The Overloan Agreement is utilized in South African banking and lending practices when a borrower requires funding that exceeds their existing credit facility limits. This document is essential when circumstances necessitate additional borrowing beyond pre-approved limits, whether due to business expansion, unexpected expenses, or other financial needs. The agreement ensures compliance with South African banking regulations, including the National Credit Act, while protecting both lender and borrower interests. It typically includes details of the original facility, the additional amount being extended, revised repayment terms, interest rates, any security arrangements, and the conditions under which the overloan is granted. This document is particularly important for maintaining clear records of credit extensions and ensuring proper risk management in lending relationships.
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1. Parties: Identifies and defines the Lender and the Borrower with their full legal details
2. Background: Explains the context of the existing facility and the circumstances leading to the overloan requirement
3. Definitions and Interpretation: Defines key terms used in the agreement and sets out interpretation rules
4. Acknowledgment of Existing Facility: Confirms details of the existing loan facility and current outstanding amounts
5. Overloan Facility: Sets out the terms of the additional loan amount, including the facility limit and purpose
6. Interest and Fees: Specifies the interest rate, calculation method, and any applicable fees
7. Repayment Terms: Details the repayment schedule, method, and conditions
8. Representations and Warranties: States the borrower's confirmations regarding their financial position and ability to repay
9. Events of Default: Lists circumstances that constitute default and the consequences thereof
10. General Terms: Includes standard contractual provisions such as notices, amendments, and governing law
1. Security Arrangements: Required when the overloan is secured by specific assets or collateral
2. Guarantees: Included when a third-party guarantee is provided for the overloan
3. Insurance Requirements: Needed when specific insurance coverage is required for the overloan
4. Special Conditions: Used when there are specific conditions or covenants applicable to the borrower
5. Set-off Rights: Included when the lender requires explicit rights to set off amounts against other accounts
6. Financial Covenants: Required for corporate borrowers where specific financial metrics must be maintained
1. Schedule 1: Existing Facility Details: Details of the original loan facility, including reference numbers and key terms
2. Schedule 2: Repayment Schedule: Detailed breakdown of repayment dates and amounts
3. Schedule 3: Fee Schedule: Comprehensive list of all applicable fees and charges
4. Schedule 4: Security Details: Description of any security or collateral provided for the overloan
5. Appendix A: Compliance Documents: List of required compliance documents and certificates
6. Appendix B: Standard Terms and Conditions: Bank's standard terms and conditions applicable to the overloan
Relevant legal definitions
Agreement
Applicable Laws
Business Day
Borrower
Base Rate
Conditions Precedent
Default Interest Rate
Event of Default
Existing Facility
Existing Facility Agreement
Facility Limit
Final Repayment Date
Financial Indebtedness
Interest Payment Date
Interest Period
Interest Rate
Lender
Material Adverse Effect
Original Facility Limit
Overloan Amount
Overloan Facility
Overloan Period
Party/Parties
Prime Rate
Repayment Date
Repayment Schedule
Security
Security Documents
Security Provider
Signature Date
Tax
Total Outstanding Amount
Transaction Documents
ZAR
Applicable Laws
Business Day
Borrower
Base Rate
Conditions Precedent
Default Interest Rate
Event of Default
Existing Facility
Existing Facility Agreement
Facility Limit
Final Repayment Date
Financial Indebtedness
Interest Payment Date
Interest Period
Interest Rate
Lender
Material Adverse Effect
Original Facility Limit
Overloan Amount
Overloan Facility
Overloan Period
Party/Parties
Prime Rate
Repayment Date
Repayment Schedule
Security
Security Documents
Security Provider
Signature Date
Tax
Total Outstanding Amount
Transaction Documents
ZAR
Clauses
Acknowledgment of Debt
Additional Credit Facility
Amendment
Assignment
Breach
Conditions Precedent
Confidentiality
Costs
Default
Dispute Resolution
Domicilium
Entire Agreement
Events of Default
Fees and Charges
Financial Covenants
Force Majeure
Further Assurance
Governing Law
Interest
Jurisdiction
Notices
Payments
Representations and Warranties
Repayment Terms
Security
Set-off
Severability
Signatures
Statements and Certificates
Suspension
Termination
Undertakings
Variation
Waiver
Additional Credit Facility
Amendment
Assignment
Breach
Conditions Precedent
Confidentiality
Costs
Default
Dispute Resolution
Domicilium
Entire Agreement
Events of Default
Fees and Charges
Financial Covenants
Force Majeure
Further Assurance
Governing Law
Interest
Jurisdiction
Notices
Payments
Representations and Warranties
Repayment Terms
Security
Set-off
Severability
Signatures
Statements and Certificates
Suspension
Termination
Undertakings
Variation
Waiver
Relevant Industries
Banking
Financial Services
Commercial Lending
Corporate Banking
Retail Banking
Microfinance
Asset Finance
Trade Finance
Relevant Teams
Legal
Credit
Risk Management
Compliance
Corporate Banking
Retail Banking
Operations
Documentation
Treasury
Credit Administration
Relevant Roles
Credit Manager
Loan Officer
Relationship Manager
Credit Risk Officer
Legal Counsel
Compliance Officer
Banking Executive
Finance Manager
Commercial Banking Manager
Credit Administrator
Risk Manager
Corporate Banking Officer
Chief Credit Officer
Treasury Manager
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