The Interim Loan Agreement serves as a critical financing tool in South African business transactions where temporary funding is required before permanent financing can be arranged. This document type is commonly used in situations such as acquisition financing, construction projects, or corporate restructuring where time-sensitive funding is needed. The agreement must comply with South African banking and finance regulations, particularly the National Credit Act and Financial Intelligence Centre Act. It typically includes provisions for loan amount, interest rates, repayment terms, conditions precedent, and the mechanism for transitioning to permanent financing. The interim nature of the facility is reflected in its shorter term and potentially higher interest rates compared to permanent financing arrangements.
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1. Parties: Identification of the Lender and Borrower with full legal names and registration details
2. Background: Context of the interim facility, including purpose and intention for permanent financing
3. Definitions and Interpretation: Key terms used in the agreement and rules for interpretation
4. The Facility: Amount, purpose, and nature of the interim loan facility
5. Conditions Precedent: Requirements to be met before the facility becomes available
6. Drawdown: Process and requirements for accessing the loan funds
7. Interest and Fees: Interest rate, calculation method, and applicable fees
8. Repayment: Terms for repayment including deadline for refinancing or conversion
9. Representations and Warranties: Standard statements of fact by the borrower
10. Undertakings: Borrower's ongoing obligations during the loan term
11. Events of Default: Circumstances that trigger default and lender's remedies
12. Boilerplate Clauses: Standard legal provisions including notices, amendments, governing law
1. Security: Required if the loan is secured by any assets or guarantees
2. Conditions Subsequent: Include if there are requirements to be met after drawdown
3. Conversion Rights: Include if the interim loan can be converted to equity or other instruments
4. Permanent Financing Arrangements: Include if specific arrangements for permanent financing are already agreed
5. Tax Provisions: Required if specific tax implications need to be addressed
6. Assignment and Transfer: Include if rights to transfer the loan are required
7. Financial Covenants: Include if specific financial metrics must be maintained
1. Drawdown Notice: Form of notice for requesting loan disbursement
2. Conditions Precedent: Detailed list of required documents and conditions
3. Calculation of Interest: Detailed methodology for interest calculation
4. Repayment Schedule: If applicable, schedule of any interim payments
5. Security Details: If secured, detailed description of security arrangements
6. Form of Compliance Certificate: Template for periodic compliance reporting
7. Required Insurance: Details of insurance requirements for secured assets
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Mining
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Relevant Teams
Legal
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Corporate Finance
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Relevant Roles
Chief Financial Officer
Finance Director
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Corporate Lawyer
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Finance Manager
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Commercial Director
Business Development Manager
Company Secretary
Financial Controller
Compliance Officer
Banking Relationship Manager
Transaction Manager
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