The Equipment Finance Agreement serves as a crucial financing instrument in the Indian market, enabling businesses to acquire necessary equipment without substantial upfront capital investment. This document is essential when companies seek to finance the purchase or lease of equipment through a financial institution, combining elements of secured lending and equipment utilization rights. The agreement must comply with Indian financial regulations and banking guidelines, particularly those established by the Reserve Bank of India. It includes detailed provisions for equipment identification, financing terms, security creation, maintenance requirements, and enforcement mechanisms. The document is structured to protect the interests of both the financer and the borrower while ensuring clear documentation of the financing arrangement and associated obligations.
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1. Parties: Details of the financer/lender and the borrower/lessee
2. Background: Context of the financing arrangement and purpose
3. Definitions: Definitions of key terms used throughout the agreement
4. Facility Details: Details of the financing facility including amount, purpose, and term
5. Equipment Details: Description of the equipment being financed
6. Payment Terms: Payment schedule, interest rates, and payment methods
7. Security Arrangements: Details of security interest over the equipment and additional security if any
8. Conditions Precedent: Conditions to be satisfied before disbursement
9. Representations and Warranties: Statements of fact and assurances by the borrower
10. Covenants: Positive and negative obligations of the borrower
11. Insurance Requirements: Mandatory insurance coverage for the equipment
12. Events of Default: Circumstances constituting default and consequences
13. Rights and Remedies: Rights of the financer upon default
14. Indemnification: Indemnity provisions protecting the financer
15. Notices: Process for sending formal communications
16. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction
17. Miscellaneous: Standard boilerplate provisions including amendments, waivers, and severability
1. Guarantees: Required when there are personal or corporate guarantors for the facility
2. Equipment Maintenance: Detailed maintenance obligations when equipment requires specific care or maintenance protocols
3. Import Requirements: Required for imported equipment subject to special regulations or requirements
4. Environmental Compliance: Required for equipment that may have environmental impacts or requires specific environmental clearances
5. Operation Requirements: Required when equipment needs specific operational guidelines or certified operators
6. Sub-letting Provisions: Required if sub-letting of equipment is to be permitted
7. Buy-back Options: Required when including provisions for manufacturer buy-back or early purchase options
8. Special Industry Regulations: Required when equipment is used in regulated industries like healthcare or mining
1. Equipment Schedule: Detailed technical specifications, serial numbers, and value of equipment
2. Payment Schedule: Detailed breakdown of payment instalments, dates, and amounts
3. Insurance Requirements: Specific insurance types, coverage amounts, and approved insurers
4. Form of Drawdown Notice: Template for requesting disbursement of the facility
5. Condition Precedent Documents: List of required documents to be submitted before disbursement
6. Permitted Locations: Approved locations for equipment installation/operation
7. Maintenance Schedule: Required maintenance intervals and procedures
8. Form of Security Documents: Templates for various security documents including hypothecation deed
9. Key Performance Parameters: Performance benchmarks and monitoring requirements for the equipment
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Construction
Healthcare
Agriculture
Mining
Transportation
Logistics
Infrastructure
Heavy Industries
Technology Hardware
Telecommunications
Renewable Energy
Printing and Packaging
Food Processing
Textile Industry
Relevant Teams
Legal
Finance
Operations
Risk Management
Procurement
Treasury
Credit
Compliance
Asset Management
Commercial
Relevant Roles
Chief Financial Officer
Finance Manager
Equipment Finance Manager
Legal Counsel
Risk Manager
Operations Manager
Procurement Manager
Asset Manager
Treasury Manager
Credit Manager
Commercial Director
Business Development Manager
Project Finance Manager
Equipment Leasing Specialist
Compliance Officer
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