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Credit Facilities Agreement

Credit Facilities Agreement Template for South Africa

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Key Requirements PROMPT example:

Credit Facilities Agreement

"I need a Credit Facilities Agreement under South African law for a R50 million revolving credit facility to be provided by FirstBank Limited to multiple borrowers within the TechCorp Group, with the parent company guarantee and cross-guarantees between subsidiaries."

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Document background
The Credit Facilities Agreement is a crucial financial instrument in South African business operations, used when a lender extends credit to a borrower under specific terms and conditions. This agreement must strictly comply with the National Credit Act 34 of 2005, the Consumer Protection Act, and other relevant South African legislation. It's particularly important for establishing clear terms regarding facility limits, interest rates, repayment schedules, and security arrangements. The document is essential for both corporate and individual borrowing, requiring careful consideration of regulatory requirements, including interest rate caps, mandatory disclosure requirements, and consumer protection provisions. The agreement typically includes comprehensive details about drawdown conditions, events of default, and enforcement mechanisms, while ensuring compliance with South African banking regulations and anti-money laundering requirements.
Suggested Sections

1. Parties: Identification of the credit provider and borrower, including registration numbers and addresses

2. Background: Context of the agreement and purpose of the credit facility

3. Definitions and Interpretation: Definitions of key terms and interpretation rules, including National Credit Act definitions

4. The Facility: Details of the credit facility, including type, amount, and purpose

5. Interest and Fees: Interest rate, calculation method, fees and charges in compliance with NCA caps

6. Drawdown: Conditions and procedure for accessing the facility

7. Repayment Terms: Repayment schedule, method, and prepayment provisions

8. Representations and Warranties: Statements of fact by the borrower about their financial position and capacity

9. Conditions Precedent: Requirements to be met before the facility becomes available

10. Undertakings: Ongoing obligations of the borrower during the facility term

11. Events of Default: Circumstances constituting default and consequences

12. Termination: Circumstances and process for terminating the facility

13. Notices: Communication methods and contact details

14. General Provisions: Standard legal provisions including governing law, jurisdiction, and assignment

Optional Sections

1. Security: Details of any security or guarantees - include when facility is secured

2. Insurance: Required insurance coverage - include when specific insurance is mandatory

3. Special Drawdown Conditions: For facilities with multiple tranches or special drawdown requirements

4. Financial Covenants: Financial maintenance requirements - typically for corporate borrowers

5. Group Company Provisions: For borrowers part of a corporate group - include cross-default and related provisions

6. Currency Provisions: For multi-currency facilities or foreign currency denominated loans

7. Syndication Provisions: Include when facility may be syndicated to multiple lenders

8. Electronic Banking Provisions: Include when facility is accessed through electronic platforms

Suggested Schedules

1. Facility Terms Schedule: Detailed commercial terms including facility limits, interest rates, and fees

2. Drawdown Notice: Form of drawdown request to be submitted by borrower

3. Conditions Precedent Documents: List of required documents and conditions to be satisfied

4. Repayment Schedule: Detailed amortization schedule if applicable

5. Compliance Certificate: Form for periodic confirmation of compliance with agreement terms

6. Security Documents: Forms of security documents if applicable

7. Pre-Agreement Statement and Quotation: NCA-mandated disclosure of credit costs and terms

8. Know Your Customer Requirements: List of required FICA documentation

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 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






















































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Relevant Industries

Banking and Financial Services

Real Estate

Manufacturing

Retail

Mining

Agriculture

Technology

Construction

Healthcare

Transportation and Logistics

Energy and Utilities

Telecommunications

Professional Services

Hospitality and Tourism

Relevant Teams

Legal

Finance

Treasury

Credit

Compliance

Risk Management

Corporate Banking

Commercial Banking

Operations

Business Development

Corporate Finance

Company Secretariat

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Credit Manager

Legal Counsel

Compliance Officer

Risk Manager

Corporate Banker

Relationship Manager

Credit Analyst

Financial Controller

Company Secretary

Managing Director

Commercial Director

Business Development Manager

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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