Deed of Acquittance and Discharge

Company Letterhead

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{{company_address}}

Phone: {{phone}}

Email: {{email}}

Website: {{website}}

Deed of Acquittance and Discharge

This Deed of Acquittance and Discharge (hereinafter referred to as “this Deed”) is made and entered into on this {{day}} day of {{month}}, {{year}}.

BETWEEN:

1. {{Lender_Company_Name}}, a company duly incorporated under the laws of [South Africa], with its registered office at {{Lender_Company_Address}} (hereinafter referred to as “the Lender”).

AND

2. {{Borrower_Company_Name}}, a company duly incorporated under the laws of [South Africa], with its registered office at {{Borrower_Company_Address}} (hereinafter referred to as “the Borrower”).

WHEREAS:

Background

A. The Lender granted a loan facility to the Borrower in the principal amount of {{currency}} {{loan_amount}} ({{loan_amount_words}}) on {{loan_agreement_date}} (hereinafter referred to as “the Loan”).

B. The terms and conditions of the Loan were recorded in a Loan Agreement dated {{loan_agreement_date}} (hereinafter referred to as “the Loan Agreement”).

C. The Borrower has fully repaid all outstanding principal, interest, and any other charges due under the Loan Agreement to the Lender.

D. The Lender acknowledges receipt of such full and final payment and desires to issue this Deed of Acquittance and Discharge to formally release the Borrower from all obligations pertaining to the Loan.

Acquittance and Discharge

NOW, THEREFORE, the Lender hereby acknowledges that the Borrower has fully and completely discharged all its obligations, whether financial or otherwise, under the Loan Agreement.

The Lender hereby forever acquits, releases, and discharges the Borrower, its successors, and assigns from all claims, demands, liabilities, actions, and causes of action whatsoever, whether in law or in equity, arising out of or in connection with the Loan Agreement and the Loan granted thereunder.

Representation and Warranty

The Lender represents and warrants that it has not assigned, transferred, or encumbered any of its rights, title, or interest in or to the Loan Agreement or the Loan, or any part thereof, to any third party.

Indemnity

The Borrower hereby agrees to indemnify and hold harmless the Lender from and against any and all claims, liabilities, losses, damages, costs, and expenses (including reasonable legal fees) that may be incurred by the Lender as a result of any breach of the representations and warranties made by the Borrower under the Loan Agreement.

Governing Law and Jurisdiction

This Deed shall be governed by and construed in accordance with the laws of [South Africa].

Any dispute arising out of or in connection with this Deed shall be subject to the exclusive jurisdiction of the courts of [South Africa].

Entire Agreement

This Deed constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior discussions, negotiations, and agreements, whether oral or written, relating thereto.

Counterparts

This Deed may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

Date of Execution

IN WITNESS WHEREOF, the parties hereto have executed this Deed on the date first above written.

Signatures

FOR THE LENDER:

___________________________

Name: {{Lender_Signatory_Name}}

Title: {{Lender_Signatory_Title}}

FOR THE BORROWER:

___________________________

Name: {{Borrower_Signatory_Name}}

Title: {{Borrower_Signatory_Title}}