The Term Loan Credit Agreement is a fundamental financing document used in India when a borrower requires long-term financing for specific purposes such as capital expenditure, expansion, or project financing. This agreement is structured to comply with Indian banking laws, RBI regulations, and other relevant legislation including the Banking Regulation Act, 1949 and Indian Contract Act, 1872. It typically includes detailed provisions on loan disbursement, interest calculation, repayment terms, security creation, and enforcement mechanisms specific to the Indian jurisdiction. The agreement is essential for both commercial banks and financial institutions in India providing term loans, incorporating mandatory regulatory requirements while protecting lenders' interests through comprehensive covenants and security arrangements.
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1. Parties: Identification of the lender(s) and borrower(s) with complete legal names and addresses
2. Background: Recitals explaining the context of the loan, purpose, and basic transaction structure
3. Definitions: Comprehensive definitions of terms used throughout the agreement
4. Facility Details: Loan amount, currency, purpose, and basic terms of the facility
5. Conditions Precedent: Conditions that must be satisfied before loan disbursement
6. Disbursement: Terms and procedures for drawing down the loan
7. Interest: Interest rate, calculation method, payment dates, and default interest provisions
8. Repayment: Repayment schedule, prepayment terms, and payment mechanics
9. Security: Details of security/collateral securing the loan
10. Representations and Warranties: Borrower's confirmations regarding its status, capacity, and financial condition
11. Covenants: Positive and negative obligations of the borrower during the loan term
12. Events of Default: Circumstances constituting default and consequences thereof
13. Expenses and Indemnities: Cost allocation and indemnification obligations
14. Notices: Communication procedures between parties
15. Governing Law and Jurisdiction: Choice of law and dispute resolution provisions
16. Miscellaneous: Standard boilerplate provisions including amendments, assignments, and severability
1. Syndication Provisions: Required for syndicated loans involving multiple lenders
2. Increased Costs: Provisions dealing with changes in law affecting lender's costs
3. Market Disruption: Provisions addressing interruptions in financial markets
4. Tax Provisions: Detailed tax provisions when cross-border elements exist
5. Green Loan Provisions: Special provisions for environmentally sustainable projects
6. Currency Protection: Required for loans involving foreign currency
7. Insurance: Detailed insurance requirements for specific asset classes
8. Security Trustee: Required when security is held by a trustee for multiple lenders
9. Intercreditor Provisions: Required when there are multiple classes of creditors
1. Conditions Precedent: Detailed list of required documents and conditions
2. Form of Disbursement Request: Template for drawdown notices
3. Repayment Schedule: Detailed amortization schedule
4. Security Details: Comprehensive description of security assets and perfection requirements
5. Form of Compliance Certificate: Template for periodic compliance reporting
6. Financial Covenants: Detailed financial ratios and calculations
7. Permitted Security: List of security interests permitted to exist
8. Form of Assignment Agreement: Template for transfer of loan interests
9. Interest Calculation Examples: Illustrations of interest calculations
10. Required Insurance: Detailed insurance requirements and minimum coverage
11. Existing Indebtedness: List of borrower's existing debt obligations
12. Form of Legal Opinions: Template legal opinion requirements
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