The Facility Agreement Loan is a fundamental document in South African commercial lending, used to establish and govern the relationship between lenders and borrowers in credit transactions. This agreement is essential when a party requires substantial financing, whether for general corporate purposes, specific projects, or acquisitions. The document must comply with South African banking regulations, including the National Credit Act, Financial Intelligence Centre Act, and where applicable, exchange control regulations. It contains detailed provisions covering facility terms, drawdown mechanics, repayment obligations, security arrangements, and various protections for both lender and borrower. The agreement is particularly important in the South African context where specific regulatory requirements must be met, especially regarding interest rate calculations, consumer protection (where applicable), and security registration.
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1. Parties: Identification of the lender(s), borrower(s), and any guarantors or security providers
2. Background: Context of the facility and purpose of the loan
3. Definitions and Interpretation: Defined terms, interpretation rules, and references to South African legal concepts
4. The Facility: Nature, purpose, and amount of the facility
5. Conditions Precedent: Documents and conditions required before drawdown, including South African regulatory requirements
6. Utilisation: Process and requirements for drawing down the facility
7. Interest: Interest calculation, periods, and payment provisions compliant with South African usury laws
8. Repayment: Terms and schedule for repayment of the facility
9. Prepayment and Cancellation: Voluntary and mandatory prepayment provisions
10. Tax Gross Up and Indemnities: Tax provisions specific to South African context
11. Representations: Borrower representations including compliance with South African law
12. Information Undertakings: Financial and other information to be provided by the borrower
13. Financial Covenants: Financial maintenance and testing requirements
14. General Undertakings: Positive and negative undertakings by the borrower
15. Events of Default: Circumstances constituting default and consequences
16. Changes to Parties: Transfer and assignment provisions
17. Payment Mechanics: Payment procedures and currency provisions
18. Notices: Communication methods and addresses for notices
19. Governing Law and Jurisdiction: South African law as governing law and jurisdiction provisions
1. Security: Required if the facility is secured - details security arrangements and enforcement rights
2. Guarantee: Required if there are guarantors - terms of guarantee and indemnity
3. Multiple Lenders: Required for syndicated facilities - includes facility agent and security trustee provisions
4. Increased Costs: Used in sophisticated facilities to address regulatory changes affecting lenders' costs
5. Market Disruption: Used in larger facilities to address interest rate benchmark disruption
6. Anti-corruption Laws: Detailed provisions for compliance with anti-corruption laws, particularly in corporate lending
7. Exchange Control: Required for cross-border facilities involving South African exchange control regulations
8. National Credit Act Provisions: Required if the borrower is a consumer or small business covered by the NCA
1. Conditions Precedent: Detailed list of required documents and conditions
2. Form of Utilisation Request: Standard form for drawing down the facility
3. Form of Transfer Certificate: Template for transferring lender commitments
4. Form of Compliance Certificate: Template for financial covenant compliance certification
5. Repayment Schedule: Detailed amortization schedule if term loan
6. Financial Covenants Calculations: Detailed methodology for calculating financial covenants
7. Security Documents: List and copies of security documents if facility is secured
8. Existing Security: Details of permitted existing security over borrower assets
9. Required Insurance: Specifications for required insurance coverage
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Relevant Industries
Financial Services
Banking
Corporate Finance
Real Estate
Manufacturing
Mining
Retail
Agriculture
Technology
Healthcare
Construction
Energy
Infrastructure
Telecommunications
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Credit
Corporate Finance
Commercial
Operations
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Corporate Lawyer
Legal Counsel
Compliance Officer
Credit Manager
Risk Manager
Banking Relationship Manager
Loan Officer
Finance Manager
Company Secretary
Managing Director
Financial Controller
Corporate Finance Manager
Transaction Manager
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