Lease Rental Discounting - Axis Bank
Lease Rental Discounting - Axis Bank
Lease Rental Discounting - Axis Bank
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36<br />
This Agreement is made the at the place and date as specified in the Schedule between<br />
such persons, whose name(s) and address(es) are as specified in the Schedule<br />
(hereinafter called the “Borrower” which expression shall unless repugnant to the context<br />
includes its legal heirs, administrators, executors, successors, assigns) of ONE PART<br />
AND<br />
AXIS <strong>Bank</strong> Ltd., a Company registered under the Companies Act, 1956 and carrying on<br />
<strong>Bank</strong>ing Business under <strong>Bank</strong>ing Regulation Act, 1949 and having its Registered Office at<br />
Ahmedabad and one of the Branches at the place as specified in the Schedule<br />
(hereinafter referred to as the “<strong>Bank</strong>”) which term shall unless repugnant to the context<br />
otherwise requires include its successors and assigns of the Second Part; and<br />
Lessee(s)/ Tenant(s) whose name(s) and address(es) are as specified in the Schedule<br />
[hereinafter called the “Lessee(s)” ] which term shall unless repugnant to the context<br />
otherwise requires include its legal heirs, executors, administrators, partners, successors<br />
and assigns, as the case may be of Third Part .<br />
WHEREAS :<br />
1) By the <strong>Lease</strong> Deed/Leave and Licence Agreement /Tenancy agreement<br />
executed by and between the Borrower and Lessee(s) (hereinafter referred to as<br />
the “<strong>Lease</strong> Agreement” and more particularly described in the schedule), the<br />
Borrower has leased/given on leave and licence/let out certain property(s)<br />
(hereinafter referred to as “property(ies)” and more particularly described in the<br />
schedule) to the Lessee(s) on such terms and conditions as stipulated in the <strong>Lease</strong><br />
Agreement and for such period more particularly described in Annexure 1,<br />
forming an integral part of this agreement.<br />
2) By and under the <strong>Lease</strong> Agreement, the Borrower receives a total lease<br />
rental/receivables/fees/compensation (hereinafter referred to as the “<br />
receivables”). on such basis to the extent more particularly described in the<br />
Annexure 1, with respect to the said property(ies)<br />
3) The Borrower has approached the <strong>Bank</strong> for financial assistance/Credit facility by<br />
way of a loan under the <strong>Bank</strong>’s “<strong>Lease</strong> <strong>Rental</strong> <strong>Discounting</strong>” Scheme (hereinafter<br />
referred to as the “loan” and more particularly described in the schedule). The<br />
Borrower has offered to repay the credit facility from the said receivables due<br />
from the Lessee(s).<br />
4) The <strong>Bank</strong> has agreed to grant the said financial assistance/Credit facility against<br />
the said receivables on the terms and conditions set out in its sanction letter<br />
(hereinafter referred to as the “sanction letter” (more particularly described in the<br />
schedule). One of the terms and conditions stipulated in the said sanction letter<br />
inter-alia is that the Borrower should arrange to execute this Tripartite Agreement<br />
wherein the Lessee(s) will join in as a party, agreeing to remit the said receivables
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