved.

1. Parties: Identifies the lender(s), borrower(s), and any guarantors or other parties to the agreement

2. Background: Sets out the context of the agreement and the parties' intentions

3. Definitions and Interpretation: Defines key terms and establishes interpretation principles for the agreement

4. The Facility: Details the nature and amount of the revolving credit facility, commitment periods, and purpose

5. Conditions Precedent: Specifies conditions that must be satisfied before initial and subsequent drawdowns

6. Drawdown: Sets out the mechanics for requesting and making drawdowns under the facility

7. Repayment and Prepayment: Details repayment obligations, prepayment rights and consequences

8. Interest: Specifies interest rates, calculation methods, and payment periods

9. Fees: Details commitment fees, arrangement fees, and other charges

10. Tax Gross Up and Indemnities: Addresses tax-related obligations and protections

11. Representations and Warranties: Sets out the borrower's confirmations regarding its status and capacity

12. Information Undertakings: Specifies ongoing financial and other information to be provided to the lender

13. Financial Covenants: Establishes financial tests and ratios the borrower must maintain

14. General Undertakings: Sets out positive and negative obligations of the borrower

15. Events of Default: Lists circumstances that trigger default and lender's enforcement rights

16. Changes to Parties: Addresses transfer and assignment rights

17. Administration: Covers payment mechanics, calculations, and notices

18. Governing Law and Jurisdiction: Specifies Irish law as governing law and jurisdiction for disputes