The Drawdown Loan Agreement is a crucial financing instrument in South African commercial practice, typically used when a borrower requires flexible access to funding over time rather than a single lump sum. This agreement type is commonly utilized for project financing, working capital facilities, or construction funding where phased access to capital is necessary. The document must comply with South African banking regulations and the National Credit Act, incorporating mandatory consumer protection provisions where applicable. It establishes the framework for multiple drawdowns, setting out specific conditions precedent, utilization procedures, and monitoring requirements. The agreement's structure accommodates the dynamic nature of drawdown facilities while providing adequate security and control mechanisms for lenders operating within the South African financial services sector.
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1. Parties: Identifies and defines the Lender and Borrower with their full legal details
2. Background: Sets out the context of the agreement and the purpose of the loan facility
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. The Facility: Details the total facility amount, purpose, and availability period
5. Drawdown Conditions: Specifies the conditions precedent and procedural requirements for drawdowns
6. Interest and Fees: Specifies interest rates, calculation methods, and any applicable fees
7. Repayment Terms: Details the repayment schedule, prepayment provisions, and payment mechanics
8. Representations and Warranties: Sets out the Borrower's representations and warranties
9. Borrower Covenants: Specifies positive and negative covenants binding the Borrower
10. Events of Default: Lists circumstances constituting default and their consequences
11. Payments and Calculations: Details payment mechanics, business day conventions, and calculation principles
12. Changes to Parties: Addresses assignment and transfer provisions
13. Notices: Specifies how formal communications between parties should be made
14. General Provisions: Contains boilerplate clauses including governing law, jurisdiction, and amendments
1. Security: Required if the loan is secured - details the security structure and enforcement rights
2. Guarantee: Required if there are third-party guarantors for the loan
3. Tax Gross-up and Indemnities: Required for cross-border loans or where tax implications need specific attention
4. Increased Costs and Illegality: Required for longer-term facilities or where regulatory changes might impact the loan
5. Set-off Rights: Optional provision allowing the Lender to set off amounts against other accounts
6. Multi-currency Provisions: Required if the facility allows drawdowns in multiple currencies
7. Break Costs: Required for fixed-rate facilities or where early repayment might cause lender losses
8. Agency and Security Trustee Provisions: Required for syndicated facilities with multiple lenders
1. Form of Drawdown Notice: Template notice for requesting loan drawdowns
2. Conditions Precedent: Detailed list of required documents and conditions for initial and subsequent drawdowns
3. Repayment Schedule: Detailed breakdown of repayment dates and amounts
4. Interest Rate Calculation Examples: Examples showing how interest will be calculated in various scenarios
5. Form of Compliance Certificate: Template for periodic confirmation of compliance with loan terms
6. Security Details: Detailed description of any security assets and perfection requirements
7. Fee Schedule: Breakdown of all applicable fees and their calculation methods
8. Permitted Security: List of security interests that are permitted to exist over the Borrower's assets
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Real Estate
Infrastructure
Mining
Manufacturing
Retail
Agriculture
Technology
Healthcare
Energy
Construction
Telecommunications
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Credit
Corporate Banking
Project Finance
Commercial
Operations
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Corporate Lawyer
Credit Manager
Risk Manager
Compliance Officer
Finance Manager
Commercial Director
Banking Relationship Manager
Loan Officer
Corporate Banking Manager
Project Finance Manager
Financial Controller
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