The Loan Payoff Agreement is a crucial document used in South African financial and business transactions when parties wish to formally settle and terminate an existing loan obligation. It is particularly relevant when a borrower wants to settle a loan before its original maturity date or when parties agree to a final settlement amount that differs from the original loan terms. The agreement must comply with South African legislation, particularly the National Credit Act 34 of 2005 and the Consumer Protection Act 68 of 2008. This document typically includes details of the original loan, the agreed settlement amount, payment terms, release of securities, and discharge of obligations. It's essential for both individual and commercial loans, providing legal certainty and protection for all parties involved in the loan settlement process.
Your data doesn't train Genie's AI
You keep IP ownership聽of your information
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
OR
Let tiktok成人版's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.
1. Parties: Identifies and defines the parties to the agreement - the Lender and the Borrower, including their full legal names, registration numbers (if companies), and physical addresses
2. Background: Recitals explaining the context of the original loan, reference to the original loan agreement, and the parties' desire to settle the loan
3. Definitions: Defines key terms used throughout the agreement, including 'Original Loan Agreement', 'Settlement Amount', 'Settlement Date', and other relevant terms
4. Loan Details: Details of the original loan including the principal amount, date of origination, and current outstanding balance
5. Settlement Terms: Specifies the agreed settlement amount, payment method, and settlement date
6. Payment Arrangements: Details of how and when the settlement payment will be made, including banking details and payment verification process
7. Release and Discharge: Terms confirming that upon payment of the settlement amount, the borrower is released from all obligations under the original loan
8. Representations and Warranties: Statements by both parties confirming their capacity to enter into the agreement and the accuracy of information provided
9. General Terms: Standard legal provisions including governing law, jurisdiction, and entire agreement clause
10. Signatures: Execution clause and signature blocks for all parties
1. Security Release: Required when the original loan was secured by assets or guarantees that need to be released
2. Tax Implications: Include when there are specific tax consequences of the settlement that need to be addressed
3. Confidentiality: Include when parties wish to keep the settlement terms confidential
4. Partial Settlement: Required when the agreement involves settling only part of a larger loan or multiple loans
5. Default and Remedies: Include when the settlement involves installment payments rather than a single lump sum
6. Surviving Obligations: Include when certain obligations from the original loan agreement should survive the settlement
1. Schedule A - Original Loan Details: Copy or summary of the original loan agreement and amendments
2. Schedule B - Settlement Calculation: Detailed breakdown of the settlement amount including principal, interest, and any fees
3. Schedule C - Payment Schedule: If applicable, detailed schedule of installment payments with dates and amounts
4. Appendix 1 - Security Documents: List and copies of security documents to be cancelled or released
5. Appendix 2 - Required Authorizations: Copies of corporate or regulatory authorizations required for the settlement
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Real Estate
Construction
Manufacturing
Retail
Agriculture
Mining
Professional Services
Healthcare
Education
Technology
Small Business
Relevant Teams
Legal
Finance
Credit
Collections
Risk Management
Compliance
Treasury
Corporate Finance
Debt Recovery
Operations
Document Management
Relevant Roles
Credit Manager
Legal Counsel
Financial Manager
Loan Officer
Collections Manager
Risk Manager
Compliance Officer
Chief Financial Officer
Corporate Lawyer
Debt Recovery Specialist
Account Manager
Treasury Manager
Credit Administrator
Legal Secretary
Financial Controller
Find the exact document you need
Commercial Loan Contract
A South African law-governed agreement establishing terms for commercial lending between a financial institution and a business borrower.
find out more
Hire Purchase Agreement For Motorcycle
A South African law-governed agreement for the purchase of a motorcycle through installment payments, with ownership retention by the seller until full payment.
find out more
Hire Purchase Agreement Motor Vehicle
A South African law-compliant Hire Purchase Agreement for motor vehicles, governing installment-based vehicle purchases with retention of ownership until final payment.
find out more
Business Investment Loan Agreement
A South African law-governed agreement establishing terms and conditions for a business investment loan, including loan amount, interest rates, repayment terms, and security arrangements.
find out more
Auto Loan Promissory Note
A South African law-governed promissory note documenting a vehicle loan agreement with associated security and payment terms under the National Credit Act.
find out more
Facility Agreement Loan
A South African law-governed agreement establishing terms and conditions for a loan facility, including amount, interest, repayment terms, and security arrangements.
find out more
Computer Equipment Loan Agreement
A South African law-governed agreement for the temporary loan of computer equipment, establishing terms, conditions, and responsibilities between lender and borrower.
find out more
Sellers Finance Agreement
A South African legal agreement where the seller provides direct financing to the purchaser, combining sale and credit terms in compliance with local credit legislation.
find out more
Master Securities Loan Agreement
A South African law-governed agreement establishing terms for securities lending transactions between financial institutions, including collateral, margin, and regulatory requirements.
find out more
Hand Loan Agreement
A South African legal document formalizing a loan agreement between parties, typically for private lending, outlining loan terms and conditions in accordance with local law.
find out more
Co Financing Agreement
A South African law-governed agreement establishing terms and conditions for multiple lenders to jointly provide financing, including rights, obligations, and security arrangements.
find out more
Litigation Funding Agreement
A South African law-governed agreement establishing terms for third-party funding of legal proceedings, including funding commitments, success fees, and risk allocation.
find out more
Owner Finance Vehicle Contract
A South African law-governed agreement combining vehicle sale and owner-provided financing terms, compliant with National Credit Act requirements.
find out more
Loan Facilitation Agreement
A South African law-governed agreement establishing terms between loan facilitators and lenders for loan origination and management services.
find out more
Royalty Financing Agreement
A South African law-governed agreement establishing terms for royalty-based financing, including payment terms, calculations, and regulatory compliance requirements.
find out more
Loan Participation Agreement
A South African law-governed agreement establishing terms for a participant's acquisition of an interest in a loan facility, including risk-sharing and administrative arrangements.
find out more
Overfacility Agreement
A South African law-governed agreement establishing terms for additional credit facilities provided by a financial institution to a borrower beyond existing arrangements.
find out more
Loan And Mortgage Agreement
A South African law-governed agreement establishing terms for a property-secured loan, combining lending provisions with mortgage security arrangements.
find out more
Hire Purchase Agreement For Car
A South African law-governed agreement for the purchase of a vehicle through installment payments, with the seller retaining ownership until full payment is made.
find out more
Film Financing Agreement
A South African law-governed agreement establishing terms and conditions for film production financing, including funding structure, security arrangements, and regulatory compliance requirements.
find out more
Vehicle Payment Plan Agreement
A South African law-compliant agreement governing the purchase of a vehicle through scheduled payments, detailing financial terms and ownership conditions.
find out more
Vehicle Finance Contract
A South African law-compliant agreement for vehicle financing between a credit provider and customer, outlining terms of credit, vehicle details, and security arrangements.
find out more
Undertaking Loan Agreement
South African-compliant loan agreement establishing terms for lending money, including repayment conditions and borrower undertakings.
find out more
Trade Finance Facility Agreement
A South African law-governed agreement establishing terms for trade finance facilities between a financial institution and corporate borrower, including facility structure, utilization, and compliance requirements.
find out more
Seller Financing Real Estate Contract
A South African law-compliant agreement for property sale with seller-provided financing, combining real estate transfer and credit provision terms.
find out more
Master Loan Agreement
A South African law-governed framework agreement establishing terms and conditions for ongoing lending arrangements between a financial institution and borrower.
find out more
Margin Loan Agreement
A South African law-governed agreement establishing terms for lending against securities as collateral, with provisions for margin maintenance and regulatory compliance.
find out more
Installment Loan Agreement
A South African law-governed agreement setting out terms for a loan repayable in installments, compliant with the National Credit Act.
find out more
Financial Support Agreement
A South African law-governed agreement establishing terms for financial support between parties, including payment terms, obligations, and compliance requirements.
find out more
Financial Assistance Agreement
South African law-governed agreement establishing terms for providing financial assistance, compliant with the National Credit Act and financial sector regulations.
find out more
Car Installment Agreement
A South African law-compliant agreement for vehicle purchase through installment payments, detailing financial terms, obligations, and ownership conditions.
find out more
Bridge Financing Agreement
South African law-governed agreement for temporary financing arrangements, typically used as interim funding until permanent financing is secured.
find out more
Auto Finance Contract
South African vehicle financing agreement that establishes terms for vehicle purchase financing under National Credit Act requirements.
find out more
Municipal Lease Purchase Agreement
A South African law-governed agreement enabling municipalities to acquire assets through lease-to-own arrangements while ensuring compliance with municipal finance regulations.
find out more
Vehicle Finance Agreement
A South African law-governed agreement setting out terms for vehicle financing, compliant with the National Credit Act and Consumer Protection Act.
find out more
Loan Payoff Agreement
A South African law-governed agreement that documents the terms and conditions for settling and terminating an existing loan, ensuring compliance with local credit legislation.
find out more
Mortgage Bond Agreement
A South African law-governed security agreement creating a mortgage bond over immovable property to secure a loan or other obligation.
find out more
Master Asset Finance Agreement
A South African law-governed master agreement establishing terms for multiple asset financing transactions between a finance provider and customer.
find out more
Development Credit Agreement
A South African law-governed agreement for providing credit facilities for development projects, incorporating local regulatory requirements and development objectives.
find out more
Small Credit Agreement
A South African law-governed credit agreement for small loans, compliant with the National Credit Act, documenting terms between a credit provider and consumer.
find out more
骋别苍颈别鈥檚 Security Promise
Genie is the safest place to draft. Here鈥檚 how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; 骋别苍颈别鈥檚 AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
.png)