The Demand Loan Agreement is a critical financial instrument used in South Africa when a lender wishes to maintain maximum flexibility in requiring repayment of a loan. This type of agreement is commonly used in both commercial and private lending scenarios, where the lender requires the ability to recall the loan at any time. The document must strictly comply with South African legislation, particularly the National Credit Act, Consumer Protection Act, and financial services regulations. It typically includes comprehensive details about the loan amount, interest calculations, repayment mechanisms, and any security arrangements. The Demand Loan Agreement is particularly useful for short-term financing needs or where the lending relationship requires flexibility, but must be carefully structured to balance the lender's rights with borrower protections required under South African law.
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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 agreement and the intention of the parties to enter into a demand loan arrangement
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. The Loan: Specifies the loan amount, purpose, and conditions precedent for drawdown
5. Interest: Details the interest rate, calculation method, and payment frequency
6. Repayment: Describes the demand nature of the loan and repayment mechanisms
7. Representations and Warranties: Sets out the Borrower's confirmations regarding their legal and financial status
8. Borrower Covenants: Lists the Borrower's ongoing obligations during the loan term
9. Events of Default: Defines circumstances that constitute default and their consequences
10. Payments: Specifies payment mechanics, currency, and treatment of non-business days
11. Costs and Expenses: Allocates responsibility for legal and other costs related to the loan
12. Notices: Details how formal communications between parties should be made
13. General Provisions: Contains standard legal provisions including governing law, jurisdiction, and entire agreement
1. Security: Include when the loan is secured by any assets or guarantees
2. Guarantee: Include when there is a third-party guarantor for the loan
3. Tax Gross-up: Include when tax implications need to be addressed explicitly
4. Assignment and Transfer: Include when either party may need to transfer their rights or obligations
5. Multiple Borrowers: Include when there is more than one borrower to address joint and several liability
6. Currency Provisions: Include for loans involving foreign currency or cross-border elements
7. Information Undertakings: Include when regular financial reporting is required from the Borrower
8. Bank Account Provisions: Include when specific account arrangements are required for loan operations
1. Loan Details: Schedule containing specific loan terms including amount, interest rate, and any special conditions
2. Conditions Precedent: List of documents and conditions required before the loan becomes available
3. Repayment Schedule: If applicable, details of any agreed repayment structure or minimum payments
4. Security Details: If secured, details of the security arrangements and secured assets
5. Form of Demand Notice: Template for the formal demand notice to be used when requesting repayment
6. Contact Details: List of authorized contacts and addresses for notices for each party
7. Compliance Certificate: Template for periodic confirmation of compliance with loan terms if required
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