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Loan Payoff Agreement

Loan Payoff Agreement Template for India

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Key Requirements PROMPT example:

Loan Payoff Agreement

"I need a Loan Payoff Agreement for a secured corporate loan worth INR 50 crores, which includes multiple property collaterals and personal guarantees, with the settlement to be completed by March 2025 through three installment payments."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions








































Clauses





























Relevant Industries

Banking & Financial Services

Real Estate

Manufacturing

Retail

Information Technology

Infrastructure

Healthcare

Education

Agriculture

Small & Medium Enterprises

Relevant Teams

Legal

Finance

Credit Risk

Loan Operations

Treasury

Compliance

Corporate Banking

Recovery & Collections

Documentation

Account Management

Relevant Roles

Chief Financial Officer

Finance Manager

Legal Counsel

Loan Officer

Credit Manager

Risk Manager

Treasury Manager

Compliance Officer

Account Manager

Recovery Officer

Banking Operations Manager

Corporate Finance Manager

Financial Controller

Legal Manager

Company Secretary

Industries









Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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