The Master Credit Agreement serves as the foundational document for establishing and governing credit facilities in India, typically used when parties anticipate an ongoing lending relationship with multiple drawdowns over time. It provides a comprehensive framework that complies with Indian banking regulations, the Reserve Bank of India guidelines, and relevant financial legislation. The agreement is designed to eliminate the need for separate loan agreements for each drawdown while maintaining flexibility for varying credit requirements. It includes detailed provisions for facility limits, drawdown mechanics, security arrangements, covenants, and events of default, making it suitable for both secured and unsecured lending arrangements. This type of agreement is particularly useful for corporate borrowing, working capital facilities, and term loans where a long-term credit relationship is contemplated.
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1. Parties: Identifies the lender and borrower with full legal names and addresses
2. Background: Sets out the context of the agreement and the intention to establish a credit facility
3. Definitions: Comprehensive definitions of terms used throughout the agreement
4. Facility Amount and Purpose: Details of the maximum credit limit and permitted purposes for borrowing
5. Conditions Precedent: Conditions that must be satisfied before any utilization of the facility
6. Drawdown Mechanics: Procedures and requirements for requesting and making drawdowns
7. Interest and Fees: Interest calculation method, rates, periods, and all applicable fees
8. Repayment Terms: Terms for repayment including scheduled payments and prepayment provisions
9. Representations and Warranties: Standard representations and warranties from the borrower
10. Covenants: Positive and negative covenants governing borrower's conduct
11. Events of Default: Circumstances constituting default and consequences thereof
12. Governing Law and Jurisdiction: Specifies Indian law as governing law and jurisdiction for disputes
13. Notices: Procedures for giving notices under the agreement
14. Miscellaneous: Standard boilerplate provisions including amendments, assignments, and severability
1. Security: Required when the facility is secured - details security structure and enforcement rights
2. Guarantee: Include when there are third-party guarantors for the facility
3. Currency Provisions: Required for facilities involving foreign currency or multiple currencies
4. Tax Provisions: Detailed tax clauses needed when tax implications are complex or involve cross-border elements
5. Agency Provisions: Required in syndicated facilities with multiple lenders
6. Market Disruption: Include for facilities with floating rates to address market disruption scenarios
7. Increased Costs: Include when regulatory changes might affect lending costs
8. Assignment and Transfer: Detailed provisions needed when transferability of the facility is contemplated
1. Facility Terms: Detailed commercial terms including limits, interest rates, and fees
2. Form of Drawdown Request: Standard form for borrower to request utilization of the facility
3. Conditions Precedent Documents: List of required documents and conditions for first and subsequent drawdowns
4. Security Details: Details of security package including assets and documentation requirements
5. Form of Compliance Certificate: Template for periodic compliance certification by borrower
6. Repayment Schedule: Schedule of repayment dates and amounts if term facility
7. Authorized Signatories: List of persons authorized to act on behalf of borrower
8. Form of Interest Rate Election Notice: Template for borrower to select interest periods/rates where applicable
9. Financial Covenants Calculations: Detailed methodology for calculating financial covenants
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