The Undertaking Loan Agreement is a crucial financial instrument used in the Indian lending landscape when a lender provides financial assistance to a borrower under specific terms and conditions. This document is particularly relevant when the lender requires additional assurances through specific undertakings from the borrower, beyond standard loan provisions. It combines elements of a traditional loan agreement with explicit commitments and covenants from the borrower, making it suitable for both corporate and individual lending scenarios. The agreement must comply with Indian contract law, banking regulations, and financial sector guidelines, including RBI directives where applicable. It's commonly used for business expansions, asset purchases, working capital requirements, and project financing, incorporating necessary safeguards for the lender while establishing clear obligations for the borrower.
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1. Parties: Identification and details of the Lender and Borrower, including addresses and registration details
2. Background: Context of the loan agreement, relationship between parties, and purpose of the loan
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Amount and Purpose: Specification of the loan amount, currency, and permitted use of funds
5. Interest and Fees: Interest rate, calculation method, applicable fees, and payment terms
6. Repayment Terms: Schedule of repayments, payment methods, and prepayment provisions
7. Borrower's Representations: Warranties and representations made by the borrower regarding their capacity and authority
8. Borrower's Undertakings: Positive and negative covenants, including financial covenants and reporting requirements
9. Events of Default: Circumstances constituting default and consequences thereof
10. Rights and Remedies: Lender's rights and remedies upon default
11. Notices: Process and addresses for serving notices between parties
12. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction over disputes
1. Security: Details of any collateral or security provided for the loan. Include when the loan is secured.
2. Guarantor Provisions: Terms relating to guarantors and their obligations. Include when there are third-party guarantors.
3. Insurance: Requirements for insurance of security/collateral. Include when security is provided.
4. Assignment and Transfer: Rights to assign or transfer the loan. Include for institutional lenders.
5. Force Majeure: Provisions for unforeseen circumstances affecting loan performance. Include for long-term loans.
6. Electronic Execution: Provisions for digital signing and electronic records. Include if agreement will be executed electronically.
1. Schedule 1 - Loan Details: Detailed breakdown of loan amount, interest calculations, and repayment schedule
2. Schedule 2 - Security Details: Description and particulars of security/collateral provided
3. Schedule 3 - Conditions Precedent: List of conditions to be satisfied before loan disbursement
4. Schedule 4 - Form of Disbursement Request: Template for requesting loan disbursement
5. Schedule 5 - Compliance Certificate: Template for periodic compliance reporting
6. Appendix A - List of Documents: List of supporting documents provided by borrower
7. Appendix B - Know Your Customer (KYC) Requirements: List of required KYC documents and compliance requirements
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