The Commercial Credit Agreement serves as a fundamental instrument for business financing in South Africa, enabling companies to access credit facilities while ensuring regulatory compliance. This document is essential when a business entity seeks to obtain credit facilities from a registered credit provider, whether for working capital, expansion, or specific project financing. The agreement must comply with the National Credit Act 34 of 2005, the Financial Intelligence Centre Act, and other relevant South African legislation. It typically includes comprehensive details about credit limits, interest calculations, security arrangements, representations and warranties, and enforcement mechanisms. The document is structured to protect both the credit provider's interests in securing repayment and the borrower's rights under South African law, while maintaining transparency in all financial obligations and terms.
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1. Parties: Identification and details of the credit provider and borrower, including registration numbers and addresses
2. Background: Context of the agreement and relationship between the parties
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement
4. Credit Facility: Details of the credit amount, purpose, and terms of availability
5. Interest and Fees: Interest rate calculations, fees, charges and total cost of credit as required by NCA
6. Repayment Terms: Payment schedule, method of payment, and allocation of payments
7. Conditions Precedent: Conditions that must be met before the credit facility becomes available
8. Representations and Warranties: Statements of fact and assurances given by the borrower
9. Covenants: Ongoing obligations and restrictions on the borrower
10. Events of Default: Circumstances constituting default and consequences thereof
11. Security: Details of any security or guarantees required for the credit facility
12. Termination: Circumstances and procedures for early termination or cancellation
13. General Provisions: Standard legal clauses including notices, amendments, governing law
1. Credit Insurance: Required when credit insurance is mandatory or offered as part of the agreement
2. Additional Borrowers: Used when multiple borrowers are jointly liable for the credit facility
3. Special Drawing Conditions: Include when the credit facility has specific drawing requirements or tranches
4. Foreign Exchange Provisions: Required when the facility involves foreign currency transactions
5. Syndication Provisions: Include when the facility may be syndicated to multiple lenders
6. Data Protection: Detailed POPIA compliance provisions when extensive personal information processing is involved
1. Schedule 1 - Facility Terms: Detailed breakdown of credit limits, interest rates, fees and charges
2. Schedule 2 - Repayment Schedule: Detailed amortization schedule or payment terms
3. Schedule 3 - Security Details: Comprehensive description of security assets and arrangements
4. Schedule 4 - Conditions Precedent Documents: List of required documents and conditions to be met
5. Schedule 5 - Drawing Notice Form: Template for requesting drawdowns under the facility
6. Appendix A - Compliance Certificate: Template for periodic compliance certification
7. Appendix B - Know Your Customer Requirements: List of required KYC documentation and verification requirements
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