The Non-Recourse Loan Agreement is primarily utilized in India for asset-based financing transactions where lenders agree to look solely to specific collateral for loan recovery. This type of agreement is particularly common in project finance, real estate development, and large asset financing scenarios where the asset's value and revenue-generating potential are the primary considerations for the loan. The document must comply with Indian banking regulations, security creation requirements under the Transfer of Property Act, and enforcement mechanisms under the SARFAESI Act. It includes comprehensive provisions for collateral identification, valuation, maintenance, and enforcement, while explicitly limiting the lender's recourse to the specified assets. The agreement is structured to balance the lender's security interests with the borrower's limited liability, making it particularly suitable for special purpose vehicles and project-specific financing.
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1. Parties: Identification of the lender and borrower with complete details
2. Background: Context of the loan, purpose, and explicit statement of non-recourse nature
3. Definitions and Interpretation: Definitions of key terms, interpretation rules, and construction of the agreement
4. Loan Amount and Purpose: Specification of loan amount, purpose, and explicit non-recourse limitations
5. Conditions Precedent: Conditions that must be satisfied before loan disbursement
6. Disbursement: Terms and mechanics of loan disbursement
7. Interest and Fees: Interest rate, calculation method, fees, and payment terms
8. Repayment Terms: Repayment schedule, prepayment provisions, and payment mechanics
9. Security and Collateral: Detailed description of security/collateral and perfection requirements
10. Representations and Warranties: Standard and collateral-specific representations
11. Covenants: Positive and negative covenants, especially regarding collateral maintenance
12. Events of Default: Default triggers and consequences, limited to security enforcement
13. Enforcement Rights: Lender's rights upon default, explicitly limited to collateral
14. Notices: Communication procedures between parties
15. Governing Law and Jurisdiction: Indian law as governing law and jurisdiction provisions
16. Miscellaneous: Standard boilerplate provisions including amendments, waivers, severability
1. Insurance: Required if collateral needs specific insurance coverage
2. Security Trustee: Required for syndicated loans with multiple lenders
3. Tax Provisions: Detailed tax provisions if transaction has specific tax implications
4. Currency Provisions: Required if loan or repayment involves foreign currency
5. Intercreditor Provisions: Required if there are multiple creditors or existing lenders
6. Asset Maintenance: Detailed maintenance requirements for specific types of collateral
7. Valuations: Required if periodic collateral valuations are needed
8. Force Majeure: Optional clause for unforeseen circumstances affecting the collateral
1. Schedule 1 - Collateral Description: Detailed description and documentation of all collateral assets
2. Schedule 2 - Repayment Schedule: Detailed amortization schedule with payment dates and amounts
3. Schedule 3 - Conditions Precedent Documents: List of required documents for disbursement
4. Schedule 4 - Form of Disbursement Request: Template for borrower's disbursement requests
5. Schedule 5 - Security Documents: Forms of security documents and perfection requirements
6. Schedule 6 - Notice Details: Contact details for all parties
7. Appendix A - Compliance Certificate: Form of periodic compliance certification
8. Appendix B - Valuation Methodology: Agreed methodology for collateral valuation
9. Appendix C - Insurance Requirements: Detailed insurance requirements for collateral
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