The Credit Facilities Agreement is a fundamental financing document used when a borrower seeks to obtain credit facilities from one or more lenders in Germany. It serves as the primary agreement governing the lending relationship and is structured to comply with German banking regulations, civil law requirements, and financial services legislation. The agreement is typically used for corporate financing, project financing, or general working capital purposes, and can accommodate both single-lender and syndicated facilities. It includes detailed provisions on facility types, drawdown mechanics, interest calculations, repayment terms, security arrangements, and covenants, all tailored to meet German legal requirements and market practices. The document must consider specific German law considerations such as banking license requirements, consumer protection rules (if applicable), and security creation and enforcement mechanisms under German law.
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1. Parties: Identification of the lender(s), borrower(s), and any guarantors or security providers
2. Background: Context of the agreement and purpose of the facilities
3. Definitions and Interpretation: Comprehensive definitions of terms used throughout the agreement and interpretation rules
4. The Facilities: Description of each facility type, amounts, and purpose
5. Conditions Precedent: Conditions that must be satisfied before drawdown
6. Utilisation: Mechanics and procedures for drawing down the facilities
7. Interest: Interest rates, calculation periods, and payment provisions
8. Repayment: Terms and schedule for repayment of the facilities
9. Prepayment and Cancellation: Voluntary and mandatory prepayment events and cancellation rights
10. Representations: Borrower's representations and warranties
11. Information Undertakings: Obligations to provide financial and other information
12. General Undertakings: Positive and negative covenants of the borrower
13. Events of Default: Circumstances constituting default and consequences
14. Changes to Parties: Transfer and assignment provisions
15. Payment Mechanics: Payment times, currencies, and set-off provisions
16. Notices: Communication methods and contact details
17. Calculations and Certificates: Basis of calculations and evidential value of certificates
18. Miscellaneous: Partial invalidity, remedies, amendments, and counterparts
19. Governing Law and Jurisdiction: German law as governing law and jurisdiction provisions
1. Security: Required if the facilities are secured - details of security structure and enforcement
2. Guarantees: Required if there are guarantors - terms of guarantees and guarantor provisions
3. Financial Covenants: Include if specific financial metrics need to be maintained
4. Agent and Security Agent Provisions: Required for syndicated facilities with an agent bank
5. Majority Lenders: Required for syndicated facilities - voting and decision-making mechanics
6. Bank Accounts: Required if specific account structure or cash dominion is needed
7. VAT Provisions: Required if VAT treatment needs specific attention
8. Increased Costs and Tax Gross-Up: Optional protections for lenders against regulatory changes and tax implications
9. Market Disruption: Optional provisions for dealing with market disruption events
1. Conditions Precedent: Detailed list of required documents and conditions
2. Form of Utilisation Request: Standard form for drawdown requests
3. Form of Transfer Certificate: Standard form for transfers between lenders
4. Repayment Schedule: Detailed amortization schedule if applicable
5. Financial Covenant Calculations: Formulae and definitions for financial covenants
6. Security Documents: List and copies of security documents
7. Existing Security: Details of permitted existing security
8. Form of Compliance Certificate: Template for periodic compliance certification
9. Contact Details: Detailed contact information for all parties
10. Form of Accession Deed: Standard form for new parties joining the agreement
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