This agreement is between National Marketing Corporation and Tirupathi Enterprise for a loan raising arrangement. Tirupathi Enterprise agrees to raise a loan of Rs. 2.75 crores for National Marketing Corporation for business expansion. National Marketing Corporation pays Tirupathi Enterprise a non-refundable processing fee of Rs. 5 lakhs. Tirupathi Enterprise provides a post-dated cheque for the same amount as security. If the loan is not raised, National Marketing Corporation can cash the security cheque. If the loan is raised, the security cheque will be returned. The agreement also outlines dispute resolution procedures.
This agreement is between National Marketing Corporation and Tirupathi Enterprise for a loan raising arrangement. Tirupathi Enterprise agrees to raise a loan of Rs. 2.75 crores for National Marketing Corporation for business expansion. National Marketing Corporation pays Tirupathi Enterprise a non-refundable processing fee of Rs. 5 lakhs. Tirupathi Enterprise provides a post-dated cheque for the same amount as security. If the loan is not raised, National Marketing Corporation can cash the security cheque. If the loan is raised, the security cheque will be returned. The agreement also outlines dispute resolution procedures.
This agreement is between National Marketing Corporation and Tirupathi Enterprise for a loan raising arrangement. Tirupathi Enterprise agrees to raise a loan of Rs. 2.75 crores for National Marketing Corporation for business expansion. National Marketing Corporation pays Tirupathi Enterprise a non-refundable processing fee of Rs. 5 lakhs. Tirupathi Enterprise provides a post-dated cheque for the same amount as security. If the loan is not raised, National Marketing Corporation can cash the security cheque. If the loan is raised, the security cheque will be returned. The agreement also outlines dispute resolution procedures.
This agreement is made as on 15 th of March 2014 for the purpose of Loan raising arrangement BETWEEN National marketing Corporation having its head office at FF-106/T2A, Natraj Enclave, RBG Complex, Karelibaug, Vadodara-39006 hereinafter called Party of the First Part AND Tirupathi Enterprise having its office at_____________, Ahmedabad which is proprietary concern of Nareshbhai Purshottambhai Chavada, hereinafter called party of the Second Part. 1. Whereas details of the PAN of both the parties are as under: Party of the First Part is holding PAN AADFN4200G Party of the Second Part is holding PAN AMGPC7088L (Passport no. of Proprietor-K42/36095) 2. Whereas both the parties agree to enter in to loan raising arrangement for the same subject and in the same sense subject to following conditions: a. Whereas Party of the second part is agree to raise Loan of Rs.2.75 Crores (Rupees Two crores and seventy five lakhs) for the Party of the first part for the purpose of expansion of the business party of the first part. b. Whereas Party of the First part is paid Rs.5 Lakhs as non refundable Processing fees in favour of Party of the Second part, for raising abovementioned loan, by cheque no. 161923, dated 15-03-2014, drawn on Union Bank of India, City branch, MG road, Vadodara. c. Whereas Party of second part is issued post dated cheque for Rs.5 Lakhs in favour of party of the First part as Security of its abovementioned processing fees paid, by cheque no. 254227, dated 10-05-2014, drawn on Bank of India, ITCRI-SME Branch, Ahmedabad. d. Whereas party of the second part assures party of the first part that if in any case he fails to raise abovementioned loan, party of the first part shall recover the abovementioned processing fees paid by encashing cheque issued by party of the second part. e. Whereas party of the first part assures that if party of the second part raise the abovementioned loan, it will return the cheque issued by party of the second part as security. f. Whereas conditions and utilization of loan shall be governed by separate agreement and shall not be in conflict with this agreement. g. Whereas party of the second part is not liable for failure to perform the any obligations under this agreement if such failure is as a result of Acts of God (including fire, flood, Page 2 of 2
earthquake, storm, hurricane or other natural disaster), war, invasion, act of foreign enemies, hostilities (regardless of whether war is declared), civil war, rebellion, revolution, insurrection, military or usurped power or confiscation, terrorist activities, nationalisation, government sanction, blockage, embargo or interruption or failure of electricity or telephone service. h. In the event of any dispute or difference between the parties hereto arising out of, from or relating to anything contained in this agreement, the parties shall attempt to amicably resolve such disputes. If the dispute cannot be settled within 30 (Thirty) days by mutual discussion, the parties shall refer such dispute to the arbitration of a Sole Arbitrator, to be conducted in accordance with the Arbitration and Conciliation Act, 1996 or any statutory modification or re enactment thereof for the time being in force. i. Subject to provisions of clause hereinabove, if any dispute arises between the parties then the Civil and Session Court at Ahmedabad shall have the exclusive jurisdiction to decide the same. j. Whereas both the parties are agreed on the terms and conditions mentioned hereinabove.
IN WITNESS WHEREOF, the parties have executed this Agreement effective the date first stated above. For & On behalf of Party of the First Part
(_______________________) For & On behalf of Party of the Second Part