Lending Terms Sample Clauses
The Lending Terms clause defines the specific conditions and requirements under which a loan is provided. It typically outlines key elements such as the interest rate, repayment schedule, loan amount, collateral requirements, and any applicable fees or penalties. For example, it may specify whether payments are due monthly or quarterly, and what happens in the event of late payment. The core function of this clause is to ensure both parties clearly understand their rights and obligations regarding the loan, thereby reducing the risk of disputes and misunderstandings.
Lending Terms. (a) Loans provided by the Fund shall be extended on the terms specified in the Financing Agreement and determined in accordance with the applicable lending policies of the Fund.
(b) Interest and service charge shall accrue on the outstanding principal amount of the Loan and shall be computed on the basis of a 360-day year of twelve (12) 30-day months. The Fund shall provide the Borrower with a statement of interest and/or service charge due generated on the billing due dates specified in the Financing Agreement and the Borrower shall effect payment within thirty (30) days of such date.
(c) The Fund shall publish the IFAD Reference Interest Rate applicable in each interest period.
(d) During the grace period, interest and/or service charge shall accrue on the outstanding principal amount of the Loan and shall be payable semi-annually on the billing due dates, but no payments of principal shall be due.
Lending Terms. 9. The IIFCL may fund viable infrastructure projects through the following modes:
(i) Long-term debt;
(ii) Refinance to banks and financial institution (FI)s for loans, with a tenor exceeding 10 years granted by them; and
(iii) Any other mode approved by the Government from time to time
10. The project company will have the right to choose any of the modes of lending given above. The terms at which the project company can access long-term debt shall not be inferior to the terms at which refinanced debt is available to the Project Company.
11. The total lending by the IIFCL to any project company shall not exceed 20% of the total project cost. Loans will be disbursed in proportion to debt disbursements from financial institutions (FI)s.
12. The rate of interest charged by IIFCL shall be such as to cover all funding costs including administrative costs and guarantee fee, if any.
13. IIFCL may disburse the loans on a pro-rata basis in terms of the project in-terse agreement/common loan agreement into the escrow account simultaneously along with the other banks in consortium through the real time gross settlement (RTGS) after receiving the conformation notice regarding the drawdown date from the Lead Bank/lenders’ agent.
14. Recovery of loans advanced by IIFCL shall be the responsibility of the Lead Bank. Recovery of IIFCL loans shall be pari passu with project debt (other than subordinate debt) until 80% of the project debt (other than subordinate debt) of the Lead Bank and Fl consortium (inclusive of interest due) has been recovered. Thereafter, the Lead Bank/FI consortium would assume the payment risk as guarantors of the IIFCL loan from that stage onwards (see Annex 1 for amendment).
15. The charge on project assets shall be pari passu with project debt (other than subordinate debt) and will continue beyond the tenure of project debt (other than subordinate debt) until such time the amounts lent by IIFCL, together with interest and other charges thereon, remain outstanding.
16. IIFCL, The Lead Bank, and the project company shall enter into a tripartite agreement for the purposes of this Scheme. The format of such tripartite agreement shall be prescribed by the Empowered Committee from time to time.
17. In the first 2 years of operation of the Scheme, projects meeting the eligibility criteria could be funded on a first-come-first-served basis. In later years, if need arises, funding may be provided based on an appropriate formula, to be determined by the Em...
Lending Terms. 7. The IIFCL may fund viable infrastructure projects through the following modes
(i) Long-term debt
(ii) Refinance to banks and FIs for loans, with a tenor exceeding 10 years, granted by them
(iii) Any other mode approved by the Government from time to time
8. The project company will have the right to choose any of the modes of lending given above. The terms at which the project company can access long term debt shall not be inferior to the terms at which refinanced debt is available to the project company.
9. The total lending by the IIFCL to any project company shall not exceed 20% of the total project cost. Loans will be disbursed in proportion to debt disbursements from FIs.
10. The rate of interest charged by IIFCL shall be such as to cover all funding costs including administrative costs and guarantee fee, if any.
11. IIFCL will release funds to the lead bank as and when due. The lead bank/FI consortium will make disbursements on behalf of the IIFCL and seek reimbursement which shall be made within one month of receiving a demand, with necessary particulars, from the lead bank (see Annex 1 for amendment).
12. Recovery of loans advanced by IIFCL shall be the responsibility of the lead bank. Recovery of IIFCL loans shall be pari passu with project debt (other than subordinate debt) until 80% of the project debt (other than subordinate debt) of the lead bank and Fl consortium (inclusive of interest due) has been recovered. Thereafter, the lead bank/FI consortium would assume the payment risk as guarantors of the IIFCL loan from that stage onwards (see Annex 1 for amendment).
13. The charge on project assets shall be pari passu with project debt (other than subordinate debt) and will continue beyond the tenure of project debt (other than subordinate debt) until such time the amounts lent by IIFCL, together with interest and other charges thereon, remain outstanding (see Annex 1 for amendment).
14. IIFCL, the lead bank and the project company shall enter into a Tripartite Agreement for the purposes of this Scheme. The format of such Tripartite Agreement shall be prescribed by the Empowered Committee from time to time (see Annex 1 for amendment).
15. In the first 2 years of operation of the Scheme, projects meeting the eligibility criteria could be funded on a first-come-first-served basis. In later years, if need arises, funding may be provided based on an appropriate formula, to be determined by the Empowered Committee that balances needs across sectors...
Lending Terms. 4 Loans provided by the Fund shall be given on highly concessional, intermediate or ordinary terms, as specified in the Financing Agreement:
Lending Terms. 2.1. Loan Currency -
Lending Terms