The Revolving Loan Agreement is a crucial financing document used in South Africa when parties seek to establish a flexible borrowing arrangement. It enables borrowers to access funds on a revolving basis up to a predetermined limit, with the ability to repay and re-borrow during the facility period. This type of agreement must comply with South African legislation, particularly the National Credit Act 34 of 2005, the Financial Intelligence Centre Act, and other relevant banking and finance laws. It's commonly used for working capital financing, trade finance, or ongoing operational needs where flexible access to credit is required. The agreement includes comprehensive provisions on facility mechanics, security arrangements, compliance requirements, and the parties' rights and obligations, all tailored to the South African legal and regulatory environment.
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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 agreement, relationship between parties, and purpose of the revolving facility
3. Definitions and Interpretation: Definitions of key terms, interpretation rules, and applicable principles
4. The Facility: Details of the revolving loan facility including the facility limit and availability period
5. Purpose: Specified purpose(s) for which the loan facility may be used
6. Conditions Precedent: Conditions that must be satisfied before facility becomes available
7. Drawdown Mechanics: Procedures and requirements for drawing down funds, including notice requirements and minimum amounts
8. Interest and Fees: Interest rate, calculation methods, payment dates, and applicable fees
9. Repayment Terms: Repayment obligations, payment mechanics, and revolving nature of the facility
10. Representations and Warranties: Standard and specific representations made by the Borrower
11. Undertakings: General and financial covenants the Borrower must maintain
12. Events of Default: Circumstances constituting default and consequences thereof
13. Security: Details of any security provided for the facility
14. Payments: Payment mechanics, currency, and payment days
15. General Provisions: Standard legal provisions including notices, amendments, and governing law
16. Signing Page: Execution provisions and signature blocks
1. Guarantees: Used when third-party guarantees are required for the facility
2. Tax Provisions: Detailed tax provisions when complex tax implications exist or for cross-border transactions
3. Increased Costs and Illegality: Provisions dealing with regulatory changes affecting the lender's costs or ability to lend
4. Assignment and Transfer: Detailed provisions for transferring or assigning rights under the agreement, used in more complex facilities
5. Multiple Borrowers: Additional provisions when there are multiple borrowers under the facility
6. Currency Provisions: Used for facilities that may be drawn in multiple currencies
7. Break Costs: Provisions for early repayment costs, if applicable
8. Anti-corruption Provisions: Enhanced compliance provisions for high-risk transactions or regulated lenders
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: If applicable, schedule of repayment dates and amounts
4. Calculation of Interest: Detailed methodology for interest calculations
5. Forms of Security Documents: Templates or copies of related security documents
6. Fee Schedule: Detailed breakdown of all applicable fees
7. Compliance Certificate: Template for periodic compliance certification
8. Know Your Customer Requirements: List of required KYC documentation
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Manufacturing
Retail
Technology
Mining
Agriculture
Construction
Healthcare
Telecommunications
Energy
Transportation and Logistics
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Credit
Corporate Banking
Operations
Company Secretariat
Documentation
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Compliance Officer
Credit Manager
Treasury Manager
Financial Controller
Risk Manager
Corporate Banker
Relationship Manager
Credit Analyst
Legal Director
Managing Director
Company Secretary
Finance Manager
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