The Revolving Line of Credit Promissory Note is a crucial financial instrument used in Indian banking and commercial transactions where flexible, ongoing credit access is required. It serves businesses and individuals needing revolving credit facilities for working capital, operational expenses, or periodic funding needs. The document is structured to comply with Indian banking regulations, particularly the Negotiable Instruments Act, 1881, and Reserve Bank of India guidelines. It establishes the credit relationship, detailing the maximum credit limit, draw-down provisions, repayment terms, and interest calculations. This type of promissory note is particularly valuable for businesses with cyclical cash flows or varying capital needs, as it provides the flexibility to borrow and repay repeatedly within the established credit limit. The document typically includes robust security and enforcement provisions to protect the lender's interests while providing the borrower with clear terms and conditions for utilizing the credit facility.
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1. Parties: Identification of the borrower (maker) and lender (payee), including full legal names, addresses, and any registration numbers for businesses
2. Background: Brief context of the credit arrangement and the relationship between the parties
3. Definitions: Key terms used throughout the document, including 'Credit Limit', 'Interest Rate', 'Draw Period', and 'Payment Date'
4. Promise to Pay: Unconditional promise to pay the principal amount and interest, specifying the credit limit and repayment terms
5. Interest Rate and Calculations: Details of interest rate, calculation method, and frequency of interest charges
6. Draw Period and Repayment Terms: Specifics about the period during which the borrower can draw funds and the terms for repayment
7. Payment Mechanics: Details about payment methods, dates, and processes for both principal and interest payments
8. Events of Default: Circumstances that constitute default and the consequences thereof
9. Representations and Warranties: Standard declarations by the borrower regarding their legal capacity and financial condition
10. Governing Law: Specification that the note is governed by Indian law and relevant jurisdictional details
1. Security Provisions: Include when the credit line is secured by specific assets or collateral
2. Guarantor Provisions: Include when there are third-party guarantors for the credit facility
3. Insurance Requirements: Include when specific insurance coverage is required for secured assets or the borrower
4. Financial Covenants: Include when specific financial ratios or conditions must be maintained by the borrower
5. Prepayment Provisions: Include when there are specific terms or penalties for early repayment
6. Cross-Default Provisions: Include when default on other obligations should trigger default under this note
1. Schedule A - Draw and Repayment Schedule: Detailed schedule showing draw periods, repayment dates, and minimum payment requirements
2. Schedule B - Interest Rate Calculation Examples: Examples showing how interest is calculated in various scenarios
3. Schedule C - Security Details: Detailed description of any collateral or security provided, including asset descriptions and valuations
4. Appendix 1 - KYC Documentation: Required Know Your Customer documentation as per RBI guidelines
5. Appendix 2 - Fee Schedule: Detailed breakdown of all applicable fees, charges, and penalties
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Manufacturing
Retail
Information Technology
Real Estate
Construction
Healthcare
Agriculture
Import/Export
Small and Medium Enterprises
E-commerce
Hospitality
Relevant Teams
Legal
Finance
Treasury
Credit and Risk
Compliance
Corporate Banking
Business Development
Accounts
Operations
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Credit Manager
Financial Controller
Loan Officer
Credit Analyst
Risk Manager
Banking Relationship Manager
Corporate Counsel
Legal Counsel
Compliance Officer
Account Manager
Business Development Manager
Financial Planning Manager
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