The Secured Loan Agreement is a crucial legal document used in South African financing transactions where a lender provides funding to a borrower against specific security. This agreement must comply with the National Credit Act 34 of 2005 and other relevant South African legislation, making it essential for both commercial and consumer lending scenarios. The document is particularly important when significant amounts are being lent or when the lender requires specific assets as collateral. It sets out the complete terms of the loan, including amount, interest, repayment schedule, and detailed provisions regarding the security arrangement. The agreement also includes enforcement mechanisms and remedies available to the lender in case of default, while ensuring compliance with South African consumer protection requirements.
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1. Parties: Identifies and provides full details of the Lender and Borrower, including registration numbers for companies or ID numbers for individuals
2. Background: Explains the context of the loan and the intention of the parties to enter into a secured lending arrangement
3. Definitions and Interpretation: Defines key terms used throughout the agreement and sets out interpretation rules
4. The Loan: Details of the loan amount, purpose, and drawdown conditions
5. Interest: Specifies interest rate, calculation method, and payment terms in compliance with NCA caps
6. Repayment Terms: Sets out the repayment schedule, method of payment, and early repayment provisions
7. Security: Describes the nature and extent of the security being provided
8. Representations and Warranties: Standard warranties about capacity to enter agreement, accuracy of information provided
9. Borrower Covenants: Ongoing obligations of the borrower during the loan term
10. Events of Default: Lists circumstances constituting default and consequences
11. Enforcement: Rights and remedies of the lender upon default, including realization of security
12. Notices: How formal communications between parties should be made
13. General Provisions: Standard boilerplate clauses including governing law, jurisdiction, whole agreement
14. Signatures: Execution provisions and signature blocks
1. Conditions Precedent: Used for larger loans where certain conditions must be met before drawdown
2. Guarantees: Include when there are third-party guarantors for the loan
3. Insurance: Required when specific insurance must be maintained over secured assets
4. Assignment and Transfer: Include for larger loans where the lender may want to transfer rights
5. Further Security: Used when additional security might be required in future
6. Cost and Expenses: Detailed section on cost allocation, needed for larger commercial loans
7. Tax Provisions: Include when tax implications need specific attention
8. Multiple Lenders: Required when there is more than one lender
9. Priority Arrangements: Include when there are multiple secured creditors
1. Loan Details: Specific details of the loan amount, interest rate, and repayment schedule
2. Security Assets: Detailed description and/or list of assets provided as security
3. Repayment Schedule: Detailed amortization schedule showing payments, interest, and principal
4. Conditions Precedent: List of all documents and conditions required before drawdown
5. Form of Drawdown Notice: Template for requesting disbursement of the loan
6. Security Documents: Copies or forms of additional security documents
7. Disclosure Schedule: Required disclosures under the National Credit Act
8. Insurance Requirements: Detailed insurance requirements for secured assets
9. Fees and Charges: Comprehensive breakdown of all fees and charges
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Real Estate
Manufacturing
Agriculture
Mining
Retail
Construction
Technology
Transportation
Energy
Healthcare
Relevant Teams
Legal
Finance
Risk Management
Compliance
Credit
Treasury
Commercial
Corporate Finance
Business Development
Operations
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Credit Manager
Risk Manager
Compliance Officer
Commercial Director
Treasury Manager
Financial Controller
Business Development Manager
Credit Analyst
Legal Director
Corporate Lawyer
Loan Officer
Security Trustee
Portfolio Manager
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