The Commercial Loan Contract is a fundamental document in South African business financing, used when a financial institution extends credit to a commercial entity. It must comply with South African legislation, particularly the National Credit Act 34 of 2005, the Financial Intelligence Centre Act, and relevant banking regulations. This agreement is essential for businesses seeking capital for expansion, working capital, asset acquisition, or project financing. The document typically includes detailed terms covering the facility amount, interest calculations, repayment structure, security arrangements, borrower covenants, and default provisions. It's designed to protect both lender and borrower interests while ensuring regulatory compliance in the South African context.
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1. Parties: Identification of the Lender and Borrower with their full legal details and registration numbers
2. Background: Context of the loan agreement and brief description of the purpose of the facility
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules of interpretation
4. The Facility: Details of the loan amount, purpose, and availability period
5. Interest and Fees: Interest rate, calculation method, and applicable fees
6. Repayment Terms: Repayment schedule, payment methods, and prepayment provisions
7. Conditions Precedent: Conditions that must be satisfied before the loan becomes available
8. Representations and Warranties: Statements of fact and assurances given by the Borrower
9. Borrower Covenants: Positive and negative obligations of the Borrower during the loan term
10. Events of Default: Circumstances that constitute default and their consequences
11. Remedies: Lender's rights and remedies upon default
12. Boilerplate Clauses: Standard legal provisions including notices, amendments, governing law, and jurisdiction
1. Security Arrangements: Details of any security or collateral provided (include if loan is secured)
2. Guarantees: Terms of any third-party guarantees (include if guaranteed)
3. Insurance Requirements: Mandatory insurance coverage for secured assets (include for secured loans)
4. Syndication Provisions: Terms for multiple lenders (include for syndicated loans)
5. Draw-down Mechanics: Procedures for multiple draw-downs (include for facility agreements)
6. Tax Provisions: Detailed tax implications and responsibilities (include for complex cross-border transactions)
7. Assignment and Transfer: Terms for transferring loan rights (include if transferability is permitted)
8. Agency Provisions: Terms governing the appointment and role of facility agent (include for syndicated loans)
1. Repayment Schedule: Detailed amortization table showing payment dates and amounts
2. Security Details: Comprehensive description of all security assets and their values
3. Conditions Precedent Documents: List of required documents and evidence for loan drawdown
4. Fee Schedule: Breakdown of all applicable fees and charges
5. Form of Draw-down Notice: Template for requesting loan disbursements
6. Form of Compliance Certificate: Template for periodic compliance reporting
7. Permitted Security Interests: List of pre-approved security interests and encumbrances
8. Required Insurance: Details of required insurance coverage and terms
Relevant legal definitions
Advance
Agreement
Applicable Law
Authorisation
Available Facility
Business Day
Calculation Period
Change of Control
Commitment
Conditions Precedent
Default
Default Rate
Designated Account
Draw-down Date
Draw-down Notice
Effective Date
Encumbrance
Event of Default
Facility
Final Repayment Date
Finance Documents
Financial Indebtedness
Financial Statements
Financial Year
Guarantor
Interest Payment Date
Interest Period
Interest Rate
Lender
Material Adverse Effect
Obligor
Outstanding Amount
Permitted Security Interest
Potential Event of Default
Prepayment Amount
Prime Rate
Principal Amount
Repayment Date
Repayment Schedule
Security
Security Documents
Security Provider
Signature Date
Tax
Transaction Documents
ZAR
Agreement
Applicable Law
Authorisation
Available Facility
Business Day
Calculation Period
Change of Control
Commitment
Conditions Precedent
Default
Default Rate
Designated Account
Draw-down Date
Draw-down Notice
Effective Date
Encumbrance
Event of Default
Facility
Final Repayment Date
Finance Documents
Financial Indebtedness
Financial Statements
Financial Year
Guarantor
Interest Payment Date
Interest Period
Interest Rate
Lender
Material Adverse Effect
Obligor
Outstanding Amount
Permitted Security Interest
Potential Event of Default
Prepayment Amount
Prime Rate
Principal Amount
Repayment Date
Repayment Schedule
Security
Security Documents
Security Provider
Signature Date
Tax
Transaction Documents
ZAR
Clauses
Parties
Definitions
Interpretation
Facility Terms
Purpose
Interest
Fees and Costs
Repayment
Prepayment
Security
Conditions Precedent
Representations and Warranties
Information Undertakings
Financial Covenants
General Undertakings
Events of Default
Acceleration
Set-off
Assignment and Transfer
Payments
Tax Gross-up
Increased Costs
Indemnities
Costs and Expenses
Notices
Calculations
Partial Invalidity
Remedies and Waivers
Amendments and Waivers
Confidentiality
Counterparts
Governing Law
Jurisdiction
Service of Process
Force Majeure
Anti-Money Laundering
Sanctions Compliance
Data Protection
Entire Agreement
Definitions
Interpretation
Facility Terms
Purpose
Interest
Fees and Costs
Repayment
Prepayment
Security
Conditions Precedent
Representations and Warranties
Information Undertakings
Financial Covenants
General Undertakings
Events of Default
Acceleration
Set-off
Assignment and Transfer
Payments
Tax Gross-up
Increased Costs
Indemnities
Costs and Expenses
Notices
Calculations
Partial Invalidity
Remedies and Waivers
Amendments and Waivers
Confidentiality
Counterparts
Governing Law
Jurisdiction
Service of Process
Force Majeure
Anti-Money Laundering
Sanctions Compliance
Data Protection
Entire Agreement
Relevant Industries
Banking and Financial Services
Commercial Real Estate
Manufacturing
Mining and Resources
Retail and Consumer Goods
Agriculture
Technology and Telecommunications
Construction and Infrastructure
Healthcare
Transportation and Logistics
Energy and Utilities
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Corporate Banking
Credit Analysis
Operations
Business Development
Document Management
Corporate Secretariat
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Commercial Director
Treasury Manager
Credit Manager
Risk Manager
Compliance Officer
Corporate Lawyer
Banking Relationship Manager
Financial Controller
Company Secretary
Business Development Manager
Account Manager
Loan Officer
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