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Loan Termination Agreement

Loan Termination Agreement Template for Philippines

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Key Requirements PROMPT example:

Loan Termination Agreement

"I need a Loan Termination Agreement for early repayment of a secured corporate loan from ABC Bank, with the termination date set for March 15, 2025, including provisions for the release of real estate collateral and corporate guarantees."

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Document background
The Loan Termination Agreement is a crucial document used in the Philippine banking and financial services sector when parties wish to formally conclude a loan arrangement before its original maturity date or upon full settlement. It serves as a legally binding document under Philippine law that outlines the terms of early termination or satisfaction of loan obligations, including the final settlement amount, payment arrangements, and mutual release of obligations. This agreement is particularly important for compliance with Philippine banking regulations and the Civil Code, especially when dealing with secured loans or when multiple parties are involved. The document helps prevent future disputes by clearly documenting the termination terms and ensuring all parties understand their rights and obligations upon termination.
Suggested Sections

1. Parties: Identification of the Lender and Borrower with complete legal names and addresses

2. Background: Details of the original loan agreement including date, principal amount, and key terms

3. Definitions: Definitions of key terms used throughout the agreement

4. Acknowledgment of Outstanding Amount: Statement of the final loan balance, including principal, interest, and any other charges as of the termination date

5. Termination Terms: Specific provisions regarding the termination of the loan agreement and its effective date

6. Settlement Arrangements: Details of how the outstanding amount will be settled, including payment method and timing

7. Mutual Release: Mutual release of claims and obligations between parties upon completion of settlement

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

9. Governing Law: Specification of Philippine law as the governing law and relevant jurisdiction

10. Execution: Signature blocks and execution requirements

Optional Sections

1. Surviving Provisions: Used when certain provisions of the original loan agreement need to survive the termination

2. Confidentiality: Include when parties wish to maintain confidentiality about the loan and its termination

3. Tax Provisions: Required when there are specific tax implications or arrangements that need to be addressed

4. Security Release: Include when there are collateral or security arrangements that need to be released

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

6. Regulatory Compliance: Include when the loan involves regulated entities or requires specific regulatory notifications

Suggested Schedules

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

2. Schedule 2 - Settlement Calculation: Detailed breakdown of the final settlement amount including principal, interest, and any fees

3. Schedule 3 - Payment Instructions: Specific banking or payment details for the settlement

4. Schedule 4 - Release Documents: Forms or documents related to the release of any security or collateral

5. Schedule 5 - Regulatory Notifications: Templates or copies of required regulatory notifications, if applicable

Authors

Alex Denne

Head of Growth (Open Source Law) @ 黑料视频 | 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

Corporate Lending

Consumer Finance

Microfinance

Agriculture

Manufacturing

Construction

Small and Medium Enterprises

Relevant Teams

Legal

Finance

Credit Risk

Loan Operations

Compliance

Treasury

Account Management

Collections

Corporate Secretariat

Risk Management

Relevant Roles

Chief Financial Officer

Finance Manager

Legal Counsel

Loan Officer

Credit Risk Manager

Banking Operations Manager

Collections Manager

Compliance Officer

Treasury Manager

Account Manager

Corporate Secretary

Risk Officer

Credit Administrator

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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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