The Intercompany Loan Agreement is a crucial document used when one company within a corporate group provides financial assistance to another group company. This agreement is particularly important in the Indian context where such transactions must comply with specific provisions of the Companies Act 2013, especially Section 186 regarding inter-corporate loans, and transfer pricing regulations under the Income Tax Act. The document is typically used for business expansion, working capital requirements, or project financing within group structures. It must address RBI guidelines, stamp duty requirements, and include appropriate interest rates that meet arm's length standards. The agreement should be tailored to reflect the relationship between the parties while maintaining necessary formality for regulatory compliance and audit purposes.
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1. Parties: Identifies the lender and borrower companies, including their registration details and registered offices
2. Background: Sets out the context of the loan, relationship between the parties, and purpose of the facility
3. Definitions and Interpretation: Defines key terms used in the agreement and establishes interpretation rules
4. The Facility: Details the loan amount, purpose, and conditions precedent to drawdown
5. Interest: Specifies interest rate, calculation method, and payment periods
6. Repayment: Sets out repayment schedule, prepayment terms, and payment mechanics
7. Representations and Warranties: Standard corporate representations including authority, capacity, and solvency
8. Covenants: Both positive and negative undertakings by the borrower
9. Events of Default: Lists circumstances constituting default and consequences
10. Taxes and Stamp Duty: Addresses tax implications and responsibility for stamp duty payment
11. Notices: Specifies how formal communications between parties should be made
12. Governing Law and Jurisdiction: Confirms Indian law as governing law and specifies jurisdiction for disputes
13. Counterparts: Allows execution in multiple counterparts if needed
1. Security: Include when the loan is to be secured by assets or guarantees
2. Guarantee: Required when a parent company or group company guarantee is being provided
3. Currency and Exchange Rate: Include for loans involving foreign currency elements
4. Subordination: Include when the loan needs to be subordinated to other debt
5. Transfer and Assignment: Include when parties want to allow for potential transfer of the loan
6. Conditions Subsequent: Include when certain conditions must be met after loan disbursement
7. Information Undertakings: Include when specific reporting requirements are needed beyond standard covenants
1. Loan Details: Detailed terms of the facility including amount, interest rate, and repayment schedule
2. Conditions Precedent: List of documents and conditions required before drawdown
3. Form of Drawdown Notice: Template for requesting disbursement of the loan
4. Repayment Schedule: Detailed amortization schedule if applicable
5. Security Details: Description of any security or collateral if applicable
6. Corporate Authorizations: Required board resolutions and corporate approvals
7. Form of Compliance Certificate: Template for periodic compliance reporting if required
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