The Private Lending Term Sheet is a crucial preliminary document used in South African private lending transactions to establish the fundamental terms of a proposed loan. It serves as a roadmap for the preparation of definitive loan documentation and is typically used when parties have reached an initial understanding but before committing to detailed legal documentation. The document includes essential information such as loan amount, interest rates, repayment terms, security arrangements, and key conditions, all structured within the South African legal framework. While mostly non-binding, it helps prevent misunderstandings and provides a clear framework for negotiation. The term sheet must consider compliance with South African legislation, including the National Credit Act, Consumer Protection Act, and Financial Intelligence Centre Act, particularly regarding interest rate caps, consumer protection, and anti-money laundering requirements.
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1. Parties: Details of the lender and borrower, including full legal names, registration numbers (if applicable), and addresses
2. Background: Brief context of the loan transaction and purpose
3. Definitions: Key terms used throughout the term sheet
4. Loan Amount: Principal amount of the loan to be advanced
5. Interest Rate: Applicable interest rate, calculation method, and payment frequency
6. Term and Repayment: Duration of the loan and repayment structure (e.g., bullet payment, amortization schedule)
7. Disbursement: Conditions and mechanics for disbursement of the loan
8. Security: Overview of any security or collateral required
9. Events of Default: Circumstances that would constitute a default under the loan
10. Representations and Warranties: Basic statements of fact and assurances from the borrower
11. Governing Law: Confirmation of South African law as governing law
12. Non-Binding Nature: Statement clarifying which terms are binding and non-binding
1. Security Details: Detailed section on security structure when complex security arrangements are required
2. Guarantees: Include when personal or corporate guarantees are required
3. Syndication Rights: Include when the lender may want to syndicate the loan
4. Financial Covenants: Include for business loans requiring financial performance metrics
5. Information Rights: Include when ongoing financial or operational reporting is required
6. Prepayment Terms: Include when early repayment options are to be specifically addressed
7. Interest Rate Adjustment: Include when interest rate may vary based on certain conditions
8. Assignment and Transfer: Include when either party may need to transfer their rights or obligations
1. Repayment Schedule: Detailed amortization or payment schedule
2. Security Assets Schedule: Detailed list of assets provided as security
3. Conditions Precedent: List of conditions to be satisfied before disbursement
4. Form of Drawdown Notice: Template for requesting disbursement of funds
5. Fees Schedule: Breakdown of all applicable fees and charges
6. Required Insurance: Details of insurance requirements for secured assets
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