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Credit And Security Agreement

Credit And Security Agreement Template for South Africa

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Key Requirements PROMPT example:

Credit And Security Agreement

"I need a Credit and Security Agreement for a R50 million corporate facility to a manufacturing company, with security including both moveable assets and share pledges, to be implemented by March 2025 - must comply with South African banking regulations and include multiple drawdown provisions."

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Document background
The Credit and Security Agreement is a fundamental document used in South African financing transactions where credit is provided against security. It serves as both the primary credit agreement, complying with the National Credit Act 34 of 2005, and the security document establishing the lender's security interests. This agreement is typically used when a lender provides credit facilities to a borrower and requires security over specific assets or guarantees as collateral. The document must comply with strict regulatory requirements under South African law, including mandatory provisions regarding interest rates, fees, and consumer protection measures. It incorporates both the credit terms and security arrangements in a single agreement, streamlining documentation while ensuring comprehensive protection for all parties involved.
Suggested Sections

1. Parties: Identification of the credit provider, borrower, and any guarantors or security providers

2. Background: Context of the credit facility and security arrangement

3. Definitions and Interpretation: Definitions of key terms and interpretation rules, including National Credit Act definitions where applicable

4. Credit Facility: Details of the credit amount, purpose, and terms of advancement

5. Interest and Fees: Interest rate, calculation method, and all applicable fees as per National Credit Act requirements

6. Repayment Terms: Repayment schedule, method, and conditions

7. Security Arrangements: Description of security provided, perfection requirements, and enforcement rights

8. Representations and Warranties: Standard and credit-specific warranties from the borrower

9. Conditions Precedent: Requirements to be met before credit facility becomes available

10. Covenants: Ongoing obligations of the borrower during the facility term

11. Events of Default: Circumstances constituting default and consequences

12. Enforcement: Rights and procedures for enforcing security upon default

13. General Provisions: Standard legal provisions including notices, amendments, governing law

Optional Sections

1. Guarantee Provisions: Required when third-party guarantees are part of the security structure

2. Insurance Requirements: Included when specific insurance is required for secured assets

3. Special Drawing Conditions: Used for facilities with multiple drawdown requirements or special conditions

4. Additional Security Provisions: Required when multiple forms of security are provided

5. Special Repayment Terms: Included for facilities with early repayment options or special payment structures

6. Intercreditor Provisions: Required when multiple credit providers are involved

7. Credit Bureau Reporting: Detailed provisions about credit information reporting when dealing with consumer credit

8. Debt Review Provisions: Required for consumer credit agreements under National Credit Act

Suggested Schedules

1. Facility Terms Schedule: Detailed terms of the credit facility including amounts, interest rates, and fees

2. Repayment Schedule: Detailed payment dates and amounts

3. Security Assets Schedule: Detailed description of all assets provided as security

4. Pre-Agreement Statement and Quotation: National Credit Act mandatory disclosure document

5. Compliance Certificate: Template for ongoing compliance certification

6. Security Documents: Forms of additional security documents required

7. Drawing Notice: Template for drawdown requests

8. Cost Schedule: Detailed breakdown of all costs, fees, and charges as required by NCA

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions



























































Clauses










































Relevant Industries

Financial Services

Banking

Commercial Lending

Asset Finance

Real Estate

Manufacturing

Retail

Mining

Agriculture

Construction

Technology

Healthcare

Relevant Teams

Legal

Finance

Risk Management

Compliance

Credit

Treasury

Commercial

Operations

Corporate Finance

Documentary Management

Security Administration

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Credit Manager

Risk Manager

Compliance Officer

Treasury Manager

Financial Controller

Commercial Director

Security Trustee

Loan Officer

Credit Analyst

Legal Director

Managing Director

Company Secretary

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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