The Business Finance Agreement is a crucial document used in South African business transactions when a company seeks formal financing from a financial institution. It serves as the primary legal instrument governing the lending relationship, incorporating all essential terms and conditions required under South African law, including compliance with the National Credit Act and Financial Intelligence Centre Act. This agreement is typically used for various financing purposes such as working capital, asset acquisition, expansion projects, or refinancing existing debt. It contains detailed provisions on facility terms, security arrangements, representations and warranties, and regulatory compliance requirements specific to the South African business environment. The document is structured to protect both lender and borrower interests while ensuring adherence to local banking regulations and financial services legislation.
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1. Parties: Identification of the Finance Provider and the Business/Borrower, including registration numbers and addresses
2. Background: Context of the financing arrangement, purpose of the loan, and brief description of the business relationship
3. Definitions and Interpretation: Comprehensive definitions of terms used in the agreement and rules of interpretation
4. The Facility: Details of the finance facility including amount, purpose, and drawdown conditions
5. Interest and Fees: Interest rate calculations, applicable fees, and payment terms in compliance with the National Credit Act
6. Repayment Terms: Repayment schedule, method of payment, and early repayment provisions
7. Security Arrangements: Details of any security or collateral provided for the facility
8. Representations and Warranties: Statements of fact and assurances given by the borrower regarding their business and ability to repay
9. Covenants: Positive and negative obligations of the borrower during the term of the facility
10. Events of Default: Circumstances constituting default and consequences thereof
11. Termination: Conditions and procedures for terminating the agreement
12. General Provisions: Standard legal provisions including notices, amendments, and governing law
1. Guarantees: Required when personal or corporate guarantees are provided for the facility
2. Insurance Requirements: Included when specific insurance coverage is required for the financed assets or business
3. Special Drawdown Conditions: Used for facilities with multiple tranches or special drawdown requirements
4. Financial Covenants: Required for larger facilities where specific financial ratios must be maintained
5. Security Trustee Provisions: Needed when multiple lenders are involved and a security trustee is appointed
6. Assignment and Transfer: Include when rights to assign or transfer the facility need to be specifically addressed
7. Tax Provisions: Detailed tax clauses needed for complex financing structures or cross-border transactions
1. Facility Terms Schedule: Detailed terms of the facility including amounts, interest rates, and fees
2. Repayment Schedule: Detailed breakdown of repayment dates and amounts
3. Security Schedule: List and description of all security items and their values
4. Conditions Precedent: List of documents and conditions required before facility drawdown
5. Drawdown Notice Form: Template for requesting drawdowns under the facility
6. Compliance Certificate: Template for periodic compliance reporting
7. Financial Covenants Calculations: Formulas and methods for calculating financial covenants
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Manufacturing
Retail
Technology
Agriculture
Mining
Construction
Real Estate
Transportation and Logistics
Healthcare
Hospitality
Professional Services
Energy
Telecommunications
Relevant Teams
Legal
Finance
Risk Management
Treasury
Compliance
Credit
Commercial
Operations
Business Development
Corporate Secretariat
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Risk Manager
Credit Manager
Business Development Manager
Financial Controller
Treasury Manager
Compliance Officer
Commercial Director
Managing Director
Company Secretary
Account Manager
Operations Director
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