The Loan Contract With Collateral is a crucial document used in South African secured lending transactions, whether for commercial, retail, or agricultural purposes. It is designed to comply with the National Credit Act 34 of 2005 and other relevant South African legislation governing secured lending. This document is typically used when a lender requires security for a loan in the form of movable or immovable property, providing protection against default risk. The agreement comprehensively details the loan terms, collateral arrangements, enforcement rights, and incorporates mandatory consumer protection provisions required by South African law. It's particularly important for risk management in lending operations and requires careful consideration of both the loan terms and the nature and value of the security being offered.
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1. Parties: Identification and details of the Lender and Borrower, including registration/ID numbers and addresses
2. Background: Context of the loan agreement, including purpose and relationship between parties
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement
4. Loan Amount and Purpose: Specification of the loan amount and its intended use
5. Interest Rate and Charges: Details of interest rate, calculation method, and any additional charges as per NCA requirements
6. Repayment Terms: Payment schedule, method of payment, and consequences of early or late payment
7. Security/Collateral: Description of assets provided as security and terms of the security arrangement
8. Representations and Warranties: Borrower's confirmations regarding their financial status and authority to enter agreement
9. Borrower's Obligations: Ongoing obligations including maintenance of collateral and financial reporting
10. Events of Default: Circumstances constituting default and consequences thereof
11. Enforcement and Remedies: Lender's rights and remedies upon default, including realization of security
12. General Provisions: Standard clauses including notices, amendments, governing law, and jurisdiction
1. Guarantees: Required when a third party guarantees the loan obligations
2. Insurance Requirements: Needed when specific insurance is required for the collateral
3. Special Conditions: For any unique terms specific to the particular loan arrangement
4. Co-Borrower Provisions: Required when multiple borrowers are jointly liable for the loan
5. Priority Arrangements: Needed when there are multiple security interests or lenders
6. Debt Counselling Notice: Required for natural person borrowers under the NCA
1. Schedule 1: Loan Terms: Detailed breakdown of loan amount, interest rate, fees, and payment schedule
2. Schedule 2: Collateral Description: Detailed description and valuation of assets provided as security
3. Schedule 3: Repayment Schedule: Amortization table showing payment dates and amounts
4. Schedule 4: Security Documents: List of additional security documents required (e.g., pledge agreements, mortgage bonds)
5. Appendix A: Disclosure Statement: Statutory pre-agreement disclosure as required by the National Credit Act
6. Appendix B: Costs of Credit: Detailed breakdown of all costs associated with the credit agreement
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Legal Services
Real Estate
Asset Finance
Commercial Lending
Retail Banking
Agricultural Finance
Manufacturing
Mining
Construction
Small Business Banking
Relevant Teams
Legal
Credit Risk
Compliance
Operations
Collections
Security Documentation
Relationship Management
Risk Management
Finance
Corporate Banking
Retail Banking
Relevant Roles
Legal Counsel
Credit Manager
Risk Officer
Loan Officer
Compliance Officer
Financial Manager
Security Documentation Specialist
Credit Analyst
Relationship Manager
Collections Manager
Collateral Manager
Chief Risk Officer
Legal Director
Banking Executive
Credit Risk Analyst
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