The Note and Security Agreement is a fundamental document in Indian secured lending transactions, used when a lender requires both a formal acknowledgment of debt and security over assets as protection for the loan. This document type is particularly relevant in the Indian legal context where multiple legislations intersect, including the Indian Contract Act, Transfer of Property Act, and SARFAESI Act. The agreement serves dual purposes: it contains the borrower's promise to repay the loan and creates security interests over specified assets. It's commonly used in both corporate and individual lending scenarios, requiring careful attention to registration requirements, stamp duty compliance, and enforcement mechanisms under Indian law. The Note and Security Agreement must be structured to ensure enforceability while complying with state-specific requirements and regulatory guidelines applicable to secured lending in India.
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1. Parties: Identifies the lender and borrower with complete legal names and addresses
2. Background: Explains the context of the loan and security arrangement
3. Definitions: Defines key terms used throughout the agreement
4. Loan Amount and Terms: Specifies the principal amount, interest rate, and repayment terms
5. Promise to Pay: Contains the borrower's unconditional promise to repay the loan with specified terms
6. Security Interest: Details the assets being provided as security and the nature of the security interest
7. Representations and Warranties: Borrower's statements about their legal status and the security assets
8. Creation and Perfection of Security: Procedures and requirements for creating and perfecting the security interest
9. Covenants: Borrower's ongoing obligations regarding the loan and security
10. Events of Default: Lists circumstances that constitute default under the agreement
11. Enforcement Rights: Lender's rights and remedies upon default, including SARFAESI Act references
12. Expenses and Indemnification: Allocation of costs and indemnification obligations
13. Notices: Communication procedures between parties
14. Governing Law and Jurisdiction: Specifies Indian law as governing law and jurisdiction for disputes
15. Miscellaneous: Standard boilerplate provisions including amendments, severability, etc.
1. Guarantee: Include when there is a third-party guarantor for the loan obligations
2. Insurance: Required when specific insurance coverage for secured assets is necessary
3. Additional Security: Used when multiple forms of security or cross-collateralization are involved
4. Special Covenants: Industry-specific or transaction-specific covenants
5. Tax Provisions: Detailed tax-related provisions when transaction has significant tax implications
6. Assignment and Transfer: Include when loan participation or transfer rights are contemplated
7. Priority and Subordination: Required when there are multiple lenders or existing security interests
1. Loan Terms Schedule: Detailed breakdown of loan amount, interest calculations, and payment schedule
2. Security Assets Schedule: Detailed description and/or list of all assets provided as security
3. Property Documents: List of title documents for immovable property security
4. Form of Promissory Note: Template or actual promissory note format
5. Registration Requirements: Details of security interest registrations required
6. Existing Encumbrances: List of any existing charges or encumbrances on security assets
7. Insurance Requirements: Specific insurance requirements for secured assets
8. Form of Notices: Standard forms for various notices under the agreement
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Manufacturing
Infrastructure
Agriculture
Technology
Retail
Healthcare
Education
Logistics and Transportation
Energy and Utilities
Telecommunications
Relevant Teams
Legal
Finance
Risk Management
Compliance
Credit
Treasury
Corporate Secretarial
Loan Administration
Security Operations
Documentation
Recovery and Enforcement
Relevant Roles
Chief Financial Officer
Legal Counsel
Finance Manager
Credit Risk Manager
Loan Officer
Security Trustee
Compliance Officer
Corporate Secretary
Treasury Manager
Risk Assessment Officer
Business Development Manager
Account Manager
Portfolio Manager
Security Documentation Specialist
Recovery Officer
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