The Loan Agreement and Promissory Note is a crucial financial instrument used in South African business and personal lending transactions. It serves a dual purpose: the loan agreement portion comprehensively documents the lending arrangement, including all terms, conditions, and obligations of the parties, while the promissory note component provides an additional layer of security through an unconditional promise to pay. This document is particularly useful when lenders require both detailed loan terms and a negotiable instrument that can be independently enforced. It must comply with several pieces of South African legislation, including the National Credit Act for consumer loans, the Bills of Exchange Act for the promissory note aspects, and the Financial Intelligence Centre Act for due diligence requirements. The document is commonly used in both commercial and personal lending scenarios, from business expansion loans to personal financing arrangements.
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1. Parties: Identification and details of the Lender and Borrower, including registration numbers for companies or ID numbers for individuals
2. Background: Context of the loan agreement and relationship between parties
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Amount and Purpose: Specification of the loan amount and its intended use
5. Interest Rate: Interest rate, calculation method, and compliance with NCA caps
6. Repayment Terms: Payment schedule, method, and timing of repayments
7. Promissory Note Terms: Specific terms making the document a valid promissory note under the Bills of Exchange Act
8. Representations and Warranties: Statements of fact and assurances by the Borrower
9. Events of Default: Circumstances constituting default and consequences
10. Notices: How formal communications between parties should be made
11. General Terms: Standard legal provisions including governing law, jurisdiction, and entire agreement clause
1. Security: Include when the loan is secured by assets or property
2. Guarantee: Include when there is a third-party guarantor for the loan
3. Early Repayment: Include when early repayment terms are specifically negotiated
4. Draw Down Conditions: Include for loans disbursed in multiple tranches
5. Insurance Requirements: Include when specific insurance coverage is required
6. Financial Covenants: Include for business loans with financial performance requirements
7. Assignment and Transfer: Include when transfer rights are specifically negotiated
8. Consumer Protection Provisions: Include when the borrower is a consumer under the NCA
1. Repayment Schedule: Detailed schedule of repayment dates and amounts
2. Security Details: Description and details of any security provided
3. Promissory Note: The formal promissory note document that can be detached if needed
4. Compliance Certificate: Template for periodic compliance certification if required
5. Draw Down Notice: Template for requesting loan disbursements if in tranches
6. Fee Schedule: Breakdown of all applicable fees and charges
7. KYC Documents: List of required Know Your Customer documents as per FICA requirements
Relevant legal definitions
Agreement
Applicable Laws
Business Day
Borrower
Closing Date
Default Interest Rate
Default Event
Drawdown Date
Effective Date
Facility
Financial Indebtedness
Financial Year
Interest Payment Date
Interest Period
Interest Rate
Lender
Loan
Loan Amount
Material Adverse Effect
Maturity Date
Outstanding Amount
Parties
Payment Date
Permitted Purpose
Principal Amount
Promissory Note
Repayment Date
Repayment Schedule
Security
Security Documents
Signature Date
Tax
Term
Transaction Documents
ZAR
Applicable Laws
Business Day
Borrower
Closing Date
Default Interest Rate
Default Event
Drawdown Date
Effective Date
Facility
Financial Indebtedness
Financial Year
Interest Payment Date
Interest Period
Interest Rate
Lender
Loan
Loan Amount
Material Adverse Effect
Maturity Date
Outstanding Amount
Parties
Payment Date
Permitted Purpose
Principal Amount
Promissory Note
Repayment Date
Repayment Schedule
Security
Security Documents
Signature Date
Tax
Term
Transaction Documents
ZAR
Clauses
Loan Amount and Disbursement
Interest
Repayment
Promissory Note
Security
Representations and Warranties
Conditions Precedent
Borrower Covenants
Events of Default
Remedies
Assignment
Costs and Expenses
Notices
Set-off
Force Majeure
Confidentiality
Data Protection
Anti-Money Laundering
Governing Law
Dispute Resolution
Severability
Entire Agreement
Amendment
Waiver
Further Assurance
Counterparts
Good Faith
Indemnification
Acceleration
Early Termination
Interest
Repayment
Promissory Note
Security
Representations and Warranties
Conditions Precedent
Borrower Covenants
Events of Default
Remedies
Assignment
Costs and Expenses
Notices
Set-off
Force Majeure
Confidentiality
Data Protection
Anti-Money Laundering
Governing Law
Dispute Resolution
Severability
Entire Agreement
Amendment
Waiver
Further Assurance
Counterparts
Good Faith
Indemnification
Acceleration
Early Termination
Relevant Industries
Financial Services
Banking
Real Estate
Construction
Manufacturing
Agriculture
Mining
Retail
Technology
Healthcare
Education
Small Business
Professional Services
Relevant Teams
Legal
Finance
Compliance
Risk Management
Treasury
Credit
Commercial
Business Development
Operations
Administration
Relevant Roles
Chief Financial Officer
Finance Manager
Credit Manager
Legal Counsel
Compliance Officer
Risk Manager
Commercial Director
Treasury Manager
Loan Officer
Corporate Banker
Financial Controller
Credit Analyst
Legal Administrator
Contract Manager
Business Development Manager
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