The Loan Termination Agreement is a critical document used when parties wish to formally conclude an existing loan arrangement before its original maturity date or to document the final settlement of a matured loan. Under Belgian law, this agreement serves to document the parties' mutual consent to terminate the loan, acknowledge the final settlement amount, and provide for the release of any related security interests or guarantees. The document is particularly important in the Belgian context as it must comply with both the Belgian Civil Code and financial regulations. It should be used whenever parties need to create a clear record of loan termination, whether due to early repayment, refinancing, or other circumstances. The agreement typically includes detailed provisions about the original loan, final settlement calculations, and releases, ensuring all parties have legal certainty about the conclusion of their lending relationship.
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1. Parties: Identification of the lender and borrower, including full legal names, registration details, and addresses
2. Background: Details of the original loan agreement, including date, principal amount, and key terms, and the circumstances leading to termination
3. Definitions: Definitions of key terms used in the agreement, including 'Loan Agreement', 'Outstanding Amount', and 'Termination Date'
4. Acknowledgment of Outstanding Amount: Statement of the final outstanding amount, including principal, interest, and any other charges as of the termination date
5. Termination: Express termination of the loan agreement and the effective date of termination
6. Settlement Terms: Details of any final payment or settlement arrangement, including payment method and timing
7. Mutual Release: Mutual release of claims and obligations related to the loan agreement
8. Representations and Warranties: Basic representations by both parties regarding authority to enter into the termination agreement
9. Governing Law and Jurisdiction: Confirmation of Belgian law as governing law and jurisdiction for disputes
10. Counterparts and Execution: Provisions for signing the agreement and number of copies
1. Release of Security: Required if there was any security or collateral for the loan that needs to be released
2. Release of Guarantees: Required if there were any guarantors or third-party security providers
3. Surviving Provisions: Needed if certain provisions of the original loan agreement should survive termination
4. Confidentiality: Optional section for sensitive commercial arrangements
5. Tax Provisions: Required if there are specific tax implications of the termination that need to be addressed
6. Further Assurance: Optional section requiring parties to take additional steps to give effect to the termination
7. Costs and Expenses: Optional section addressing who bears the costs of preparing and executing the termination agreement
1. Original Loan Agreement: Copy or details of the original loan agreement being terminated
2. Settlement Calculation: Detailed calculation of the final settlement amount, including interest and charges
3. Security Release Documents: Forms or documents required to release any security or collateral
4. Payment Details: Bank account or payment details for final settlement
5. Powers of Attorney: If applicable, authorization documents proving signatories' authority
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Corporate Lending
Real Estate & Property
Manufacturing
Retail
Professional Services
Infrastructure & Construction
Technology
Healthcare
Energy & Utilities
Relevant Teams
Legal
Finance
Treasury
Credit Risk
Compliance
Corporate Secretariat
Loan Administration
Transaction Management
Account Management
Securities Administration
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Corporate Lawyer
Loan Officer
Credit Manager
Risk Manager
Compliance Officer
Corporate Secretary
Financial Controller
Account Manager
Relationship Manager
Transaction Manager
Security Trustee
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