The Working Capital Loan Agreement is a crucial financing document used in South African business operations when companies require short-term funding for operational expenses, inventory purchases, or managing cash flow cycles. This agreement, governed by South African law including the National Credit Act and Financial Intelligence Centre Act, establishes a formal lending relationship between financial institutions and businesses. It typically provides for revolving credit facilities that allow businesses to draw down funds as needed, subject to an overall facility limit. The document includes essential provisions for security, compliance with banking regulations, financial covenants, and reporting requirements. It's particularly vital for businesses with seasonal revenue patterns or those requiring flexible access to working capital for growth and operational sustainability.
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1. Parties: Identification of the Lender and Borrower with their full legal names, registration numbers, and addresses
2. Background: Context of the working capital facility, purpose of the loan, and brief description of the arrangement
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules of interpretation
4. The Facility: Details of the working capital facility 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 drawing down the facility
7. Interest and Fees: Interest rate, calculation method, payment dates, and applicable fees
8. Repayment: Terms of repayment including schedule, prepayment provisions, and payment mechanics
9. Representations and Warranties: Statements of fact and assurances given by the Borrower
10. Covenants: Positive and negative undertakings by the Borrower
11. Events of Default: Circumstances constituting default and consequences thereof
12. Security: Description of security arrangements for the facility
13. General Provisions: Standard contractual provisions including notices, amendments, and governing law
1. Syndication Provisions: Required when multiple lenders are involved or syndication is contemplated
2. Guarantees: Include when third-party guarantees are part of the security structure
3. Insurance Requirements: Detailed insurance obligations when specific insurance coverage is required
4. Financial Covenants: Specific financial ratios and tests when required for monitoring borrower's financial health
5. Security Trustee Provisions: Required when security is held through a security trustee structure
6. Intercreditor Provisions: Include when there are multiple creditors with different rankings
7. Tax Provisions: Detailed tax clauses when complex tax implications exist
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 Documents: List and copies of all security documents
6. Permitted Security Interests: List of pre-approved security interests
7. Calculation of Interest and Fees: Detailed methodology for calculating interest and fees
8. Required Insurance: Detailed specifications of required insurance coverage
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Retail
Wholesale
Agriculture
Construction
Mining
Technology
Healthcare
Logistics
Import/Export
General Trading
Professional Services
Hospitality
Real Estate
Relevant Teams
Legal
Finance
Treasury
Risk Management
Credit
Compliance
Corporate Banking
Commercial Banking
Business Development
Operations
Company Secretariat
Executive Management
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Financial Controller
Legal Counsel
Company Secretary
Credit Manager
Risk Manager
Commercial Director
Managing Director
CEO
Banking Relationship Manager
Loan Officer
Corporate Banker
Finance Manager
Accounts Manager
Business Development Manager
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