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    Shortfall / Unsecured Loans Undertaking: Draft For Discussion Purposes Only August07-VI

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    naveenvijay
    This document is an undertaking by the directors/promoters of a borrower company to a lender. It contains the following key points: 1. The directors/promoters will provide additional funds to the borrower if needed to complete its project or for working capital due to any shortfall. 2. The directors/promoters will bring in Rs. [amount] lacs as unsecured loans/deposits to the borrower by a specified date. 3. Neither the directors/promoters nor the borrower will withdraw these unsecured loans/deposits without the lender's approval until the project is completed or all amounts due to the lender are paid

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    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd

    Shortfall / Unsecured Loans Undertaking: Draft For Discussion Purposes Only August07-VI

    Uploaded by

    naveenvijay
    83 views3 pages
    This document is an undertaking by the directors/promoters of a borrower company to a lender. It contains the following key points: 1. The directors/promoters will provide additional funds to the borrower if needed to complete its project or for working capital due to any shortfall. 2. The directors/promoters will bring in Rs. [amount] lacs as unsecured loans/deposits to the borrower by a specified date. 3. Neither the directors/promoters nor the borrower will withdraw these unsecured loans/deposits without the lender's approval until the project is completed or all amounts due to the lender are paid

    Original Description:

    loan agreement

    Original Title

    Undertakings U4

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    © © All Rights Reserved

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    This document is an undertaking by the directors/promoters of a borrower company to a lender. It contains the following key points: 1. The directors/promoters will provide additional funds to the borrower if needed to complete its project or for working capital due to any shortfall. 2. The directors/promoters will bring in Rs. [amount] lacs as unsecured loans/deposits to the borrower by a specified date. 3. Neither the directors/promoters nor the borrower will withdraw these unsecured loans/deposits without the lender's approval until the project is completed or all amounts due to the lender are paid

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    83 views3 pages

    Shortfall / Unsecured Loans Undertaking: Draft For Discussion Purposes Only August07-VI

    Uploaded by

    naveenvijay
    This document is an undertaking by the directors/promoters of a borrower company to a lender. It contains the following key points: 1. The directors/promoters will provide additional funds to the borrower if needed to complete its project or for working capital due to any shortfall. 2. The directors/promoters will bring in Rs. [amount] lacs as unsecured loans/deposits to the borrower by a specified date. 3. Neither the directors/promoters nor the borrower will withdraw these unsecured loans/deposits without the lender's approval until the project is completed or all amounts due to the lender are paid

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 3

    DRAFT FOR DISCUSSION PURPOSES ONLY

    August07-VI
    SHORTFALL / UNSECURED LOANS UNDERTAKING
    To:
    <Names and addresses of the lenders>
    Dear Sirs :
    In consideration of your having agreed to grant to
    1
    [] the !"orro#er$% #hich
    e&'ression shall% unless it (e re'ugnant to the su()ect or conte&t thereof% include its
    successors% 'ermitted assigns% heirs% legal re'resentatives% e&ecutors and administrators%
    as the case may (e*% the financial assistance (y #ay of ru'ee term loan not e&ceeding in
    the aggregate +s, [] lacs the !-acility.* in terms of the -acility /greement dated the []
    day of []% T#o Thousand and [] the !-acility /greement.% #hich e&'ression shall
    include all amendments made thereto from time to time* entered into (et#een the
    "orro#er and yourselves%
    0
    I 1 #e% []% the directors 1 'romoters 1 'artners 1 mem(ers of
    the "orro#er% do here(y% in 'ursuance of the
    2
    -acility /greement%
    3
    )ointly and severally%
    underta4e to you that :
    5
    a* if there is any shortfall in the resources of the "orro#er for com'leting its 'ro)ect
    and1or for meeting #or4ing ca'ital re6uirements due to any circumstances #hatsoever
    either at the time of starting of the 'ro)ect or su(se6uently%
    7
    I 1 #e shall ma4e
    arrangements satisfactory to you to 'rovide to the "orro#er in those events and #hen
    called u'on (y you such additional funds as may (e re6uired to com'lete its 'ro)ect
    1
    co'y descri'tion of the "orro#er from facility agreement
    0
    delete #hichever is not a''lica(le
    2
    delete #hichever is not a''lica(le
    3
    delete if only 'erson is furnishing this underta4ing
    5
    a''lica(le only #hen shortfall underta4ing is (eing furnished
    7
    delete #hichever is not a''lica(le
    8age 1 of 2

    DRAFT FOR DISCUSSION PURPOSES ONLY
    August07-VI
    and1or #or4ing ca'ital re6uirements9 the additional funds as and #hen 'rovided (y
    :
    me 1
    us shall (e in the form and manner and on such terms as may (e re6uired (y you9
    ;+
    <
    a*
    =
    I1>e shall (ring in1'rovide +s, [] lacs as and (y #ay of unsecured loans1 de'osits
    on or (efore
    1?
    [] to the "orro#er,
    (*
    11
    I1>e shall not demand or #ithdra# funds (rought in (y
    10
    me1us (y #ay of
    unsecured loans 1 de'osits or any 'art thereof nor shall the "orro#er re'ay such funds or
    any 'art thereof so long as any moneys remain due (y the "orro#er to you under the
    -acility /greement and1or the other transaction documents or till the 'ro)ect is duly
    com'leted% #hichever is later% #ithout your 'rior #ritten a''roval, The unsecured
    loans 1 de'osits (rought in (y
    12
    me 1 us shall not involve any charge or lien on or other
    interest in the assets of the "orro#er,
    13
    I1>e agree if a dis'ute arises #hether the 'ro)ect is duly com'leted or not% your
    decision shall (e final and (inding on
    15
    me1us,
    17
    I1>e note that such unsecured loans1de'osits shall carry interest as may (e agreed to (y
    you,
    1:
    I1>e further agree that the "orro#er shall not 'ay any interest on such unsecured
    loans 1 de'osits if% at the time of such 'ayment% there is a default in the 'ayment of
    installments of 'rinci'al and1or interest and1or any other amounts due and o#ing (y the
    "orro#er to you under the -acility /greement and1or the other transaction documents,

    @ours faithfully%
    1,
    1<
    0,
    Aonfirmation from the "orro#er:
    :
    delete #hichever is not a''lica(le
    <
    a''lica(le only #hen unsecured loans underta4ing is (eing furnished
    =
    delete #hichever is not a'ca(le
    1?
    'lease incor'orate date as 'er the terms of sanction
    11
    delete #hichever is not a''lica(le
    10
    delete #hichever is not a''lica(le
    12
    delete #hichever is not a''lica(le
    13
    delete #hichever is not a''lica(le
    15
    delete #hichever is not a''lica(le
    17
    delete #hichever is not a''lica(le
    1:
    delete #hichever is not a''lica(le
    1<
    'romoters 1 directors 1 mem(ers 1 'artners of the "orro#er
    8age 0 of 2

    DRAFT FOR DISCUSSION PURPOSES ONLY
    August07-VI
    1=
    I1>e note the a(ove and agree and confirm that
    0?
    I1>e shall not re'ay to the a(ove
    mentioned 'ersons 1 'romoters 1 directors 1 mem(ers 1 any 'artners the unsecured loans 1
    de'osits or any 'art thereof #hen received (y
    01
    me1us so long as any moneys remain due
    (y
    00
    me1us to you under the -acility /greement or till our 'ro)ect is duly com'leted%
    #hichever is later% #ithout your 'rior #ritten a''roval,
    02
    I1>e shall 'ay such interest on the said unsecured loans1de'osits as may (e agreed to
    (y you,
    03
    I1 >e agree not to 'ay any interest on the said unsecured loans1de'osits if at
    the time of such 'ayment there is a default in the 'ayment of installments of 'rinci'al
    and1or interest and1or any other amounts due and o#ing (y
    05
    me1us to you under the
    -acility /greement and1or the other transaction documents,
    -or
    07
    BBBBBBBBBBBBBBBBBBBBBBBBBBBB
    Signature*
    Dated this [] day of []% 0??[]
    1=
    delete #hichever is not a''lica(le
    0?
    delete #hichever is not a''lica(le
    01
    delete #hichever is not a''lica(le
    00
    delete #hichever is not a''lica(le
    02
    delete #hichever is not a''lica(le
    03
    delete #hichever is not a''lica(le
    05
    delete #hichever is not a''lica(le
    07
    co'y descri'tion of the "orro#er from facility agreement
    8age 2 of 2

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