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Loan Termination Agreement

Loan Termination Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Loan Termination Agreement

"I need a Loan Termination Agreement for a UAE corporate loan facility where the borrower has fully repaid the loan ahead of schedule, with the termination to be effective from March 15, 2025; the agreement should include release of security over commercial property."

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Document background
The Loan Termination Agreement is a crucial document used in the UAE financial and business landscape when parties wish to formally conclude a lending relationship. This agreement becomes necessary when a loan is fully repaid, refinanced, or when parties mutually agree to terminate the lending arrangement. The document must comply with UAE Federal Laws, including the Civil Code (Federal Law No. 5 of 1985) and Commercial Transactions Law (Federal Law No. 18 of 1993). It typically includes provisions for final settlement amounts, release of securities, and mutual discharge of obligations. The agreement is particularly important in the UAE context due to the jurisdiction's unique legal framework, which may include both conventional and Islamic finance elements. A well-drafted Loan Termination Agreement provides legal certainty and protection for all parties by clearly documenting the end of their lending relationship and preventing future disputes.
Suggested Sections

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

2. Background: Recitals describing the original loan agreement, key amendments, current status, and reason for termination

3. Definitions: Definitions of key terms used in the agreement, including reference to original loan agreement definitions

4. Termination and Discharge: Core provisions confirming termination of the loan agreement and mutual discharge of obligations

5. Settlement Amount: Details of any final payment or settlement amount required for termination

6. Payment Terms: Specifics of how and when any settlement amount will be paid

7. Mutual Release: Provisions for mutual release of claims related to the loan agreement

8. Representations and Warranties: Standard representations about authority to enter agreement and accuracy of information

9. Confidentiality: Obligations to keep the termination terms confidential

10. Governing Law and Jurisdiction: Confirmation of UAE law governance and jurisdiction for disputes

Optional Sections

1. Security Release: Required if there are any securities, guarantees, or collateral to be released

2. Disputed Amounts: Needed if there are any disputed amounts being settled as part of termination

3. Surviving Provisions: Required if any provisions of the original loan agreement will survive termination

4. Tax Provisions: Necessary if there are tax implications of the termination to be addressed

5. Further Assurance: Optional clause requiring parties to execute additional documents if needed

6. Partial Termination: Required if only part of the loan facility is being terminated

7. Islamic Finance Compliance: Needed if the loan was Sharia-compliant and requires specific termination provisions

Suggested Schedules

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

2. Amendments and Variations: List of all amendments and variations to the original loan agreement

3. Settlement Calculation: Detailed calculation of final settlement amount including interest and charges

4. Release Documents: Forms of release for any securities, guarantees, or collateral

5. Payment Instructions: Bank account details and payment procedures for settlement amount

6. Outstanding Obligations: List of any outstanding obligations and their status

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








































Clauses






























Relevant Industries

Banking

Financial Services

Real Estate

Construction

Manufacturing

Retail

Healthcare

Education

Hospitality

Islamic Finance

Infrastructure

Energy

Technology

Transportation

Commercial Services

Relevant Teams

Legal

Finance

Treasury

Risk Management

Compliance

Corporate Banking

Credit

Debt Recovery

Islamic Banking

Company Secretariat

Corporate Finance

Operations

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Corporate Lawyer

Risk Manager

Credit Manager

Treasury Manager

Loan Officer

Compliance Officer

Financial Controller

Banking Relationship Manager

Corporate Banking Manager

Islamic Finance Specialist

Credit Risk Officer

Legal Director

Company Secretary

Finance Manager

Debt Recovery Manager

Industries







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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