The Demand Promissory Note Loan Agreement is a crucial financial instrument in Pakistani lending practice, combining the immediacy of a demand promissory note with the comprehensive protection of a loan agreement. This document is commonly used in both institutional and private lending scenarios where the lender requires the flexibility to demand repayment at any time while maintaining detailed loan terms and conditions. The agreement must comply with multiple Pakistani laws, including the Negotiable Instruments Act, 1881, the Contract Act, 1872, and relevant banking regulations. It's particularly valuable in situations requiring quick enforcement, as it provides the lender with an readily enforceable instrument while documenting the full terms of the lending relationship, including interest rates, payment mechanisms, and default provisions.
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1. Parties: Identification of the lender and borrower with complete legal names, addresses, and registration details if applicable
2. Background: Brief context of the loan arrangement and relationship between parties
3. Definitions: Key terms used throughout the agreement including 'Demand', 'Principal Amount', 'Interest Rate', and other relevant terms
4. Loan Amount and Terms: Specification of the principal amount, interest rate, and confirmation that the loan is payable on demand
5. Promise to Pay: The formal promissory note language promising to pay the loan amount on demand
6. Interest Calculation: Method and frequency of interest calculation and payment terms
7. Mode of Payment: Specified payment methods and bank account details for repayment
8. Events of Default: Circumstances that would constitute default under the agreement
9. Representations and Warranties: Standard declarations by the borrower regarding legal capacity and financial condition
10. Borrower's Covenants: Ongoing obligations of the borrower during the term of the loan
11. Demand and Enforcement: Process for making demand and enforcement rights of the lender
12. Notices: Process and addresses for serving formal notices under the agreement
13. Governing Law and Jurisdiction: Confirmation of Pakistani law as governing law and jurisdiction for disputes
1. Security Provisions: Include when the loan is secured by specific assets or collateral
2. Guarantor Provisions: Include when there is a guarantor for the loan
3. Islamic Banking Compliance: Include when the loan needs to comply with Shariah principles
4. Insurance Requirements: Include when specific insurance coverage is required for secured assets
5. Cross-Default Provisions: Include when the loan is part of a larger financing arrangement
6. Assignment and Transfer: Include when either party may need to transfer their rights under the agreement
7. Joint and Several Liability: Include when there are multiple borrowers
8. Force Majeure: Include when specific circumstances might affect loan repayment obligations
1. Schedule 1 - Loan Details: Detailed breakdown of the loan amount, interest rate, and any applicable fees
2. Schedule 2 - Payment Schedule: If applicable, any predetermined payment milestones or installment schedule
3. Schedule 3 - Security Details: If secured, detailed description of collateral or security arrangements
4. Schedule 4 - Form of Demand: Template for the formal demand notice
5. Schedule 5 - Condition Precedents: List of documents and conditions required before loan disbursement
6. Appendix A - Required Documents: List of supporting documents to be maintained with the agreement
7. Appendix B - Specimen Signatures: Authorized signatures of all parties including witnesses
Relevant legal definitions
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Banking & Financial Services
Commercial Lending
Private Lending
Real Estate
Manufacturing
Retail
Agriculture
Technology
Healthcare
Construction
Small Business
Professional Services
Relevant Teams
Legal
Finance
Credit
Compliance
Risk Management
Treasury
Banking Operations
Corporate Secretarial
Documentation
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Relevant Roles
Legal Counsel
Finance Manager
Credit Officer
Loan Officer
Banking Manager
Compliance Officer
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