The Line of Credit Promissory Note is commonly used in Indian banking and financial transactions where a lender provides a borrower with access to a revolving credit facility. This document type is particularly useful when businesses or individuals require flexible access to funds up to a predetermined limit, while providing the lender with a legally enforceable promise to repay. The document must comply with Indian law, particularly the Negotiable Instruments Act, 1881, and the Banking Regulation Act, 1949. It typically includes credit limits, drawing mechanisms, interest calculations, repayment terms, and default provisions. This instrument is preferred when parties want to combine the simplicity of a promissory note with the flexibility of a revolving credit facility, making it especially suitable for ongoing business relationships and working capital financing.
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1. Parties: Identification of the maker/borrower and the payee/lender with full legal names and addresses
2. Promise to Pay: Unconditional promise to pay the principal amount or such amount as may be outstanding under the line of credit
3. Credit Facility Terms: Details of the credit limit, availability period, and drawing conditions
4. Interest Rate: Specification of the interest rate, calculation method, and payment frequency
5. Payment Terms: Repayment schedule, minimum payments, and method of payment
6. Default Provisions: Circumstances constituting default and consequences thereof
7. Representations and Warranties: Basic representations regarding capacity and authority to execute the note
8. Governing Law: Specification of Indian law as governing law and jurisdiction details
1. Security Provisions: Include when the note is secured by collateral or personal guarantee
2. Draw Procedures: Include detailed procedures when specific drawing mechanisms need to be established
3. Prepayment Terms: Include when early repayment options are to be specifically allowed or restricted
4. Financial Covenants: Include when lender requires ongoing financial compliance requirements
5. Use of Proceeds: Include when the credit facility is restricted to specific purposes
6. Notice Provisions: Include when specific notice requirements for drawings or other actions are needed
1. Schedule A - Drawing Notice Form: Standard form for requesting drawings under the line of credit
2. Schedule B - Repayment Schedule: If applicable, schedule of minimum payments or repayment obligations
3. Schedule C - Security Details: If secured, details of collateral or guarantee arrangements
4. Schedule D - Calculation of Interest: Detailed methodology for interest calculation if complex
5. Appendix 1 - KYC Documents: List of required KYC documents and compliance certificates
Relevant legal definitions
Availability Period
Business Day
Credit Limit
Default Interest Rate
Drawing
Drawing Date
Drawing Notice
Due Date
Event of Default
Facility
Interest Payment Date
Interest Period
Interest Rate
KYC Documents
Material Adverse Effect
Maturity Date
Outstanding Amount
Payment Date
Permitted Purpose
Principal Amount
Repayment Schedule
Security
Standard Interest Rate
Unutilized Amount
Utilization
Working Day
Business Day
Credit Limit
Default Interest Rate
Drawing
Drawing Date
Drawing Notice
Due Date
Event of Default
Facility
Interest Payment Date
Interest Period
Interest Rate
KYC Documents
Material Adverse Effect
Maturity Date
Outstanding Amount
Payment Date
Permitted Purpose
Principal Amount
Repayment Schedule
Security
Standard Interest Rate
Unutilized Amount
Utilization
Working Day
Clauses
Relevant Industries
Banking & Financial Services
Commercial Lending
Retail Banking
Small Business Banking
Corporate Banking
Manufacturing
Real Estate
Trading
Information Technology
Healthcare
Retail
Agriculture
Relevant Teams
Legal
Finance
Treasury
Credit
Risk Management
Compliance
Corporate Banking
Commercial Banking
Operations
Business Development
Relevant Roles
Chief Financial Officer
Finance Manager
Treasury Manager
Credit Officer
Loan Officer
Legal Counsel
Compliance Officer
Risk Manager
Banking Relationship Manager
Corporate Banking Officer
Financial Controller
Credit Risk Analyst
Business Development Manager
Account Manager
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