The Prepayment Agreement is a crucial document in Indian financial transactions where a borrower seeks to repay their debt obligations before the scheduled maturity date. This document becomes necessary when parties to a loan or facility agreement need to formalize the terms of early repayment, ensuring compliance with Indian banking regulations and contract law. The agreement typically follows from either the borrower's desire to restructure their debt or take advantage of more favorable financing terms elsewhere. It includes detailed provisions on calculation methods, notice periods, payment procedures, and the impact on existing security arrangements. The document must align with various Indian legislative requirements, including the Indian Contract Act, 1872, and relevant banking regulations issued by the Reserve Bank of India.
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1. Parties: Identification of the parties to the agreement, including the creditor and debtor
2. Background: Context of the original debt/facility and reason for prepayment arrangement
3. Definitions and Interpretation: Definitions of key terms and interpretation rules
4. Prepayment Terms: Core terms including prepayment amount, timing, and method
5. Calculation of Prepayment Amount: Formula and methodology for calculating the prepayment amount, including any premiums or penalties
6. Notice Requirements: Process and requirements for giving prepayment notice
7. Payment Mechanics: Details of how and where payment should be made
8. Consequences of Prepayment: Effects of prepayment on original facility/loan agreement
9. Representations and Warranties: Standard representations by both parties
10. Governing Law and Jurisdiction: Specification of Indian law as governing law and jurisdiction details
11. Notices: Communication methods and contact details for formal notices
12. Counterparts: Provision for execution in multiple counterparts
1. Security Release: Include when existing security arrangements need to be terminated upon prepayment
2. Tax Provisions: Include when specific tax implications need to be addressed
3. Third Party Rights: Include when third parties (like guarantors) are involved
4. Break Costs: Include for fixed-rate facilities where break costs apply
5. Conditions Precedent: Include when prepayment is subject to specific conditions being met
6. Regulatory Compliance: Include when specific regulatory requirements need to be addressed
7. Currency Provisions: Include for cross-border prepayments involving multiple currencies
1. Calculation Schedule: Detailed methodology and examples of prepayment calculations
2. Form of Prepayment Notice: Template for the formal prepayment notice
3. Original Facility Details: Summary of key terms from the original facility agreement
4. Payment Instructions: Detailed banking and payment processing instructions
5. Security Release Documents: Forms of any required security release documentation
6. Compliance Certificates: Templates for any required compliance certificates
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