The Credit Transfer Agreement is a crucial document used in Indian financial markets when one financial institution wishes to transfer its rights and obligations under a credit facility to another institution. This document becomes necessary during loan portfolio sales, debt restructuring, or strategic realignment of lending portfolios. It must comply with Indian banking regulations, particularly the Banking Regulation Act 1949 and RBI guidelines, while addressing stamp duty implications under the Indian Stamp Act. The agreement typically includes detailed provisions on the transfer mechanics, consideration, representations and warranties, and completion requirements. It's particularly relevant in scenarios involving non-performing assets, strategic debt restructuring, or portfolio optimization by banks and financial institutions.
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1. Parties: Identification of the transferor, transferee, and any other relevant parties including their registered addresses and company details
2. Background: Context of the credit transfer, including the original credit facility and reason for transfer
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules of interpretation
4. Transfer Details: Specific details of the credit being transferred, including amount, terms, and effective date
5. Consideration: Details of the consideration paid for the transfer of credit
6. Representations and Warranties: Statements of fact and assurances given by each party regarding their capacity and authority
7. Transfer Mechanics: Process and procedure for executing the transfer
8. Completion Requirements: Conditions precedent and subsequent to the transfer
9. Rights and Obligations: Respective rights and obligations of the parties post-transfer
10. Indemnification: Indemnities and protections provided between parties
11. Confidentiality: Obligations regarding confidential information
12. Notices: Process and details for serving notices under the agreement
13. Governing Law and Jurisdiction: Specification of Indian law as governing law and jurisdiction for disputes
14. Miscellaneous: Standard boilerplate provisions including severability, entire agreement, and amendments
1. Security Transfer: Include when the credit transfer involves associated security or collateral
2. Regulatory Compliance: Include for regulated entities or when specific regulatory requirements apply
3. Tax Provisions: Include when specific tax implications need to be addressed
4. Step-In Rights: Include when parties require specific intervention rights
5. Foreign Exchange Provisions: Include for cross-border transfers or foreign currency considerations
6. Electronic Execution: Include when agreement will be executed electronically
7. Force Majeure: Include when specific force majeure provisions are required beyond standard provisions
1. Schedule 1 - Credit Facility Details: Detailed description of the original credit facility being transferred
2. Schedule 2 - Transfer Price Calculation: Breakdown of the transfer consideration and calculation methodology
3. Schedule 3 - Completion Checklist: List of documents and actions required for completion
4. Schedule 4 - Form of Transfer Notice: Template for the formal transfer notice
5. Schedule 5 - Security Details: Details of any security or collateral associated with the credit
6. Appendix A - Required Regulatory Approvals: List of regulatory approvals required and their status
7. Appendix B - Outstanding Amounts: Detailed breakdown of outstanding amounts under the credit facility
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