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Loan Extension Agreement Template for Belgium

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Key Requirements PROMPT example:

Loan Extension Agreement

"I need a Loan Extension Agreement under Belgian law to extend our existing 鈧2.5M commercial loan from BankCorp SA for an additional 24 months, with the new maturity date set to March 15, 2025, maintaining the current interest rate of EURIBOR + 2.5%."

Document background
The Loan Extension Agreement is utilized when parties to an existing loan arrangement wish to extend its duration beyond the original maturity date. This document type is particularly relevant in the Belgian financial market, where it must comply with specific civil law requirements and financial regulations. The agreement serves to formalize the extension of loan terms, typically triggered when a borrower requires additional time for repayment but has otherwise maintained good standing. It comprehensively addresses the extension period, any adjustments to interest rates or payment terms, and ensures continuous validity of security arrangements. The document is structured to meet Belgian legal requirements for financial contracts, including necessary formalities for enforceability and registration where required. The Loan Extension Agreement must particularly consider Belgian financial services regulations, consumer protection laws (if applicable), and specific requirements for different types of loans under Belgian law.
Suggested Sections

1. Parties: Identification of the lender and borrower with full legal details

2. Background: Recitals detailing the original loan agreement, reason for extension, and current status

3. Definitions: Definitions of key terms, including both original terms and any new terms specific to the extension

4. Extension of Term: Clear statement of the new maturity date and terms of the extension

5. Confirmation of Outstanding Amount: Statement of the current outstanding principal and any accrued interest

6. Continuation of Original Terms: Confirmation that non-modified terms of the original agreement remain in force

7. Interest Rate Provisions: Specification of interest rate for the extension period

8. Payment Terms: Schedule of payments during the extension period

9. Conditions Precedent: Conditions that must be satisfied before the extension becomes effective

10. Representations and Warranties: Updated confirmations from the borrower regarding their situation

11. Fees and Costs: Any fees or costs associated with the extension

12. Governing Law and Jurisdiction: Confirmation of Belgian law governance and jurisdiction

13. Execution: Signature blocks and execution requirements

Optional Sections

1. Additional Security: Required if new security is being provided for the extension period

2. Guarantor Consent: Required if the original loan has guarantors who need to confirm their continued support

3. Regulatory Compliance: Required for regulated lending or when dealing with regulated entities

4. Tax Provisions: Required if there are specific tax implications of the extension

5. Insurance Requirements: Required if there are specific insurance obligations during the extended term

6. Events of Default: Required if there are any modifications to the original events of default

7. Financial Covenants: Required if there are any new or modified financial covenants for the extension period

Suggested Schedules

1. Schedule 1 - Original Loan Agreement: Copy or summary of the original loan agreement being extended

2. Schedule 2 - Repayment Schedule: Detailed schedule of payments during the extension period

3. Schedule 3 - Conditions Precedent Documents: List of documents required to be delivered for the extension

4. Schedule 4 - Form of Extension Notice: Standard form for formally requesting/confirming the extension

5. Schedule 5 - Security Documentation: Details of any existing or new security arrangements

6. Appendix A - Calculation of Interest and Fees: Detailed breakdown of interest calculations and any extension fees

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions











































Clauses






























Relevant Industries

Banking and Financial Services

Real Estate

Manufacturing

Retail

Technology

Healthcare

Construction

Agriculture

Energy

Transportation and Logistics

Professional Services

Hospitality

Relevant Teams

Legal

Finance

Treasury

Compliance

Risk Management

Credit Administration

Corporate Banking

Loan Operations

Customer Relations

Documentation

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Corporate Lawyer

Legal Counsel

Compliance Officer

Credit Risk Manager

Loan Officer

Banking Relationship Manager

Financial Controller

Corporate Secretary

Account Manager

Risk Assessment Officer

Collections Manager

Finance Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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