The Revolving Credit Agreement is a crucial financing document used when businesses require flexible access to funding for working capital, general corporate purposes, or specific business needs. It establishes a maximum borrowing limit under German law, allowing the borrower to draw down funds multiple times, make repayments, and re-borrow during the facility period. The agreement incorporates specific German law requirements under the BGB and KWG, including mandatory form requirements, interest rate provisions, and consumer protection provisions where applicable. It is commonly used by both large corporations and SMEs, and can be structured as either a bilateral or syndicated facility. The document includes comprehensive provisions on facility mechanics, conditions precedent, representations, covenants, and events of default, all aligned with German market practice and regulatory requirements.
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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 agreement and brief description of the revolving credit facility
3. Definitions and Interpretation: Definitions of terms used in the agreement and interpretation rules
4. The Facility: Details of the revolving credit facility, including amount, purpose, and availability period
5. Conditions Precedent: Conditions that must be satisfied before initial utilization and subsequent drawings
6. Utilization: Procedures and requirements for drawing down the facility
7. Repayment and Prepayment: Terms for regular repayment and voluntary/mandatory prepayment
8. Interest: Interest calculation, periods, payment dates, and default interest
9. Fees: Commitment fees, arrangement fees, and other applicable fees
10. Tax Gross Up and Indemnities: Tax-related provisions and associated indemnities
11. Increased Costs and Mitigation: Provisions for dealing with changes in costs due to regulatory changes
12. Representations: Borrower's representations and warranties
13. Information Undertakings: Requirements for financial and other information to be provided to the lender
14. General Undertakings: Positive and negative covenants of the borrower
15. Events of Default: Circumstances constituting default and consequences
16. Changes to Parties: Rules for assignments, transfers, and changes in lending structure
17. Payment Mechanics: Payment procedures, currency provisions, and set-off rights
18. Notices: Communication methods and contact details
19. Calculations and Certificates: Rules for calculations and evidential value of certificates
20. Governing Law and Jurisdiction: Choice of German law and jurisdiction provisions
1. Security: Required if the facility is secured - provisions relating to collateral and security interests
2. Guarantee: Required if there are guarantors - terms of guarantee and guarantor provisions
3. Subordination: Required if there is other debt - provisions regarding priority of payments
4. Accordion Feature: Optional provision allowing for future increase in facility amount
5. Multi-currency Provisions: Required if facility can be drawn in multiple currencies
6. KYC Requirements: Detailed requirements if enhanced due diligence is needed
7. Financial Covenants: Required for certain borrowers - specific financial metrics to be maintained
1. Conditions Precedent: Detailed list of required documents and conditions
2. Form of Utilization Request: Standard form for drawing requests
3. Form of Compliance Certificate: Template for periodic compliance certification
4. Calculation of Interest: Detailed interest calculation methodology
5. Repayment Schedule: If applicable, schedule of repayment dates and amounts
6. Form of Transfer Certificate: Template for transferring commitments/loans
7. Form of Assignment Agreement: Template for assigning rights under the agreement
8. Contact Details: List of contact persons and addresses for notices
9. Existing Security: If secured, details of security arrangements
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