The Inter Corporate Deposit Agreement is a crucial financial instrument used in South Africa when one corporate entity wishes to place a deposit with another corporate entity or financial institution. This document is essential for companies managing excess liquidity or seeking to optimize their treasury operations through structured deposit arrangements. The agreement encompasses all necessary terms including deposit amount, interest calculations, payment mechanisms, and regulatory compliance requirements under South African law. It is particularly relevant in the context of group treasury management, financial sector operations, and corporate cash management strategies. The document must comply with South African banking regulations, corporate law, and financial sector legislation, making it suitable for use by both financial institutions and corporate entities operating within the South African jurisdiction.
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1. Parties: Identification of the depositor and deposit-taking entity, 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. Deposit Amount and Term: Specification of the deposit amount, term, and any conditions for placement
5. Interest Rate and Calculations: Details of interest rate, calculation method, and payment frequency
6. Payment Terms: Terms for deposit placement, interest payments, and maturity repayment
7. Representations and Warranties: Standard representations by both parties regarding capacity and authority
8. Bank Account Details: Specified accounts for deposit placement and interest/repayment
9. Early Termination: Conditions and process for early withdrawal or termination
10. Default Events: Events constituting default and consequences thereof
11. Notices: Communication procedures and contact details
12. General Terms: Standard legal provisions including governing law, jurisdiction, and amendments
13. Signature: Execution clause and signing provisions
1. Security: Include when the deposit requires specific security or collateral arrangements
2. Tax Provisions: Detailed tax clauses when specific tax treatments or withholding requirements apply
3. Foreign Exchange Provisions: Include when deposit involves foreign currency or cross-border elements
4. Rolling Over Provisions: Terms for automatic renewal or rolling over of the deposit
5. Intermediary Provisions: Include when a broker or intermediary is involved in the arrangement
6. Group Company Provisions: Specific terms when deposit arrangement involves group companies
7. Force Majeure: Include when specific market disruption or force majeure provisions are required
1. Schedule 1 - Deposit Terms: Detailed terms of the deposit including amount, term, and interest rate
2. Schedule 2 - Interest Calculation Examples: Examples of interest calculations under different scenarios
3. Schedule 3 - Compliance Documents: List of required compliance documents including FICA requirements
4. Schedule 4 - Authorized Signatories: List of authorized signatories for both parties
5. Schedule 5 - Bank Account Details: Detailed banking information for all relevant accounts
6. Appendix A - Required Resolutions: Corporate resolutions authorizing the deposit arrangement
7. Appendix B - Tax Forms: Relevant tax forms and declarations
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Investment Management
Corporate Treasury
Insurance
Mining and Resources
Manufacturing
Retail
Real Estate
Technology
Telecommunications
Professional Services
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Corporate Banking
Investment
Operations
Accounts
Corporate Secretariat
Relevant Roles
Chief Financial Officer
Treasury Manager
Financial Director
Corporate Treasurer
Legal Counsel
Compliance Officer
Risk Manager
Investment Manager
Finance Manager
Company Secretary
Banking Relationship Manager
Corporate Banking Officer
Financial Controller
Accounts Manager
Treasury Operations Manager
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