The Pari Passu Loan Agreement is commonly used in German corporate financing scenarios where multiple lenders provide funding to a single borrower or group of borrowers. This document type is particularly relevant when lenders require assurance of equal treatment in terms of payment rights, security interests, and enforcement capabilities. The agreement must comply with German law requirements, particularly the German Civil Code (BGB) and Banking Act (KWG), while incorporating standard international financing practices. It typically includes detailed provisions on loan terms, security sharing, voting rights among lenders, and enforcement mechanisms. The document is essential for structured finance transactions, corporate refinancing, and situations where maintaining equality among lenders is crucial for the financing structure.
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1. Parties: Identification of the borrower(s), lender(s), and any agents or security trustees
2. Background: Context of the loan agreement and description of pari passu nature
3. Definitions and Interpretation: Key terms, construction rules, and German law-specific definitions
4. The Facility: Loan amount, purpose, and availability conditions
5. Pari Passu Provisions: Equal ranking mechanisms and intercreditor arrangements
6. Utilization: Drawing conditions and procedures
7. Interest: Interest calculation, periods, and payment provisions
8. Repayment and Prepayment: Scheduled repayments, voluntary and mandatory prepayment terms
9. Tax Gross Up and Indemnities: Tax provisions compliant with German tax law
10. Increased Costs: Provisions for changing regulatory or market conditions
11. Representations and Warranties: Standard German law representations and corporate authority
12. Information Undertakings: Financial and general information obligations
13. General Undertakings: Positive and negative covenants
14. Events of Default: Default triggers and consequences
15. Changes to Parties: Assignment and transfer provisions
16. Payment Mechanics: Payment procedures and calculations
17. Notices: Communication requirements and methods
18. Governing Law and Jurisdiction: German law provisions and jurisdiction clauses
1. Security: Required if any security is provided for the loan
2. Syndication Provisions: Required for syndicated loans with multiple lenders
3. Agent and Security Trustee Provisions: Required when facility agents or security trustees are appointed
4. Majority Lenders Decisions: Required for multiple lender facilities
5. Currency Provisions: Required for multi-currency facilities
6. Set-off Rights: Optional provisions for set-off rights under German law
7. Debt Purchase Transactions: Required if debt trading is contemplated
8. Hedging Obligations: Required if hedging is part of the facility
1. Conditions Precedent: List of required documents and conditions
2. Form of Utilization Request: Standard form for drawing requests
3. Form of Transfer Certificate: Documentation for transfers between lenders
4. Form of Compliance Certificate: Template for periodic compliance certification
5. Repayment Schedule: Detailed amortization schedule
6. Form of Accession Deed: Template for new parties joining the agreement
7. Financial Covenants Calculations: Detailed calculation methods and definitions
8. Contact Details: Administrative and notice details for all parties
9. Form of TEG Letter: Effective global rate calculation if required
10. Security Documents: Forms of security agreements and pledges if applicable
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Corporate Finance
Investment Banking
Private Equity
Manufacturing
Real Estate
Infrastructure
Energy
Technology
Healthcare
Retail
Relevant Teams
Legal
Finance
Treasury
Credit
Risk Management
Compliance
Corporate Banking
Syndications
Transaction Management
Investment
Documentation
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Corporate Lawyer
Banking Lawyer
Loan Officer
Credit Manager
Investment Manager
Relationship Manager
Compliance Officer
Risk Manager
Transaction Manager
Debt Finance Manager
Syndications Manager
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