The Development Credit Agreement is a crucial financing instrument in South Africa's development finance landscape, used when providing credit facilities for projects that contribute to economic or social development. This agreement type is particularly relevant for transactions involving development finance institutions, government entities, or private sector participants undertaking development projects. The document comprehensively addresses the specific requirements of South African credit and banking legislation, while incorporating development finance principles and objectives. It includes detailed provisions for project implementation, monitoring, and impact assessment, making it suitable for large-scale development initiatives across various sectors. The agreement structure ensures compliance with the National Credit Act, Financial Intelligence Centre Act, and other relevant South African legislation, while facilitating effective project financing and risk management.
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1. Parties: Identification of the credit provider and borrower with full legal entity details
2. Background: Context of the development project and purpose of the credit facility
3. Definitions and Interpretation: Comprehensive definitions of terms used in the agreement and interpretation rules
4. The Facility: Details of the credit facility including amount, purpose, and availability period
5. Conditions Precedent: Conditions that must be satisfied before drawdown of the facility
6. Drawdown Procedures: Process and requirements for requesting and making drawdowns
7. Interest and Fees: Interest rate calculations, fees, and other charges in compliance with NCA
8. Repayment Terms: Repayment schedule, prepayment provisions, and payment mechanics
9. Security: Security arrangements and guarantees required for the facility
10. Representations and Warranties: Standard and project-specific representations by the borrower
11. Covenants: Financial and non-financial obligations of the borrower during the facility period
12. Events of Default: Circumstances constituting default and consequences thereof
13. Project Monitoring and Reporting: Requirements for project progress reporting and monitoring
14. Addresses and Notices: Contact details and formal communication procedures
15. General Provisions: Standard legal provisions including governing law, jurisdiction, and amendments
1. Development Impact Metrics: Used when specific development outcomes need to be measured and reported
2. Environmental and Social Requirements: Required for projects with significant environmental or social impact
3. Technical Assistance: Included when the facility includes technical support components
4. Currency Provisions: Required for facilities involving multiple currencies
5. Co-Financing Arrangements: Used when multiple lenders are involved in the project financing
6. Special Purpose Vehicle Provisions: Required when the borrower is an SPV created for the project
7. Step-In Rights: Included for large infrastructure or critical development projects
8. Local Content Requirements: Used when project must meet specific local content thresholds
1. Facility Terms: Detailed commercial terms including pricing, fees, and repayment schedule
2. Project Description: Detailed description of the development project and implementation plan
3. Drawdown Schedule: Projected drawdown timeline and amounts
4. Security Documents: Forms of security documents and guarantees
5. Conditions Precedent Documents: List of required documents and evidence for conditions precedent
6. Reporting Requirements: Ƶ and requirements for periodic reporting
7. Development Metrics: Specific development indicators and measurement methodology
8. Form of Drawdown Notice: Standard form for drawdown requests
9. Financial Covenants Calculations: Methodology for calculating financial covenants
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