The Loan Against Lease Agreement is a specialized financing instrument used in South African commercial practice where a borrower seeks to monetize their rights under a lease agreement. This document is particularly useful when a property owner or tenant wants to obtain financing using their lease rights as security, or when a business needs to leverage its rental income stream. The agreement must comply with South African banking and property laws, including the National Credit Act, Consumer Protection Act, and relevant property legislation. It typically includes detailed provisions on loan terms, security arrangements, representations and warranties, covenants, and enforcement mechanisms. This type of agreement is commonly used in commercial property financing, sale-leaseback arrangements, and other structured real estate transactions where lease rights form a valuable security component.
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1. Parties: Identifies and provides full details of all parties to the agreement, including registration numbers for companies or ID numbers for individuals
2. Background: Sets out the context of the agreement, including reference to the existing lease and the purpose of the loan
3. Definitions and Interpretation: Defines key terms used in the agreement and establishes rules of interpretation
4. Loan Amount and Purpose: Specifies the loan amount, purpose, and any conditions precedent to drawdown
5. Interest and Repayment Terms: Details the interest rate, calculation method, repayment schedule, and payment mechanisms
6. Security Arrangements: Describes how the lease is used as security, including cession of rental income and other rights
7. Representations and Warranties: Contains statements about the parties' capacity, authority, and status of the lease
8. Covenants: Sets out ongoing obligations of the borrower regarding the lease and loan
9. Events of Default: Lists circumstances constituting default and consequences thereof
10. Remedies: Specifies lender's rights and remedies upon default
11. Notices: Provides for how formal communications between parties should be made
12. General Provisions: Contains standard boilerplate clauses including governing law, jurisdiction, and entire agreement
1. Guarantees: Required when there is a third-party guarantor for the loan obligations
2. Insurance: Needed when specific insurance requirements are imposed on the property or loan
3. Assignment and Transfer: Include when parties wish to specifically regulate ability to transfer rights or obligations
4. Step-in Rights: Required when lender needs right to step into the lease in case of default
5. Property Maintenance Obligations: Include when lender requires specific maintenance standards for the leased property
6. Early Repayment Provisions: Include when early repayment options are to be allowed or regulated
7. VAT Provisions: Required when either party is VAT registered and VAT implications need to be addressed
1. Schedule 1 - Lease Agreement Details: Copy or key details of the underlying lease agreement
2. Schedule 2 - Repayment Schedule: Detailed breakdown of repayment amounts and dates
3. Schedule 3 - Property Details: Detailed description of the leased property including title deed information
4. Schedule 4 - Conditions Precedent: List of all conditions that must be met before loan disbursement
5. Schedule 5 - Financial Covenants: Detailed financial maintenance covenants and calculation methods
6. Appendix A - Form of Drawdown Notice: Template for requesting disbursement of the loan
7. Appendix B - Form of Compliance Certificate: Template for periodic confirmation of compliance with agreement terms
Relevant legal definitions
Clauses
Interpretation
Loan Facility
Purpose
Drawdown
Interest
Repayment
Security
Conditions Precedent
Representations and Warranties
Financial Covenants
Positive Covenants
Negative Covenants
Property Maintenance
Information Undertakings
Events of Default
Acceleration
Assignment
Set-off
Indemnification
Force Majeure
Confidentiality
Anti-Money Laundering
Notices
Governing Law
Jurisdiction
Dispute Resolution
Amendment
Severability
Costs
Waiver
Entire Agreement
Counterparts
Third Party Rights
Step-in Rights
Insurance
VAT and Taxation
Property Access
Lease Protection
Cession and Delegation
Loan Facility
Purpose
Drawdown
Interest
Repayment
Security
Conditions Precedent
Representations and Warranties
Financial Covenants
Positive Covenants
Negative Covenants
Property Maintenance
Information Undertakings
Events of Default
Acceleration
Assignment
Set-off
Indemnification
Force Majeure
Confidentiality
Anti-Money Laundering
Notices
Governing Law
Jurisdiction
Dispute Resolution
Amendment
Severability
Costs
Waiver
Entire Agreement
Counterparts
Third Party Rights
Step-in Rights
Insurance
VAT and Taxation
Property Access
Lease Protection
Cession and Delegation
Relevant Industries
Banking and Financial Services
Real Estate
Commercial Property
Retail
Industrial
Office Space Management
Manufacturing
Logistics and Warehousing
Healthcare Facilities
Hospitality and Tourism
Agricultural Properties
Relevant Teams
Legal
Finance
Real Estate
Risk Management
Compliance
Treasury
Property Management
Credit
Commercial Operations
Facilities Management
Relevant Roles
Chief Financial Officer
Finance Director
Commercial Property Manager
Real Estate Manager
Legal Counsel
Property Lawyer
Banking Lawyer
Risk Manager
Credit Manager
Property Portfolio Manager
Asset Manager
Treasury Manager
Commercial Director
Facilities Manager
Company Secretary
Compliance Officer
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