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Inter Credit Agreement

Inter Credit Agreement Template for South Africa

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Key Requirements PROMPT example:

Inter Credit Agreement

"Need an Inter Credit Agreement for a secured R50 million credit facility between FirstBank SA and SecondBank SA, with quarterly interest payments and a maturity date of March 15, 2025, secured by government bonds."

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Document background
The Inter Credit Agreement serves as a fundamental instrument for establishing regulated credit relationships between financial institutions or companies in South Africa. This document is essential when one financial institution or company extends credit facilities to another, requiring a formal framework that complies with the National Credit Act and other relevant South African financial sector legislation. The agreement is typically used for establishing revolving credit facilities, term loans, or other credit arrangements between institutions. It includes comprehensive provisions covering credit limits, interest calculations, security arrangements, representations and warranties, and regulatory compliance requirements. The document must adhere to South African banking regulations, anti-money laundering laws, and financial intelligence requirements, making it suitable for both domestic and international financial institutions operating within South African jurisdiction.
Suggested Sections

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

2. Background: Context of the credit arrangement and relationship between the parties

3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement

4. Credit Facility: Details of the credit facility including amount, purpose, and terms of availability

5. Interest and Fees: Specification of interest rates, calculation methods, and applicable fees

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

7. Conditions Precedent: Conditions that must be satisfied before the credit facility becomes available

8. Representations and Warranties: Statements of fact and assurances given by both parties

9. Covenants: Ongoing obligations and restrictions on both parties

10. Events of Default: Circumstances constituting default and consequences thereof

11. Remedies: Rights and remedies available to parties in case of default or breach

12. Notices: Communication procedures and contact details

13. Governing Law and Jurisdiction: Confirmation of South African law application and jurisdiction

14. General Provisions: Standard clauses including amendments, assignments, and entire agreement

Optional Sections

1. Security: Details of any security or collateral provided - include when the credit facility is secured

2. Guarantee: Terms of any guarantee provided - include when there are third-party guarantors

3. Syndication Provisions: Rules for syndication of the credit facility - include for larger facilities that may be syndicated

4. Currency Provisions: Rules for handling multiple currencies - include when facility involves multiple currencies

5. Set-off Rights: Rights to set off amounts between accounts - include when parties have multiple dealings

6. Anti-Money Laundering Provisions: Specific AML requirements - include for high-value facilities or where required by regulation

7. Electronic Communications: Rules for electronic transactions and signatures - include when electronic execution is contemplated

Suggested Schedules

1. Facility Terms: Detailed terms of the credit facility including limits, pricing, and specific conditions

2. Repayment Schedule: Detailed schedule of repayment dates and amounts

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

4. Form of Drawdown Notice: Template for requesting drawdown under the facility

5. Security Documents: Details of security arrangements and related documentation

6. Compliance Certificate: Template for periodic compliance certification

7. Fee Schedule: Detailed breakdown of all applicable fees and charges

8. KYC Requirements: List of required know-your-customer 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
Clauses












































Relevant Industries

Banking

Financial Services

Investment Management

Insurance

Corporate Finance

Merchant Banking

Asset Management

Treasury Services

Microfinance

Commercial Banking

Relevant Teams

Legal

Finance

Treasury

Risk Management

Compliance

Credit Administration

Corporate Banking

Operations

Financial Control

Regulatory Affairs

Relevant Roles

Chief Financial Officer

Treasury Manager

Credit Risk Manager

Legal Counsel

Compliance Officer

Financial Controller

Credit Administrator

Relationship Manager

Risk Officer

Banking Operations Manager

Corporate Finance Manager

Senior Credit Analyst

Financial Director

Head of Lending

Corporate Banking 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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