The Recourse Loan Agreement is a critical financial instrument used in Indian lending transactions where the lender seeks comprehensive security and recovery rights. This document is particularly relevant when extending credit facilities where the primary collateral alone may not provide sufficient security for the loan amount. The agreement, governed by Indian law, includes detailed provisions for loan disbursement, repayment mechanisms, security creation, and enforcement rights. It is structured to comply with Indian banking regulations, debt recovery laws (including SARFAESI Act), and contract law principles. The document becomes essential in corporate financing, project financing, and other scenarios where lenders require additional protection through personal guarantees or access to other assets of the borrower beyond the primary security.
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1. Parties: Identification of the lender and borrower with complete details including registration numbers and addresses
2. Background: Recitals explaining the context of the loan and the parties' intentions
3. Definitions and Interpretation: Definitions of key terms and rules for interpreting the agreement
4. Loan Amount and Purpose: Specification of the loan amount, purpose, and any tranches if applicable
5. Interest Rate and Computation: Details of interest rate, calculation method, and payment frequency
6. Repayment Terms: Schedule of repayment, including principal and interest payment dates
7. Security: Details of security/collateral provided for the loan
8. Representations and Warranties: Statements of fact and assurances given by the borrower
9. Covenants: Positive and negative obligations of the borrower during the loan term
10. Events of Default: Circumstances constituting default and consequences thereof
11. Rights and Remedies: Lender's rights upon default, including recourse mechanisms
12. Expenses and Indemnification: Allocation of costs and indemnification obligations
13. Notices: Process and addresses for serving notices
14. Governing Law and Jurisdiction: Specification of Indian law as governing law and jurisdiction details
15. Miscellaneous: Standard boilerplate provisions including amendments, waivers, and severability
1. Guarantor Provisions: Required when there is a guarantor for the loan, detailing guarantor's obligations and rights
2. Insurance: Required when specific insurance coverage is mandatory for the security/collateral
3. Special Conditions Precedent: Used when there are specific conditions to be met before loan disbursement
4. Prepayment Terms: Include when early repayment is allowed, specifying terms and penalties
5. Assignment and Transfer: Required when either party may need to transfer rights or obligations
6. Force Majeure: Include when specific force majeure provisions are needed beyond standard contract frustration
7. Step-In Rights: Required in complex transactions where lender may need to take control of assets/operations
8. Cross-Default: Include when default under other agreements should trigger default under this loan
1. Schedule 1 - Loan Details: Detailed breakdown of loan amount, interest rates, and payment schedule
2. Schedule 2 - Security Details: Comprehensive description of security/collateral including valuations
3. Schedule 3 - Conditions Precedent: List of documents and conditions required before loan disbursement
4. Schedule 4 - Drawdown Request Form: Standard form for requesting loan disbursement
5. Schedule 5 - Repayment Schedule: Detailed amortization schedule with payment dates and amounts
6. Schedule 6 - Financial Covenants: Specific financial ratios and requirements to be maintained
7. Appendix A - Form of Compliance Certificate: Template for periodic compliance certification by borrower
8. Appendix B - Security Creation Documents: Forms and formats for creating security interests
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