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Termination Of Loan Agreement

Termination Of Loan Agreement Template for India

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Key Requirements PROMPT example:

Termination Of Loan Agreement

"I need a Termination of Loan Agreement for an early loan repayment, where our company (ABC Technologies Ltd) wants to terminate a 5-year corporate loan of INR 10 crores with State Bank of India by January 2025, with all securities to be released."

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Document background
The Termination of Loan Agreement is a crucial document used when parties wish to formally conclude their lending relationship in India, whether due to full repayment, refinancing, or mutual agreement to end the arrangement. It operates within the framework of Indian contract law, particularly the Indian Contract Act, 1872, and various banking regulations. This document becomes necessary when loans are fully repaid ahead of schedule, when borrowers are refinancing with different lenders, or when parties mutually agree to terminate the lending relationship. The agreement carefully documents the settlement of all outstanding obligations, release of securities, and mutual discharge of future claims. It must comply with state-specific stamp duty requirements and registration formalities, especially when dealing with immovable property securities. The document protects both lenders and borrowers by providing clear evidence of the loan's termination and preventing future disputes.
Suggested Sections

1. Parties: Identification of the lender and borrower, and their respective details

2. Background: Details of the original loan agreement, including date, amount, purpose, and current status

3. Definitions: Definitions of key terms used in the termination agreement

4. Termination Date: Specific date when the loan agreement will be terminated

5. Settlement of Outstanding Amounts: Details of final payment or settlement amount, including principal, interest, and any other charges

6. Mutual Release: Clauses releasing both parties from future obligations under the loan agreement

7. Return of Securities: Process and timeline for returning any security documents or releasing charges

8. Representations and Warranties: Confirmations from both parties regarding their authority and capacity to terminate

9. Governing Law and Jurisdiction: Confirmation that Indian law governs the termination and jurisdiction for disputes

10. Notices: Communication methods and addresses for formal notices

11. Counterparts: Provision for execution in multiple counterparts

Optional Sections

1. Partial Termination: Used when only part of the loan facility is being terminated

2. Survival Clauses: Specifies which provisions of the original agreement survive termination

3. Tax Implications: Details of tax considerations and responsibilities, if applicable

4. Confidentiality: Obligations regarding confidential information post-termination

5. Third Party Rights: Required when guarantors or other third parties are involved in the loan arrangement

6. Security Reassignment: Needed when complex security arrangements need to be reassigned

7. Regulatory Compliance: Required for loans involving regulated entities or requiring specific regulatory approvals

Suggested Schedules

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

2. Schedule 2 - Settlement Statement: Detailed breakdown of all amounts paid and outstanding

3. Schedule 3 - Security Documents: List of all security documents to be released or returned

4. Schedule 4 - Release Forms: Forms for releasing charges registered with authorities

5. Schedule 5 - Payment History: Record of all payments made under the loan agreement

6. Appendix A - Compliance Certificates: Necessary compliance certificates from statutory authorities, if required

7. Appendix B - Board Resolutions: Corporate authorizations for termination (if parties are companies)

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 legal definitions
Agreement
Original Loan Agreement
Borrower
Lender
Effective Date
Termination Date
Outstanding Amount
Settlement Amount
Security
Security Documents
Charge
Release Documents
Secured Assets
Final Settlement Date
Encumbrance
Interest
Default Interest
Principal Amount
Repayment Schedule
Guarantor
Security Provider
Applicable Law
Business Day
Regulatory Authority
Outstanding Obligations
Release
Discharge
Bank Account
Notice
Authorized Representative
Surviving Provisions
Event of Default
Force Majeure
Governmental Authority
Liability
Material Adverse Effect
Party/Parties
Registration Authority
Stamp Duty
Governing Law
Jurisdiction
Relevant Industries

Banking

Financial Services

Real Estate

Manufacturing

Infrastructure

Retail

Technology

Healthcare

Education

Agriculture

Transportation

Construction

Energy

Mining

Telecommunications

Relevant Teams

Legal

Finance

Compliance

Credit

Risk Management

Operations

Treasury

Documentation

Loan Administration

Corporate Secretarial

Recovery

Relationship Management

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Compliance Officer

Credit Manager

Loan Officer

Risk Manager

Company Secretary

Treasury Manager

Financial Controller

Legal Director

Banking Operations Manager

Documentation Specialist

Recovery Officer

Relationship Manager

Industries
Indian Contract Act, 1872: Fundamental law governing contract formation, performance, and termination. Sections 39 and 73-75 specifically deal with termination of contracts and consequences thereof.
Transfer of Property Act, 1882: Governs transactions involving immovable property and mortgage. Relevant for secured loans and their termination where property is involved as security.
Banking Regulation Act, 1949: Regulates banking operations in India, including lending activities and their termination by banking institutions.
Registration Act, 1908: Specifies which documents need to be mandatorily registered, including certain types of loan termination agreements involving immovable property.
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI): Relevant for termination of secured loans and enforcement of security interests by banks and financial institutions.
Recovery of Debts and Bankruptcy Act, 1993: Governs the recovery of debts due to banks and financial institutions, relevant for loan termination scenarios involving defaulted payments.
Indian Stamp Act, 1899: Determines the stamp duty payable on loan termination agreements and related documents.
Information Technology Act, 2000: Relevant for electronic execution of loan termination agreements and digital signatures, if applicable.
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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