The Credit Facility Agreement under German law serves as the primary documentation for establishing and governing credit arrangements between financial institutions and borrowers in Germany. This document is essential when a company or entity seeks to secure financing through various types of credit facilities, including term loans, revolving credit facilities, or specialized financing arrangements. The agreement must comply with German banking regulations (KWG), the German Civil Code (BGB), and other relevant financial services legislation. It typically includes detailed provisions on facility terms, drawdown mechanisms, representations and warranties, covenants, events of default, and security arrangements. The document is structured to accommodate both bilateral and syndicated lending arrangements, with additional provisions for multi-lender scenarios when required. German law Credit Facility Agreements often incorporate specific local law requirements regarding form, language, and enforcement mechanisms, while also reflecting international banking practices where appropriate.
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1. Parties: Identification of the lender(s), borrower(s), and any other parties to the agreement
2. Background: Context of the facility and purpose of the agreement
3. Definitions and Interpretation: Defined terms, interpretation rules, and language provisions
4. The Facility: Core terms of the credit facility including amount, purpose, and availability period
5. Conditions Precedent: Documents and conditions required before drawdown
6. Utilisation: Process and requirements for drawing down the facility
7. Repayment: Terms for repayment of the facility
8. Prepayment and Cancellation: Voluntary and mandatory prepayment provisions
9. Interest: Interest calculation, periods, and payment provisions
10. Fees: Commitment fees, arrangement fees, and other charges
11. Tax Gross Up and Indemnities: Tax-related provisions and indemnities
12. Increased Costs: Provisions for dealing with changes in costs due to regulatory changes
13. Representations: Borrower's representations and warranties
14. Information Undertakings: Requirements for financial and other information provision
15. Financial Covenants: Financial maintenance covenants and calculations
16. General Undertakings: Positive and negative undertakings of the borrower
17. Events of Default: Circumstances constituting default and consequences
18. Changes to Parties: Transfer and assignment provisions
19. Payment Mechanics: Payment procedures, currencies, and set-off rights
20. Notices: Communication methods and contact details
21. Calculations and Certificates: Basis for calculations and evidence of amounts due
22. Partial Invalidity: Severability provisions
23. Remedies and Waivers: Rights and waivers provisions
24. Amendments and Waivers: Process for modifying the agreement
25. Governing Law: German law as governing law
26. Enforcement: Jurisdiction and enforcement provisions
1. Accordion Facility: Optional section for when the facility includes an increase option
2. Security: Required when the facility is secured, detailing security structure and enforcement
3. Guarantee: Required when there are guarantors, containing guarantee provisions
4. Agent and Security Agent: Required for syndicated facilities, detailing agent's role and responsibilities
5. Majority Lenders: Required for syndicated facilities, defining voting rights and decision-making
6. Currency Provisions: Required for multi-currency facilities
7. Ransom Events: Required when cyber security provisions are included
8. ESG Provisions: Optional section for sustainability-linked facilities
1. Conditions Precedent: Detailed list of required documentation and conditions
2. Utilisation Request: Form of drawdown request
3. Form of Transfer Certificate: Template for transfer of commitments
4. Form of Compliance Certificate: Template for financial covenant compliance
5. Existing Security: List of permitted existing security (if applicable)
6. Form of Accession Letter: Template for additional borrowers/guarantors joining
7. Form of Resignation Letter: Template for parties resigning from the agreement
8. Form of Commitment Letter: Template for lenders' commitments in syndicated deals
9. Timetables: Operational deadlines for payments, notices, and other actions
10. Financial Covenant Calculations: Detailed methodology for financial covenant calculations
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