A Loan Modification Agreement is essential when parties need to alter the terms of an existing loan arrangement while maintaining the fundamental lending relationship. This document is commonly used in Australian lending practices when borrowers require adjustments to their loan terms due to financial circumstances, market changes, or mutual agreement between parties. It must comply with Australian banking regulations, consumer protection laws, and state-specific requirements. The agreement typically includes modifications to payment terms, interest rates, loan duration, or other key provisions, while confirming the continuation of security arrangements and guarantees. It's particularly relevant in scenarios involving financial hardship, business restructuring, or when more favorable terms become available. The document ensures all changes are properly documented and legally enforceable under Australian law.
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1. Parties: Identification of the lender and borrower(s), including ACN/ABN for companies and full legal names for individuals
2. Background: Recitals describing the original loan agreement, reason for modification, and summary of key changes
3. Definitions: Definitions of key terms, including reference to original loan agreement definitions
4. Original Loan Agreement: Details of the original loan agreement including date, parties, and current status
5. Modifications: Specific changes to the original loan terms (e.g., interest rate, payment amount, loan term)
6. Effective Date: When the modifications take effect and any conditions precedent
7. Confirmation of Other Terms: Statement that all unmodified terms of the original agreement remain in full force and effect
8. Representations and Warranties: Updated representations from borrower regarding financial condition and ability to pay
9. Fees and Costs: Any fees or costs associated with the modification
10. Execution: Signature blocks and execution requirements
1. Security Confirmation: Required if the original loan is secured - confirms existing security arrangements remain in place
2. Guarantor Acknowledgment: Required if the original loan has guarantors - confirms their ongoing obligations
3. Additional Covenants: Used when new covenants are being added as part of the modification
4. Release Provisions: Required if any parties are being released from obligations
5. Default Cure: Include if the modification is addressing an existing default
6. Regulatory Compliance: Additional sections required for specific loan types (e.g., consumer loans under NCCP Act)
7. Break Costs: Required for fixed-rate loans being modified before scheduled maturity
1. Modified Payment Schedule: New amortization schedule showing modified payment amounts and dates
2. Original Loan Agreement: Copy of the original loan agreement being modified
3. Condition Precedent Documents: List of documents required before modification takes effect
4. Fee Schedule: Detailed breakdown of any fees associated with the modification
5. Calculation of Outstanding Amount: Detailed calculation of the current loan balance including any capitalized amounts
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Commercial Property
Residential Property
Agriculture
Manufacturing
Retail
Construction
Mining
Small Business
Corporate Finance
Infrastructure
Relevant Teams
Legal
Credit Risk
Compliance
Commercial Banking
Retail Banking
Collections
Loan Operations
Document Processing
Financial Control
Credit Assessment
Portfolio Management
Relationship Management
Relevant Roles
Loan Officer
Credit Manager
Financial Controller
Chief Financial Officer
Banking Relationship Manager
Credit Risk Officer
Legal Counsel
Compliance Officer
Portfolio Manager
Debt Restructuring Specialist
Commercial Banking Manager
Mortgage Broker
Financial Advisor
Collections Manager
Credit Analyst
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