The Revolving Credit Facility Agreement is a crucial financing document used in the Indian market when a borrower requires flexible access to funding that can be drawn, repaid, and redrawn over time. This type of facility is particularly useful for managing working capital needs, seasonal business fluctuations, or ongoing operational requirements. The agreement must comply with Indian regulatory requirements, including Reserve Bank of India guidelines, Banking Regulation Act provisions, and general principles of Indian contract law. It contains detailed provisions covering facility limits, drawdown mechanics, interest calculations, security structure (if applicable), representations, warranties, covenants, and events of default. The document is typically customized based on the borrower's credit profile, the purpose of the facility, and specific commercial terms agreed between the parties.
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1. Parties: Identification of the lender(s), borrower(s), and any guarantors or security providers
2. Background: Context of the facility and purpose of the agreement
3. Definitions and Interpretation: Defined terms and interpretation principles used throughout the agreement
4. The Facility: Details of the revolving credit facility, including amount, purpose, and availability period
5. Conditions Precedent: Conditions that must be satisfied before the facility becomes available
6. Utilisation: Process and requirements for drawing down the facility
7. Repayment and Prepayment: Terms for repayment, prepayment options, and consequences
8. Interest: Interest calculation, payment periods, and default interest provisions
9. Fees: All applicable fees including commitment, arrangement, and processing fees
10. Tax Provisions: Tax-related obligations and gross-up provisions
11. Representations and Warranties: Statements of fact and assurances given by the borrower
12. Information Undertakings: Obligations to provide financial and other information
13. General Undertakings: Positive and negative covenants of the borrower
14. Events of Default: Circumstances constituting default and consequences
15. Changes to Parties: Provisions regarding assignment and transfer
16. Administration: Payment mechanics, calculations, and notices
17. Governing Law and Jurisdiction: Choice of law and dispute resolution provisions
1. Security: Required if the facility is secured - details of security structure and enforcement
2. Guarantee: Required if there are guarantors - terms of guarantee and indemnity
3. Increased Costs: Protection for lenders against regulatory changes affecting costs
4. Market Disruption: Provisions dealing with disruption to interest rate benchmarks
5. Multiple Lenders: Required for syndicated facilities - includes majority lender provisions and agent's role
6. Set-off Rights: Specific set-off rights beyond standard provisions
7. Currency Provisions: Required for multi-currency facilities
8. Anti-corruption Provisions: Enhanced compliance requirements for regulated entities
9. Green Loan Provisions: For facilities with environmental or sustainability-linked terms
1. Conditions Precedent Documents: List of required documents and conditions to be satisfied
2. Form of Utilisation Request: Standard form for drawdown requests
3. Form of Compliance Certificate: Template for periodic compliance certification
4. Repayment Schedule: If applicable, schedule of repayment dates and amounts
5. Security Documents: List and copies of security documents if facility is secured
6. Financial Covenants: Detailed financial covenants and calculations
7. Form of Transfer Certificate: Standard form for transfers between lenders
8. Existing Security: Details of any permitted existing security
9. Group Structure: Corporate structure chart of borrower group
10. Form of Accession Deed: For additional borrowers or guarantors joining the facility
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