The Fixed Sum Loan Agreement is a fundamental financial instrument used in Indian banking and commercial transactions when a lender agrees to provide a predetermined amount to a borrower. This document is essential when parties need to formalize lending arrangements with clear terms, whether for business expansion, asset acquisition, or other financing needs. It must comply with Indian banking regulations, the Indian Contract Act, and state-specific money lending laws. The agreement typically includes detailed provisions on interest calculation, repayment terms, security arrangements, and enforcement mechanisms. It's particularly important for maintaining clear records for accounting, tax, and regulatory compliance purposes, while providing legal protection for both lender and borrower.
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1. Parties: Identifies and defines the Lender and Borrower with their full legal names, addresses, and registration details
2. Background: Brief context of the loan arrangement and purpose
3. Definitions and Interpretation: Defines key terms used throughout the agreement and sets out interpretation rules
4. The Loan: Specifies the loan amount, purpose, and conditions precedent for disbursement
5. Interest: Details the interest rate, calculation method, and payment frequency
6. Repayment: Sets out the repayment schedule, payment methods, and prepayment terms
7. Representations and Warranties: Statements of fact and assurances given by the Borrower
8. Borrower's Covenants: Ongoing obligations and restrictions on the Borrower during the loan term
9. Events of Default: Lists circumstances that constitute default and their consequences
10. Remedies: Lender's rights and remedies upon occurrence of an Event of Default
11. Notices: Procedure for giving formal notices under the agreement
12. Governing Law and Jurisdiction: Specifies Indian law as governing law and jurisdiction for disputes
13. Miscellaneous: Standard boilerplate provisions including assignment, amendments, and severability
1. Security: Include when loan is secured by specific assets or collateral
2. Guarantee: Include when there is a guarantor for the loan
3. Insurance: Include when specific insurance requirements are imposed on the Borrower
4. Additional Representations: Include for specialized loans or when Borrower has specific circumstances requiring additional warranties
5. Tax Provisions: Include detailed tax provisions when tax implications are significant or complex
6. Assignment and Transfer: Include detailed provisions when either party may need to transfer rights or obligations
7. Force Majeure: Include when specific events beyond parties' control should be addressed
1. Schedule 1 - Loan Details: Details of loan amount, interest rate, tenure, and repayment schedule
2. Schedule 2 - Conditions Precedent: List of documents and conditions to be satisfied before loan disbursement
3. Schedule 3 - Repayment Schedule: Detailed amortization schedule with payment dates and amounts
4. Schedule 4 - Security Details: Description of security/collateral if loan is secured
5. Schedule 5 - Form of Disbursement Request: Template for requesting loan disbursement
6. Schedule 6 - Fees and Charges: Detailed breakdown of all applicable fees and charges
7. Appendix A - KYC Documents: List of required KYC documents and compliance requirements
Relevant legal definitions
Agreement
Applicable Law
Authorized Representative
Business Day
Conditions Precedent
Default Interest
Default Rate
Disbursement
Disbursement Date
Due Date
Effective Date
Event of Default
Financial Indebtedness
Financial Year
Interest Period
Interest Rate
Lender
Borrower
Loan
Loan Amount
Material Adverse Effect
Maturity Date
Outstanding Amount
Parties
Prepayment
Principal Amount
Repayment Date
Repayment Schedule
Security
Security Documents
Tax
Working Day
Interest Payment Date
Default Notice
Guarantor
Security Provider
Secured Assets
Facility
RBI
Sanctions
Financial Statements
Governmental Authority
Encumbrance
Borrower's Account
Control
Subsidiary
Applicable Law
Authorized Representative
Business Day
Conditions Precedent
Default Interest
Default Rate
Disbursement
Disbursement Date
Due Date
Effective Date
Event of Default
Financial Indebtedness
Financial Year
Interest Period
Interest Rate
Lender
Borrower
Loan
Loan Amount
Material Adverse Effect
Maturity Date
Outstanding Amount
Parties
Prepayment
Principal Amount
Repayment Date
Repayment Schedule
Security
Security Documents
Tax
Working Day
Interest Payment Date
Default Notice
Guarantor
Security Provider
Secured Assets
Facility
RBI
Sanctions
Financial Statements
Governmental Authority
Encumbrance
Borrower's Account
Control
Subsidiary
Clauses
Definitions
Interpretation
Loan Facility
Purpose
Conditions Precedent
Disbursement
Interest
Repayment
Prepayment
Security
Representations and Warranties
Covenants
Events of Default
Consequences of Default
Indemnification
Assignment
Notices
Confidentiality
Force Majeure
Governing Law
Jurisdiction
Dispute Resolution
Amendment
Severability
Entire Agreement
Counterparts
Costs and Expenses
Tax Provisions
Set-off Rights
Further Assurance
Interpretation
Loan Facility
Purpose
Conditions Precedent
Disbursement
Interest
Repayment
Prepayment
Security
Representations and Warranties
Covenants
Events of Default
Consequences of Default
Indemnification
Assignment
Notices
Confidentiality
Force Majeure
Governing Law
Jurisdiction
Dispute Resolution
Amendment
Severability
Entire Agreement
Counterparts
Costs and Expenses
Tax Provisions
Set-off Rights
Further Assurance
Relevant Industries
Banking & Financial Services
Microfinance
Real Estate
Manufacturing
Retail
Infrastructure
Agriculture
Technology
Healthcare
Education
Relevant Teams
Legal
Finance
Compliance
Risk Management
Credit
Treasury
Corporate Banking
Documentation
Operations
Relevant Roles
Chief Financial Officer
Finance Manager
Legal Counsel
Compliance Officer
Credit Risk Manager
Loan Officer
Corporate Banking Manager
Treasury Manager
Financial Controller
Company Secretary
Risk Assessment Officer
Documentation Specialist
Relationship Manager
Credit Analyst
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