The Loan Commitment Agreement is a crucial financing document used in South African business transactions when a lender agrees to make available a specified amount of funding to a borrower under defined terms and conditions. This agreement is particularly important as it represents the lender's formal commitment to provide financing, subject to certain conditions being met. It must comply with South African banking and credit legislation, particularly the National Credit Act and Financial Intelligence Centre Act. The document typically precedes the actual loan agreement and provides certainty to borrowers regarding the availability of funding for their business needs, while protecting lenders through carefully structured conditions precedent and ongoing obligations. It includes detailed provisions on facility limits, availability periods, drawdown procedures, conditions for lending, and the circumstances under which the commitment may be withdrawn or modified.
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1. Parties: Identification and details of the lender and borrower, including registration numbers and addresses
2. Background: Context of the loan commitment, including purpose of the facility and any relevant historical context
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules of interpretation
4. The Facility: Details of the loan commitment, including amount, purpose, and availability period
5. Conditions Precedent: Conditions that must be satisfied before the facility becomes available
6. Drawdown: Procedures and requirements for requesting and making drawdowns under the facility
7. Interest and Fees: Interest rate, calculation methods, commitment fees, and other applicable charges
8. Repayment and Prepayment: Terms for repayment of drawn amounts and any voluntary or mandatory prepayment provisions
9. Representations and Warranties: Statements of fact and assurances given by the borrower
10. Covenants: Ongoing obligations of the borrower, including financial covenants and information requirements
11. Events of Default: Circumstances constituting default and consequences thereof
12. Changes to Parties: Provisions regarding assignment and transfer rights
13. Notices: Communication procedures and contact details
14. General Provisions: Standard boilerplate clauses including governing law, jurisdiction, and amendments
1. Security: Details of any security arrangements, used when the facility is to be secured
2. Guarantee: Terms of any guarantee provided, included when there are guarantors
3. Syndication Provisions: Provisions governing multiple lenders, used for syndicated facilities
4. Tax Provisions: Detailed tax-related provisions, included when complex tax considerations apply
5. Currency Provisions: Provisions for multiple currencies, used when the facility involves foreign currency
6. Insurance Requirements: Detailed insurance obligations, included when specific insurance coverage is required
7. Step-In Rights: Lender's rights to take control in certain circumstances, used in project finance
8. Subordination: Provisions regarding ranking of debt, used when there are multiple creditors
1. Conditions Precedent: Detailed list of required documents and conditions
2. Form of Drawdown Notice: Template for borrower to request drawdown of funds
3. Repayment Schedule: Detailed schedule of repayment dates and amounts
4. Form of Compliance Certificate: Template for periodic compliance reporting
5. Security Details: Details of any security assets and perfection requirements
6. Fee Schedule: Detailed breakdown of all applicable fees
7. Financial Covenants Calculations: Formulae and methods for calculating financial covenants
8. Required Insurance: Detailed specifications of required insurance coverage
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate and Property Development
Manufacturing and Industrial
Mining and Resources
Infrastructure and Construction
Retail and Commercial
Agriculture and Agribusiness
Technology and Telecommunications
Healthcare and Pharmaceuticals
Energy and Utilities
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Credit
Corporate Finance
Business Development
Operations
Company Secretarial
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Compliance Officer
Risk Manager
Corporate Finance Manager
Credit Manager
Relationship Manager
Transaction Manager
Financial Controller
Company Secretary
Managing Director
Business Development Manager
Portfolio Manager
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