The Overloan Agreement is utilized in South African banking and lending practices when a borrower requires funding that exceeds their existing credit facility limits. This document is essential when circumstances necessitate additional borrowing beyond pre-approved limits, whether due to business expansion, unexpected expenses, or other financial needs. The agreement ensures compliance with South African banking regulations, including the National Credit Act, while protecting both lender and borrower interests. It typically includes details of the original facility, the additional amount being extended, revised repayment terms, interest rates, any security arrangements, and the conditions under which the overloan is granted. This document is particularly important for maintaining clear records of credit extensions and ensuring proper risk management in lending relationships.
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1. Parties: Identifies and defines the Lender and the Borrower with their full legal details
2. Background: Explains the context of the existing facility and the circumstances leading to the overloan requirement
3. Definitions and Interpretation: Defines key terms used in the agreement and sets out interpretation rules
4. Acknowledgment of Existing Facility: Confirms details of the existing loan facility and current outstanding amounts
5. Overloan Facility: Sets out the terms of the additional loan amount, including the facility limit and purpose
6. Interest and Fees: Specifies the interest rate, calculation method, and any applicable fees
7. Repayment Terms: Details the repayment schedule, method, and conditions
8. Representations and Warranties: States the borrower's confirmations regarding their financial position and ability to repay
9. Events of Default: Lists circumstances that constitute default and the consequences thereof
10. General Terms: Includes standard contractual provisions such as notices, amendments, and governing law
1. Security Arrangements: Required when the overloan is secured by specific assets or collateral
2. Guarantees: Included when a third-party guarantee is provided for the overloan
3. Insurance Requirements: Needed when specific insurance coverage is required for the overloan
4. Special Conditions: Used when there are specific conditions or covenants applicable to the borrower
5. Set-off Rights: Included when the lender requires explicit rights to set off amounts against other accounts
6. Financial Covenants: Required for corporate borrowers where specific financial metrics must be maintained
1. Schedule 1: Existing Facility Details: Details of the original loan facility, including reference numbers and key terms
2. Schedule 2: Repayment Schedule: Detailed breakdown of repayment dates and amounts
3. Schedule 3: Fee Schedule: Comprehensive list of all applicable fees and charges
4. Schedule 4: Security Details: Description of any security or collateral provided for the overloan
5. Appendix A: Compliance Documents: List of required compliance documents and certificates
6. Appendix B: Standard Terms and Conditions: Bank's standard terms and conditions applicable to the overloan
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