Credit Facility Agreements are fundamental documents in Indian corporate lending, used when a financial institution extends credit to a borrower. These agreements are essential for both secured and unsecured lending transactions in India, ranging from simple bilateral facilities to complex syndicated arrangements. The document must comply with Indian banking regulations, RBI guidelines, and other relevant legislation such as the Banking Regulation Act, 1949, and SARFAESI Act. It typically includes comprehensive provisions on facility terms, drawdown mechanics, security arrangements, representations, covenants, and enforcement mechanisms. Credit Facility Agreements are particularly important in the Indian context due to specific regulatory requirements, mandatory provisions, and the need to ensure enforceability through local courts and tribunals.
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1. Parties: Identifies the lender(s) and borrower(s), including their registered addresses and company details
2. Background: Sets out the context of the facility and purpose of the loan
3. Definitions and Interpretation: Defines key terms used throughout the agreement and interpretation rules
4. The Facility: Details of the credit facility including amount, type, and purpose
5. Conditions Precedent: Conditions that must be satisfied before the facility becomes available
6. Drawdown: Procedures and requirements for drawing down the facility
7. Interest: Interest rate, calculation method, and payment provisions
8. Repayment: Terms and schedule for repayment of the facility
9. Representations and Warranties: Statements of fact and assurances given by the borrower
10. Covenants: Positive and negative obligations of the borrower during the facility period
11. Events of Default: Circumstances that constitute default and consequences thereof
12. Security: Overview of security arrangements for the facility
13. Payments: Payment mechanics, timing, and currency provisions
14. Costs and Expenses: Allocation of costs related to the facility and its maintenance
15. Notices: Communication procedures between parties
16. Assignment and Transfer: Rights and restrictions regarding transfer of rights and obligations
17. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction
18. Counterparts: Provisions for execution in multiple counterparts
1. Syndication Provisions: Required for syndicated facilities involving multiple lenders
2. Increased Costs: Provisions dealing with regulatory changes affecting the lender's costs
3. Market Disruption: Provisions for handling market disruption events affecting interest rates
4. Tax Gross-Up and Indemnities: Detailed tax provisions if cross-border elements or specific tax concerns exist
5. Currency Provisions: Required for facilities involving foreign currency or multiple currencies
6. Insurance: Detailed insurance requirements if specific insurance coverage is required
7. Security Trustee Provisions: Required when security is held by a security trustee
8. Guarantee Provisions: Required when the facility is supported by guarantees
1. Facility Particulars: Detailed terms of the facility including amounts, interest rates, and margins
2. Conditions Precedent Documents: List of documents required before facility availability
3. Form of Drawdown Notice: Template for borrower to request drawdown
4. Repayment Schedule: Detailed schedule of repayment dates and amounts
5. Security Documents: List and copies of security documents
6. Form of Compliance Certificate: Template for periodic compliance certification
7. Permitted Security Interests: List of security interests permitted under the facility
8. Form of Transfer Certificate: Template for transfer of facility participation
9. Financial Covenants: Detailed financial covenants and calculation methodologies
10. Contact Details: Detailed contact information for all parties
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