The Loan Sharing Agreement is a crucial document used when multiple lenders wish to participate in a single loan facility while maintaining clear governance and risk-sharing arrangements. This agreement type is commonly used in South Africa for large-scale financing where the loan amount exceeds a single lender's capacity or risk appetite. The document addresses key aspects such as participation percentages, payment distributions, voting mechanisms, and administrative responsibilities, all while ensuring compliance with South African banking regulations and the National Credit Act. It's particularly relevant for syndicated loans, project finance, and other complex lending arrangements where multiple financial institutions collaborate to provide financing.
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1. Parties: Identification of all participating lenders and the borrower(s), including registration details and addresses
2. Background: Context of the loan sharing arrangement, including the original loan facility and reason for participation
3. Definitions and Interpretation: Detailed definitions of terms used throughout the agreement and rules of interpretation
4. Loan Participation: Details of each lender's share in the loan, commitment amounts, and participation percentages
5. Administration and Agency: Appointment and role of the facility agent, including administrative responsibilities and powers
6. Payments and Distribution: Mechanism for receiving and distributing payments among participating lenders
7. Risk Sharing: How risks, losses, and recoveries are shared among participating lenders
8. Decision Making: Voting rights and process for making decisions affecting the loan facility
9. Representations and Warranties: Standard representations and warranties from each participating lender
10. Transfer and Assignment: Rules and procedures for transferring loan participations
11. Events of Default: Circumstances constituting default and consequences thereof
12. Confidentiality: Obligations regarding confidential information and data protection
13. Governing Law and Jurisdiction: South African law as governing law and jurisdiction for disputes
14. General Provisions: Standard boilerplate clauses including notices, amendments, and severability
1. Security Arrangements: Details of any security or collateral arrangements, used when the loan is secured
2. Special Voting Rights: Special voting or veto rights for major lenders, used when there are significantly different participation levels
3. Interest Rate Sharing: Special arrangements for sharing different interest rates, used when participants have different return requirements
4. Currency Provisions: Provisions for handling multiple currencies, used for international participation
5. Tax Provisions: Specific tax arrangements and gross-up provisions, used when participants have different tax statuses
6. Step-In Rights: Rights of participants to step in and take direct control in certain circumstances, used in complex financing structures
1. Schedule 1 - Participation Details: Detailed breakdown of each lender's participation amount and percentage
2. Schedule 2 - Form of Transfer Certificate: Standard form for documenting transfers of participation
3. Schedule 3 - Contact Details: Contact information for all parties and authorized representatives
4. Schedule 4 - Payment Instructions: Bank account and payment details for all participating lenders
5. Schedule 5 - Original Loan Terms: Key terms of the original loan facility being shared
6. Appendix A - Compliance Certificates: Forms of compliance certificates required under the agreement
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Real Estate
Infrastructure
Mining
Manufacturing
Commercial Property
Energy
Telecommunications
Agriculture
Construction
Relevant Teams
Legal
Finance
Risk Management
Compliance
Treasury
Credit
Corporate Banking
Syndications
Investment
Operations
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Risk Manager
Credit Manager
Relationship Manager
Loan Officer
Compliance Officer
Treasury Manager
Banking Executive
Investment Manager
Financial Controller
Debt Capital Markets Manager
Syndication Manager
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