The Internal Loan Agreement is a crucial document for South African companies engaging in intra-group financing arrangements. It is specifically designed to comply with South African legislative requirements, including the Companies Act 71 of 2008 and relevant tax legislation. This document is typically used when one group company provides financial assistance to another through a loan structure, requiring specific corporate approvals and financial terms. The agreement must address various aspects including interest rates that comply with transfer pricing requirements, appropriate security arrangements if required, and necessary shareholder approvals. The Internal Loan Agreement serves as both a legal record of the debt and a compliance document, ensuring that the financial assistance meets all statutory requirements and corporate governance standards under South African law.
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1. Parties: Identification of the lender and borrower entities, including registration numbers and registered addresses
2. Background: Context of the loan, relationship between parties, and purpose of the funding
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Amount and Purpose: Specification of the loan amount and detailed purpose for which the loan is being made
5. Interest: Interest rate, calculation method, and payment terms
6. Repayment Terms: Repayment schedule, method of payment, and early repayment provisions
7. Conditions Precedent: Conditions that must be met before the loan becomes effective
8. Representations and Warranties: Standard declarations about the status and capacity of the parties
9. Covenants: Ongoing obligations of the borrower during the loan term
10. Events of Default: Circumstances that constitute default and consequences thereof
11. General Provisions: Standard clauses including notices, amendments, governing law, and jurisdiction
1. Security: Terms of any security or guarantee provided - include if the loan is secured
2. Subordination: Required if the loan needs to be subordinated to other debt
3. Tax Gross-up: Include if tax implications need to be addressed specifically
4. Board Approval: Special section referring to required corporate approvals - needed if Companies Act S45 applies
5. Currency and Exchange Control: Include if there are any cross-border elements to the loan
6. Assignment and Transfer: Include if the parties want to allow for potential transfer of the loan
7. Group Company Provisions: Include specific provisions relating to group company relationships if relevant
1. Repayment Schedule: Detailed schedule of repayment dates and amounts
2. Company Resolutions: Copies of relevant board and/or shareholder resolutions
3. Security Documents: Details of any security provided (if applicable)
4. Conditions Precedent Documents: List of required documents and conditions to be met
5. Related Party Details: Information about group company relationships and structures
6. Existing Indebtedness: Schedule of borrower's existing debt obligations
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Mining
Manufacturing
Retail
Technology
Healthcare
Construction
Agriculture
Energy
Telecommunications
Real Estate
Professional Services
Transport and Logistics
Relevant Teams
Legal
Finance
Treasury
Tax
Compliance
Corporate Secretarial
Risk Management
Corporate Finance
Accounting
Relevant Roles
Chief Financial Officer
Financial Director
Treasury Manager
Legal Counsel
Company Secretary
Tax Manager
Financial Controller
Group Financial Manager
Corporate Finance Manager
Compliance Officer
Risk Manager
Board Director
Managing Director
Finance Manager
Accountant
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