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Loan Takeover Agreement

Loan Takeover Agreement Template for Belgium

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Key Requirements PROMPT example:

Loan Takeover Agreement

"I need a Loan Takeover Agreement under Belgian law for transferring a 鈧2.5M commercial property loan from a sole proprietorship to a newly formed corporation, with the original borrower remaining as guarantor until March 2025."

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Document background
The Loan Takeover Agreement is a crucial document used in Belgian financial transactions when an existing borrower needs to transfer their loan obligations to a new borrower. This situation commonly arises in business acquisitions, property transfers, or corporate restructuring. The agreement, governed by Belgian law, must comply with the Belgian Civil Code and financial regulations, particularly regarding novation and assignment of rights. It comprehensively documents the transfer terms, including loan details, security arrangements, and party obligations. The document typically requires careful review by legal and financial professionals to ensure all regulatory requirements are met and all parties' interests are protected. Essential elements include original loan details, transfer mechanics, security arrangements, and necessary consents from all involved parties.
Suggested Sections

1. Parties: Identification of the Original Borrower (Transferor), New Borrower (Transferee), and Original Lender

2. Background: Details of the original loan agreement, reason for transfer, and context of the takeover

3. Definitions: Definitions of key terms used throughout the agreement

4. Original Loan Details: Summary of the original loan agreement including amount, interest rate, and payment terms

5. Transfer and Assumption: Core provisions regarding the transfer of rights and obligations from original borrower to new borrower

6. Consent of Lender: Express consent of the original lender to the loan takeover

7. Effective Date: Specification of when the transfer becomes effective

8. Representations and Warranties: Statements of fact and assurances from all parties

9. Payment Terms: Confirmation of ongoing payment obligations and any modifications

10. Security Arrangements: Treatment of existing security and any new security requirements

11. Governing Law and Jurisdiction: Confirmation of Belgian law application and jurisdiction

12. Execution: Signature blocks and execution requirements

Optional Sections

1. Release of Original Borrower: Used when the original borrower is to be fully released from all obligations

2. Joint and Several Liability: Include when original borrower remains partially liable or during a transition period

3. Transfer of Collateral: Required when specific collateral needs to be transferred or replaced

4. Tax Provisions: Include when there are specific tax implications of the transfer

5. Insurance Requirements: Needed when specific insurance policies must be maintained or transferred

6. Conditions Precedent: Include when transfer is subject to specific conditions being met

7. GDPR Compliance: Required when personal data processing is involved

8. Anti-Money Laundering Provisions: Include for high-value loans or when required by regulatory compliance

Suggested Schedules

1. Original Loan Agreement: Copy or summary of the original loan agreement being transferred

2. Payment Schedule: Updated amortization schedule showing remaining payments

3. Security Documents: List and copies of all security documents related to the loan

4. Property Details: For mortgage loans, details of the secured property

5. Consent Documents: Any third-party consents required for the transfer

6. Due Diligence Reports: Financial and legal due diligence reports on the new borrower

7. Transfer Forms: Official forms required for registering the transfer with relevant authorities

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

alex.den.21@genieai.co
Relevant legal definitions
Clauses































Relevant Industries

Financial Services

Banking

Real Estate

Corporate Finance

Investment Management

Construction

Commercial Property

Industrial Manufacturing

Retail Business

Healthcare

Relevant Teams

Legal

Finance

Treasury

Risk Management

Compliance

Corporate Secretariat

Credit Administration

Commercial Banking

Business Development

Property Management

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Corporate Lawyer

Risk Manager

Credit Manager

Treasury Manager

Financial Controller

Compliance Officer

Commercial Director

Business Development Manager

Property Manager

Account Manager

Transaction Manager

Corporate Secretary

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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