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EXPLANATORY NOTES FOR THE LOAN AGREEMENT
This agreement sets out a loan facility to a corporate entity that is not a consumer as defined in the NCA; the capital lent repayable with interest over a certain (given) period of time.
It may also be used by lending institutions, as it is a very robust and substantive draft which utilises stringent security measures to protect the lending institution, should the borrower default.
PLEASE NOTE: This agreement must not be used for loan facilities that fall under the NCA as there are different regulatory requirements that apply to such agreements.
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NOTE FURTHER: This loan agreement has suspensive conditions which, if not correctly fulfilled, will result in the loan agreement being null and void (save for certain clauses thereof). It is arguable that the parties will still have an oral agreement in place if such happens; however, the terms and conditions of an oral loan agreement may be more onerous to prove than a written loan agreement.
This loan agreement:
This LOAN AGREEMENT contains the following clauses:
Please read carefully through the loan agreement and fill in all missing details. In preparing a signature document, please have regard to all the notes we have placed hereon to assist you with the conclusion of a professional and legally binding loan agreement.