������Ƶ

The Master Asset Finance Agreement serves as a foundational document for establishing an ongoing asset financing relationship between a finance provider and a customer in South Africa. It is particularly useful when parties anticipate multiple financing transactions over time, as it provides a efficient framework that can be used repeatedly without the need to negotiate full terms for each transaction. The agreement complies with South African financial regulations, including the National Credit Act and Consumer Protection Act, while incorporating international best practices in asset financing. It includes comprehensive provisions for drawdowns, security arrangements, asset maintenance, and default scenarios, making it suitable for financing various types of assets from vehicles and equipment to more complex industrial assets. The master agreement structure reduces transaction costs and time while maintaining flexibility for specific asset requirements in individual transactions.

1. Parties: Identification of the finance provider and the customer, including their full legal names, registration numbers, and addresses

2. Background: Context of the agreement, explaining the framework nature of the arrangement and the intention to finance multiple assets

3. Definitions and Interpretation: Comprehensive definitions of terms used throughout the agreement and rules of interpretation

4. Framework Terms: Establishes the master agreement structure and how individual transactions will be entered into

5. Application Process: Procedures for requesting financing under the master agreement and approval processes

6. Credit Assessment: Terms regarding credit evaluation and ongoing creditworthiness requirements

7. Drawdown Mechanics: Procedures and conditions for implementing individual finance transactions

8. Payment Terms: General payment obligations, including interest calculation, payment methods, and timing

9. Asset Conditions: Requirements for asset maintenance, insurance, and usage restrictions

10. Securities and Guarantees: Framework for security arrangements and guarantee requirements

11. Representations and Warranties: Standard representations and warranties from both parties

12. Events of Default: Comprehensive list of default events and their consequences

13. Enforcement Rights: Rights and remedies available upon default

14. General Terms: Standard boilerplate clauses including notices, amendments, governing law

15. Termination: Provisions for terminating the master agreement and individual transactions