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
Authors
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