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Floor Plan Financing Agreement

Floor Plan Financing Agreement Template for Pakistan

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Key Requirements PROMPT example:

Floor Plan Financing Agreement

"I need a Floor Plan Financing Agreement under Pakistani law for my automotive dealership business, with a credit facility of PKR 50 million, including provisions for both new and used vehicles, and Islamic banking compliance requirements."

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Document background
The Floor Plan Financing Agreement is a specialized financing document used in Pakistan when financial institutions provide inventory financing to dealers or retailers. This type of agreement is particularly crucial in industries dealing with high-value inventory such as vehicles, equipment, or machinery. The agreement is structured to comply with Pakistani banking and security laws, including the Banking Companies Ordinance 1962 and related regulations. It typically covers the entire financing relationship, from facility terms and security arrangements to operational procedures and default remedies. The document is essential for businesses requiring regular inventory financing and includes detailed provisions for inventory management, reporting requirements, and security enforcement mechanisms. The agreement must incorporate specific requirements of Pakistani law regarding security creation, registration, and enforcement, while also addressing practical aspects of inventory financing such as drawdown procedures and monitoring requirements.
Suggested Sections

1. Parties: Identification of the financial institution (lender) and the dealer (borrower), including their legal status and registration details

2. Background: Context of the agreement, business relationship, and purpose of the floor plan financing arrangement

3. Definitions: Detailed definitions of terms used throughout the agreement, including financial terms, security-related concepts, and operational terminology

4. Facility Terms: Core terms of the financing facility including credit limit, interest rate, tenure, and purpose

5. Security Arrangements: Details of security interest over inventory, additional collateral requirements, and registration of charges

6. Drawdown Procedures: Process and conditions for requesting and obtaining financing for inventory purchases

7. Repayment Terms: Payment obligations, schedule, method, and consequences of default

8. Representations and Warranties: Standard and specific declarations by the dealer regarding their business, authority, and compliance

9. Covenants: Ongoing obligations of the dealer including financial covenants, reporting requirements, and operational restrictions

10. Events of Default: Circumstances constituting default and their consequences

11. Rights and Remedies: Lender's rights upon default, including enforcement of security and recovery procedures

12. Inspection and Monitoring: Lender's rights to inspect inventory and monitor the dealer's operations

13. General Provisions: Standard clauses including notices, amendments, governing law, and dispute resolution

Optional Sections

1. Islamic Finance Compliance: Required when the financing needs to comply with Islamic banking principles

2. Multiple Facility Lines: Used when different types of inventory or financing arrangements are covered under the same agreement

3. Insurance Requirements: Detailed section when specific insurance arrangements are crucial for the financing

4. Third-Party Guarantees: Required when personal or corporate guarantees are part of the security structure

5. Cross-Border Provisions: Needed when inventory is imported or when foreign currency payments are involved

6. Subordination Provisions: Required when there are multiple lenders or existing security interests

7. Digital Documentation: Special provisions for electronic inventory tracking and digital documentation systems

Suggested Schedules

1. Facility Details: Detailed breakdown of credit limits, interest rates, and fees

2. Approved Inventory List: List of authorized inventory types/models that can be financed

3. Security Documents: List and copies of all security documents, charge registration forms

4. Operating Procedures: Detailed procedures for inventory management, reporting, and payment processes

5. Form of Drawdown Request: Standard format for requesting financing under the facility

6. Financial Reporting Templates: Required formats for periodic financial reporting

7. Insurance Requirements: Detailed insurance specifications for financed inventory

8. Authorized Signatories: List of persons authorized to request drawdowns and execute documents

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Automotive

Heavy Equipment

Agricultural Machinery

Electronics and Appliances

Industrial Equipment

Marine Equipment

Recreational Vehicles

Construction Equipment

Medical Equipment

Technology Hardware

Relevant Teams

Legal

Finance

Treasury

Credit

Risk Management

Operations

Compliance

Commercial

Business Development

Security Administration

Portfolio Management

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Credit Manager

Legal Counsel

Compliance Officer

Risk Manager

Operations Manager

Dealer Principal

Commercial Director

Banking Relationship Manager

Security Documentation Officer

Portfolio Manager

Credit Risk Officer

Business Development Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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