The Line of Credit Promissory Note is commonly used in South African commercial and consumer lending when parties need a flexible borrowing arrangement with clear legal enforceability. This document type is particularly useful for businesses requiring working capital or individuals seeking revolving credit facilities. It provides the security of a formal promissory note while incorporating the flexibility of a line of credit, allowing borrowers to draw funds as needed up to an agreed limit. The document must comply with South African legislation, particularly the National Credit Act and Bills of Exchange Act, and typically includes comprehensive terms covering credit limits, interest rates, drawdown procedures, and repayment obligations. It's widely used by financial institutions and can be adapted for both secured and unsecured credit facilities.
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1. Parties: Identification of the lender (credit provider) and borrower, including registration numbers for companies or ID numbers for individuals
2. Background: Context of the credit facility and relationship between the parties
3. Definitions: Key terms used in the document, including 'Credit Limit', 'Interest Rate', 'Draw Down', and 'Repayment Date'
4. Promise to Pay: Unconditional promise by the borrower to pay the amounts drawn under the credit facility
5. Credit Facility Terms: Details of the credit limit, availability period, and conditions for drawdown
6. Interest and Charges: Interest rate, calculation method, and any permitted fees or charges under the National Credit Act
7. Repayment Terms: Payment schedule, method of payment, and consequences of late payment
8. Events of Default: Circumstances constituting default and consequences thereof
9. Representations and Warranties: Standard declarations by the borrower regarding their capacity and authority to enter into the agreement
10. Notices: How formal communications between parties should be made and delivered
1. Security: Details of any collateral or security provided - include when the credit facility is secured
2. Guarantees: Terms of any personal or corporate guarantees - include when there are third-party guarantors
3. Insurance: Requirements for credit life insurance or other mandatory insurance - include when required by credit value
4. Early Repayment: Terms for early repayment of the facility - include when early repayment is permitted
5. Assignment: Rights to assign or transfer the promissory note - include when the note needs to be negotiable
6. Multiple Drawdowns: Procedures for multiple drawdowns - include for revolving credit facilities
1. Payment Schedule: Detailed repayment schedule including dates, amounts, and payment allocation
2. Credit Limit Calculation: Formula and factors determining the credit limit and any automatic adjustments
3. Fee Structure: Breakdown of all applicable fees and charges as per National Credit Act requirements
4. Drawdown Procedures: Process and requirements for requesting and receiving drawdowns
5. Know Your Customer Requirements: List of required documentation for FICA compliance
Relevant legal definitions
Account
Advance
Agreement
Applicable Laws
Available Credit
Business Day
Credit Facility
Credit Limit
Drawdown
Drawdown Date
Drawdown Notice
Effective Date
Event of Default
Facility Period
Financial Indebtedness
Interest Payment Date
Interest Period
Interest Rate
Lender
Material Adverse Effect
Maturity Date
Outstanding Amount
Payment Date
Principal Amount
Prohibited Person
Promissory Note
Repayment Date
Repayment Schedule
Security
Security Documents
Signature Date
Tax
Transaction Documents
Utilization
VAT
ZAR
Advance
Agreement
Applicable Laws
Available Credit
Business Day
Credit Facility
Credit Limit
Drawdown
Drawdown Date
Drawdown Notice
Effective Date
Event of Default
Facility Period
Financial Indebtedness
Interest Payment Date
Interest Period
Interest Rate
Lender
Material Adverse Effect
Maturity Date
Outstanding Amount
Payment Date
Principal Amount
Prohibited Person
Promissory Note
Repayment Date
Repayment Schedule
Security
Security Documents
Signature Date
Tax
Transaction Documents
Utilization
VAT
ZAR
Clauses
Facility Terms
Promise to Pay
Credit Limit
Drawdown Rights
Interest
Fees and Charges
Repayment
Security
Representations and Warranties
Events of Default
Acceleration
Set-Off Rights
Payment Mechanics
Tax Gross-Up
Notices
Assignment and Transfer
Amendments
Waiver
Severability
Governing Law
Jurisdiction
Force Majeure
Entire Agreement
Counterparts
Costs
Confidentiality
Data Protection
Anti-Money Laundering
Sanctions Compliance
Electronic Execution
Promise to Pay
Credit Limit
Drawdown Rights
Interest
Fees and Charges
Repayment
Security
Representations and Warranties
Events of Default
Acceleration
Set-Off Rights
Payment Mechanics
Tax Gross-Up
Notices
Assignment and Transfer
Amendments
Waiver
Severability
Governing Law
Jurisdiction
Force Majeure
Entire Agreement
Counterparts
Costs
Confidentiality
Data Protection
Anti-Money Laundering
Sanctions Compliance
Electronic Execution
Relevant Industries
Banking & Financial Services
Commercial Lending
Retail Banking
Small Business Services
Corporate Finance
Real Estate & Property
Manufacturing
Agriculture
Mining
Retail & Consumer Goods
Professional Services
Relevant Teams
Legal
Credit Risk
Compliance
Commercial Banking
Corporate Finance
Treasury
Operations
Documentation
Risk Management
Client Relations
Relevant Roles
Credit Manager
Legal Counsel
Commercial Banking Officer
Risk Manager
Compliance Officer
Financial Controller
Credit Analyst
Relationship Manager
Treasury Manager
Corporate Finance Manager
Legal Documentation Specialist
Credit Risk Officer
Banking Operations Manager
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