The Loan Waiver Agreement is a crucial document used when a lender agrees to forgive all or part of an outstanding loan obligation. Under Austrian law, such agreements must comply with specific requirements of the Austrian Civil Code (ABGB) and related legislation. This document type is typically employed in situations of financial distress, debt restructuring, or as part of broader settlement arrangements. The agreement carefully details the scope of the waiver, any conditions attached, and the ongoing obligations of both parties. A properly structured Loan Waiver Agreement provides legal certainty and protection for both the lender and borrower, clearly documenting the terms of the debt forgiveness while ensuring compliance with Austrian banking, tax, and corporate laws. It's particularly important in corporate restructuring scenarios or when dealing with distressed debt situations.
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Key Requirements PROMPT example:
Loan Waiver Agreement
"I need a Loan Waiver Agreement under Austrian law for waiving a 鈧500,000 commercial loan from ABC Bank AG to my manufacturing company, with the waiver to take effect from March 1, 2025, including provisions for partial repayment of remaining 鈧100,000 over 12 months."
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1. Parties: Identification of the lender and borrower with full legal names, registration details, and addresses
2. Background: Details of the original loan agreement, including date, amount, and current outstanding balance
3. Definitions: Definitions of key terms used in the agreement, including 'Loan Agreement', 'Waived Amount', and 'Effective Date'
4. Loan Waiver: Core provision specifying the amount being waived and the extent of the waiver
5. Effective Date and Timing: When the waiver takes effect and any relevant timing considerations
6. Representations and Warranties: Basic representations from both parties regarding authority to enter into the agreement and understanding of its implications
7. Release: Mutual release provisions related to the waived amount
8. Surviving Obligations: Specification of any loan obligations that survive the waiver
9. Governing Law and Jurisdiction: Confirmation of Austrian law as governing law and jurisdiction for disputes
10. Execution: Signature blocks and execution requirements
1. Conditions Precedent: Used when the waiver is conditional upon certain events or actions
2. Partial Waiver Provisions: Required when only part of the loan is being waived, specifying remaining payment obligations
3. Tax Provisions: Include when there are specific tax implications that need to be addressed
4. Confidentiality: Added when parties wish to keep the waiver confidential
5. Further Assurance: Include when additional documents or actions may be needed to effect the waiver
6. Notices: Added when ongoing communications may be needed between parties
7. Regulatory Compliance: Required when the waiver needs specific regulatory approvals or notifications
1. Original Loan Agreement: Copy or extract of the original loan agreement being waived
2. Calculation of Waived Amount: Detailed breakdown of the amount being waived, including principal, interest, and any fees
3. Payment History: Record of payments made under the loan to date
4. Corporate Authorizations: Copies of relevant corporate approvals for the waiver
5. Regulatory Approvals: Copies of any required regulatory approvals or notifications
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Manufacturing
Retail
Healthcare
Technology
Construction
Agriculture
Professional Services
Hospitality
Energy
Transportation & Logistics
Relevant Teams
Legal
Finance
Treasury
Credit Risk
Compliance
Corporate Secretariat
Debt Recovery
Restructuring
Banking Operations
Risk Management
Relevant Roles
Chief Financial Officer
Finance Director
Credit Manager
Legal Counsel
Corporate Lawyer
Debt Recovery Manager
Restructuring Officer
Risk Manager
Treasury Manager
Banking Relationship Manager
Loan Officer
Compliance Officer
Financial Controller
Corporate Secretary
Insolvency Practitioner
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