The Term Loan Agreement is a fundamental financing document used in South African commercial lending transactions when a borrower requires a fixed-term loan facility. It must comply with the National Credit Act 34 of 2005 and other relevant South African legislation, including the Financial Intelligence Centre Act and Consumer Protection Act where applicable. The agreement is typically used for medium to long-term financing needs such as capital expenditure, acquisitions, or project financing. It contains detailed provisions on loan mechanics, security arrangements, representations and warranties, covenants, and events of default, all structured within the South African legal framework. The document is essential for establishing a clear legal relationship between the lender and borrower while ensuring regulatory compliance and protection for all parties involved.
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1. Parties: Identifies and defines the Lender and Borrower with their full legal details
2. Background: Sets out the context of the loan agreement and the parties' intention to enter into the loan transaction
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation principles
4. The Loan: Details the principal amount, purpose, and basic terms of the loan facility
5. Interest: Specifies the interest rate, calculation method, and payment terms
6. Repayment: Sets out the repayment schedule, methods, and terms
7. Security: Details the security arrangements for the loan
8. Conditions Precedent: Lists conditions that must be satisfied before the loan becomes available
9. Representations and Warranties: Contains statements of fact and assurances given by the Borrower
10. Covenants: Sets out positive and negative obligations of the Borrower during the loan term
11. Events of Default: Lists circumstances that constitute default and their consequences
12. Payments: Details payment mechanics, currencies, and tax provisions
13. Assignment and Transfer: Governs the ability to transfer rights and obligations under the agreement
14. Notices: Specifies how formal communications between parties should be made
15. General Provisions: Contains boilerplate clauses including governing law, jurisdiction, and entire agreement provisions
1. Guarantees: Required when there is a third-party guarantor for the loan
2. Increased Costs: Used for longer-term loans to address potential regulatory changes affecting the lender's costs
3. Market Disruption: Relevant for loans with variable interest rates to address market disruption events
4. Multiple Borrowers: Required when there is more than one borrower entity
5. Tax Gross-up and Indemnities: Detailed tax provisions needed for cross-border loans or complex tax structures
6. Change of Control: Important for corporate borrowers to address ownership changes
7. Break Costs: Needed for fixed-rate loans or where early repayment may cause lender losses
1. Repayment Schedule: Detailed amortization table showing payment dates and amounts
2. Conditions Precedent Documents: List of required documents and conditions to be satisfied
3. Form of Drawdown Notice: Template for the borrower to request loan disbursement
4. Security Documents: Forms of security documents or list of security arrangements
5. Form of Compliance Certificate: Template for periodic compliance certification by borrower
6. Interest Calculation Examples: Examples showing how interest will be calculated
7. Details of Bank Accounts: Specified accounts for disbursement and repayment
8. Form of Transfer Certificate: Template for transferring rights and obligations under the loan
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Relevant legal definitions
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Relevant Industries
Banking and Financial Services
Real Estate
Manufacturing
Mining and Resources
Agriculture
Retail
Technology
Healthcare
Construction
Infrastructure
Energy
Telecommunications
Transportation and Logistics
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Credit
Corporate Banking
Operations
Due Diligence
Document Management
Corporate Finance
Transaction Management
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Risk Manager
Credit Manager
Relationship Manager
Treasury Manager
Compliance Officer
Financial Controller
Managing Director
Company Secretary
Loan Officer
Credit Analyst
Transaction Manager
Due Diligence Officer
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