A credit agreement contains the following information: a credit agreement must be signed by both parties in order to avoid any subsequent disputes. “advances” means any loan or credit advance from the lender to the borrower in accordance with this Agreement; A credit agreement is a contract between the borrower and the lender that sets the conditions for granting the loan to the borrower. A loan can be taken out by a lending institution, friends, family members, etc. A credit agreement is essential, no matter to whom it is granted. Even if the credit is given to a friend or family member, it is still better to have a credit agreement. It serves as a legal document favorable to the settlement of disputes that may arise later between the borrower and the lender. 11.1 This Agreement, together with the documents and other materials provided for in this Agreement, constitute the entire agreement between the Borrower and the Lender and express their full understanding of the loans to be advanced or advanced by the Lender to the Borrower. “Case of delay” has the meaning ad attributed to it in paragraph 9. 10.1 Any notification under this Agreement shall be in writing.
Any communication to be sent to one of the Parties shall be sufficiently served when it is sent to it by registered letter at the address of the registered office of the Party concerned, as established at the beginning of this Agreement. “loan” means any advance outstanding under this Agreement or paid by the lender to the borrower in accordance with clause 2 of this Agreement. 9.1 Each of the following events constitutes an event of default (a “delay event”) under this Agreement: (a) an application for insolvency is made in respect of the Borrower, the Borrower requests the suspension of payments or seeks its own bankruptcy; (b) a decision to dissolve or liquidate the borrower is taken or such dissolution is ordered by a court or other competent authority; (c) the borrower violates an obligation under this Agreement, the breach of which, if it can be corrected, is not corrected within ten days of receipt of written notice to the borrower to that effect; (d) the borrower meets with its creditors, has appointed a receiver for all or part of its assets, or takes or undergoes similar measures in view of its debts. This Credit Facility Agreement (“Agreement”) is entered into on that date of______2019 by and between ______no._no._____________________________ and_____________________________ “LIBOR”, the London inter-bank offering rate, as defined by the British Banking Association 6.2. The borrower may, subject to prior approval by the RBI and in accordance with FEMA Foreign Direct Investment (ODI) guidelines, make advances to the lender before the respective maturity date, without premium or penalty. . . .