The Asset Based Loan Agreement is a crucial financing document used in India when businesses or individuals seek to obtain funding by leveraging their assets as security. This agreement is particularly relevant in scenarios where companies need working capital or term loans backed by inventory, receivables, equipment, or other valuable assets. The document must comply with Indian banking regulations, including RBI guidelines, SARFAESI Act, and other relevant financial laws. It typically includes detailed provisions for asset valuation, monitoring mechanisms, security creation, and enforcement rights. The agreement is designed to protect the lender's interests while providing borrowers with necessary funding, incorporating specific requirements for different types of assets and their maintenance.
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1. Parties: Identification of the lender and borrower with complete details
2. Background: Context of the loan, purpose, and brief description of the assets being secured
3. Definitions and Interpretation: Definitions of key terms and interpretation clauses
4. Loan Amount and Purpose: Specification of the loan amount, purpose, and drawdown conditions
5. Security Creation: Details of the security interest being created over the assets
6. Interest and Fees: Interest rate, calculation method, fees, and charges
7. Repayment Terms: Repayment schedule, prepayment provisions, and payment mechanics
8. Conditions Precedent: Conditions to be satisfied before loan disbursement
9. Representations and Warranties: Borrower's representations regarding legal status, assets, and authority
10. Covenants: Positive and negative obligations of the borrower
11. Events of Default: Circumstances constituting default and consequences
12. Enforcement Rights: Lender's rights and remedies upon default
13. Asset Maintenance and Insurance: Requirements for maintaining and insuring the secured assets
14. Notices: Communication procedures between parties
15. Governing Law and Jurisdiction: Applicable law and dispute resolution mechanism
1. Guarantees: Include when there are personal or corporate guarantors
2. Security Trustee Provisions: Required when multiple lenders are involved
3. Asset Monitoring: Detailed provisions for regular valuation and monitoring of assets
4. Cross-Default: Include when borrower has other significant loans
5. Assignment and Transfer: Include when loan transfer rights are contemplated
6. Currency Provisions: Required for loans involving foreign currency
7. Tax Provisions: Detailed tax clauses when complex tax implications exist
8. Force Majeure: Include when specific force majeure protection is needed
9. Step-In Rights: Include when lender may need to take control of assets
10. Environmental Compliance: Required when assets involve environmental risks
1. Asset Schedule: Detailed description and valuation of all secured assets
2. Repayment Schedule: Detailed amortization schedule with payment dates and amounts
3. Form of Drawdown Notice: Template for requesting loan disbursement
4. Conditions Precedent Documents: List of required documents and conditions
5. Security Documents: Forms of security documents and filings
6. Insurance Requirements: Detailed insurance specifications for secured assets
7. Permitted Security Interests: List of pre-existing or permitted encumbrances
8. Form of Compliance Certificate: Template for periodic compliance reporting
9. Fee Schedule: Detailed breakdown of all fees and charges
10. Required Authorizations: List of required regulatory and corporate approvals
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Manufacturing
Real Estate
Infrastructure
Automotive
Retail
Logistics & Warehousing
Agriculture
Healthcare
Technology
Mining
Construction
Heavy Industries
Pharmaceuticals
Textiles
Relevant Teams
Legal
Finance
Risk Management
Compliance
Treasury
Credit
Corporate Finance
Operations
Asset Management
Security
Documentation
Loan Administration
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Risk Manager
Credit Manager
Loan Officer
Asset Manager
Compliance Officer
Treasury Manager
Banking Relationship Manager
Security Trustee Officer
Corporate Finance Manager
Financial Controller
Chief Risk Officer
Company Secretary
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