The Modification Of Loan Agreement is essential when parties to an existing loan arrangement in India need to alter the original terms due to various circumstances such as financial restructuring, change in business conditions, or mutual agreement to revise terms. This document is commonly used in response to changes in borrower circumstances, market conditions, or regulatory requirements. It must comply with Indian banking laws, RBI guidelines, and state-specific requirements for registration and stamping. The agreement typically includes details of the original loan, specific modifications being made, and confirmations that other terms remain unchanged. It's particularly relevant in the current economic climate where loan modifications are frequently needed to accommodate changing business conditions and regulatory frameworks in India.
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1. Parties: Identification of the lender and borrower, including their legal names, addresses, and registration details
2. Background: Reference to the original loan agreement, including date, parties, and purpose, and brief explanation of why modification is needed
3. Definitions: Definitions of key terms used in the modification agreement, including references to terms in the original agreement
4. Effective Date: Specification of when the modifications will take effect
5. Amendments to Original Agreement: Detailed description of specific modifications to the original loan agreement, clearly identifying sections being modified
6. Confirmation of Other Terms: Confirmation that all other terms of the original agreement remain unchanged and in full force
7. Representations and Warranties: Updated representations and warranties from the borrower regarding their current financial condition and ability to perform
8. Governing Law: Confirmation that the agreement continues to be governed by Indian law
9. Execution: Signature blocks for all parties and witnesses
1. Additional Security: Include when modification involves changes to or addition of security arrangements
2. Change in Interest Rate: Include when modification affects interest rate terms
3. Repayment Schedule Modification: Include when changing payment amounts, dates, or schedule
4. Extension of Tenure: Include when modifying the loan term duration
5. Guarantor Consent: Include when original agreement involves guarantors who need to consent to modifications
6. Regulatory Compliance: Include when modification requires specific regulatory acknowledgments or compliance statements
7. Default Cure: Include when modification is part of resolving a default situation
8. Fee Structure Changes: Include when modifying any fees, charges, or penalties
1. Schedule 1 - Original Loan Agreement: Copy or summary of the original loan agreement being modified
2. Schedule 2 - Modified Terms: Detailed comparison of original terms and modified terms in tabular format
3. Schedule 3 - Revised Repayment Schedule: Updated amortization or payment schedule reflecting modifications
4. Schedule 4 - Security Details: Updated list of security or collateral if modified
5. Schedule 5 - Compliance Certificates: Any required regulatory or compliance certificates
6. Appendix A - Board Resolutions: Corporate authorizations for the modification from relevant parties
7. Appendix B - Property Documents: Updated property documents if loan is secured by real estate
8. Appendix C - Financial Statements: Current financial statements supporting the modification
Relevant legal definitions
Agreement
Original Loan Agreement
Effective Date
Modification Date
Lender
Borrower
Guarantor
Security Provider
Loan Amount
Outstanding Amount
Modified Terms
Interest Rate
Modified Interest Rate
Default Rate
Repayment Schedule
Modified Repayment Schedule
Security
Additional Security
Business Day
Due Date
Event of Default
Material Adverse Effect
Applicable Law
RBI
Regulatory Authority
Modified Maturity Date
Original Maturity Date
Facility
Security Documents
Modified Security Documents
Secured Obligations
Financial Indebtedness
Modified Interest Payment Date
Stamp Duty
Registration Authority
Modification Fee
Compliance Certificate
Authorization
Bank Account
MCLR
Base Rate
Spread
Material Modification
Permitted Purpose
Property
Security Interest
Drawdown
Default Interest
Modification Period
Original Loan Agreement
Effective Date
Modification Date
Lender
Borrower
Guarantor
Security Provider
Loan Amount
Outstanding Amount
Modified Terms
Interest Rate
Modified Interest Rate
Default Rate
Repayment Schedule
Modified Repayment Schedule
Security
Additional Security
Business Day
Due Date
Event of Default
Material Adverse Effect
Applicable Law
RBI
Regulatory Authority
Modified Maturity Date
Original Maturity Date
Facility
Security Documents
Modified Security Documents
Secured Obligations
Financial Indebtedness
Modified Interest Payment Date
Stamp Duty
Registration Authority
Modification Fee
Compliance Certificate
Authorization
Bank Account
MCLR
Base Rate
Spread
Material Modification
Permitted Purpose
Property
Security Interest
Drawdown
Default Interest
Modification Period
Clauses
Parties
Definitions
Interpretation
Amendment
Modification
Interest Rate
Repayment Terms
Security
Representations and Warranties
Covenants
Conditions Precedent
Events of Default
Remedies
Indemnification
Force Majeure
Assignment
Notices
Governing Law
Jurisdiction
Dispute Resolution
Severability
Amendment and Waiver
Entire Agreement
Counterparts
Costs and Expenses
Confidentiality
Regulatory Compliance
Registration and Stamping
Authorization
Further Assurance
Survival
Time of Essence
Set-off Rights
Cross Default
Security Enforcement
Guarantee
Default Interest
Acceleration
Definitions
Interpretation
Amendment
Modification
Interest Rate
Repayment Terms
Security
Representations and Warranties
Covenants
Conditions Precedent
Events of Default
Remedies
Indemnification
Force Majeure
Assignment
Notices
Governing Law
Jurisdiction
Dispute Resolution
Severability
Amendment and Waiver
Entire Agreement
Counterparts
Costs and Expenses
Confidentiality
Regulatory Compliance
Registration and Stamping
Authorization
Further Assurance
Survival
Time of Essence
Set-off Rights
Cross Default
Security Enforcement
Guarantee
Default Interest
Acceleration
Relevant Industries
Banking & Financial Services
Real Estate & Construction
Manufacturing
Information Technology
Healthcare
Retail & Consumer
Agriculture
Infrastructure
Education
Hospitality
Transport & Logistics
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Credit Administration
Corporate Banking
Debt Restructuring
Documentation
Company Secretarial
Relevant Roles
Chief Financial Officer
Finance Manager
Legal Counsel
Compliance Officer
Credit Manager
Loan Officer
Risk Manager
Treasury Manager
Company Secretary
Banking Relationship Manager
Corporate Finance Manager
Financial Controller
Legal Director
Debt Restructuring Specialist
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