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Loan Termination Agreement

Loan Termination Agreement Template for New Zealand

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Key Requirements PROMPT example:

Loan Termination Agreement

"I need a Loan Termination Agreement for early repayment of a secured commercial property loan from ABC Bank Limited, where we'll be releasing the mortgage over our Auckland office building and settling the remaining balance of NZD 2.5M by March 15, 2025."

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Document background
The Loan Termination Agreement is a crucial document used in New Zealand when parties wish to formally end a lending arrangement before its original maturity date or upon full repayment. This document is essential for both financial institutions and borrowers operating under New Zealand law, as it provides legal certainty and clarity regarding the discharge of obligations, final settlement amounts, and release of any security interests. The agreement ensures compliance with New Zealand's Credit Contracts and Consumer Finance Act 2003 and other relevant legislation, while addressing key aspects such as outstanding payments, interest calculations, and the formal release of any guarantees or security arrangements. It's particularly important in scenarios involving early repayment, refinancing, or when all loan obligations have been satisfied and parties require formal documentation of the loan's termination.
Suggested Sections

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

2. Background: Context of the original loan agreement, reason for termination, and reference to relevant loan documentation

3. Definitions: Definitions of key terms used in the agreement, including 'Loan Agreement', 'Termination Date', and 'Settlement Amount'

4. Termination: Clear statement of the parties' agreement to terminate the loan and the effective date of termination

5. Settlement Amount: Specification of the final amount to be paid, including any outstanding principal, interest, and fees

6. Payment Terms: Details of how and when the settlement amount will be paid

7. Release and Discharge: Mutual release of obligations under the loan agreement upon completion of settlement payments

8. Representations and Warranties: Statements by both parties confirming their authority and capacity to enter into the termination agreement

9. Surviving Provisions: Identification of any provisions from the original loan agreement that will survive termination

10. General Provisions: Standard clauses covering governing law, entire agreement, counterparts, and notices

Optional Sections

1. Security Release: Required when the loan is secured - details the release of security interests and return of security documentation

2. Partial Termination: Used when only part of a loan facility is being terminated, specifying which portions remain active

3. Third Party Rights: Needed when guarantors or other third parties have rights or obligations under the original loan

4. Confidentiality: Optional provisions regarding confidentiality of the termination terms

5. Tax Provisions: Required when there are specific tax implications from the termination that need to be addressed

6. Dispute Resolution: Optional detailed dispute resolution procedures beyond standard jurisdiction clauses

Suggested Schedules

1. Schedule 1 - Original Loan Documentation: List and copies of all relevant loan documentation being terminated

2. Schedule 2 - Settlement Calculations: Detailed breakdown of the settlement amount, including principal, interest, fees, and any early termination charges

3. Schedule 3 - Security Interests: List of all security interests to be released and relevant registration details

4. Schedule 4 - Payment Instructions: Detailed banking and payment instructions for settlement

5. Appendix A - Form of Release: Standard form for release of security interests and associated documentation

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 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



























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Relevant Industries

Banking & Financial Services

Real Estate

Commercial Property

Manufacturing

Agriculture

Construction

Retail

Healthcare

Education

Transportation & Logistics

Technology

Mining & Resources

Relevant Teams

Legal

Finance

Treasury

Credit Risk

Compliance

Corporate Banking

Loan Operations

Document Management

Securities Administration

Risk Management

Relevant Roles

Chief Financial Officer

Finance Manager

Legal Counsel

Loan Officer

Credit Manager

Risk Manager

Corporate Lawyer

Compliance Officer

Treasury Manager

Account Manager

Financial Controller

Company Secretary

Debt Recovery Specialist

Portfolio Manager

Banking Relationship Manager

Industries







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Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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