The Credit Agreement Between Two Parties is a fundamental legal instrument used in Indian financial transactions to formalize lending arrangements between a credit provider and a recipient. This document is essential when any form of credit facility is extended, whether for business expansion, working capital, asset purchase, or personal use. It ensures compliance with Indian financial regulations, including the Indian Contract Act, 1872, Interest Act, 1978, and relevant banking laws. The agreement comprehensively covers credit terms, interest calculations, repayment schedules, security arrangements, and default provisions. It's particularly crucial in the Indian context where formal documentation of financial obligations is required for legal enforcement and regulatory compliance. The document serves both as a binding contract and as evidence of the debt, making it vital for both secured and unsecured credit facilities.
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1. Parties: Identification and details of the lender and borrower, including their registered addresses and authorized representatives
2. Background: Context of the credit arrangement and purpose of the loan
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules of interpretation
4. Credit Facility: Details of the credit amount, purpose, and drawdown mechanisms
5. Interest and Fees: Interest rate, calculation method, compounding periods, and applicable fees
6. Repayment Terms: Repayment schedule, payment methods, and prepayment provisions
7. Conditions Precedent: Conditions that must be satisfied before the credit facility becomes available
8. Representations and Warranties: Statements of fact and assurances given by the borrower
9. Covenants: Positive and negative obligations of the borrower during the loan term
10. Events of Default: Circumstances constituting default and their consequences
11. Remedies: Rights and remedies available to the lender upon default
12. Notices: Method and addresses for serving notices between parties
13. Governing Law and Jurisdiction: Specification of Indian law as governing law and jurisdiction for disputes
14. Miscellaneous: Standard boilerplate provisions including amendments, waivers, and severability
1. Security: Details of any collateral or security provided - include if the credit is secured
2. Guarantee: Terms of any guarantee provided - include if there is a guarantor
3. Insurance: Insurance requirements for secured assets - include if security is provided
4. Assignment and Transfer: Rights to assign or transfer the loan - include if transferability is contemplated
5. Force Majeure: Provisions for unforeseen circumstances - include if required for long-term facilities
6. Confidentiality: Confidentiality obligations - include if sensitive information is involved
7. Environmental Compliance: Environmental warranties and covenants - include if relevant to the borrower's business
8. Anti-corruption Provisions: Anti-bribery and corruption provisions - include for corporate borrowers
1. Drawdown Notice Format: Template for requesting disbursement of the credit facility
2. Repayment Schedule: Detailed schedule of repayment dates and amounts
3. Security Details: Detailed description of security/collateral if applicable
4. Conditions Precedent Documents: List of documents required before facility becomes effective
5. Compliance Certificate Format: Template for periodic compliance reporting
6. Fee Schedule: Detailed breakdown of all applicable fees
7. Existing Indebtedness: List of borrower's existing debts and obligations
8. Required Insurance: Details of insurance requirements for secured assets
Relevant legal definitions
Agreement
Applicable Law
Availability Period
Business Day
Closing Date
Conditions Precedent
Credit Facility
Default Interest
Default Notice
Event of Default
Drawdown
Drawdown Date
Drawdown Notice
Due Date
Effective Date
Encumbrance
Financial Indebtedness
Financial Statements
Financial Year
Force Majeure Event
Interest Payment Date
Interest Period
Interest Rate
Lender
Borrower
Legal Requirements
Material Adverse Effect
Maturity Date
Outstanding Amount
Parties
Permitted Purpose
Prepayment
Principal Amount
Repayment Date
Repayment Schedule
Secured Assets
Security
Security Documents
Stamp Duty
Tax
Term
Transaction Documents
Default
Potential Default
Guarantor
Guarantee
Indian GAAP
RBI
SEBI
Applicable Margin
Base Rate
Compliance Certificate
Financial Covenants
Governmental Authority
Indebtedness
Loan
Security Interest
Working Day
Applicable Law
Availability Period
Business Day
Closing Date
Conditions Precedent
Credit Facility
Default Interest
Default Notice
Event of Default
Drawdown
Drawdown Date
Drawdown Notice
Due Date
Effective Date
Encumbrance
Financial Indebtedness
Financial Statements
Financial Year
Force Majeure Event
Interest Payment Date
Interest Period
Interest Rate
Lender
Borrower
Legal Requirements
Material Adverse Effect
Maturity Date
Outstanding Amount
Parties
Permitted Purpose
Prepayment
Principal Amount
Repayment Date
Repayment Schedule
Secured Assets
Security
Security Documents
Stamp Duty
Tax
Term
Transaction Documents
Default
Potential Default
Guarantor
Guarantee
Indian GAAP
RBI
SEBI
Applicable Margin
Base Rate
Compliance Certificate
Financial Covenants
Governmental Authority
Indebtedness
Loan
Security Interest
Working Day
Clauses
Definitions
Interpretation
Facility Terms
Interest
Repayment
Security
Conditions Precedent
Representations and Warranties
Positive Covenants
Negative Covenants
Financial Covenants
Information Covenants
Events of Default
Consequences of Default
Payment Provisions
Set-off
Security Enforcement
Assignment and Transfer
Confidentiality
Force Majeure
Indemnification
Costs and Expenses
Notices
Amendments and Waivers
Severability
Counterparts
Governing Law
Jurisdiction
Dispute Resolution
Third Party Rights
Stamp Duty
Registration
Environmental Compliance
Anti-Money Laundering
Sanctions Compliance
Change in Law
Tax Provisions
Insurance
Further Assurance
Entire Agreement
Time of Essence
Survival
Electronic Execution
Interpretation
Facility Terms
Interest
Repayment
Security
Conditions Precedent
Representations and Warranties
Positive Covenants
Negative Covenants
Financial Covenants
Information Covenants
Events of Default
Consequences of Default
Payment Provisions
Set-off
Security Enforcement
Assignment and Transfer
Confidentiality
Force Majeure
Indemnification
Costs and Expenses
Notices
Amendments and Waivers
Severability
Counterparts
Governing Law
Jurisdiction
Dispute Resolution
Third Party Rights
Stamp Duty
Registration
Environmental Compliance
Anti-Money Laundering
Sanctions Compliance
Change in Law
Tax Provisions
Insurance
Further Assurance
Entire Agreement
Time of Essence
Survival
Electronic Execution
Relevant Industries
Banking
Financial Services
Real Estate
Manufacturing
Retail
Information Technology
Infrastructure
Agriculture
Healthcare
Education
Hospitality
Construction
Transportation
Energy
Small and Medium Enterprises
Relevant Teams
Legal
Finance
Risk Management
Treasury
Compliance
Credit Analysis
Corporate Finance
Business Development
Operations
Documentation
Relevant Roles
Chief Financial Officer
Finance Director
Credit Manager
Risk Manager
Legal Counsel
Company Secretary
Treasury Manager
Financial Controller
Compliance Officer
Banking Relationship Manager
Credit Analyst
Corporate Finance Manager
Loan Officer
Business Development Manager
Financial Advisor
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