Promissory Note Settlement Agreement Template for India

1. Parties: Identification of the promissory note holder (creditor) and the maker (debtor), including full legal names, addresses, and contact details

2. Background: Recitals describing the original promissory note, its date, amount, and current outstanding sum, and the parties' desire to settle

3. Definitions: Definitions of key terms used throughout the agreement, including 'Original Promissory Note', 'Settlement Amount', 'Payment Schedule', etc.

4. Acknowledgment of Debt: Maker's formal acknowledgment of the original debt and current outstanding amount

5. Settlement Terms: Details of the settlement amount, any discount offered, and full and final settlement provisions

6. Payment Terms: Specific payment arrangements including amounts, dates, and method of payment

7. Default Provisions: Consequences of default, including revival of original debt amount and remedies available to the creditor

8. Release and Discharge: Terms of release and discharge upon full payment of the settlement amount

9. Representations and Warranties: Standard representations about capacity, authority, and binding nature of the agreement

10. Governing Law and Jurisdiction: Specification of Indian law as governing law and jurisdiction of courts

1. Schedule A - Original Promissory Note: Copy or details of the original promissory note being settled

2. Schedule B - Payment Schedule: Detailed payment schedule with dates, amounts, and payment methods

3. Schedule C - Security Details: Details of any security or collateral provided (if applicable)

4. Appendix 1 - Statement of Account: Current statement showing original amount, payments made, and outstanding balance

5. Appendix 2 - Communications History: Record of relevant communications leading to the settlement (if relevant)