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Addendum Loan Agreement

Addendum Loan Agreement Template for India

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Key Requirements PROMPT example:

Addendum Loan Agreement

"I need an Addendum Loan Agreement to modify our existing facility agreement dated January 15, 2025, with ABC Bank Limited, to reduce the interest rate from 12% to 9.5% per annum and extend the repayment period by 24 months."

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Document background
The Addendum Loan Agreement is a critical document used when parties need to modify an existing loan agreement without completely restating or replacing it. Common in Indian banking and financial transactions, it's utilized when circumstances require adjustments to loan terms, such as changes in interest rates, repayment schedules, security arrangements, or other material provisions. The document must comply with Indian legislation, including the Indian Contract Act, Banking Regulation Act, and RBI guidelines. It's particularly relevant in scenarios involving corporate refinancing, loan restructuring, or when economic conditions necessitate loan term modifications. The addendum ensures continuity of the original agreement while incorporating necessary changes, making it an efficient tool for loan modification in the Indian financial sector.
Suggested Sections

1. Parties: Identification of all parties to the original loan agreement and any new parties being added

2. Background: Reference to the original loan agreement, its date, and key details; reason for the addendum

3. Definitions: Key terms used in the addendum and reference to definitions in the original agreement

4. Reference to Original Agreement: Specific clause confirming the relationship between this addendum and the original agreement

5. Amendments: Detailed description of modifications to the original agreement, clearly identifying affected clauses

6. Effect of Modifications: Clear statement of how these changes affect the original agreement and which original terms remain unchanged

7. Effective Date: When the modifications take effect

8. Reaffirmation: Confirmation that all other terms of the original agreement remain in full force and effect

9. Governing Law: Confirmation of applicable law (Indian law) and jurisdiction

10. Execution: Signature blocks and execution formalities

Optional Sections

1. Additional Security: Include when modifications involve changes to security or collateral arrangements

2. Regulatory Compliance: Include when changes need to address specific RBI or other regulatory requirements

3. Third Party Consents: Include when modifications require consent from guarantors or other third parties

4. Fee Structure Changes: Include when modifying any fees, charges, or payment terms

5. Representations and Warranties: Include when new representations are needed for the modified terms

6. Notice Requirements: Include when changing communication procedures or contact details

7. Force Majeure: Include when adding or modifying force majeure provisions due to specific circumstances

Suggested Schedules

1. Schedule of Amendments: Detailed table showing original clauses and their modified versions

2. Revised Payment Schedule: If payment terms are modified, detailed breakdown of new payment structure

3. Modified Security Details: If applicable, details of any changes to security or collateral arrangements

4. Consent Letters: Copies of any required third-party consents or approvals

5. Regulatory Approvals: Copies of any required regulatory clearances or approvals

6. Updated Contact Information: If applicable, new contact details for notices and communications

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Original Agreement
Effective Date
Amendment Date
Modified Terms
Existing Security
Additional Security
Modified Interest Rate
Modified Repayment Schedule
Outstanding Amount
Default Rate
Revised Maturity Date
Additional Lenders
Security Documents
Modified Facility
Continuing Security
Governing Documents
Regulatory Approvals
Consent Documents
Amended Provisions
Original Provisions
Modification Fee
Compliance Certificate
Additional Guarantors
Security Providers
Reference Banks
Business Day
Material Adverse Effect
Modified Financial Covenants
Supplemental Security
Amended Facility Agreement
Relevant Industries

Banking & Financial Services

Real Estate & Construction

Manufacturing

Information Technology

Healthcare

Infrastructure

Retail

Agriculture

Energy & Utilities

Telecommunications

Education

Hospitality

Transportation & Logistics

Relevant Teams

Legal

Finance

Compliance

Risk Management

Treasury

Credit

Corporate Finance

Company Secretarial

Banking Operations

Document Management

Regulatory Affairs

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Compliance Officer

Risk Manager

Credit Manager

Treasury Manager

Company Secretary

Finance Manager

Loan Officer

Banking Relationship Manager

Corporate Finance Manager

Financial Controller

Legal Director

Senior Credit Analyst

Industries
Indian Contract Act, 1872: Fundamental law governing formation and enforcement of contracts in India, including essential elements of valid contracts, amendments, and modifications to existing contracts
Banking Regulation Act, 1949: Regulates banking companies and their operations in India, including lending activities and financial transactions
Reserve Bank of India Act, 1934: Provides framework for RBI guidelines on lending, interest rates, and banking operations
Registration Act, 1908: Relevant if the loan agreement involves immovable property or requires registration of charges
Recovery of Debts Due to Banks and Financial Institutions Act, 1993: Provides framework for recovery of debts due to banks and financial institutions
SARFAESI Act, 2002: Enforcement of security interest and recovery of secured debts without court intervention
Indian Stamp Act, 1899: Governs the stamp duty payable on various instruments including loan agreements and their amendments
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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