The Loan and Security Agreement is a fundamental financing document used in South African commercial transactions when a lender provides credit facilities secured by specific assets or property. This agreement is particularly relevant in situations requiring both the extension of credit and the creation of security interests, combining what might otherwise be separate loan and security documents into a single, comprehensive agreement. It must comply with South African legislation, particularly the National Credit Act 34 of 2005, the Security by Means of Movable Property Act, and when applicable, the Companies Act. The document typically includes detailed provisions on loan terms, interest calculations, security arrangements, enforcement rights, and compliance requirements specific to South African law.
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1. Parties: Identification of the lender and borrower with their full legal details
2. Background: Context of the loan agreement and security arrangement
3. Definitions and Interpretation: Comprehensive definitions of terms used in the agreement and interpretation rules
4. The Loan: Details of the loan amount, purpose, and disbursement conditions
5. Interest and Fees: Interest rate, calculation method, fees, and charges in compliance with NCA caps
6. Repayment Terms: Repayment schedule, method, and prepayment provisions
7. Security: Description of security/collateral provided and terms of security interest
8. Perfection of Security: Requirements and process for perfecting the security interest
9. Representations and Warranties: Statements of fact by borrower regarding their status and ability to enter agreement
10. Borrower Covenants: Positive and negative obligations of the borrower during loan term
11. Events of Default: Circumstances constituting default and consequences
12. Enforcement: Rights and remedies of lender upon default
13. General Provisions: Standard clauses including notices, amendments, governing law
1. Guarantees: Required when third-party guarantees are part of the security structure
2. Insurance: Detailed insurance requirements when specific insurance coverage is required for the security
3. Assignment and Transfer: Include when either party may need to transfer rights or obligations
4. Multiple Borrowers: Required when there is more than one borrower, detailing joint and several liability
5. Priority Arrangements: Needed when there are multiple security interests or lenders
6. Special Drawdown Conditions: For facilities with multiple drawdowns or special conditions
7. Tax Provisions: Detailed tax clauses when tax implications are significant
8. Currency Provisions: Required for loans involving foreign currency
1. Loan Details Schedule: Detailed breakdown of loan amount, interest rates, and payment schedule
2. Security Details: Comprehensive description and documentation of all security/collateral
3. Conditions Precedent: List of all documents and conditions required before loan disbursement
4. Form of Drawdown Notice: Template for requesting loan disbursements
5. Repayment Schedule: Detailed amortization schedule
6. Security Documents: Copies or forms of additional security documents
7. Disclosure Schedule: Detailed disclosures related to representations and warranties
8. Compliance Certificates: Templates for ongoing compliance reporting
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate and Property
Manufacturing
Mining and Resources
Agriculture
Retail
Technology
Construction
Healthcare
Transportation and Logistics
Energy and Utilities
Telecommunications
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Credit
Corporate Finance
Securities
Operations
Business Development
Commercial
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Credit Manager
Risk Manager
Commercial Director
Treasury Manager
Compliance Officer
Security Trustee
Loan Officer
Financial Controller
Business Development Manager
Company Secretary
Portfolio Manager
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