The Master Asset Finance Agreement serves as a foundational document for establishing an ongoing financing relationship between financial institutions and borrowers in India. It is typically used when parties anticipate multiple asset financing transactions over time, avoiding the need to negotiate separate agreements for each transaction. The agreement incorporates key requirements under Indian banking regulations, including RBI guidelines, SARFAESI Act provisions, and security creation requirements. It covers essential elements such as facility terms, drawdown procedures, security structures, asset maintenance requirements, and enforcement mechanisms, while providing flexibility to accommodate various asset types and financing structures. This master agreement approach streamlines documentation requirements and ensures consistency across multiple transactions while maintaining compliance with Indian legal and regulatory requirements.
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1. Parties: Identification of the finance provider and the borrower/customer, including registration details and addresses
2. Background: Context of the agreement, relationship between parties, and general purpose of the facility
3. Definitions and Interpretation: Comprehensive definitions of terms used throughout the agreement and rules of interpretation
4. Facility and Purpose: Details of the master facility, including nature, purpose, and overall limits
5. Conditions Precedent: Prerequisites that must be satisfied before any utilization under the facility
6. Drawdown Mechanism: Process and requirements for requesting and obtaining individual facilities under the master agreement
7. Asset Purchase and Ownership: Provisions regarding asset selection, purchase, and ownership arrangements
8. Payment Terms: Terms for repayment, interest calculations, fees, and payment mechanics
9. Security Structure: Creation and maintenance of security interests over financed assets
10. Representations and Warranties: Standard and specific declarations made by the borrower
11. Covenants: Positive and negative obligations of the borrower during the facility period
12. Asset Maintenance and Insurance: Requirements for maintaining and insuring financed assets
13. Events of Default: Circumstances constituting default and consequences thereof
14. Enforcement and Remedies: Rights and remedies available to the finance provider upon default
15. Indemnities: Protection for the finance provider against various risks and losses
16. Assignment and Transfer: Rights and restrictions regarding transfer of rights under the agreement
17. Notices: Process and requirements for formal communications between parties
18. Governing Law and Jurisdiction: Applicable law and jurisdiction for dispute resolution
19. Miscellaneous: Standard boilerplate provisions including severability, entire agreement, amendments
1. Guarantees: Required when third-party guarantees are part of the security structure
2. Special Asset Provisions: Specific provisions for particular asset classes (e.g., vehicles, machinery, real estate)
3. Cross-Default: Needed when multiple facilities or related agreements are involved
4. Currency Provisions: Required for cross-border transactions or multiple currency facilities
5. Tax Provisions: Detailed tax clauses needed for complex structures or cross-border transactions
6. Environmental Compliance: Required for assets or operations with environmental impact
7. Force Majeure: Detailed force majeure provisions if required for specific asset types or industries
8. Step-In Rights: Required when lender may need to take control of assets or operations
9. Electronic Documentation: Specific provisions for digital execution and maintenance of records
1. Facility Terms Schedule: Specific terms, limits, and pricing for different types of facilities available
2. Asset Schedule: Template for describing assets to be financed under individual facilities
3. Form of Drawdown Request: Standard form for requesting individual facilities under the master agreement
4. Security Documents: Forms of various security documents required for different asset types
5. Conditions Precedent Documents: List of required documents and conditions for initial and subsequent drawdowns
6. Insurance Requirements: Detailed insurance requirements for different asset types
7. Fees and Charges: Comprehensive list of applicable fees, charges, and their calculation methods
8. Form of Asset Purchase Documentation: Standard forms for asset purchase and transfer
9. Authorized Representatives: List of authorized signatories and their powers
10. Compliance Certificates: Templates for periodic compliance reporting
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