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Loan And Security Agreement for South Africa

Loan And Security Agreement Template for South Africa

A comprehensive legal document governed by South African law that combines both loan provisions and security arrangements into a single agreement. It details the terms and conditions of a loan facility while simultaneously establishing security interests over specified assets to protect the lender's interests. The agreement must comply with the National Credit Act and other relevant South African legislation, incorporating specific requirements for interest rate caps, consumer protection measures, and security enforcement procedures unique to the South African jurisdiction.

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Loan And Security Agreement

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What is a Loan And Security Agreement?

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.

What sections should be included in a Loan And Security Agreement?

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

What sections are optional to include in a Loan And Security Agreement?

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

What schedules should be included in a Loan And Security Agreement?

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

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

South Africa

Publisher

Ƶ

Document Type

Loan Agreement

Sector

Banking

Cost

Free to use
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

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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