This AGREEMENT
is made at _________________ this ___________________ day of
________________ 2001.
BETWEEN
_____________________________________ Limited, having its place of
business at / resident of _______________________________ hereinafter
referred to as “the Client” (which term shall wherever the context so
requires or permits mean and include its successors-in-interest and
assigns) of the ONE PART.
AND
__________________________________ Bank Limited (or financial
institution), a duly incorporated banking company (or financial
institution) having its registered office at ___________________
hereinafter referred as “the Institution” (which expression shall
wherever the context so requires or permits mean and include the heirs,
legal representatives and successors-in-interest and assigns) of the
OTHER PART.
WHEREAS the Institution has agreed to give an Interest
Free Loan to the Client on terms and conditions hereinafter appearing.
NOW, THEREFORE, THIS AGREEMENT WINTESSETH AS UNDER:-
1. The Institution hereby agrees to provide to the
Client an Interest Free Loan (hereinafter referred to as “the Loan”)
upto a maximum of Rs. ___________________ on the terms and conditions
hereinafter contained.
2. The parties hereto hereby mutually agree and
covenant as under:-
i. The Client undertake to repay the loan without any
interest on or before ______________ .
ii. In case the Client fails to perform as per
provisions of this Agreement or any amount is required to be paid by
the Client under the Principal Documents on a specified date and is
not paid on that date, or any amount is payable by the Client under
this Agreement within a specified period after the receipt of a demand
from the Institution and is not paid by it within the specified period
after the receipt of the demand and such amounts have to be recovered
through litigation, a court may award solatium to the Institution to
cover the expenses incurred in the recovery of its dues.
3. As security for repayment of the Institution’s loan
and/or all other sums payable as aforesaid the Client hereby agrees and
undertake to give such security as may be acceptable to the Institution
and the terms and conditions of which shall be such as the Institution
may determine.
IN WITNESS WHEREOF the Client and the Institution have
executed this agreement on the day, month and year hereinabove
mentioned.
|
Witness |
|
CLIENT |
|
1. ________________________ |
|
________________________ |
|
2. ________________________ |
|
|
|
Witness |
|
INSTITUTION |
|
1. ________________________ |
|
________________________ |
|
2. ________________________ |
|
|
Appendix A
Description of the Project
Appendix B
Schedule for Purchase of Project Shares
Appendix C
Cost/Value of the Project
|
