EMI Loan Agreement

EMI LOAN AGREEMENT

This EMI Loan Agreement (the Agreement) is made on between Lender Name: whose principal address is (Lender), and Borrower Name: whose principal address is (Borrower). The Lender and Borrower are each a Party and together the Parties.

RECITALS

WHEREAS, the Borrower has requested and the Lender has agreed to provide a loan to the Borrower to be repaid in equated monthly installments (EMIs) in accordance with the terms of this Agreement; and

WHEREAS, the Parties desire to set forth their respective rights and obligations with respect to the loan, interest, repayment schedule, and any security for repayment.

NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

1. DEFINITIONS

In this Agreement, unless the context otherwise requires:

"Loan" means the principal amount advanced by the Lender to the Borrower as specified in Section 2. "EMI" means the fixed monthly payment of principal and interest payable by the Borrower. "Interest Rate" means the annual rate specified in Section 3. "Business Day" means a day on which commercial banks are open for business in the jurisdiction specified under Governing Law.

2. LOAN AMOUNT AND DISBURSEMENT

The Lender shall disburse the Loan amount specified above to the Borrower on the Disbursement Date, subject to satisfaction of any conditions precedent specified in this Agreement.

3. INTEREST RATE AND CALCULATION

Interest shall accrue on the outstanding principal balance of the Loan at the Interest Rate and shall be calculated on a reducing balance basis for the purpose of EMI computation. Interest shall be computed on the basis of a 365-day year for actual days elapsed unless otherwise agreed in writing.

4. EMI SCHEDULE AND TENURE

The Borrower shall pay the EMI in cleared funds to the account designated by the Lender on or before each due date. If an EMI falls due on a day that is not a Business Day, payment shall be made on the next Business Day and interest shall continue to accrue.

5. REPAYMENT APPLICATION

Payments received shall be applied first to accrued interest, then to principal, and finally to any fees or expenses due under this Agreement, unless otherwise required by applicable law. The Lender may apply payments to outstanding obligations in such order as the Lender determines if the Borrower’s instructions are ambiguous.

6. PREPAYMENT

The Borrower may prepay the Loan in whole or in part provided the Borrower gives the Lender not less than days' prior written notice. Prepayment shall be applied in the same order as regular payments. If a prepayment penalty applies, it shall be calculated as:

7. SECURITY

This Loan is secured unsecured. If secured, the Borrower shall provide the following collateral or security instruments described below.

8. REPRESENTATIONS AND WARRANTIES

The Borrower represents and warrants to the Lender that as of the date of this Agreement: (a) the Borrower has full capacity and authority to enter into and perform its obligations under this Agreement; (b) all information provided by the Borrower to the Lender relating to creditworthiness and identification is true, complete and not misleading in any material respect; and (c) no event of default exists on the date hereof.

9. COVENANTS

The Borrower covenants that, until the Loan is paid in full, the Borrower will: (a) pay all EMIs when due; (b) maintain all insurance required by the Lender with respect to any secured collateral; and (c) not create or permit any encumbrance on collateral except as permitted in writing by the Lender.

10. EVENTS OF DEFAULT

Each of the following constitutes an event of default: (a) Borrower fails to pay any amount due under this Agreement within days of its due date; (b) any representation or warranty by the Borrower is untrue or misleading in any material respect; (c) the Borrower becomes insolvent, enters bankruptcy, or a receiver is appointed; (d) any security provided is unlawfully enforced or becomes insufficient to secure the Lender’s exposure.

11. REMEDIES

Upon the occurrence of an event of default, the Lender may, without prejudice to any other right or remedy: (a) declare the entire outstanding principal, accrued interest and other amounts immediately due and payable; (b) exercise rights under any security or guarantee; and (c) charge default interest at the rate of above the Interest Rate or the maximum permitted by law, whichever is lower.

12. FEES AND EXPENSES

The Borrower shall reimburse the Lender for all reasonable costs and expenses (including legal fees and enforcement costs) incurred by the Lender in enforcing the Lender’s rights under this Agreement.

13. NOTICES

All notices and communications required or permitted under this Agreement shall be in writing and delivered personally, by registered mail, or by certified courier to the addresses set out above and shall be effective upon receipt.

14. GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of without regard to its conflict of laws principles. The Parties submit to the non-exclusive jurisdiction of the courts of that jurisdiction for the resolution of disputes arising under this Agreement.

15. ENTIRE AGREEMENT

This Agreement, together with any documents executed pursuant hereto, constitutes the entire agreement between the Parties with respect to the Loan and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written.

16. SEVERABILITY

If any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect, such provision shall be severed and the remaining provisions shall remain in full force and effect.

17. AMENDMENT AND WAIVER

No amendment or waiver of any provision of this Agreement shall be effective unless made in writing and signed by both Parties. Failure or delay by any Party to exercise any right or remedy shall not operate as a waiver of that right or remedy.

18. COUNTERPARTS; ELECTRONIC SIGNATURE

This Agreement may be executed in counterparts, each of which shall be an original but all of which together shall constitute one and the same instrument. Signatures transmitted by electronic means shall be effective as original signatures to bind the Parties.

19. CERTIFICATIONS AND ACKNOWLEDGMENTS

The Borrower certifies that the proceeds of the Loan will be used for lawful purposes and that all information provided to the Lender in connection with the application for the Loan is true and complete. The Lender acknowledges receipt of all documents and authorizations reasonably necessary to effect the Loan.

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