The Loan Guarantee Agreement is a critical financial instrument in South African commercial practice, used when a third party agrees to guarantee the repayment obligations of a borrower under a loan facility. This document is essential when lenders require additional security beyond the borrower's own covenant, particularly in cases where the borrower's creditworthiness alone is insufficient or when corporate group structures necessitate parent company support. The agreement must comply with South African legislative requirements, including the National Credit Act 34 of 2005, the Financial Intelligence Centre Act, and the General Law Amendment Act's provisions regarding written guarantees. It typically includes comprehensive details about the guaranteed obligations, enforcement mechanisms, and the guarantor's undertakings, while incorporating necessary consumer protection elements where applicable. The document is particularly relevant in corporate financing, project finance, and property transactions where guaranteed obligations are a key component of the security package.
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1. Parties: Identification of the Guarantor, Lender, and Borrower with full legal names and registration/identification numbers
2. Background: Context of the underlying loan agreement and purpose of the guarantee
3. Definitions and Interpretation: Definitions of key terms and interpretation rules, including specific definitions for 'Guaranteed Obligations' and 'Enforcement Event'
4. Guarantee: Core guarantee provisions, including the scope and nature of the guarantee obligations
5. Nature of Guarantee: Specifies whether the guarantee is conditional/unconditional, revocable/irrevocable, and limited/unlimited
6. Duration and Extent: Term of the guarantee and the maximum amount guaranteed (if applicable)
7. Guarantor's Undertakings: Specific promises and obligations of the guarantor, including maintaining financial conditions and reporting requirements
8. Payments: Payment mechanisms, currency, and treatment of taxes
9. Enforcement: Circumstances and procedures for enforcing the guarantee
10. Representations and Warranties: Guarantor's confirmations regarding capacity, authority, and financial condition
11. Events of Default: Circumstances constituting default under the guarantee
12. General Provisions: Standard boilerplate clauses including notices, amendments, governing law, and jurisdiction
1. Corporate Guarantor Provisions: Additional provisions required when the guarantor is a company, including board resolutions and financial covenants
2. Multiple Guarantors: Provisions dealing with joint and several liability when there are multiple guarantors
3. Security Provisions: Where specific assets are provided as additional security for the guarantee
4. Subordination: Provisions subordinating the guarantor's rights of recourse against the borrower
5. Independent Legal Advice: Acknowledgment of receipt of independent legal advice, particularly important for individual guarantors
6. Exchange Control: Required for cross-border transactions involving foreign currency
7. Counter-Indemnity: Where the guarantor requires indemnification from the borrower
8. Step-In Rights: Provisions allowing the guarantor to step into the position of the lender in certain circumstances
1. Schedule 1 - Underlying Loan Agreement: Copy or key terms of the loan agreement being guaranteed
2. Schedule 2 - Guarantee Limit Calculation: Method of calculating the guarantee limit if not a fixed amount
3. Schedule 3 - Form of Demand: Prescribed form for making a demand under the guarantee
4. Schedule 4 - Corporate Authority Documents: Required corporate resolutions and authorizations
5. Schedule 5 - Compliance Certificate: Form of certificate for periodic confirmation of compliance with guarantee terms
6. Appendix A - Security Documents: List and copies of any security documents related to the guarantee
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Real Estate
Construction
Manufacturing
Mining
Retail
Agriculture
Technology
Healthcare
Energy
Infrastructure
Telecommunications
Transport and Logistics
Relevant Teams
Legal
Finance
Treasury
Credit
Risk Management
Compliance
Corporate Secretarial
Commercial
Banking
Corporate Finance
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Finance Manager
Credit Manager
Risk Manager
Treasury Manager
Compliance Officer
Company Secretary
Commercial Director
Banking Relationship Manager
Credit Analyst
Legal Director
Senior Legal Advisor
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