The Drawdown Loan Agreement is a crucial financing document used when a borrower requires flexible access to funding over time, rather than a single lump-sum loan. This agreement type is commonly used in India for project financing, working capital requirements, and corporate expansion plans. It enables borrowers to draw funds as needed up to a predetermined limit, paying interest only on the amount actually drawn. The document must comply with Indian banking regulations, particularly the Banking Regulation Act, 1949, and RBI guidelines. It contains comprehensive provisions for drawdown mechanics, security creation, covenant compliance, and enforcement rights, all structured within the Indian legal framework. The agreement is particularly suitable for businesses with varying funding needs or project-based funding requirements where the total funding amount is known but the timing of fund requirements varies.
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1. Parties: Identifies and defines the Lender, Borrower, and any other parties to the agreement
2. Background: Sets out the context of the loan facility and the purpose for which it is being granted
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. The Facility: Details of the loan amount, purpose, and availability period
5. Drawdown Conditions: Conditions precedent and procedural requirements for drawdown requests
6. Interest: Interest rate, calculation method, payment dates, and default interest provisions
7. Repayment: Terms and schedule for repayment of the loan principal
8. Prepayment: Provisions regarding voluntary and mandatory prepayment of the loan
9. Representations and Warranties: Standard declarations made by the borrower about their legal and financial status
10. Covenants: Positive and negative obligations of the borrower during the loan term
11. Events of Default: Circumstances that constitute default and consequences thereof
12. Security: Details of security/collateral provided for the loan
13. Costs and Expenses: Allocation of transaction costs and ongoing expenses
14. Notices: Communication procedures between parties
15. Governing Law and Jurisdiction: Specifies Indian law as governing law and jurisdiction for disputes
16. Miscellaneous: Standard boilerplate provisions including severability, amendments, and counterparts
1. Guarantees: Required when a third party is providing a guarantee for the loan
2. Tax Provisions: Detailed tax clauses needed when tax implications are significant or complex
3. Insurance: Specific insurance requirements for secured assets, if applicable
4. Assignment and Transfer: Provisions for transferring or assigning rights under the agreement, if permitted
5. Agency Provisions: Required in case of multiple lenders with an agent bank structure
6. Currency Provisions: Needed if the loan involves foreign currency or cross-border elements
7. Set-off Rights: Detailed set-off provisions if required by the lender
8. Increased Costs: Provisions dealing with regulatory changes affecting the lender's costs
1. Drawdown Request Form: Standard form for making drawdown requests
2. Conditions Precedent: Detailed list of documents and conditions required before first drawdown
3. Repayment Schedule: Detailed schedule of repayment dates and amounts
4. Security Details: Specific details of security/collateral provided
5. Form of Compliance Certificate: Template for periodic compliance reporting
6. Interest Calculation Examples: Illustrative examples of interest calculations
7. Form of Transfer Certificate: Standard form for transferring loan participations
8. Contact Details: List of authorized representatives and contact information for all parties
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Manufacturing
Real Estate
Infrastructure
Technology
Healthcare
Retail
Energy
Telecommunications
Construction
Agriculture
Transportation
Mining
Hospitality
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Corporate Banking
Credit
Company Secretarial
Operations
Corporate Finance
Project Finance
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Company Secretary
Risk Manager
Credit Manager
Relationship Manager
Compliance Officer
Corporate Banking Officer
Finance Manager
Account Manager
Project Finance Manager
Financial Controller
Managing Director
Chief Executive Officer
General Counsel
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