The Floor Plan Financing Agreement is a specialized financing document used in Pakistan when financial institutions provide inventory financing to dealers or retailers. This type of agreement is particularly crucial in industries dealing with high-value inventory such as vehicles, equipment, or machinery. The agreement is structured to comply with Pakistani banking and security laws, including the Banking Companies Ordinance 1962 and related regulations. It typically covers the entire financing relationship, from facility terms and security arrangements to operational procedures and default remedies. The document is essential for businesses requiring regular inventory financing and includes detailed provisions for inventory management, reporting requirements, and security enforcement mechanisms. The agreement must incorporate specific requirements of Pakistani law regarding security creation, registration, and enforcement, while also addressing practical aspects of inventory financing such as drawdown procedures and monitoring requirements.
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1. Parties: Identification of the financial institution (lender) and the dealer (borrower), including their legal status and registration details
2. Background: Context of the agreement, business relationship, and purpose of the floor plan financing arrangement
3. Definitions: Detailed definitions of terms used throughout the agreement, including financial terms, security-related concepts, and operational terminology
4. Facility Terms: Core terms of the financing facility including credit limit, interest rate, tenure, and purpose
5. Security Arrangements: Details of security interest over inventory, additional collateral requirements, and registration of charges
6. Drawdown Procedures: Process and conditions for requesting and obtaining financing for inventory purchases
7. Repayment Terms: Payment obligations, schedule, method, and consequences of default
8. Representations and Warranties: Standard and specific declarations by the dealer regarding their business, authority, and compliance
9. Covenants: Ongoing obligations of the dealer including financial covenants, reporting requirements, and operational restrictions
10. Events of Default: Circumstances constituting default and their consequences
11. Rights and Remedies: Lender's rights upon default, including enforcement of security and recovery procedures
12. Inspection and Monitoring: Lender's rights to inspect inventory and monitor the dealer's operations
13. General Provisions: Standard clauses including notices, amendments, governing law, and dispute resolution
1. Islamic Finance Compliance: Required when the financing needs to comply with Islamic banking principles
2. Multiple Facility Lines: Used when different types of inventory or financing arrangements are covered under the same agreement
3. Insurance Requirements: Detailed section when specific insurance arrangements are crucial for the financing
4. Third-Party Guarantees: Required when personal or corporate guarantees are part of the security structure
5. Cross-Border Provisions: Needed when inventory is imported or when foreign currency payments are involved
6. Subordination Provisions: Required when there are multiple lenders or existing security interests
7. Digital Documentation: Special provisions for electronic inventory tracking and digital documentation systems
1. Facility Details: Detailed breakdown of credit limits, interest rates, and fees
2. Approved Inventory List: List of authorized inventory types/models that can be financed
3. Security Documents: List and copies of all security documents, charge registration forms
4. Operating Procedures: Detailed procedures for inventory management, reporting, and payment processes
5. Form of Drawdown Request: Standard format for requesting financing under the facility
6. Financial Reporting Templates: Required formats for periodic financial reporting
7. Insurance Requirements: Detailed insurance specifications for financed inventory
8. Authorized Signatories: List of persons authorized to request drawdowns and execute documents
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