The Loan Offset Agreement is utilized when a borrower and lender wish to establish an arrangement where the interest payable on a loan is reduced by reference to the balance maintained in a linked deposit account. This document is particularly relevant in the Belgian banking sector, where such arrangements must comply with specific regulatory requirements and the Belgian Civil Code. The agreement typically follows the execution of a main loan agreement and establishes the mechanics of the offset arrangement, including calculation methodologies, account management rules, and parties' rights and obligations. The Loan Offset Agreement needs to address various scenarios such as multiple account holders, security interests, and termination events, while ensuring compliance with Belgian banking regulations and consumer protection laws where applicable.
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1. Parties: Identification of all parties to the agreement, including the lender, borrower, and any account holders
2. Background: Context of the agreement, including reference to the existing loan agreement and offset account arrangement
3. Definitions: Definitions of key terms used throughout the agreement, including 'Offset Account', 'Loan Account', 'Offset Benefit', and 'Calculation Period'
4. Offset Arrangement: Core terms describing how the offset mechanism works, including calculation methods and timing
5. Interest Calculations: Detailed explanation of how interest will be calculated taking into account the offset benefit
6. Payment Terms: Terms regarding payments, including any adjustments to regular loan payments
7. Account Operation: Rules governing the operation of the offset account and restrictions on withdrawals
8. Rights and Obligations: Specific rights and obligations of each party under the offset arrangement
9. Term and Termination: Duration of the offset arrangement and circumstances under which it can be terminated
10. Representations and Warranties: Standard representations and warranties from all parties
11. General Provisions: Standard boilerplate clauses including notices, amendments, and governing law
1. Multiple Account Provisions: Additional terms for cases where multiple offset accounts are linked to the loan
2. Security Provisions: Additional security arrangements if the offset account serves as security for the loan
3. Joint Account Holders: Special provisions for cases where the offset account has multiple account holders
4. Tax Provisions: Specific tax-related terms when the offset arrangement has significant tax implications
5. Foreign Currency Provisions: Special terms for cases where the loan and offset accounts are in different currencies
6. Consumer Protection Clauses: Additional protective clauses required when one party is a consumer under Belgian law
1. Schedule 1 - Loan Details: Details of the loan agreement including loan amount, interest rate, and term
2. Schedule 2 - Offset Account Details: Specifications of the offset account(s) including account numbers and types
3. Schedule 3 - Offset Calculation Methodology: Detailed methodology for calculating the offset benefit and interest savings
4. Schedule 4 - Fee Schedule: List of any fees associated with the offset arrangement
5. Appendix A - Sample Calculations: Examples of how the offset calculations work in practice
6. Appendix B - Account Operating Procedures: Detailed procedures for operating the offset account
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