Omnibus Loan Agreement

Description

For those engaged in banking, financing or lending business an omnibus loan agreement is a contract between the creditor and the debtor which contains all the necessary terms and conditions of the credit accommodation regardless of the type or nature of loan product, whether it is a term loan, credit line, bills purchase or re-financing of an existing line. It covers all aspects of the loan, from pre-payment to renewal, dragnet clause, schedule of payment, acceleration clause, consequences of default and cross-default.

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