The Inter Corporate Deposit Agreement is a crucial document used when one corporate entity wishes to lend funds to another corporate entity in India. This arrangement is governed by various Indian regulations, particularly Section 186 of the Companies Act, 2013, and relevant RBI guidelines. The agreement becomes necessary when companies seek alternative funding sources outside traditional banking channels, whether for working capital, expansion, or other corporate purposes. It comprehensively details the lending terms, including principal amount, interest rates, tenure, repayment schedule, security (if any), and compliance requirements. The document ensures that both parties adhere to regulatory requirements while protecting their respective interests through clearly defined rights, obligations, and remedies.
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1. Parties: Identification of the lender and borrower corporations with their complete corporate details
2. Background: Context of the arrangement and brief description of why the parties are entering into this agreement
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules of interpretation
4. Facility Amount and Purpose: Details of the deposit amount and its intended use
5. Interest Rate and Computation: Specification of interest rate, calculation method, and payment frequency
6. Term and Repayment: Duration of the deposit and terms of repayment including prepayment provisions
7. Conditions Precedent: Conditions that must be satisfied before the deposit is made
8. Representations and Warranties: Standard corporate and financial representations by both parties
9. Covenants: Positive and negative obligations of the borrower during the term
10. Events of Default: Circumstances constituting default and consequences thereof
11. Taxes and Duties: Provisions regarding tax deduction and payment responsibilities
12. Notices: Communication procedures between parties
13. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction
14. Miscellaneous: Standard boilerplate provisions including amendments, waivers, and severability
1. Security: Include when the deposit is secured by any assets or guarantees
2. Step-In Rights: Include when lender requires right to take control in specific circumstances
3. Insurance: Include when specific insurance requirements are needed for secured assets
4. Assignment and Transfer: Include when either party needs the right to assign the agreement
5. Information Rights: Include when lender requires specific financial or operational information regularly
6. Force Majeure: Include when specific force majeure provisions are required beyond standard ones
7. Affiliate Transactions: Include when restrictions on transactions with affiliates are needed
1. Schedule 1 - Commercial Terms: Detailed breakdown of commercial terms including amount, interest rate, tenure
2. Schedule 2 - Conditions Precedent Documents: List of documents required before deposit disbursement
3. Schedule 3 - Form of Drawdown Notice: Standard format for requesting deposit disbursement
4. Schedule 4 - Security Details: Details of any security or collateral (if applicable)
5. Schedule 5 - Authorized Signatories: List of authorized persons for various notices and actions
6. Schedule 6 - Notice Details: Detailed contact information for notices
7. Appendix A - Board Resolutions: Format of required corporate authorizations
8. Appendix B - Compliance Certificate: Format for periodic compliance certification
Relevant legal definitions
Affiliate
Agreement
Applicable Law
Authorizations
Business Day
Conditions Precedent
Default Interest
Deposit Amount
Deposit Period
Drawdown Date
Drawdown Notice
Due Date
Effective Date
Event of Default
Facility
Financial Indebtedness
Financial Year
Group
Interest Payment Date
Interest Period
Interest Rate
Material Adverse Effect
Maturity Date
Outstanding Amount
Potential Event of Default
Prepayment Notice
Principal Amount
Redemption Date
Repayment Date
Repayment Schedule
Security
Security Documents
Tax
Transaction Documents
Utilization
Working Day
Agreement
Applicable Law
Authorizations
Business Day
Conditions Precedent
Default Interest
Deposit Amount
Deposit Period
Drawdown Date
Drawdown Notice
Due Date
Effective Date
Event of Default
Facility
Financial Indebtedness
Financial Year
Group
Interest Payment Date
Interest Period
Interest Rate
Material Adverse Effect
Maturity Date
Outstanding Amount
Potential Event of Default
Prepayment Notice
Principal Amount
Redemption Date
Repayment Date
Repayment Schedule
Security
Security Documents
Tax
Transaction Documents
Utilization
Working Day
Clauses
Parties
Recitals
Definitions
Interpretation
Facility
Purpose
Conditions Precedent
Drawdown
Interest
Repayment
Prepayment
Security
Representations and Warranties
Information Covenants
Financial Covenants
General Covenants
Events of Default
Consequences of Default
Payment Mechanics
Set-off
Tax Gross-up
Increased Costs
Mitigation
Costs and Expenses
Indemnities
Notices
Assignments and Transfers
Amendments and Waivers
Severability
Counterparts
Confidentiality
Force Majeure
Governing Law
Dispute Resolution
Jurisdiction
Recitals
Definitions
Interpretation
Facility
Purpose
Conditions Precedent
Drawdown
Interest
Repayment
Prepayment
Security
Representations and Warranties
Information Covenants
Financial Covenants
General Covenants
Events of Default
Consequences of Default
Payment Mechanics
Set-off
Tax Gross-up
Increased Costs
Mitigation
Costs and Expenses
Indemnities
Notices
Assignments and Transfers
Amendments and Waivers
Severability
Counterparts
Confidentiality
Force Majeure
Governing Law
Dispute Resolution
Jurisdiction
Relevant Industries
Banking and Financial Services
Manufacturing
Real Estate
Infrastructure
Information Technology
Pharmaceuticals
Retail
Energy
Telecommunications
Automotive
Mining and Metals
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Corporate Secretarial
Corporate Finance
Investment
Board of Directors
Executive Management
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Legal Counsel
Company Secretary
Compliance Officer
Corporate Finance Manager
Financial Controller
Risk Manager
Investment Manager
Board Director
Chief Executive Officer
Corporate Banking Manager
Finance Manager
Legal Manager
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