The Debt Facility Agreement serves as the primary document governing lending relationships in South African financing transactions. It is commonly used when a lender (typically a bank or financial institution) provides debt financing to a borrower for various purposes such as working capital, acquisition financing, project development, or asset purchases. The agreement must comply with South African legislation, particularly the National Credit Act, Companies Act, and Financial Sector Regulation Act. It includes comprehensive provisions covering facility terms, security arrangements, conditions for drawdown, repayment obligations, and lender protections. This document type is essential for both bilateral and syndicated lending arrangements and can be adapted for different financing structures while maintaining compliance with South African regulatory requirements.
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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, purpose of the loan, and general commercial intent of the parties
3. Definitions and Interpretation: Definitions of key terms used throughout the agreement and rules of interpretation
4. The Facility: Details of the facility amount, purpose, and availability period
5. Conditions Precedent: Conditions that must be satisfied before drawdown is permitted
6. Drawdown: Procedures and requirements for requesting and making drawdowns
7. Interest: Interest rate, calculation methods, payment dates, and default interest provisions
8. Repayment: Terms of repayment including scheduled payments and final maturity
9. Prepayment: Voluntary and mandatory prepayment provisions
10. Fees: All applicable fees including arrangement fees, commitment fees, and break costs
11. Tax Provisions: Treatment of taxes, withholding requirements, and gross-up provisions
12. Representations and Warranties: Statements of fact and assurances given by the borrower
13. Undertakings: Positive and negative obligations of the borrower during the facility term
14. Events of Default: Circumstances constituting default and their consequences
15. Changes to Parties: Rules regarding assignment, transfer, and syndication
16. Administration: Payment mechanics, calculations, and notices
17. Governing Law and Jurisdiction: Choice of South African law and jurisdiction provisions
18. Execution: Signature blocks and execution formalities
1. Security: Required if the facility is secured, detailing the security structure and enforcement rights
2. Guarantees: Required if there are guarantors, detailing guarantee provisions and guarantor covenants
3. Increased Costs: Used in facilities with bank lenders to address regulatory cost increases
4. Market Disruption: Required for facilities with floating interest rates to address market disruption events
5. Multiple Lenders: Required for syndicated facilities, including majority lender provisions and agency roles
6. Accordion Feature: Optional provision allowing for future increase in facility amount
7. Foreign Currency Provisions: Required if the facility involves multiple currencies
8. Islamic Finance Provisions: Required if the facility needs to be Shariah-compliant
1. Conditions Precedent: Detailed list of required documents and conditions
2. Form of Drawdown Request: Template for borrower to request drawdown of the facility
3. Repayment Schedule: Detailed schedule of repayment dates and amounts
4. Form of Compliance Certificate: Template for periodic compliance certification
5. Financial Covenants: Detailed financial covenant calculations and requirements
6. Form of Transfer Certificate: Template for transferring commitments between lenders
7. Security Documents: Forms of security documents or list of security requirements
8. Permitted Security: List of security interests permitted under the agreement
9. Address Details: Contact details and addresses for notices
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