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Secured Credit Agreement

Secured Credit Agreement Template for New Zealand

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Key Requirements PROMPT example:

Secured Credit Agreement

"I need a Secured Credit Agreement for a NZD 2 million business loan to a manufacturing company, with machinery and equipment as security, including standard PPSA clauses and a personal guarantee from the company director."

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Document background
The Secured Credit Agreement is a fundamental document used in New Zealand lending transactions where credit is provided against specific collateral or security. This agreement type is essential when a lender requires security over assets to protect their interests in a lending arrangement. The document must comply with New Zealand's robust regulatory framework, particularly the Credit Contracts and Consumer Finance Act 2003 and Personal Property Securities Act 1999. It is commonly used for business loans, asset financing, property development, and other commercial lending scenarios where security is required. The agreement includes comprehensive details about the credit facility, security arrangements, borrower obligations, enforcement mechanisms, and statutory compliance requirements. It's particularly important in the New Zealand context due to specific local legal requirements around security registration, consumer protection, and disclosure obligations.
Suggested Sections

1. Parties: Identification of the lender, borrower and any guarantors

2. Background: Context of the agreement and purpose of the loan

3. Definitions and Interpretation: Key terms used throughout the agreement and interpretation rules

4. Facility Details: Loan amount, purpose, availability and drawdown conditions

5. Interest and Fees: Interest rate, calculation method, fees and charges

6. Repayment Terms: Repayment schedule, prepayment provisions and payment methods

7. Security Provisions: Description of security interest, charging provisions and PPSA terms

8. Representations and Warranties: Borrower's declarations regarding their situation and capacity

9. Covenants: Ongoing obligations of the borrower including financial covenants

10. Events of Default: Circumstances constituting default and consequences

11. Enforcement Rights: Lender's rights and remedies upon default

12. General Provisions: Standard clauses including notices, amendments, governing law

Optional Sections

1. Guarantee Provisions: Required when third-party guarantors are involved in securing the loan

2. Insurance Requirements: Detailed insurance obligations when specific insurance coverage is required for secured assets

3. Special Conditions: Any transaction-specific conditions or requirements

4. Multiple Borrower Provisions: Required when there are multiple borrowers to address joint and several liability

5. Change of Control: Relevant for corporate borrowers to address ownership changes

6. Cross-Default Provisions: When the borrower has other facilities with the lender or other lenders

7. Syndication Provisions: Required when multiple lenders are involved or syndication is contemplated

Suggested Schedules

1. Schedule 1 - Facility Details: Detailed terms of the facility including amounts, interest rates, and fees

2. Schedule 2 - Security Details: Detailed description of secured property and PPSA registration requirements

3. Schedule 3 - Conditions Precedent: List of documents and conditions required before drawdown

4. Schedule 4 - Repayment Schedule: Detailed payment dates and amounts

5. Schedule 5 - Financial Covenants: Specific financial ratios and reporting requirements

6. Appendix A - Form of Drawdown Notice: Template for requesting loan disbursements

7. Appendix B - Compliance Certificate: Template for periodic compliance reporting

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions












































Clauses
































Relevant Industries

Banking & Financial Services

Real Estate

Manufacturing

Agriculture

Retail

Technology

Construction

Transportation & Logistics

Healthcare

Education

Professional Services

Mining & Resources

Relevant Teams

Legal

Finance

Compliance

Risk Management

Treasury

Credit Assessment

Commercial Operations

Corporate Advisory

Loan Administration

Security Administration

Relevant Roles

Chief Financial Officer

Finance Manager

Credit Manager

Legal Counsel

Compliance Officer

Risk Manager

Commercial Manager

Treasury Manager

Corporate Lawyer

Banking Lawyer

Loan Officer

Credit Analyst

Security Trustee

Relationship Manager

Financial Controller

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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