The Credit Agreement Between Two Parties is a fundamental legal instrument used in Indian financial transactions to formalize lending arrangements between a credit provider and a recipient. This document is essential when any form of credit facility is extended, whether for business expansion, working capital, asset purchase, or personal use. It ensures compliance with Indian financial regulations, including the Indian Contract Act, 1872, Interest Act, 1978, and relevant banking laws. The agreement comprehensively covers credit terms, interest calculations, repayment schedules, security arrangements, and default provisions. It's particularly crucial in the Indian context where formal documentation of financial obligations is required for legal enforcement and regulatory compliance. The document serves both as a binding contract and as evidence of the debt, making it vital for both secured and unsecured credit facilities.
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1. Parties: Identification and details of the lender and borrower, including their registered addresses and authorized representatives
2. Background: Context of the credit arrangement and purpose of the loan
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules of interpretation
4. Credit Facility: Details of the credit amount, purpose, and drawdown mechanisms
5. Interest and Fees: Interest rate, calculation method, compounding periods, and applicable fees
6. Repayment Terms: Repayment schedule, payment methods, and prepayment provisions
7. Conditions Precedent: Conditions that must be satisfied before the credit facility becomes available
8. Representations and Warranties: Statements of fact and assurances given by the borrower
9. Covenants: Positive and negative obligations of the borrower during the loan term
10. Events of Default: Circumstances constituting default and their consequences
11. Remedies: Rights and remedies available to the lender upon default
12. Notices: Method and addresses for serving notices between parties
13. Governing Law and Jurisdiction: Specification of Indian law as governing law and jurisdiction for disputes
14. Miscellaneous: Standard boilerplate provisions including amendments, waivers, and severability
1. Security: Details of any collateral or security provided - include if the credit is secured
2. Guarantee: Terms of any guarantee provided - include if there is a guarantor
3. Insurance: Insurance requirements for secured assets - include if security is provided
4. Assignment and Transfer: Rights to assign or transfer the loan - include if transferability is contemplated
5. Force Majeure: Provisions for unforeseen circumstances - include if required for long-term facilities
6. Confidentiality: Confidentiality obligations - include if sensitive information is involved
7. Environmental Compliance: Environmental warranties and covenants - include if relevant to the borrower's business
8. Anti-corruption Provisions: Anti-bribery and corruption provisions - include for corporate borrowers
1. Drawdown Notice Format: Template for requesting disbursement of the credit facility
2. Repayment Schedule: Detailed schedule of repayment dates and amounts
3. Security Details: Detailed description of security/collateral if applicable
4. Conditions Precedent Documents: List of documents required before facility becomes effective
5. Compliance Certificate Format: Template for periodic compliance reporting
6. Fee Schedule: Detailed breakdown of all applicable fees
7. Existing Indebtedness: List of borrower's existing debts and obligations
8. Required Insurance: Details of insurance requirements for secured assets
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Real Estate
Manufacturing
Retail
Information Technology
Infrastructure
Agriculture
Healthcare
Education
Hospitality
Construction
Transportation
Energy
Small and Medium Enterprises
Relevant Teams
Legal
Finance
Risk Management
Treasury
Compliance
Credit Analysis
Corporate Finance
Business Development
Operations
Documentation
Relevant Roles
Chief Financial Officer
Finance Director
Credit Manager
Risk Manager
Legal Counsel
Company Secretary
Treasury Manager
Financial Controller
Compliance Officer
Banking Relationship Manager
Credit Analyst
Corporate Finance Manager
Loan Officer
Business Development Manager
Financial Advisor
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