A Loan Payoff Agreement is essential when parties wish to formally document the settlement and closure of an existing loan facility in India. This document is typically used when a borrower is ready to fully settle their loan obligations, whether at the scheduled maturity or through an early payoff arrangement. The agreement captures critical details such as the final settlement amount, payment terms, release of securities, and discharge of obligations. It ensures compliance with Indian banking regulations and contract law while providing both parties with legal certainty regarding the loan's conclusion. This document is particularly important for maintaining clear records of debt settlement and preventing future disputes about loan obligations.
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1. Parties: Identifies and defines the Lender and Borrower with their complete legal names and addresses
2. Background: Recitals describing the original loan agreement, outstanding amount, and parties' intention to settle the loan
3. Definitions: Defines key terms used throughout the agreement including Original Loan Agreement, Settlement Amount, and Payoff Date
4. Acknowledgment of Debt: States the current outstanding loan amount and acknowledgment by both parties of this amount
5. Settlement Terms: Details of the agreed settlement amount and any discount or waiver being offered
6. Payment Terms: Specifies the payment method, deadline, and any installment arrangements if applicable
7. Release Provisions: Terms regarding the release of the borrower from further obligations upon completion of payment
8. Representations and Warranties: Standard declarations by both parties regarding their authority and capacity to enter into the agreement
9. Governing Law and Jurisdiction: Specifies Indian law as governing law and defines jurisdiction for dispute resolution
10. Notices: Details how formal communications between parties should be made and delivered
11. Entire Agreement: Confirms this agreement supersedes all prior discussions regarding the loan settlement
1. Guarantor Release: Required when the original loan had guarantors who need to be released from their obligations
2. Collateral Release: Needed when the original loan was secured by collateral that needs to be released
3. Confidentiality: Include when parties wish to keep the settlement terms confidential
4. Tax Implications: Include when there are specific tax considerations for the settlement that need to be addressed
5. Default Provisions: Required when the settlement involves installment payments and consequences of default need to be specified
6. Surviving Obligations: Include when certain obligations need to survive the termination of the agreement
1. Schedule A - Original Loan Details: Details of the original loan agreement including date, amount, and key terms
2. Schedule B - Outstanding Amount Calculation: Detailed calculation of the current outstanding amount including principal, interest, and any penalties
3. Schedule C - Payment Schedule: If applicable, detailed schedule of installment payments with dates and amounts
4. Schedule D - List of Security Documents: If applicable, list of security documents to be released upon settlement
5. Appendix 1 - Copy of Original Loan Agreement: Copy of the original loan agreement for reference
6. Appendix 2 - Settlement Calculation: Detailed calculation showing how the settlement amount was determined
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