The Loan Agreement With Guarantor is a vital legal instrument used in South African financing transactions where additional security is required beyond the borrower's commitments. This document is typically employed when a lender requires extra assurance for loan repayment, particularly in cases where the borrower's creditworthiness alone may not meet lending criteria. The agreement must comply with South African legislation, particularly the National Credit Act 34 of 2005, the Consumer Protection Act, and relevant banking regulations. It comprehensively details the loan terms, repayment schedule, interest calculations, and the guarantor's obligations. The document is commonly used in both commercial and personal lending scenarios, providing protection for the lender while ensuring clear terms for both borrower and guarantor. Its structure allows for flexibility in loan amounts and terms while maintaining legal enforceability under South African law.
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1. Parties: Identifies and defines all parties: Lender, Borrower, and Guarantor with their full legal details
2. Background: Explains the context of the loan and guarantee arrangement
3. Definitions and Interpretation: Defines key terms and sets out interpretation rules for the agreement
4. The Loan: Details of the loan amount, purpose, and disbursement conditions
5. Interest: Interest rate, calculation method, and payment terms in compliance with the Prescribed Rate of Interest Act
6. Repayment Terms: Schedule of repayments, payment methods, and early repayment provisions
7. The Guarantee: Terms of the guarantee, extent of guarantor's liability, and duration of the guarantee
8. Representations and Warranties: Statements of fact and assurances from both Borrower and Guarantor
9. Borrower's Covenants: Ongoing obligations and restrictions on the Borrower
10. Guarantor's Covenants: Ongoing obligations and restrictions on the Guarantor
11. Events of Default: Circumstances constituting default and consequences thereof
12. Enforcement: Rights and remedies of the Lender upon default
13. Notices: How formal communications between parties should be made
14. General Provisions: Standard contractual terms including governing law, jurisdiction, and entire agreement
15. Signature: Execution clauses and signature blocks for all parties
1. Security: Include when additional security besides the guarantee is provided
2. Insurance: Include when specific insurance requirements are imposed on borrower or guarantor
3. Multiple Guarantors: Include when there is more than one guarantor to define joint and several liability
4. Assignment and Transfer: Include when rights to assign or transfer the loan are specifically negotiated
5. Counter-Indemnity: Include when guarantor requires indemnity from borrower
6. Independent Legal Advice: Include when formal confirmation of independent legal advice is required
7. Costs and Expenses: Include when specific provisions about transaction costs are needed
8. Variable Interest Rate: Include when interest rate can vary during loan term
1. Schedule 1: Loan Details: Detailed breakdown of loan amount, interest rate, and repayment schedule
2. Schedule 2: Conditions Precedent: List of documents and conditions required before loan disbursement
3. Schedule 3: Repayment Schedule: Detailed amortization schedule showing principal and interest payments
4. Schedule 4: Security Details: Description of any additional security provided
5. Schedule 5: Forms of Notice: Template notices for key communications
6. Appendix A: Compliance Certificate: Template for periodic compliance certification
7. Appendix B: Drawdown Notice: Form for requesting loan disbursement
8. Appendix C: NCA Statutory Notices: Mandatory notices required under the National Credit Act
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Credit
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