The Secured Loan Note is a fundamental financing document used in South African lending transactions where a lender provides funding against specific security. This document type is particularly relevant when parties seek to establish a formal lending arrangement with security interests over specific assets, whether movable or immovable property. The Secured Loan Note must comply with South African legislative requirements, particularly the National Credit Act, Companies Act, and relevant security registration laws. It typically includes detailed provisions on loan terms, security arrangements, representations and warranties, covenants, and enforcement mechanisms. This document is commonly used in both corporate and high-value individual lending scenarios, providing lenders with enforceable security rights while ensuring borrower protections under South African law.
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1. Parties: Identification of the Lender, Borrower, and any Security Provider or Guarantor
2. Background: Context of the loan agreement and security arrangement
3. Definitions and Interpretation: Definitions of key terms and interpretation rules
4. The Loan: Principal amount, purpose, and drawdown conditions
5. Interest: Interest rate, calculation method, and payment terms
6. Repayment: Repayment schedule, prepayment terms, and payment mechanics
7. Security: Description of security provided, creation and perfection requirements
8. Representations and Warranties: Standard representations by the Borrower regarding capacity, authority, and financial condition
9. Covenants: Positive and negative undertakings by the Borrower
10. Events of Default: Circumstances constituting default and consequences
11. Enforcement: Rights and remedies upon default, including security enforcement
12. Costs and Expenses: Allocation of transaction costs and enforcement expenses
13. Notices: Communication methods and contact details
14. General Provisions: Standard boilerplate clauses including governing law and jurisdiction
1. Guarantees: Terms of any personal or corporate guarantees - include when third-party guarantees are part of the security package
2. Security Agent: Appointment and powers of security agent - required for syndicated loans or multiple lenders
3. Tax Provisions: Detailed tax considerations and gross-up provisions - include for complex corporate transactions
4. Assignment and Transfer: Terms for transferring the loan or security - important for tradeable notes or syndicated facilities
5. Intercreditor Provisions: Ranking and priority between different creditors - needed when multiple creditors are involved
6. Information Undertakings: Detailed reporting requirements - include for corporate borrowers or larger loans
7. Financial Covenants: Specific financial ratios and tests - include for corporate borrowers or larger facilities
1. Loan Terms Schedule: Detailed terms including amount, interest rate, and payment dates
2. Security Assets Schedule: Detailed description of all assets subject to security
3. Conditions Precedent: List of required documents and conditions for loan drawdown
4. Repayment Schedule: Detailed amortization or payment schedule
5. Form of Drawdown Request: Template for requesting loan disbursement
6. Form of Compliance Certificate: Template for periodic compliance certification
7. Security Documents: Forms of security documents or guarantees
8. Notice Details: Detailed contact information for all parties
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