The Trade Finance Facility Agreement is a specialized financing document used when a corporate entity requires funding for its international trade operations. This agreement, governed by South African law, establishes a formal relationship between a financial institution and a borrower seeking trade finance facilities such as letters of credit, invoice financing, or supply chain finance. The document incorporates requirements from key South African legislation including the National Credit Act, Banks Act, and Financial Intelligence Centre Act, while also adhering to international trade finance practices. It is particularly crucial for businesses engaged in import/export activities, requiring working capital for trade operations, or seeking to optimize their international trade cash flows. The agreement includes detailed provisions for facility utilization, security arrangements, compliance requirements, and risk management measures specific to trade finance transactions.
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1. Parties: Identifies and defines all parties to the agreement including the lender(s), borrower(s), and any guarantors
2. Background: Sets out the context and purpose of the facility agreement
3. Definitions and Interpretation: Comprehensive definitions of terms used throughout the agreement and rules of interpretation
4. The Facility: Details of the facility type, amount, purpose, and availability
5. Conditions Precedent: Conditions that must be satisfied before the facility becomes available
6. Utilisation: Procedures and requirements for drawing down the facility
7. Repayment and Prepayment: Terms for repayment, prepayment options, and related conditions
8. Interest, Fees and Charges: Interest calculation, payment dates, fees structure, and other charges
9. Tax Provisions: Tax obligations, withholding requirements, and related provisions
10. Representations and Warranties: Standard representations and warranties given by the borrower
11. Covenants: Financial and non-financial undertakings by the borrower
12. Events of Default: Circumstances constituting default and consequences thereof
13. Changes to Parties: Provisions regarding assignment, transfer, and delegation
14. Administration: Administrative aspects including calculations, notices, and payment mechanics
15. Governing Law and Jurisdiction: Choice of law and jurisdiction provisions
16. Enforcement: Rights and remedies of the lender upon default
1. Security: Include when the facility is secured by any form of security or guarantee
2. Syndication Provisions: Required for syndicated facilities involving multiple lenders
3. Letter of Credit Provisions: Specific provisions for facilities involving letters of credit
4. Currency Provisions: Detailed provisions for multi-currency facilities
5. Islamic Finance Provisions: Required for Shariah-compliant trade finance facilities
6. Agency Provisions: Required when facility involves an agent bank or security agent
7. Increased Costs and Market Disruption: Enhanced provisions for managing market volatility and cost changes
8. Trade Finance Specific Terms: Specific terms for particular trade finance products like invoice discounting or supply chain finance
1. Conditions Precedent Documents: List of required documents and conditions to be satisfied
2. Form of Utilisation Request: Standard form for requesting drawdown of the facility
3. Calculation of Interest and Fees: Detailed methodology for calculating interest and fees
4. Form of Transfer Certificate: Standard form for transferring rights and obligations
5. Security Documents: List and copies of all security documents
6. Approved Trade Documents: Forms and requirements for trade-related documentation
7. Reporting Requirements: Templates and requirements for periodic reporting
8. Compliance Certificates: Standard forms for compliance certification
9. Existing Encumbrances: List of permitted existing security interests or encumbrances
10. Designated Account Details: Details of accounts used for facility operations
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Import/Export
Manufacturing
Retail
Wholesale
Commodities Trading
Agriculture
Mining
Logistics and Transportation
Consumer Goods
Industrial Products
Energy and Resources
Relevant Teams
Legal
Finance
Treasury
Trade Finance
Risk Management
Compliance
Credit
Corporate Banking
Trade Operations
Documentary Credits
Supply Chain Finance
Transaction Banking
International Banking
Commercial Banking
Relevant Roles
Chief Financial Officer
Trade Finance Manager
Finance Director
Treasury Manager
Legal Counsel
Compliance Officer
Risk Manager
Credit Manager
Relationship Manager
Trade Operations Manager
Corporate Banking Head
Import/Export Manager
Supply Chain Manager
Banking Lawyer
Financial Controller
Documentary Credits Manager
Trade Finance Operations Officer
Credit Risk Officer
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