This Loan Agreement (“Agreement”) is executed at Delhi.
The “Borrower”as described in Annexure 2 hereunder, which expression unless repugnant to the context shall mean and includes its legal representatives, permitted assigns and successors.
The Lender and the Borrower are hereinafter individually referred to as the “Party” and collectively as the “Parties”.
WHEREAS the Parties have agreed to enter into this agreement on the terms and conditions contained hereinafter as follows:
1. The Lender agrees to lend to the Borrower and the Borrower agrees to borrow an unsecured line of credit (“Loan”) in accordance with the terms and conditions mentioned in Annexure 2hereunder.
2. The Lenders for the Loan will be determined by Lendbox. The Lender to this Loan may be more than one depending on the total Loan amount. For detailed lender information visit www.lendbox.in
4. Lendbox has authorized various third parties to provide services with regard to onboarding, management and collections from the Borrower and act as a customer touch points besides Lendbox’s own personnel. FREO is one such partner.
5. The Parties acknowledge that the transaction of lending and repayment is being facilitated by Transactree Technologies Private Limited (hereinafter “Lendbox”) through itsplatform. Lendbox shall partner with FREO, whereby the Loan will be facilitated via the online account opened for the Borrower on the mobile application or website operated by FREO, hereafter called the “Service Platform”. The Loan may be availed by the Borrower through the Service Platform.
6. The Lender shall deposit the amount in the unique virtual escrow accountbeing operated by Lendbox details of which have been provided to the Lender. The amount shall be transferred and disbursed from the Nodal account set up by LendboxandPartner for disbursements in no later than 48 hours from the time of funding of the escrow account by the Lender, subject to any banking holiday and such delay if any will not change the terms and conditions of the Loan repayment in any manner. It is the Partner’s responsibility to transfer the amount into Borrower’s account or into any other account identified by the Borrower, such as the merchant etc. from the nodal account.The Borrower shall deposit the repayments for the Loan through the Service Platform, and the Partner shall transfer these repayments in the account specified by Lendbox, being the escrow account of Lendbox for repayments based on the terms and conditions of the loan repayment mentioned in Annexure 2.
7. The Borrower shall repay the Loan (including interest, additional interest and other charges thereon) in accordance with Annexure 2 hereunder. It is hereby clarified that theLendbox acting on behalf of lender(s)reserves the right to modifyincluding increase, decrease or suspend the line or credit mentioned in Annexure 2at any time, at its sole discretion. In the event of any material and significant modification to Annexure 2, Lendbox shall issue a fresh Sanction Letter to the Borrower.
8. The Loan is unsecured and no security has been provided by the Borrower to the Lender to secure his repayment/ payment obligations in terms of this Agreement.
9. The Borrower may, subject to applicable law, prepay the entire outstanding Loan Amount along with interest, additional interest and other charges as applicable, at any time as per the repayment schedule specified in Annexure 2.
10. Each Party represents and warrants that it is entitled to enter into this Agreement and to undertake the obligations herein contained. The Lender represents and warrants that the funds for the Loan as specified in Annexure 2 shall be ready and available in the escrow account of Lendbox on or prior to the date of this Agreement, failing which the repayment schedule, Loan due date, billing date etc would be altered.
11. Each Party further represents and warrants that its respective signatory, as applicable, to this Agreement are duly authorized to execute the same in a manner binding upon the Party and that all approvals and procedures necessary for vesting such authority in its signatory have been duly obtained and complied with.
14. This Agreement shall come into force on the date of execution of this Agreement and shall remain in full force until the repayment of the entire portion of the Loan Amount along with all interest, additional interest, dues, charges, taxes as may be applicable.
16. The Borrower agrees and undertakes that the information and data furnished by it to the Lender and to Lendbox pursuant to this Agreement and in relation thereto, are true and correct and consents that any agency authorized by the Lender or Lendbox may use and process the information and data provided under this agreement.
17. The Borrower shall indemnify and hold the Lender and Lendbox harmless from and against any and all loss, damage or other consequences which may arise or result from giving the Loan to the Borrower and shall reimburse the Lender and/or Lendbox upon demand all such sums and shall upon request appear and defend at the Borrower’s own cost and expenses any action which may be brought against the Lender in connection therewith and shall accept the statement of account presented by the party claiming the loss as conclusive proof of the correctness of any such claim to be due from him.
18. The Agreement shall be governed by the laws of India and courts at [Delhi] shall have exclusive jurisdiction to settle any disputes which may arise out of or in connection with this Agreement. The Parties irrevocably agree to submit to that jurisdiction, to the exclusion of other Courts.
19. The Borrower shall reimburse and pay to the Lender all costs, charges and expenses, including stamp duty and legal costs on actual basis and other charges and expenses which may be incurred in preparation of these presents and related to and or incidental documents and enforcement of the rights of the Lender there under or any other document security created / executed by the Borrower in favour of the Lender.
21. Notwithstanding anything contained herein, the parties agree that they have authorized Lendbox to appoint a suitable agency as the recovery agent (“Recovery Agent”) for recovery of any amounts due and payable under this Agreement. The Recovery Agents shall take all such reasonable steps as might be necessary for recovery; however, the Recovery Agents do not guarantee an assured recovery of dues. That the charges being levied by the Recovery Agent shall be to the account of the Lender. The Parties understand that Lendbox is only offering its assistance in recovery on account of a default and in no manner is liable for any default, being a marketplace for prospective lenders and borrowers to meet and interact. For the purpose of this Loan, The Recovery Agent shall be Partner and it’s service providers or sub-agents.
22. The rights, powers and remedies given to the Lender by this Agreement shall be in addition to all rights, powers and remedies given to the Lender by virtue of any other security, statute or rule of law.
23. The Parties hereto confirm and acknowledge that this Agreement shall constitute the entire agreement between them and shall supersede and override all previous communications, either oral or written, between the Parties with respect to the subject matter of this Agreement, and no agreement or understanding varying or extending the same shall be binding upon any Party hereto unless arising out of the specific provisions of this Agreement.
24. No amendment, modification or addition to this Agreement shall be binding on all the Parties hereto unless set forth in writing and executed by them or through their duly authorized representatives.
25. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.