Free South Africa Credit Agreement Template
South Africa Credit Agreement
1. Introduction
This Credit Agreement (“Agreement”) is entered into as of December 7, 2084 , by and between Lyda Fadel with a principal office located at [Lender's Address] (“Lender”), and Sigmund Corwin, a company/individual with an address at [Borrower's Address] (“Borrower”). The parties intend for this Agreement to set forth the terms and conditions under which the Lender will provide a credit facility to the Borrower.
2. Credit Facility
2.1 Amount and Purpose
The Lender agrees to make a credit facility available to the Borrower in the aggregate principal amount of ZAR [Amount] (“Credit Facility”) for the purpose of [Specify Purpose].
2.2 Drawdown
The Borrower may draw upon the Credit Facility in accordance with the terms and conditions set forth herein and any additional instructions provided by the Lender.
3. Interest and Repayment
3.1 Interest Rate
The outstanding balance of the Credit Facility shall bear interest at a rate of [Interest Rate]% per annum, calculated daily and payable monthly in arrears.
3.2 Repayment Terms
The Borrower shall make repayments of the principal amount of the Credit Facility and accrued interest thereon in accordance with the repayment schedule attached hereto as Exhibit A (“Repayment Schedule”).
4. Representations and Warranties
The Borrower hereby represents and warrants to the Lender as follows:
4.1 Authority
The Borrower has all necessary authority and power to enter into this Agreement and to carry out the transactions and obligations contemplated herein.
4.2 Financial Condition
The financial information provided by the Borrower to the Lender is true and accurate in all material respects, and the Borrower is not aware of any subsequent material changes.
5. Covenants
While the Credit Facility is outstanding, the Borrower agrees to comply with the following covenants:
5.1 Use of Proceeds
The Borrower shall use the proceeds of the Credit Facility solely for the purposes set forth in this Agreement.
5.2 Financial Reporting
The Borrower shall furnish the Lender with quarterly and annual financial statements, prepared in accordance with generally accepted accounting principles, within the time frame specified by the Lender.
6. Default
6.1 Events of Default
Events of Default shall include, but not be limited to, the following: (i) failure to pay any amount due under this Agreement; (ii) breach of any representation, warranty, or covenant contained herein; and (iii) the commencement of any bankruptcy or insolvency proceedings involving the Borrower.
6.2 Remedies
Upon the occurrence of an Event of Default, the Lender may declare the outstanding balance of the Credit Facility, together with all interest and any other amounts payable under this Agreement, to be immediately due and payable.
7. Governing Law
This Agreement shall be governed by, and construed in accordance with, the laws of South Africa.
8. Amendments
No amendment, modification, or waiver of any provision of this Agreement shall be effective unless in writing and signed by both parties.
9. Signatures
This Agreement may be executed in counterparts, each of which shall be deemed an original.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date set forth above.
Lyda Fadel
Sigmund Corwin
