Back to top

Release of Loan

Progress:
0%
?
X

Insert the date that this Deed will be signed. If one party is signing on one date, and the other party is signing on another date, then the date that the Deed is signed by the final party should be entered here. If the person preparing this Deed does not know what date it will be signed, this option can be left blank, but the date should then be entered by hand when the Deed is signed by the final party.

Need
help?
Customise the template

RELEASE OF LOAN

This Release of Loan Deed ("this Deed") is dated this _________________


BETWEEN


The Lender:

________

of the following address:

________


AND


The Borrower:

________

of the following address:

________


BACKGROUND

(1) The Lender lent a sum of $________ (________) to the Borrower ("the Loan") under a Loan Agreement dated ________ a copy of which is attached and marked ________ ("the Agreement").

(2) The Borrower has complied with the Borrower's obligations for repayment of the Loan and any accrued interest under the Agreement.

(3) The Lender intends to release the Borrower from any of the Borrower's obligations under the Agreement.

(4) In consideration for the full repayment of the Loan and any accrued interest by the Borrower, and the agreements and covenants set out in this Deed, the Lender and the Borrower agree as follows:


(1) DEFINITIONS

"Agreement" means Loan Agreement dated ________ a copy of which is attached and marked ________.

"Borrower" means ________.

"Business Day" means a day which is not a Saturday, Sunday or public holiday in New South Wales.

"Deed" means this Deed of Release.

"Deed Date" means _________________

"Loan" means the loan of $________ (________) from the Lender to the Borrower under the Agreement.

"Lender" means ________.

"Parties" means parties to this Deed.

"Party" means a party to this Deed.

(2) INTERPRETATION

In this Deed, unless the context otherwise requires, the following rules of interpretation shall apply:

(a) Words referring to one gender include every other gender.

(b) Words referring to a singular number include the plural, and words referring to a plural include the singular.

(c) If a word or phrase is defined in this Deed then any grammatical variations of that word or phrase have a corresponding meaning.

(d) Words referring to a person or persons include firms, corporations, associations, partnerships, joint ventures, authorities, government bodies, organisations and other legal entities, and vice versa.

(e) Any reference to time is a reference to time in New South Wales.

(f) In the event that something must be done under this Deed on or before a particular date, if that date falls on a day which is not a Business Day, then that thing must be done on or before the next Business Day.

(g) Any obligation on a Party not to do something includes an obligation not to allow that thing to be done.

(h) Headings and titles are included in this Deed for convenience only and shall not affect the interpretation of this Deed.

(i) A reference to legislation or any part or provision of that legislation includes any subordinate legislation, any amended legislation, and any substituted legislation issued under that legislation.

(j) A reference to an agreement or document is a reference to that agreement or document as amended, replaced, supplemented or novated from time to time.

(k) A reference to a Party also includes that Party's successors, assigns, legal personal representatives and/or any person that is substituted by way of novation.

(l) Any reference to money or currency, unless otherwise specified, is a reference to Australian dollars.


(3) RELEASE

In consideration for the full payment of the Loan and any accrued interest by the Borrower, and the agreements and covenants set out in this Deed, and except as otherwise required by law, the Lender hereby irrevocably and unconditionally releases and discharges the Borrower, together with any officers, employees, directors, agents, contractors, assignees, successors or other representatives of the Borrower, from any and all claims, debts, demands, suits, actions, proceedings or other liabilities whatsoever (including any costs whether legal or otherwise) which the Lender may have or may at any time incur against the Borrower or any officers, employees, directors, agents, contractors, assignees, successors or other representatives of the Lender (whether directly or indirectly) in connection with the Loan or the Agreement.


(4) SUFFICIENCY OF PAYMENT

The Lender hereby acknowledges the receipt of and the sufficiency of the Borrower's repayment of the Loan as consideration.


(5) BAR TO FURTHER PROCEEDINGS

The Parties hereby expressly agree that this Deed may be pleaded as a full and complete defence to any claims, debts, demands, suits, actions, proceedings or other liabilities that any other Party to this Deed (or any officers, employees, directors, agents, contractors, assignees, successors or other representatives of any other Party to this Deed) may pursue at any time in relation to the Loan or the Agreement.


(6) WARRANTIES REGARDING LEGAL ADVICE

(a) Each Party, (which for the purposes of this clause shall be referred to as the "Warranting Party" as the context requires) hereby respectively warrants:

(I) the Warranting Party fully understands the terms of this Deed.

(II) the Warranting Party has had the opportunity to obtain independent legal advice in relation to the matters addressed by this Deed and the Warranting Party has either:

(A) taken such independent legal advice; or

(B) elected not to take such independent legal advice.

(III) the Warranting Party has not been induced to enter this Deed by any representation(s) made by the other Party or by any officer, employee, director, agent, contractor, assignee, successor or other representative, except as provided in this Deed.

(b) This clause will survive termination or expiration of this Deed.


(7) CONFIDENTIALITY

(a) Subject to this clause, the Parties each respectively hereby agree to keep the provisions of this Deed confidential.

(b) Notwithstanding the preceding sub-clause hereof, the Parties may disclose any details of this Deed ("Details"):

(I) to their respective legal or financial advisors ("Advisors") provided that the Party disclosing the Details to any such Advisors first ensures that those Advisors are legally bound to keep the Details confidential on terms at least as onerous as those contained in this Deed; or

(II) as otherwise required by law, by court order, or by the requirement of any stock exchange or regulatory authority.

(c) This clause will survive termination or expiration of this Deed.


(8) ENTIRE AGREEMENT

In relation to the subject matter of this Deed, this Deed constitutes the entire agreement between the Parties and supersedes any prior or contemporaneous understandings, whether written or oral.


(9) LEGAL COSTS

Each Party must pay its own legal costs of and incidental to this Deed.


(10) GENERAL PROVISIONS

(a) GOVERNING LAW: This Deed shall be governed in all respects by the laws of New South Wales and any applicable federal law. Both Parties consent to jurisdiction under the state and federal courts within New South Wales.

(b) LANGUAGE: All communications made or notices given pursuant to this Deed shall be in the English language.

(c) AMENDMENTS: This Deed may only be amended in writing signed by both Parties.

(d) RIGHTS, REMEDIES AND POWERS: Unless expressly provided in this Deed, any rights, remedies or powers which a Party acquires under this Deed are cumulative and apply in addition to any rights, remedies or powers which that Party may otherwise have. Unless expressly provided in this Deed, nothing in this Deed shall in any way reduce, extinguish, postpone, restrict or otherwise limit any right, remedy or power which that Party may have.

(e) SURVIVAL OF OBLIGATIONS: At the termination or expiration of this Deed, any provisions of this Deed which would by their nature be expected to survive termination or expiration shall remain in full force and effect, including but not limited to any provisions which are explicitly stated to survive termination and/or expiration.

(f) NO WAIVER: None of the powers or rights created under the terms of this Deed shall be deemed to have been waived by any act or acquiescence of either Party. A power or right under the terms of this Deed may only be waived in writing, signed by the Party that is waiving the said power or right. No waiver of any power or right under a term of this Deed shall constitute a waiver of any other power or right or of the same power or right on a future date. Failure of either Party to enforce any term of this Deed shall not constitute waiver of such term or any other term.

(g) 555588852558: 52 522 252888822 25 2252 22 2588 8225 88 5285 22 82 5222225825882, 2522 2588 8225 8888 82 522225 5222525 22 252 252222 228288552 22 522525 252 225258882 5222225825882 252888822, 525 252 5282 22 252 8225, 85885 525 22225825882. 52 5 82552 52888228 22 52225 2588 8225 58 25288525 525282, 252 8285885822 25 5222225825888822 22 522 252888822 22 2588 8225 85588 222 522282 252 85885822 25 22225825888822 22 252 522582822 22528 525 2528888228, 85885 85588 82 22225825 58 82 252 222225822 2252 25 252888822 555 222 8222 82885525 82 2588 8225.

(h) 885855828855: 5588 8225 252 82 25285225 82 825222525528, 588 22 85885 85588 8228282522 5 882282 525222222. 52 252 55228 822 22525 52 252 225 22 2588 52852222 552 582225222, 2588 8225 88 22 82 8228852525 222282882 58 22 252 5522 2552 8225 2552828 5582 882225 252 525222222, 85885 252 82 252 85225 5522.

(i) FORCE MAJEURE/EXCUSE: Neither Party is liable to the other for any failure to perform due to causes beyond its reasonable control including, but not limited to, acts of God, acts of civil authorities, acts of military authorities, riots, embargoes, acts of nature and natural disasters, labour or transportation disputes, and other acts which may be due to unforeseen circumstances.

(j) FURTHER ACTS: Each Party must, and must ensure that its directors, employees, officers, agents, representatives and contractors do all things and sign, execute and deliver all documents, agreements and instruments as reasonably required in order to give effect to this Deed and to the rights and obligations of the Parties created under this Deed.

EXECUTED AS A DEED THIS ________


Signed Sealed and Delivered by ________:



____________________________________
________


In the presence of:



____________________________________
Witness Signature



____________________________________
Witness Name



____________________________________
Witness Occupation



____________________________________

____________________________________
Witness Address


Signed Sealed and Delivered by ________:



____________________________________
________


In the presence of:



____________________________________
Witness Signature



____________________________________
Witness Name



____________________________________
Witness Occupation



____________________________________

____________________________________
Witness Address

________

(Attach a copy of the Loan Agreement here)

See your document
in progress

RELEASE OF LOAN

This Release of Loan Deed ("this Deed") is dated this _________________


BETWEEN


The Lender:

________

of the following address:

________


AND


The Borrower:

________

of the following address:

________


BACKGROUND

(1) The Lender lent a sum of $________ (________) to the Borrower ("the Loan") under a Loan Agreement dated ________ a copy of which is attached and marked ________ ("the Agreement").

(2) The Borrower has complied with the Borrower's obligations for repayment of the Loan and any accrued interest under the Agreement.

(3) The Lender intends to release the Borrower from any of the Borrower's obligations under the Agreement.

(4) In consideration for the full repayment of the Loan and any accrued interest by the Borrower, and the agreements and covenants set out in this Deed, the Lender and the Borrower agree as follows:


(1) DEFINITIONS

"Agreement" means Loan Agreement dated ________ a copy of which is attached and marked ________.

"Borrower" means ________.

"Business Day" means a day which is not a Saturday, Sunday or public holiday in New South Wales.

"Deed" means this Deed of Release.

"Deed Date" means _________________

"Loan" means the loan of $________ (________) from the Lender to the Borrower under the Agreement.

"Lender" means ________.

"Parties" means parties to this Deed.

"Party" means a party to this Deed.

(2) INTERPRETATION

In this Deed, unless the context otherwise requires, the following rules of interpretation shall apply:

(a) Words referring to one gender include every other gender.

(b) Words referring to a singular number include the plural, and words referring to a plural include the singular.

(c) If a word or phrase is defined in this Deed then any grammatical variations of that word or phrase have a corresponding meaning.

(d) Words referring to a person or persons include firms, corporations, associations, partnerships, joint ventures, authorities, government bodies, organisations and other legal entities, and vice versa.

(e) Any reference to time is a reference to time in New South Wales.

(f) In the event that something must be done under this Deed on or before a particular date, if that date falls on a day which is not a Business Day, then that thing must be done on or before the next Business Day.

(g) Any obligation on a Party not to do something includes an obligation not to allow that thing to be done.

(h) Headings and titles are included in this Deed for convenience only and shall not affect the interpretation of this Deed.

(i) A reference to legislation or any part or provision of that legislation includes any subordinate legislation, any amended legislation, and any substituted legislation issued under that legislation.

(j) A reference to an agreement or document is a reference to that agreement or document as amended, replaced, supplemented or novated from time to time.

(k) A reference to a Party also includes that Party's successors, assigns, legal personal representatives and/or any person that is substituted by way of novation.

(l) Any reference to money or currency, unless otherwise specified, is a reference to Australian dollars.


(3) RELEASE

In consideration for the full payment of the Loan and any accrued interest by the Borrower, and the agreements and covenants set out in this Deed, and except as otherwise required by law, the Lender hereby irrevocably and unconditionally releases and discharges the Borrower, together with any officers, employees, directors, agents, contractors, assignees, successors or other representatives of the Borrower, from any and all claims, debts, demands, suits, actions, proceedings or other liabilities whatsoever (including any costs whether legal or otherwise) which the Lender may have or may at any time incur against the Borrower or any officers, employees, directors, agents, contractors, assignees, successors or other representatives of the Lender (whether directly or indirectly) in connection with the Loan or the Agreement.


(4) SUFFICIENCY OF PAYMENT

The Lender hereby acknowledges the receipt of and the sufficiency of the Borrower's repayment of the Loan as consideration.


(5) BAR TO FURTHER PROCEEDINGS

The Parties hereby expressly agree that this Deed may be pleaded as a full and complete defence to any claims, debts, demands, suits, actions, proceedings or other liabilities that any other Party to this Deed (or any officers, employees, directors, agents, contractors, assignees, successors or other representatives of any other Party to this Deed) may pursue at any time in relation to the Loan or the Agreement.


(6) WARRANTIES REGARDING LEGAL ADVICE

(a) Each Party, (which for the purposes of this clause shall be referred to as the "Warranting Party" as the context requires) hereby respectively warrants:

(I) the Warranting Party fully understands the terms of this Deed.

(II) the Warranting Party has had the opportunity to obtain independent legal advice in relation to the matters addressed by this Deed and the Warranting Party has either:

(A) taken such independent legal advice; or

(B) elected not to take such independent legal advice.

(III) the Warranting Party has not been induced to enter this Deed by any representation(s) made by the other Party or by any officer, employee, director, agent, contractor, assignee, successor or other representative, except as provided in this Deed.

(b) This clause will survive termination or expiration of this Deed.


(7) CONFIDENTIALITY

(a) Subject to this clause, the Parties each respectively hereby agree to keep the provisions of this Deed confidential.

(b) Notwithstanding the preceding sub-clause hereof, the Parties may disclose any details of this Deed ("Details"):

(I) to their respective legal or financial advisors ("Advisors") provided that the Party disclosing the Details to any such Advisors first ensures that those Advisors are legally bound to keep the Details confidential on terms at least as onerous as those contained in this Deed; or

(II) as otherwise required by law, by court order, or by the requirement of any stock exchange or regulatory authority.

(c) This clause will survive termination or expiration of this Deed.


(8) ENTIRE AGREEMENT

In relation to the subject matter of this Deed, this Deed constitutes the entire agreement between the Parties and supersedes any prior or contemporaneous understandings, whether written or oral.


(9) LEGAL COSTS

Each Party must pay its own legal costs of and incidental to this Deed.


(10) GENERAL PROVISIONS

(a) GOVERNING LAW: This Deed shall be governed in all respects by the laws of New South Wales and any applicable federal law. Both Parties consent to jurisdiction under the state and federal courts within New South Wales.

(b) LANGUAGE: All communications made or notices given pursuant to this Deed shall be in the English language.

(c) AMENDMENTS: This Deed may only be amended in writing signed by both Parties.

(d) RIGHTS, REMEDIES AND POWERS: Unless expressly provided in this Deed, any rights, remedies or powers which a Party acquires under this Deed are cumulative and apply in addition to any rights, remedies or powers which that Party may otherwise have. Unless expressly provided in this Deed, nothing in this Deed shall in any way reduce, extinguish, postpone, restrict or otherwise limit any right, remedy or power which that Party may have.

(e) SURVIVAL OF OBLIGATIONS: At the termination or expiration of this Deed, any provisions of this Deed which would by their nature be expected to survive termination or expiration shall remain in full force and effect, including but not limited to any provisions which are explicitly stated to survive termination and/or expiration.

(f) NO WAIVER: None of the powers or rights created under the terms of this Deed shall be deemed to have been waived by any act or acquiescence of either Party. A power or right under the terms of this Deed may only be waived in writing, signed by the Party that is waiving the said power or right. No waiver of any power or right under a term of this Deed shall constitute a waiver of any other power or right or of the same power or right on a future date. Failure of either Party to enforce any term of this Deed shall not constitute waiver of such term or any other term.

(g) 555588852558: 52 522 252888822 25 2252 22 2588 8225 88 5285 22 82 5222225825882, 2522 2588 8225 8888 82 522225 5222525 22 252 252222 228288552 22 522525 252 225258882 5222225825882 252888822, 525 252 5282 22 252 8225, 85885 525 22225825882. 52 5 82552 52888228 22 52225 2588 8225 58 25288525 525282, 252 8285885822 25 5222225825888822 22 522 252888822 22 2588 8225 85588 222 522282 252 85885822 25 22225825888822 22 252 522582822 22528 525 2528888228, 85885 85588 82 22225825 58 82 252 222225822 2252 25 252888822 555 222 8222 82885525 82 2588 8225.

(h) 885855828855: 5588 8225 252 82 25285225 82 825222525528, 588 22 85885 85588 8228282522 5 882282 525222222. 52 252 55228 822 22525 52 252 225 22 2588 52852222 552 582225222, 2588 8225 88 22 82 8228852525 222282882 58 22 252 5522 2552 8225 2552828 5582 882225 252 525222222, 85885 252 82 252 85225 5522.

(i) FORCE MAJEURE/EXCUSE: Neither Party is liable to the other for any failure to perform due to causes beyond its reasonable control including, but not limited to, acts of God, acts of civil authorities, acts of military authorities, riots, embargoes, acts of nature and natural disasters, labour or transportation disputes, and other acts which may be due to unforeseen circumstances.

(j) FURTHER ACTS: Each Party must, and must ensure that its directors, employees, officers, agents, representatives and contractors do all things and sign, execute and deliver all documents, agreements and instruments as reasonably required in order to give effect to this Deed and to the rights and obligations of the Parties created under this Deed.

EXECUTED AS A DEED THIS ________


Signed Sealed and Delivered by ________:



____________________________________
________


In the presence of:



____________________________________
Witness Signature



____________________________________
Witness Name



____________________________________
Witness Occupation



____________________________________

____________________________________
Witness Address


Signed Sealed and Delivered by ________:



____________________________________
________


In the presence of:



____________________________________
Witness Signature



____________________________________
Witness Name



____________________________________
Witness Occupation



____________________________________

____________________________________
Witness Address

________

(Attach a copy of the Loan Agreement here)