A termination of loan agreement is a legal document that is signed when the term of the original loan agreement reaches completion. This document serves to release both the lender and borrower of their obligatory roles set forth in the original loan agreement. Most commmonly, this agreement is drawn up and signed when the borrower pays back the loan amount, plus taxes, interest, and any other applicable fees.
A termination of loan agreement is not the same thing as a loan cancellation and release agreement. The main difference between the two is that while a termination of loan agreement typically requires payback of the loan as agreed, the loan cancellation and release agreement is typically put into motion when both parties agree to cancel the contract, regardless of payback status.
Below is a list of common sections included in Termination Of Loan Agreements. These sections are linked to the below sample agreement for you to explore.
TERMINATION OF LOAN AGREEMENT
TERMINATION OF LOAN AGREEMENT, dated as of April 14, 2016 (this “ Termination ”), among Navios Maritime Holdings Inc., a Marshall Islands corporation (the “ Borrower ”) and Navios Maritime Acquisition Corporation, a Marshall Islands corporation, as lender (in such capacity, the “ Lender ”).
W I T N E S S E T H:
WHEREAS, the Borrower and Lender entered into that certain agreement, dated as of March 9, 2016 (the “ Loan Agreement ”), pursuant to which the Lender agreed to make loans under a $50,000,000 revolving loan facility to the Borrower upon the terms and subject to the conditions set forth therein;
WHEREAS, Clause 15.1 of the Loan Agreement provides that any term of the Loan Agreement may be amended with the agreement of the Lender and the Borrower;
WHEREAS, the Board of Directors of each of the Borrower and Lender have determined that it is in the best interest of its respective companies to terminate the Loan Agreement;
NOW, THEREFORE, the Borrower and the Lender each hereby agrees as follows:
| 1. | Amendment to Clause 5 .3 . Clause 5.3 of the Loan Agreement is hereby amended to add the following sentence to the end of Clause 5.3: |
“The Borrower and NNA may immediately terminate this Agreement at any time by written agreement between the parties.”
| 2. | Agreement to Terminate . The Borrower and the Lender hereby agree to terminate the Loan Agreement as of the date hereof. |
| 3. | Counterparts . This Termination may be executed by one or more of the parties hereto on any number of separate counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument. |
Unless otherwise defined herein, terms that are defined in the Loan Agreement and used herein are so used as so defined.
IN WITNESS WHEREOF, the undersigned have caused this Termination to be duly executed and delivered as of the date first above written.
NAVIOS MARITIME HOLDINGS INC., as Borrower
By: /s/ Vasiliki Papaefthymiou
Name: Vasiliki Papaefthymiou
Title: Executive Vice President-Legal
NAVIOS MARITIME ACQUISITION
CORPORATION, as Lender
By: /s/ Leonidas Korres
Name: Leonidas Korres
Title: Chief Financial Officer
Reference:
Security Exchange Commission - Edgar Database, EX-4.47 2 d150923dex447.htm EX-4.47, Viewed August 13, 2022, View Source on SEC.
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Attorney Yu represents clients in business and real estate transactions and has successfully handled more than 200 cases. She has experience in corporate law, including forming legal entities, employment law and workers’ compensation law matters pertaining to wage and hour violations, industrial injuries, misclassifications, and other employment-related torts and contracts. Attorney Yu works with employers to address employee relationship issues, develop effective policies and craft employment agreements. Attorney Yu regularly advises clients on the legal and business aspects of potential investments, ongoing business operations, debt collections, shareholders and partners disputes, business purchase agreements, risk assessment, intellectual property disputes, and potential contract disputes. She regularly handles real estate law matters such as landlord-tenant disputes, lease agreements, buy-sell disputes, title disputes, and construction disputes. She also has substantial experience settling debts, and she drafts, reviews and negotiates settlement agreements. Attorney Yu conducts extensive legal research and provides on-point legal advice to both corporate and individual clients.
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I am an experienced in house counsel and have worked in the pharmaceutical, consumer goods and restaurant industry. I have experience with a variety of agreements, below is a non-exhaustive list of types of agreements I can help with: Supply Agreements Distribution Agreements Manufacture Agreements Service Agreements Employment Agreements Consulting Agreements Commercial and residential lease agreements Non-compete Agreements Confidentiality and Non-Disclosure Agreements Demand Letters Termination notice Notice of breach of contract My experience as in house counsel has exposed me to a wide variety of commercial matters for which I can provide consulting and assistance on. I have advised US, Canadian and International entities on cross-functional matters and have guided them when they are in different countries and jurisdictions as their counterparties. I can provide assistance early on in a business discussion to help guide you and make sure you ask the right questions even before the commercial agreement needs to be negotiated, but if you are ready to put a contract in place I can most definitely help with that too.
Jeff Colerick has been practicing law for over 30 years and has devoted his professional career to providing clients with intelligent representation and personal care. His experience as a lawyer involving complex matters has resulted in a long history of success. Jeff has built a practice based on a deep understanding of real estate assets and corporate activities. He combines his industry knowledge with a practical and collaborative approach to problem solving. Jeff’s client relationships are strong because they are built on mutual respect. Jeff talks the language of real estate and understands that it is a vehicle to deliver your business strategy. Jeff provides practical, responsive, and strategic advice related to real estate acquisition, construction, leasing, and sale of a wide range of real property types, including office, retail, medical, industrial, industrial flex-space, mixed-use condominium, multifamily and hospitality. As leader of the Goodspeed Merrill real estate practice group, Jeff represents clients with commercial and residential transactions, purchases and sales, land acquisition and development, real estate investment and financing, financing liens and security interests, and commercial leasing and lease maintenance, including lease enforcement support and advice. The firm represents clients in matters concerning construction, lending, developers, contractors and subcontractors, cell site leasing, property and boundary disputes, common interest community law, and residential condominiums and planned communities.
Harrison Kordestani is an executive with over twenty-five years experience in entertainment and media, energy, technologies, and start-ups. Mr. Kordestani has also developed a specialized legal and strategic consulting practice representing select entertainment, oil and gas, mortgage lending, and technology start-up clientele. He is also deeply passionate about new technologies and has also actively worked in building companies in the video-on-demand, wearable tech, information of things, demand prediction and app-marketing spaces. As an attorney, Mr. Kordestani's focus has been on transactional drafting and negotiation and providing ongoing legal counsel, corporate compliance, and contract interpretation to numerous private individuals as well as companies in varied fields.