The Loan Release Agreement is a crucial document used when a lender agrees to discharge a borrower from their loan obligations, whether fully or partially. This document is particularly important in the German legal context, where it must comply with specific provisions of the B眉rgerliches Gesetzbuch (BGB), especially 搂搂397-398 regarding debt release. The agreement is typically used in scenarios such as debt restructuring, settlement agreements, or when loans are being terminated following full repayment. It should clearly document the original loan details, the scope of the release, any conditions attached, and include all necessary formalities required under German law. The document may also address the release of any associated security interests or guarantees, and must be properly executed to ensure its enforceability under German law.
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1. Parties: Identification of the lender and borrower, including full legal names, addresses, and registration details if companies
2. Background: Recitals detailing the original loan agreement, its date, principal amount, and current outstanding amount
3. Definitions: Definitions of key terms used throughout the agreement, including 'Loan Agreement', 'Release Date', and 'Released Obligations'
4. Acknowledgment of Debt: Confirmation of the current outstanding amount and any accrued interest as of the release date
5. Release Terms: Specific terms of the release, including the scope of obligations being released and effective date
6. Representations and Warranties: Statements by both parties confirming their authority to enter into the agreement and the accuracy of information provided
7. Further Assurance: Obligation of parties to execute additional documents if necessary to give effect to the release
8. Governing Law and Jurisdiction: Confirmation of German law as governing law and jurisdiction for disputes
9. Execution: Signature blocks and execution requirements complying with German law
1. Partial Release Provisions: Required when only certain obligations under the loan are being released while others remain in effect
2. Consideration: Include when the release is granted in exchange for specific consideration or as part of a settlement
3. Related Security Release: Required when associated security interests or guarantees are also being released
4. Conditions Precedent: Include when the release is subject to certain conditions being met
5. Tax Provisions: Required when there are specific tax implications of the release that need to be addressed
6. Confidentiality: Include when parties wish to keep the terms of the release confidential
7. Notices: Required when ongoing obligations exist requiring formal communication between parties
1. Original Loan Agreement: Copy or details of the original loan agreement being released
2. Calculation of Released Amount: Detailed breakdown of the principal, interest, and other amounts being released
3. Related Security Documents: List and/or copies of any security documents being released
4. Corporate Authorizations: Copies of corporate resolutions or powers of attorney authorizing the release
5. Payment Confirmation: If release is in exchange for payment, confirmation of payment details or payment schedule
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Real Estate
Manufacturing
Retail
Construction
Healthcare
Technology
Agriculture
Energy
Transportation
Professional Services
Relevant Teams
Legal
Finance
Treasury
Credit Risk
Compliance
Corporate Secretariat
Loan Administration
Deal Advisory
Corporate Banking
Risk Management
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Banking Lawyer
Credit Manager
Loan Officer
Risk Manager
Treasury Manager
Compliance Officer
Financial Controller
Corporate Secretary
Managing Director
Debt Recovery Officer
Portfolio Manager
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