The Line of Credit Loan Agreement is essential for businesses and individuals seeking flexible access to credit in India. This document is typically used when a borrower requires ongoing access to funds up to a predetermined limit, rather than a one-time loan disbursement. The agreement must comply with Indian banking regulations, including the Banking Regulation Act 1949 and RBI guidelines, while incorporating necessary security and enforcement provisions under the SARFAESI Act. It details critical aspects such as drawdown mechanisms, interest calculations, security arrangements, and event of default provisions, providing a comprehensive framework for the credit relationship between the parties. The document is particularly relevant for working capital financing, business expansion, and ongoing operational funding needs.
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1. Parties: Identifies and defines the Lender and Borrower with complete legal names and addresses
2. Background: Outlines the context of the agreement and the parties' intention to enter into a line of credit arrangement
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes rules of interpretation
4. The Facility: Details the nature, amount, and purpose of the line of credit facility
5. Conditions Precedent: Lists conditions that must be satisfied before the facility becomes available
6. Drawdown and Utilization: Specifies procedures and requirements for drawing down the credit facility
7. Interest and Fees: Details interest rates, calculation methods, fees, and charges applicable to the facility
8. Repayment Terms: Specifies repayment obligations, minimum payments, and payment procedures
9. Borrower Representations and Warranties: Sets out the borrower's assertions regarding their legal and financial status
10. Borrower Covenants: Details positive and negative obligations of the borrower during the facility period
11. Events of Default: Lists circumstances that constitute default and their consequences
12. Security: Describes the security arrangements for the facility
13. Lender's Rights and Remedies: Outlines the lender's rights upon default or breach
14. Notices: Specifies how formal communications between parties should be made
15. Governing Law and Jurisdiction: Establishes Indian law as governing law and specifies jurisdiction for disputes
16. Miscellaneous: Contains standard boilerplate provisions including severability, amendments, and entire agreement
1. Guarantee: Required when a third party guarantees the borrower's obligations
2. Insurance: Required when specific insurance coverage is mandatory for the facility
3. Special Drawdown Conditions: Used when there are industry-specific or purpose-specific drawdown requirements
4. Foreign Exchange Provisions: Required for facilities involving foreign currency transactions
5. Multiple Borrower Provisions: Required when there are multiple borrowers under the same facility
6. Cross-Default: Used when the facility needs to be linked to other credit facilities or agreements
7. Assignment and Transfer: Required when either party needs the right to assign or transfer their rights
8. Increased Costs and Tax Provisions: Used for larger facilities where regulatory changes might affect costs
1. Schedule 1 - Facility Details: Detailed terms of the facility including limits, interest rates, and fees
2. Schedule 2 - Conditions Precedent Documents: List of documents required before facility activation
3. Schedule 3 - Drawdown Notice Format: Template for drawdown requests
4. Schedule 4 - Repayment Schedule: If applicable, schedule of minimum repayment obligations
5. Schedule 5 - Security Details: Detailed description of security arrangements and assets
6. Schedule 6 - Compliance Certificate: Format for periodic compliance certification
7. Appendix A - Financial Covenants: Detailed financial ratios and requirements to be maintained
8. Appendix B - Authorized Signatories: List of persons authorized to act on behalf of the borrower
9. Appendix C - Fee Schedule: Detailed breakdown of all applicable fees and charges
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