The Vendor Loan Agreement is commonly used in commercial transactions where the seller (vendor) agrees to finance part or all of the purchase price for the buyer (purchaser). This arrangement is particularly valuable when traditional banking finance is not preferred or available, or when structuring seller-assisted financing packages. The document must comply with South African legislation, particularly the National Credit Act 34 of 2005, Companies Act 71 of 2008, and relevant financial sector regulations. It typically includes detailed terms about the loan amount, interest calculations, repayment schedule, security arrangements (if any), and the relationship between the loan and the underlying sale transaction. This type of agreement is especially common in business asset sales, property transactions, and equipment financing, where the vendor has the capacity to offer financing terms to facilitate the sale.
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1. Parties: Identification of the Vendor/Lender and the Purchaser/Borrower with full legal names and registration/identification numbers
2. Background: Context of the agreement including reference to the underlying sale transaction and the provision of vendor financing
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules of interpretation
4. Loan Amount and Purpose: Specification of the loan amount and confirmation that it relates to the purchase price of the underlying transaction
5. Interest Rate: Interest rate applicable to the loan, calculation method, and compliance with usury laws
6. Repayment Terms: Payment schedule, installment amounts, and payment methods
7. Conditions Precedent: Conditions that must be met before the loan becomes effective
8. Representations and Warranties: Statements of fact and assurances given by both parties
9. Covenants: Ongoing obligations of the borrower during the loan term
10. Events of Default: Circumstances constituting default and consequences thereof
11. Remedies: Rights and remedies available to the lender upon default
12. Notices: Process and addresses for formal communications between parties
13. General Provisions: Standard legal provisions including governing law, jurisdiction, and entire agreement clause
1. Security Arrangements: Required if the loan is secured by assets, describing the nature and terms of security
2. Guarantee: Include when a third-party guarantee is required for the loan
3. Insurance Requirements: Needed when specific insurance must be maintained over secured assets or the borrower's life
4. Early Repayment: Terms for voluntary early repayment if permitted, including any penalties or fees
5. Relationship with Sale Agreement: Detailed provisions on how this loan agreement interacts with the underlying sale agreement
6. Tax Provisions: Special tax considerations or requirements, particularly relevant for large transactions
7. Assignment and Transfer: Include if either party may assign their rights or obligations
8. Currency and Exchange Rate: Required for international transactions or when multiple currencies are involved
1. Schedule 1 - Loan Details: Detailed breakdown of the loan amount, interest calculations, and payment schedule
2. Schedule 2 - Repayment Schedule: Amortization table showing all scheduled payments
3. Schedule 3 - Security Details: Description of any security or collateral provided
4. Schedule 4 - Conditions Precedent Checklist: List of all required documents and conditions to be satisfied
5. Schedule 5 - Form of Drawdown Notice: Standard form for requesting loan disbursement
6. Schedule 6 - Sale Agreement Details: Key details from the underlying sale agreement
7. Appendix A - Compliance Certificate: Template for periodic compliance certification
8. Appendix B - Payment Instructions: Banking and payment details for loan repayments
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