The Personal Guarantee Loan Agreement is a crucial legal instrument used in South African lending practices when a third party (guarantor) agrees to secure a loan on behalf of a borrower. This document is essential when extending credit facilities where additional security is required beyond the borrower's own capacity. It must comply with the National Credit Act 34 of 2005, the Consumer Protection Act 68 of 2008, and other relevant South African legislation. The agreement typically includes detailed sections on loan terms, guarantee provisions, enforcement mechanisms, and mandatory consumer protection notices. It's commonly used in business financing, property transactions, and personal lending scenarios where the lender requires additional assurance of repayment through a guarantor's commitment.
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1. Parties: Identification of the Lender, Borrower, and Guarantor(s) with their full legal names and addresses
2. Background: Context of the loan agreement and guarantee, including the relationship between parties and purpose of the loan
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules for interpreting the document
4. Loan Amount and Purpose: Specification of the loan amount, purpose, and disbursement terms
5. Interest and Charges: Interest rate, calculation method, and any additional charges in compliance with the National Credit Act
6. Repayment Terms: Payment schedule, method of payment, and early repayment provisions
7. Guarantee Provisions: Terms of the guarantee, including the guarantor's obligations and extent of liability
8. Representations and Warranties: Statements of fact and assurances given by both the borrower and guarantor
9. Events of Default: Circumstances constituting default and consequences thereof
10. Enforcement and Remedies: Rights and remedies available to the lender upon default
11. Notices: Communication procedures and contact details for formal notices
12. General Provisions: Standard legal clauses including governing law, jurisdiction, and amendment procedures
1. Security: Include when additional security besides the personal guarantee is provided for the loan
2. Insurance Requirements: Include when the borrower is required to maintain specific insurance coverage
3. Multiple Guarantors: Include when there is more than one guarantor, specifying joint and several liability
4. Limit of Guarantee: Include when the guarantee is limited to a specific amount or percentage of the loan
5. Release Provisions: Include when specific conditions for releasing the guarantor are agreed upon
6. Assignment and Transfer: Include when rights under the agreement may be assigned or transferred
7. Debt Counselling Notice: Include when the borrower or guarantor is a natural person, as required by the National Credit Act
1. Schedule 1 - Loan Details: Detailed breakdown of loan amount, interest rate, fees, and repayment schedule
2. Schedule 2 - Payment Schedule: Amortization table showing payment dates, principal and interest breakdown
3. Schedule 3 - Security Details: Description of any additional security provided (if applicable)
4. Schedule 4 - Guarantor's Statement of Assets and Liabilities: Financial disclosure by the guarantor
5. Appendix A - Prescribed Information Statement: Mandatory information statement as required by the National Credit Act
6. Appendix B - Form of Notice: Template for formal notices under the agreement
Relevant legal definitions
Agreement
Applicable Laws
Business Day
Borrower
Collateral
Conditions Precedent
Credit Provider
Default
Default Interest
Effective Date
Event of Default
Financial Indebtedness
Guarantee
Guaranteed Obligations
Guarantor
Interest Rate
Lender
Loan
Loan Amount
Material Adverse Effect
National Credit Act
Outstanding Amount
Parties
Payment Date
Principal Debt
Repayment Schedule
Security
Signature Date
Term
Termination Date
Transaction Documents
ZAR
Applicable Laws
Business Day
Borrower
Collateral
Conditions Precedent
Credit Provider
Default
Default Interest
Effective Date
Event of Default
Financial Indebtedness
Guarantee
Guaranteed Obligations
Guarantor
Interest Rate
Lender
Loan
Loan Amount
Material Adverse Effect
National Credit Act
Outstanding Amount
Parties
Payment Date
Principal Debt
Repayment Schedule
Security
Signature Date
Term
Termination Date
Transaction Documents
ZAR
Clauses
Interpretation
Loan Terms
Interest and Charges
Repayment
Security
Guarantee
Representations and Warranties
Conditions Precedent
Covenants
Default
Enforcement
Indemnification
Assignment
Notices
Confidentiality
Force Majeure
Dispute Resolution
Governing Law
Severability
Amendment
Termination
Waiver
Entire Agreement
Costs
Anti-Money Laundering
Data Protection
Consumer Protection
Regulatory Compliance
Loan Terms
Interest and Charges
Repayment
Security
Guarantee
Representations and Warranties
Conditions Precedent
Covenants
Default
Enforcement
Indemnification
Assignment
Notices
Confidentiality
Force Majeure
Dispute Resolution
Governing Law
Severability
Amendment
Termination
Waiver
Entire Agreement
Costs
Anti-Money Laundering
Data Protection
Consumer Protection
Regulatory Compliance
Relevant Industries
Financial Services
Banking
Real Estate
Construction
Small Business
Retail
Manufacturing
Professional Services
Agriculture
Mining
Technology
Relevant Teams
Legal
Credit
Risk Management
Compliance
Finance
Operations
Commercial Banking
Business Development
Collections
Account Management
Relevant Roles
Legal Counsel
Credit Manager
Risk Officer
Compliance Officer
Financial Manager
Banking Officer
Loan Officer
Contract Administrator
Business Development Manager
Account Manager
Chief Financial Officer
Legal Administrator
Credit Analyst
Collections Manager
Relationship Manager
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