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Revolving Credit Promissory Note

Revolving Credit Promissory Note Template for India

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Key Requirements PROMPT example:

Revolving Credit Promissory Note

"I need a Revolving Credit Promissory Note for a manufacturing company borrowing INR 50 million from State Bank of India, with the facility secured by plant machinery and requiring quarterly financial covenants compliance."

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Document background
The Revolving Credit Promissory Note is a fundamental document in Indian commercial lending practices, particularly useful for businesses and individuals requiring flexible access to credit. This instrument is structured to comply with the Negotiable Instruments Act, 1881, and other relevant Indian banking regulations while providing a renewable source of credit. It is commonly used when a borrower needs ongoing access to funds rather than a one-time loan, with the ability to draw down, repay, and redraw funds within a specified credit limit. The document typically includes comprehensive terms covering credit limits, interest calculations, repayment mechanisms, and security arrangements if applicable. It serves as both a proof of debt and a credit facility agreement, making it particularly valuable for working capital financing and other recurring funding needs.
Suggested Sections

1. Parties: Identification of the maker (borrower) and the payee (lender) with complete legal names and addresses

2. Background: Context of the revolving credit arrangement and relationship between the parties

3. Definitions: Key terms used in the document including 'Credit Limit', 'Draw Period', 'Interest Rate', and 'Repayment Terms'

4. Promise to Pay: Unconditional promise to pay the principal amount and interest, essential for validity under the Negotiable Instruments Act

5. Credit Facility Terms: Details of the revolving credit facility including credit limit, availability period, and draw conditions

6. Interest Rate and Calculations: Specification of interest rate, calculation method, and payment frequency

7. Repayment Terms: Terms for minimum payments, principal repayment, and credit limit restoration

8. Draw Procedures: Process and conditions for making draws under the revolving facility

9. Events of Default: Circumstances constituting default and consequences thereof

10. Representations and Warranties: Standard declarations by the borrower regarding legal capacity and financial condition

11. Governing Law: Specification of Indian law as governing law and jurisdiction details

Optional Sections

1. Security Arrangements: Include when the revolving credit facility is secured by collateral or guarantees

2. Financial Covenants: Include for corporate borrowers or large credit facilities requiring financial maintenance tests

3. Purpose Restriction: Include when the credit facility is restricted to specific business purposes

4. Insurance Requirements: Include when insurance coverage is required for secured assets or borrower's business

5. Cross-Default Provisions: Include when the borrower has other significant credit facilities

6. Change of Control: Include for corporate borrowers to address ownership change scenarios

7. Assignment and Transfer: Include when transfer rights need to be specifically addressed

Suggested Schedules

1. Draw Notice Form: Standard form for requesting draws under the facility

2. Repayment Schedule: Template or actual schedule of minimum payments and principal reduction requirements

3. Interest Rate Calculation Examples: Illustrative examples of interest calculations and payments

4. Security Details: Description of any collateral or security arrangements if applicable

5. Compliance Certificate: Template for periodic compliance certification if financial covenants are included

6. Fee Schedule: Details of any applicable fees including processing fees, late payment charges

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions

































Clauses

























Relevant Industries

Banking and Financial Services

Manufacturing

Retail

Information Technology

Real Estate

Healthcare

Infrastructure

Trading

E-commerce

Small and Medium Enterprises

Agriculture

Construction

Relevant Teams

Legal

Finance

Treasury

Credit Risk

Compliance

Corporate Secretarial

Banking Operations

Account Management

Business Development

Risk Management

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Legal Counsel

Corporate Lawyer

Credit Manager

Risk Manager

Financial Controller

Company Secretary

Banking Relationship Manager

Compliance Officer

Finance Manager

Business Development Manager

Managing Director

Account Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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