The Revolving Credit Loan Agreement is a fundamental financing document used in South African commercial lending practices when a borrower requires flexible access to credit over an extended period. This agreement type is particularly suitable for businesses with fluctuating working capital needs or seasonal revenue patterns. The document must comply with the National Credit Act 34 of 2005 and other relevant South African legislation, including consumer protection laws where applicable. It establishes the facility limit, drawdown mechanics, interest calculations, repayment terms, and security requirements. The agreement can be adapted for various borrower types, from large corporations to SMEs, and includes specific provisions required by South African banking regulations and market practice.
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1. Parties: Identifies the lender and borrower with their full legal details and registration numbers
2. Background: Sets out the context of the revolving credit facility and the parties' intention to enter into the agreement
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. The Facility: Details of the revolving credit facility including amount, purpose, and availability period
5. Interest and Fees: Specifies interest calculation method, rate, fees and charges in compliance with NCA caps
6. Drawdown Mechanics: Procedures and conditions for requesting and receiving drawdowns under the facility
7. Repayment Terms: Details of repayment obligations, including minimum payments and revolving nature of the facility
8. Representations and Warranties: Standard warranties about borrower's capacity, authority and financial condition
9. Borrower Covenants: Ongoing obligations of the borrower during the term of the facility
10. Events of Default: Circumstances constituting default and consequences thereof
11. Security: Details of any security required for the facility
12. General Provisions: Standard clauses including notices, amendments, governing law, and jurisdiction
1. Guarantees: Required when third-party guarantees are part of the security structure
2. Insurance Requirements: Needed when specific insurance coverage is required as part of the facility
3. Special Drawing Conditions: Used when specific conditions must be met for certain types of drawdowns
4. Multiple Borrower Provisions: Required when there are multiple borrowers under the facility
5. Foreign Currency Provisions: Needed when drawdowns or repayments may be in foreign currencies
6. Purpose Restrictions: Required when the facility is limited to specific purposes or excluded activities
1. Facility Terms Schedule: Detailed commercial terms including facility limit, interest rates, fees and charges
2. Conditions Precedent: List of documents and conditions required before first drawdown
3. Form of Drawdown Notice: Template for borrower to request drawdowns under the facility
4. Repayment Schedule: Details of minimum payment calculations and repayment obligations
5. Security Details: Specific details of security arrangements and secured assets
6. Compliance Certificate: Template for periodic confirmation of compliance with agreement terms
7. Fee Schedule: Detailed breakdown of all applicable fees and charges
8. Required Insurance: Specifications for required insurance coverage and terms
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Manufacturing
Retail
Commercial Real Estate
Technology
Mining and Resources
Agriculture
Healthcare
Transportation and Logistics
Construction
Hospitality
Relevant Teams
Legal
Finance
Treasury
Credit Risk
Compliance
Banking Operations
Corporate Finance
Commercial Banking
Credit Administration
Documentation
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Corporate Banker
Credit Risk Manager
Legal Counsel
Compliance Officer
Relationship Manager
Credit Analyst
Financial Controller
Corporate Finance Manager
Banking Operations Manager
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