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Loan Release Agreement

Loan Release Agreement Template for Ireland

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Key Requirements PROMPT example:

Loan Release Agreement

"I need a Loan Release Agreement for a corporate borrower who has fully repaid a €2.5M commercial loan, with the release to take effect from March 15, 2025, including provisions for releasing associated security interests over company assets and terminating two personal guarantees."

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Document background
The Loan Release Agreement is a critical document used in Irish lending transactions when parties wish to formally terminate their lending relationship and release each other from obligations under a loan agreement. This document is typically employed when a loan has been fully repaid, settled for a lesser amount, or when parties have agreed to terminate their lending relationship under specific terms. The agreement must comply with Irish contract law, banking regulations, and consumer protection requirements, particularly the Consumer Credit Act 1995 and Central Bank regulations. It includes essential details about the original loan, confirmation of any final payments or settlements, and comprehensive release provisions. The document is crucial for providing legal certainty and protecting both lender and borrower from future claims relating to the discharged loan.
Suggested Sections

1. Parties: Identifies and defines the Lender and Borrower with full legal names and addresses

2. Background: Recitals describing the original loan agreement, its key terms, and the context for the release

3. Definitions: Defines key terms used throughout the agreement, including 'Loan Agreement', 'Release Date', and 'Outstanding Obligations'

4. Acknowledgment of Debt: Confirms the original loan amount and any outstanding balance as of the release date

5. Release Terms: Details the specific terms and conditions of the release, including any partial payment or settlement amount

6. Effective Date: Specifies when the release becomes effective and any conditions precedent

7. Representations and Warranties: Statements by both parties confirming their authority and understanding of the agreement

8. Mutual Release: The core release provisions where parties release each other from obligations related to the loan

9. Governing Law and Jurisdiction: Confirms Irish law as governing law and jurisdiction for any disputes

10. Entire Agreement: Confirms this agreement supersedes all previous agreements regarding the loan release

11. Execution: Signature blocks and execution requirements

Optional Sections

1. Partial Release Terms: Used when the release is partial rather than full, detailing which obligations remain

2. Security Release: Include when there are security interests or collateral to be released

3. Tax Implications: Include when there are specific tax consequences that need to be acknowledged

4. Confidentiality: Include when parties wish to keep the terms of the release confidential

5. Survival Clauses: Used when certain obligations need to survive the release

6. Third Party Rights: Include when guarantors or other third parties are involved in the loan

7. Credit Rating Acknowledgment: Include when there are implications for credit reporting

8. Future Cooperation: Include when parties need to cooperate on post-release matters like documentation

Suggested Schedules

1. Schedule 1 - Original Loan Agreement: Copy or key details of the original loan agreement being released

2. Schedule 2 - Payment History: Summary of payments made and outstanding balance calculation

3. Schedule 3 - Release Payment Details: Details of any final payment or settlement amount

4. Schedule 4 - Security Interests: List of any security interests being released

5. Appendix A - Required Notices: Forms of any required notices to third parties or regulatory bodies

6. Appendix B - Release Documentation: Forms of any additional release documentation required

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Financial Services

Banking

Consumer Lending

Corporate Lending

Real Estate

Construction

Manufacturing

Retail

Professional Services

Agriculture

Relevant Teams

Legal

Finance

Credit

Compliance

Risk Management

Banking Operations

Collections

Corporate Secretariat

Treasury

Debt Recovery

Client Relations

Documentation

Relevant Roles

Legal Counsel

Finance Manager

Credit Manager

Loan Officer

Compliance Officer

Risk Manager

Banking Relationship Manager

Collections Manager

Corporate Secretary

Chief Financial Officer

Treasury Manager

Debt Recovery Specialist

Legal Director

Banking Operations Manager

Industries
Consumer Credit Act 1995: Regulates consumer lending in Ireland, including provisions for loan agreements, disclosure requirements, and consumer protections in credit transactions
Central Bank Act 1997: Provides regulatory framework for financial institutions and lending activities in Ireland
Statute of Limitations 1957 (as amended): Sets time limits for bringing claims related to debt recovery and contractual obligations
Data Protection Act 2018: Implements GDPR in Ireland, governing how personal financial data must be handled and protected
Personal Insolvency Act 2012: Relevant for understanding how the release agreement might interact with personal insolvency proceedings
Credit Reporting Act 2013: Governs credit reporting obligations and the Central Credit Register, which may need to be updated following a loan release
European Communities (Unfair Terms in Consumer Contracts) Regulations 1995: Ensures terms in consumer contracts, including loan releases, are fair and transparent
Central Bank (Supervision and Enforcement) Act 2013: Provides for consumer protection measures in financial services, including lending practices
Teams

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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