A Line of Credit Agreement is essential for businesses and individuals seeking flexible access to funds in India. This document establishes a commitment from a lender to provide credit up to a specified limit, allowing the borrower to draw down funds as needed, repay, and reborrow within the facility period. The agreement must comply with Indian banking regulations, RBI guidelines, and contract law. It's particularly useful for managing working capital, seasonal cash flow variations, or project-based funding needs. The document includes comprehensive details about interest calculation, security arrangements, conditions for drawdown, events of default, and remedy provisions. It's a crucial instrument in Indian commercial lending, requiring careful consideration of both regulatory compliance and practical operational needs.
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1. Parties: Identification of the lender(s) and borrower(s) with complete details
2. Background: Recitals explaining the context and purpose of the credit facility
3. Definitions and Interpretation: Definitions of terms used in the agreement and rules of interpretation
4. The Facility: Core terms of the credit facility including amount, purpose, and availability period
5. Conditions Precedent: Conditions that must be satisfied before the facility becomes available
6. Drawdown Mechanics: Procedures and requirements for drawing down the credit facility
7. Interest and Fees: Interest rates, calculation methods, and applicable fees
8. Repayment Terms: Terms and schedule for repayment of drawn amounts
9. Borrower Representations: Borrower's warranties and representations
10. Borrower Covenants: Positive and negative covenants of the borrower
11. Events of Default: Circumstances constituting default and consequences
12. Rights and Remedies: Lender's rights and remedies upon default
13. Changes to Parties: Provisions regarding assignment and transfer rights
14. Notices: Communication procedures between parties
15. General Provisions: Boilerplate clauses including governing law, jurisdiction, etc.
1. Security Provisions: Required when the facility is secured by collateral, detailing the security structure and enforcement rights
2. Guarantee Provisions: Needed when third-party guarantors are involved in securing the facility
3. Syndication Provisions: Required for facilities involving multiple lenders or potential syndication
4. Insurance Requirements: Detailed insurance obligations when specific insurance coverage is required for the facility
5. Financial Covenants: Specific financial maintenance covenants when required for the borrower
6. Regulatory Compliance: Special compliance requirements for regulated industries or specific business sectors
7. Currency Provisions: Required for facilities involving multiple currencies or foreign exchange considerations
8. Special Drawdown Conditions: For facilities with specific or unusual drawdown requirements
1. Facility Terms Schedule: Detailed terms of the facility including limits, sub-limits, and pricing
2. Conditions Precedent Schedule: List of all documents and conditions required before first drawdown
3. Security Details Schedule: Details of all security/collateral provided for the facility
4. Form of Drawdown Notice: Template for borrower to request drawdown under the facility
5. Repayment Schedule: Detailed repayment terms and dates if applicable
6. Fee Schedule: Detailed breakdown of all applicable fees and charges
7. Compliance Certificate: Form of periodic compliance certificate to be submitted by borrower
8. Financial Covenants Schedule: Detailed financial covenants and calculation methodologies
9. Contact Details Schedule: Contact information for all relevant parties and representatives
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