The Loan Termination Agreement is a critical document used when parties wish to formally end a lending relationship before its original maturity date or document the successful completion of a loan. Operating under German law, particularly the provisions of the BGB (German Civil Code) and KWG (Banking Act), this agreement is essential for both regulated financial institutions and private lenders. It serves multiple purposes: documenting the final settlement amount, establishing clear termination dates, providing for the release of securities, and ensuring compliance with German banking regulations. The document is particularly important in scenarios involving debt restructuring, early loan repayment, or when changing financing arrangements. It must be carefully drafted to address specific German legal requirements regarding loan termination, including mandatory notice periods and consumer protection provisions where applicable.
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1. Parties: Identification of the lender and borrower with full legal names, addresses, and registration details if applicable
2. Background: Reference to the original loan agreement, its date, and key terms, establishing context for the termination
3. Definitions: Definition of key terms used in the agreement, including 'Termination Date', 'Outstanding Amount', and 'Settlement Sum'
4. Termination: Clear statement of the loan agreement termination and its effective date
5. Outstanding Amounts: Specification of the final loan balance, including principal, interest, and any fees as of the termination date
6. Settlement Terms: Terms for the repayment of outstanding amounts, including payment deadline and payment method
7. Mutual Release: Mutual discharge of obligations upon completion of settlement terms, subject to payment completion
8. Representations and Warranties: Basic representations about authority to enter agreement and understanding of terms
9. Governing Law: Confirmation of German law as governing law and jurisdiction for disputes
1. Collateral Release: Terms for releasing any security or collateral, used when the original loan was secured
2. Payment Plan: Detailed repayment schedule if the settlement amount is to be paid in installments
3. Early Payment Provisions: Terms for early payment of the settlement amount, including any applicable discounts
4. Confidentiality: Confidentiality obligations regarding the termination and its terms, if required
5. Surviving Provisions: List of provisions from original loan agreement that survive termination, if any
6. Tax Implications: Statement on tax responsibilities, particularly relevant for commercial loans
7. Default Provisions: Consequences of failing to meet settlement terms, included for higher-risk terminations
1. Settlement Calculation: Detailed breakdown of the final settlement amount, including principal, interest, and fees
2. Payment Schedule: If applicable, detailed schedule of installment payments with dates and amounts
3. Original Loan Agreement: Copy of the original loan agreement being terminated
4. Collateral Documentation: List and copies of security documents to be released, if applicable
5. Release Forms: Standard forms for releasing any registrations or security interests
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Transportation & Logistics
Energy & Utilities
Professional Services
Relevant Teams
Legal
Finance
Treasury
Credit Risk
Loan Administration
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Corporate Banking
Documentation
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Debt Recovery
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Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
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Debt Recovery Specialist
Financial Controller
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Risk Assessment Officer
Documentation Specialist
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