Undertaking Format For Loan in Word Format Free Download

Sample Template Example of Beautiful Excellent Professional Undertaking Agreement Format For Deposit of The Receivables / Loan ( Home Loan, Bank  Loan, Personal Loan, Corporate Term Loan etc) in Word / Doc / Pdf Free Download

UNDERTAKING FOR DEPOSIT OF THE RECEIVABLES

                                                                                                                                   

Date: 29.09.2018

To,                                                                                  

            The Birla Capital Ltd. __  

_____________________

            _____________________

Dear Sir,

We, STABNET AUTO LIMITED, a company incorporated under the provisions of Companies Act, 1956 (hereinafter referred to as “Stabnet”) (which expression shall unless repugnant to the context or meaning thereof be a deemed to mean and include its successors and permitted assigns), are hereby affirm, declare and undertake that:

1. We are in the business of [insert details] and in relation to the Business, procure and purchase certain goods, from [insert name of the Seller company] (“Borrower”).

2. We are aware that the Borrower has pursuant to a facility agreement, availed a loan facility (“Facility”) from Birla Capital Limited, a company duly incorporated under the Companies Act, 1956 having its registered address at 14/1 N S road, Pritam Pura, New Delhi-110001 (hereinafter referred to as the “Lender” (which expression shall unless repugnant to the context or meaning thereof be deemed to mean and include its administrators, executors, successors, assignees, novatees) (“Facility Agreement”).

3. We are aware that in terms of the Facility Agreement, the Borrower(s) has undertaken to secure the repayment of the principal, interest and other charges payable under the Facility Agreement by creating (i) a first and exclusive charge over the receivables/amounts payable and due to the Borrower from Stabnet from the sale of goods by the Borrower to Stabnet (in respect of invoices raised by borrower on the company as per list attached ) (“Receivables”) and (ii) a first and exclusive charge on the account of the Borrower in which the receivables and monies due from Stabnet will be deposited (“Account”).

4. Stabnet hereby undertakes to deposit the Receivables of borrower in respect of specified invoices in the Account, and in no other account till it receives a written notice from RFL confirming repayment of the Facility by the Borrower. Stabnet further undertakes that till such time it receives a written notice from BCL, it will not honor any instruction of the Borrower with respect to deposit of the Receivables, unless such instruction has been approved by BCL in writing. 

IN WITNESS WHEREOF We, above named have put my hand on this Undertaking on this ______________ at _______, ________.

For STABNET AUTO LIMITED 

………………………………..                                    

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