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Revolving Loan Agreement for South Africa

Revolving Loan Agreement Template for South Africa

A comprehensive legal agreement governed by South African law that establishes a revolving credit facility between a lender and borrower. The agreement complies with the National Credit Act and other relevant South African legislation, detailing the terms under which the borrower can repeatedly draw down, repay, and re-borrow funds up to an agreed facility limit. It includes provisions for interest calculations, repayment terms, conditions precedent, representations and warranties, covenants, and events of default, all structured within the South African legal framework.

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Revolving Loan Agreement

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What is a Revolving Loan Agreement?

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.

What sections should be included in a Revolving Loan Agreement?

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

What sections are optional to include in a Revolving Loan Agreement?

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

What schedules should be included in a Revolving Loan Agreement?

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

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

South Africa

Publisher

Genie AI

Document Type

Loan Agreement

Sector

Banking

Cost

Free to use
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

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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