LINE OF CREDIT AND TERM LOAN	6 Months Ended
Jun. 30, 2013
LINE OF CREDIT AND TERM LOAN	10. LINE OF CREDIT AND TERM LOAN During the quarter ended December 31, 2012, Syntel utilized the full Line of Credit with JPMorgan Chase Bank NA of $50 million and it was repaid in full on May 23rd, 2013. On May 23, 2013, Syntel entered into a Credit Agreement with Bank of America, N.A. for $150 million in credit facilities consisting of a three year term loan facility of $60 million and a three year revolving credit facility of $90 million. The Credit Agreement is guaranteed by two of the Company’s domestic subsidiaries SkillBay and Syntel Consulting (collectively, the “Guarantors”). In connection with the credit facilities, the Company and the Guarantors also entered into a related security and pledge agreement granting a security interest in the assets of the Company and the Guarantors, including, without limitation, a pledge of 65% of the equity interests in Syntel India. The interest rates applicable to loans incurred under the Credit Agreement are (a) with respect to Revolving Loans, (i) the Eurodollar Rate plus 1.25% with respect to Eurodollar Loans and (ii) the Base Rate plus 0.25% with respect to Base Rate Loans, and (b) with respect to the Term Loan, (i) the Eurodollar Rate plus 1.50% with respect to Eurodollar Loans and (ii) the Base Rate plus 0.50% with respect to Base Rate Loans (each as defined in the Credit Agreement). As at June 30, 2013, the interest rate was at 1.52275% for the three year revolving credit facility and was at 1.77275% for the three year term loan facility. Principal payments on the term loan are due every quarter and as at June 30, 2013, $1.5 million principal payout has been effected. The related Credit Agreement requires compliance with certain financial ratios and covenants. As of June 30, 2013, the Company was in compliance with all debt covenants.

LINE OF CREDIT AND TERM LOAN

6 Months Ended

Jun. 30, 2013

10. LINE OF CREDIT AND TERM LOAN

During the quarter ended December 31, 2012, Syntel utilized the full Line of Credit with JPMorgan Chase Bank NA of $50 million and it was repaid in full on May 23rd, 2013.

On May 23, 2013, Syntel entered into a Credit Agreement with Bank of America, N.A. for $150 million in credit facilities consisting of a three year term loan facility of $60 million and a three year revolving credit facility of $90 million. The Credit Agreement is guaranteed by two of the Company’s domestic subsidiaries SkillBay and Syntel Consulting (collectively, the “Guarantors”). In connection with the credit facilities, the Company and the Guarantors also entered into a related security and pledge agreement granting a security interest in the assets of the Company and the Guarantors, including, without limitation, a pledge of 65% of the equity interests in Syntel India.

The interest rates applicable to loans incurred under the Credit Agreement are (a) with respect to Revolving Loans, (i) the Eurodollar Rate plus 1.25% with respect to Eurodollar Loans and (ii) the Base Rate plus 0.25% with respect to Base Rate Loans, and (b) with respect to the Term Loan, (i) the Eurodollar Rate plus 1.50% with respect to Eurodollar Loans and (ii) the Base Rate plus 0.50% with respect to Base Rate Loans (each as defined in the Credit Agreement).

As at June 30, 2013, the interest rate was at 1.52275% for the three year revolving credit facility and was at 1.77275% for the three year term loan facility.

Principal payments on the term loan are due every quarter and as at June 30, 2013, $1.5 million principal payout has been effected. The related Credit Agreement requires compliance with certain financial ratios and covenants. As of June 30, 2013, the Company was in compliance with all debt covenants.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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