Loan Cancellation And Release Agreement

Loan Cancellation And Release Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

"I need a Loan Cancellation and Release Agreement for cancelling a corporate loan facility of AED 5 million with ABC Bank LLC in Dubai, with the cancellation to take effect from March 1, 2025, including release of all security interests and corporate guarantees."

Document background

The Loan Cancellation And Release Agreement is a vital legal document used in the United Arab Emirates when parties wish to formally terminate a loan arrangement and release each other from related obligations. It is commonly used in situations where a loan has been fully repaid, settled through negotiation, or needs to be terminated for other business reasons. The document must comply with UAE Federal Law No. 5 of 1985 (Civil Code) and Federal Law No. 18 of 1993 (Commercial Code), as well as relevant Central Bank regulations. It typically includes details of the original loan, confirmation of settlement terms, release of securities, and mutual discharge of obligations. The agreement is particularly important in the UAE context as it provides legal certainty and finality to loan arrangements while ensuring compliance with both conventional and Islamic finance principles.

Suggested Sections

1. Parties: Identification of the lender and borrower, including full legal names, addresses, and registration details if companies

2. Background: Details of the original loan agreement, including date, amount, and purpose, current outstanding amount, and reason for cancellation

3. Definitions: Definitions of key terms used in the agreement, including 'Loan Agreement', 'Cancellation Date', 'Outstanding Amount', etc.

4. Acknowledgment of Debt: Confirmation of the current outstanding amount and any accrued interest up to the cancellation date

5. Cancellation Terms: Specific terms of the loan cancellation, including effective date and conditions precedent

6. Mutual Release: Mutual release of obligations between parties, including waiver of future claims related to the loan

7. Representations and Warranties: Statements by both parties confirming their authority to enter into the agreement and the accuracy of information provided

8. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for disputes

9. Execution: Signature blocks and execution requirements compliant with UAE law

Optional Sections

1. Security Release: Required if the original loan was secured by collateral, detailing the release of security interests

2. Third Party Consents: Required if any third party guarantors or security providers are involved

3. Tax Implications: Include if there are specific tax consequences of the cancellation that need to be addressed

4. Confidentiality: Optional section on confidentiality obligations regarding the cancellation terms

5. Partial Cancellation: Required if only a portion of the loan is being cancelled

6. Islamic Finance Compliance: Required if the original loan was Sharia-compliant, addressing specific Islamic finance requirements

7. Registration Requirements: Required if the cancellation needs to be registered with any UAE authorities

Suggested Schedules

1. Schedule 1 - Original Loan Agreement: Copy or details of the original loan agreement being cancelled

2. Schedule 2 - Outstanding Amount Calculation: Detailed calculation of the outstanding amount including principal and interest

3. Schedule 3 - Security Documents: List and copies of security documents to be released (if applicable)

4. Schedule 4 - Release Forms: Standard forms for releasing any registered securities or charges

5. Appendix A - Required Notices: Templates for any required notices to authorities or third parties

6. Appendix B - Execution Requirements: Specific execution requirements under UAE law, including notarization if required

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking & Financial Services

Real Estate

Construction

Manufacturing

Trading & Commerce

Healthcare

Education

Hospitality

Technology

Professional Services

Relevant Teams

Legal

Finance

Compliance

Credit

Risk Management

Treasury

Corporate Secretarial

Islamic Banking

Debt Recovery

Portfolio Management

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Compliance Officer

Credit Manager

Loan Officer

Risk Manager

Treasury Manager

Corporate Secretary

Managing Director

Financial Controller

Relationship Manager

Debt Recovery Officer

Islamic Finance Specialist

Portfolio Manager

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