The Facilities Agreement serves as the primary documentation for lending arrangements in South Africa, whether for corporate financing, project finance, or general commercial purposes. It is used when a lender (or syndicate of lenders) agrees to provide financial accommodation to a borrower, typically structured as term loans, revolving facilities, or a combination thereof. The agreement must comply with South African banking regulations, including the National Credit Act, Financial Intelligence Centre Act, and Financial Sector Regulation Act. It contains all essential terms of the lending arrangement, including facility limits, interest calculations, security requirements, and borrower obligations, while incorporating necessary provisions to address local law requirements such as exchange control regulations and financial sector conduct standards. The document is adaptable to various transaction types and can accommodate both bilateral and syndicated lending arrangements.
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1. Parties: Identifies all parties to the agreement including lender(s), borrower(s), and any guarantors
2. Background: Provides context for the agreement and summarizes the transaction
3. Definitions and Interpretation: Defines key terms and establishes interpretation principles
4. The Facility: Details the type, amount, and purpose of the facility
5. Conditions Precedent: Specifies conditions that must be satisfied before drawdown
6. Drawdown: Sets out the mechanics and requirements for utilizing the facility
7. Interest: Specifies interest rates, calculation methods, and payment terms
8. Repayment: Details repayment schedule, prepayment provisions, and mandatory prepayment events
9. Fees: Lists all applicable fees including arrangement, commitment, and prepayment fees
10. Tax Gross Up and Indemnities: Addresses tax-related obligations and protections
11. Representations and Warranties: Sets out borrower's representations regarding its status and capacity
12. Information Undertakings: Specifies ongoing information and reporting requirements
13. Financial Covenants: Establishes financial metrics and tests the borrower must maintain
14. General Undertakings: Details positive and negative obligations of the borrower
15. Events of Default: Lists circumstances that constitute default and their consequences
16. Changes to Parties: Addresses transfer and assignment provisions
17. Administration: Covers payment mechanics, calculations, and notices
18. Governing Law and Enforcement: Specifies governing law and jurisdiction
1. Security: Required when the facility is secured - details security arrangements and enforcement
2. Guarantee: Needed when third-party guarantees are part of the credit support structure
3. Agent and Security Trustee Provisions: Required for syndicated facilities with multiple lenders
4. Multi-currency Provisions: Needed when the facility can be drawn in multiple currencies
5. Increased Costs: Optional protection for lenders against regulatory changes affecting costs
6. Market Disruption: Optional provisions dealing with market disruption events
7. Anti-corruption Provisions: Enhanced compliance provisions for high-risk transactions
8. Sanctions Provisions: Required for international transactions or where sanctions risks exist
9. Set-off Rights: Optional additional rights for lender to set off amounts due
10. Majority Lender Decisions: Required for syndicated facilities to govern decision-making
1. Conditions Precedent: Detailed list of required documents and conditions
2. Form of Drawdown Request: Template for borrower to request facility utilization
3. Form of Transfer Certificate: Template for transferring commitments between lenders
4. Repayment Schedule: Detailed amortization schedule if applicable
5. Financial Covenants Calculations: Detailed methodology for calculating financial covenants
6. Form of Compliance Certificate: Template for periodic compliance certification
7. Security Documents: List and/or copies of security documents if applicable
8. Existing Security: Details of permitted existing security
9. Form of Accession Deed: Template for new parties joining the agreement
10. Contact Details: Administrative and notice details for all parties
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Real Estate
Manufacturing
Mining
Retail
Infrastructure
Energy
Telecommunications
Agriculture
Healthcare
Construction
Technology
Transportation
Hospitality
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Credit
Corporate Finance
Banking
Company Secretariat
Loan Administration
Security Administration
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Compliance Officer
Risk Manager
Credit Manager
Relationship Manager
Transaction Manager
Corporate Finance Manager
Company Secretary
Financial Controller
Banking Executive
Loan Officer
Security Trustee Officer
Facility Agent Manager
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