The Pre-Financing Agreement is a crucial document used in South African financial transactions where funding is required before the completion of a main financing arrangement. This document type is particularly relevant in scenarios such as project development phases, bridge financing needs, or urgent capital requirements. The agreement must comply with South African financial regulations, including the National Credit Act, Financial Intelligence Centre Act, and Consumer Protection Act. It typically includes detailed sections covering the financing terms, security arrangements, conditions precedent, drawdown mechanics, and repayment provisions. The Pre-Financing Agreement serves as a legally binding document that protects both the lender's interests through security provisions and the borrower's rights through consumer protection measures, while ensuring clear documentation of all parties' obligations and responsibilities.
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1. Parties: Identification of the financing party and the recipient, including registration numbers and addresses
2. Background: Context of the financing arrangement, purpose of the pre-financing, and basic transaction structure
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement
4. The Facility: Details of the financing amount, purpose, and basic terms
5. Conditions Precedent: Requirements that must be met before the financing becomes available
6. Drawdown Mechanics: Procedures and requirements for accessing the financing
7. Interest and Fees: Interest rates, calculation methods, and all applicable fees
8. Repayment Terms: Repayment schedule, methods, and prepayment provisions
9. Representations and Warranties: Statements of fact and assurances given by the recipient
10. Covenants: Ongoing obligations of the recipient during the financing period
11. Events of Default: Circumstances that constitute default and consequences thereof
12. Security: Details of any security or guarantees required
13. Boilerplate Clauses: Standard legal provisions including notices, governing law, jurisdiction
1. Facility Agent Provisions: Required when multiple lenders are involved and a facility agent is appointed
2. Security Agent Provisions: Needed when complex security arrangements require a security agent
3. Intercreditor Provisions: Required when there are multiple creditors with different priorities
4. Tax Provisions: Detailed tax clauses needed for cross-border transactions or complex tax structures
5. Currency Provisions: Required for cross-border transactions or multi-currency facilities
6. Step-In Rights: Needed when lender may need to take control of specific assets or projects
7. Assignment and Transfer: Detailed provisions needed if transfer of rights is likely or syndication is contemplated
1. Conditions Precedent Schedule: Detailed list of all required documents and conditions
2. Form of Drawdown Notice: Template for requesting disbursement of funds
3. Repayment Schedule: Detailed payment dates and amounts if term facility
4. Security Documents: Forms of security documents and guarantees
5. Fee Schedule: Detailed breakdown of all applicable fees
6. Permitted Security: List of existing or permitted security interests
7. Form of Compliance Certificate: Template for periodic compliance reporting
8. Financial Covenants Calculations: Formulae and methods for calculating financial covenants
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Mining and Resources
Infrastructure Development
Real Estate and Construction
Manufacturing
Agriculture and Agribusiness
Renewable Energy
Technology and Telecommunications
Transport and Logistics
Healthcare
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Credit
Corporate Finance
Project Finance
Commercial
Business Development
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Financial Controller
Treasury Manager
Risk Manager
Compliance Officer
Credit Manager
Project Finance Manager
Investment Manager
Commercial Director
Company Secretary
Business Development Manager
Financial Analyst
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