The Intercompany Revolving Loan Agreement is a crucial document for South African corporate groups managing internal funding requirements. It is typically used when a company within a group needs flexible access to funding from another group company, allowing for multiple drawdowns and repayments within an overall facility limit. The agreement must comply with South African regulatory requirements, including the Companies Act 71 of 2008, Income Tax Act provisions regarding transfer pricing and thin capitalization, and where applicable, exchange control regulations. The document includes comprehensive terms covering facility mechanics, interest calculations, tax considerations, and corporate governance requirements, making it essential for efficient group treasury management while maintaining legal and regulatory compliance.
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1. Parties: Identification of the Lender and Borrower companies, including registration numbers and registered addresses
2. Background: Context of the intercompany relationship and purpose of the revolving facility
3. Definitions and Interpretation: Defined terms, including 'Facility Limit', 'Interest Rate', 'Drawdown', 'Repayment Date', and interpretation rules
4. The Facility: Details of the revolving loan facility, including the facility limit and availability period
5. Purpose: Permitted uses of the loan facility and any restrictions
6. Drawdown Mechanics: Procedures for requesting and making drawdowns, minimum amounts, and notice requirements
7. Interest: Interest rate, calculation method, payment dates, and default interest provisions
8. Repayment and Prepayment: Terms for repayment, prepayment rights, and revolving nature mechanics
9. Representations and Warranties: Standard company representations including capacity, authority, and solvency
10. Tax Provisions: Treatment of withholding tax, transfer pricing compliance, and tax-related representations
11. Events of Default: Circumstances constituting default and consequences
12. General Provisions: Standard legal provisions including notices, amendments, and governing law
1. Security: Required if the loan is to be secured by any assets or guarantees
2. Exchange Control: Required for cross-border loans involving foreign entities
3. Subordination: Required if the loan needs to be subordinated to other debt
4. Group Company Provisions: Special provisions for group company relationships and corporate benefit
5. Financial Covenants: Optional financial maintenance covenants for monitoring borrower's financial health
6. Conditions Precedent: Required if specific conditions must be met before facility becomes available
1. Drawdown Notice Form: Template form for requesting drawdowns under the facility
2. Repayment Schedule: If any fixed repayment dates are predetermined
3. Interest Rate Calculation: Detailed methodology for interest calculations and examples
4. Required Authorizations: List of corporate and regulatory approvals required
5. Transfer Pricing Compliance: Documentation of arm's length interest rate determination
6. Security Details: If applicable, details of any security provided for the loan
Relevant legal definitions
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Relevant Industries
Financial Services
Mining
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Retail
Technology
Energy
Healthcare
Transportation
Agriculture
Construction
Telecommunications
Professional Services
Relevant Teams
Legal
Finance
Treasury
Tax
Compliance
Corporate Governance
Accounting
Corporate Finance
Company Secretariat
Relevant Roles
Chief Financial Officer
Financial Director
Treasury Manager
Group Financial Controller
Legal Counsel
Company Secretary
Tax Manager
Finance Manager
Corporate Finance Manager
Group Accountant
Financial Accountant
Legal Director
Compliance Officer
Director of Corporate Affairs
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