The Loan Extension Agreement is utilized when parties to an existing loan arrangement wish to extend the loan's maturity date rather than refinancing or entering into a new agreement. This document is particularly relevant in the South African market where businesses and individuals may need to restructure their loan obligations due to changing economic conditions or business requirements. The agreement must comply with South African banking and credit regulations, including the National Credit Act where applicable. It typically includes confirmation of the outstanding loan amount, the new maturity date, any adjustments to interest rates or payment schedules, and reaffirmation of existing security arrangements. This type of agreement is commonly used in both commercial and retail banking sectors, providing a streamlined approach to extending credit facilities without the need for completely new loan documentation.
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1. Parties: Identification of the Lender and Borrower with their full legal names and addresses
2. Background: Recitals detailing the original loan agreement, its key terms, and the parties' desire to extend the loan
3. Definitions: Definitions of key terms, including reference to definitions in the original agreement that remain applicable
4. Extension of Loan Term: Specific provisions extending the loan term, including the new maturity date
5. Confirmation of Existing Terms: Confirmation that all other terms of the original agreement remain in full force and effect
6. Representations and Warranties: Borrower's confirmation that representations in original agreement remain true and no defaults exist
7. Conditions Precedent: Conditions that must be satisfied before the extension becomes effective
8. Costs: Allocation of costs related to the preparation and execution of the extension agreement
9. Governing Law: Confirmation that South African law governs the agreement
10. Signature: Execution provisions and signature blocks
1. Amendment to Interest Rate: Include when the interest rate is being modified as part of the extension
2. Additional Security: Include when new security is being provided for the extended term
3. Amendment to Payment Schedule: Include when payment terms or schedule are being modified
4. Consent of Guarantor: Include when there are existing guarantors who need to consent to the extension
5. Financial Covenants: Include when adding or modifying financial covenants for the extended term
6. Extension Fee: Include when a fee is charged for the extension
7. Additional Conditions: Include when new conditions are being imposed for the extension period
1. Original Loan Agreement: Copy of the original loan agreement being extended
2. Updated Repayment Schedule: New amortization or payment schedule reflecting the extended term
3. Confirmation of Outstanding Balance: Statement of the current loan balance being extended
4. Security Documents: List and/or copies of existing security documents that remain in force
5. Guarantor Consent Forms: Forms for guarantors to formally consent to the extension
6. Compliance Certificate: Certificate confirming compliance with loan conditions as of extension date
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Real Estate
Commercial Property
Manufacturing
Retail
Agriculture
Mining
Construction
Technology
Healthcare
Education
Small Business
Relevant Teams
Legal
Finance
Treasury
Credit
Compliance
Risk Management
Corporate Banking
Retail Banking
Commercial Banking
Operations
Documentation
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Credit Manager
Legal Counsel
Commercial Director
Banking Relationship Manager
Loan Officer
Compliance Officer
Risk Manager
Corporate Finance Manager
Financial Controller
Company Secretary
Credit Risk Officer
Business Development Manager
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