The Loan Termination Agreement is a crucial document used when parties wish to formally conclude a lending arrangement in Australia. It is typically employed when a loan is being paid out early, refinanced, or restructured, ensuring all parties have clarity on their rights and obligations upon termination. The agreement must comply with Australian federal and state legislation, including the National Consumer Credit Protection Act 2009 and the Australian Securities and Investments Commission Act 2001. This document includes essential details such as final settlement amounts, release of securities, and mutual releases, while addressing specific requirements for different lending scenarios, whether commercial, corporate, or consumer lending.
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1. Parties: Identifies all parties to the agreement, including the lender, borrower, and any guarantors
2. Background: Recitals stating the existence of the original loan agreement, key terms, and the parties' intention to terminate
3. Definitions: Defines key terms used throughout the agreement
4. Termination Date: Specifies the effective date of the loan termination
5. Outstanding Amount: States the final loan balance, including any interest, fees, or charges up to the termination date
6. Settlement Terms: Details of how the outstanding amount will be settled, including payment methods and timing
7. Mutual Release: Provisions for mutual release of obligations once termination conditions are met
8. Representations and Warranties: Statements by both parties regarding their authority and capacity to enter into the termination agreement
9. Governing Law: Specifies that Australian law governs the agreement
10. Execution: Formal signing section with execution blocks for all parties
1. Security Release: Required when the original loan was secured by assets or guarantees that need to be released
2. Payment Plan: Include when the outstanding amount will be paid in installments rather than as a lump sum
3. Confidentiality: Add when parties wish to keep the termination terms confidential
4. Survival Clauses: Include when certain obligations need to survive the termination
5. Tax Implications: Required when there are specific tax consequences that need to be addressed
6. Dispute Resolution: Add when parties want to specify particular dispute resolution mechanisms
7. Third Party Rights: Include when the termination affects rights of third parties such as guarantors or security holders
1. Original Loan Agreement Details: Summary of the key terms from the original loan agreement being terminated
2. Settlement Calculation: Detailed breakdown of the final settlement amount including principal, interest, and any fees
3. Security Details: List of all securities to be released and relevant registration details
4. Payment Schedule: If applicable, detailed schedule of any installment payments agreed as part of the termination
5. Release Documents: Forms and notices required for releasing any registered securities
6. Existing Defaults: If applicable, list of any defaults being settled or waived as part of the termination
Relevant legal definitions
Accrued Interest
Agreement
Business Day
Completion Date
Discharge Date
Effective Date
Encumbrance
Event of Default
Facility Agreement
Final Payment
Financial Indebtedness
Governmental Agency
GST
Initial Loan Agreement
Insolvency Event
Law
Lending Documents
Loan
Outstanding Amount
Payment Date
PPSA
Release Documents
Secured Property
Security
Security Interest
Settlement Amount
Settlement Date
Termination Date
Termination Payment
Original Loan Agreement
Parties
Related Entity
Release
Representatives
Security Provider
Secured Obligations
Surviving Provisions
Tax
Working Day
Agreement
Business Day
Completion Date
Discharge Date
Effective Date
Encumbrance
Event of Default
Facility Agreement
Final Payment
Financial Indebtedness
Governmental Agency
GST
Initial Loan Agreement
Insolvency Event
Law
Lending Documents
Loan
Outstanding Amount
Payment Date
PPSA
Release Documents
Secured Property
Security
Security Interest
Settlement Amount
Settlement Date
Termination Date
Termination Payment
Original Loan Agreement
Parties
Related Entity
Release
Representatives
Security Provider
Secured Obligations
Surviving Provisions
Tax
Working Day
Clauses
Interpretation
Definitions
Termination
Payment Obligations
Settlement
Release
Security Discharge
Representations and Warranties
Mutual Release
Final Settlement
Security
Confidentiality
Further Assurance
Costs and Expenses
Notices
Governing Law
Jurisdiction
Assignment
Severability
Waiver
Amendment
Entire Agreement
Counterparts
GST
Survival
Force Majeure
Dispute Resolution
Third Party Rights
Time of Essence
Electronic Execution
Definitions
Termination
Payment Obligations
Settlement
Release
Security Discharge
Representations and Warranties
Mutual Release
Final Settlement
Security
Confidentiality
Further Assurance
Costs and Expenses
Notices
Governing Law
Jurisdiction
Assignment
Severability
Waiver
Amendment
Entire Agreement
Counterparts
GST
Survival
Force Majeure
Dispute Resolution
Third Party Rights
Time of Essence
Electronic Execution
Relevant Industries
Banking
Financial Services
Real Estate
Commercial Property
Corporate Finance
Agriculture
Mining
Construction
Manufacturing
Small Business
Relevant Teams
Legal
Finance
Credit
Risk Management
Compliance
Treasury
Loan Operations
Corporate Banking
Debt Recovery
Portfolio Management
Relevant Roles
Chief Financial Officer
Finance Manager
Credit Manager
Loan Officer
Legal Counsel
Corporate Lawyer
Compliance Officer
Risk Manager
Banking Relationship Manager
Treasury Manager
Financial Controller
Company Secretary
Debt Recovery Officer
Portfolio Manager
Credit Risk Analyst
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