The Loan Forbearance Agreement is essential when borrowers face temporary financial difficulties but demonstrate potential for recovery. This document, governed by German law, provides a structured framework for modifying existing loan obligations while ensuring compliance with German banking regulations and the Civil Code (BGB). It's typically used during economic downturns, company restructurings, or when borrowers experience temporary cash flow issues. The agreement details the original loan terms, specifies the forbearance period, outlines modified payment schedules, and includes any additional security or guarantees required. It's crucial for maintaining the lending relationship while providing temporary relief, and must account for German-specific legal requirements regarding contract modifications, banking regulations, and consumer protection laws where applicable.
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1. Parties: Identification of the lender and borrower with full legal names and addresses
2. Background: Details of the original loan agreement, current outstanding amounts, and reasons for seeking forbearance
3. Definitions: Definitions of key terms used in the agreement, including references to the original loan agreement
4. Acknowledgment of Debt: Confirmation of the current outstanding loan amount and borrower's acknowledgment of the debt
5. Forbearance Terms: Specific terms of the forbearance including duration and conditions
6. Modified Payment Schedule: Details of the new payment arrangements, including amounts and dates
7. Borrower's Representations: Borrower's confirmations regarding financial situation and ability to meet modified terms
8. Conditions Precedent: Conditions that must be met before the forbearance becomes effective
9. Default Provisions: Consequences of failing to comply with the forbearance terms
10. Original Loan Agreement: Confirmation that non-modified terms of the original loan agreement remain in effect
11. Governing Law and Jurisdiction: Confirmation of German law application and jurisdiction for disputes
1. Guarantor Consent: Required when the original loan has guarantors who must consent to the forbearance
2. Additional Security: Used when new collateral or security is being provided as part of the forbearance
3. Financial Covenants: Additional financial requirements or restrictions during the forbearance period
4. Reporting Requirements: Additional reporting obligations during the forbearance period
5. Release Provisions: Releases or waivers of claims related to the original loan agreement
6. Insurance Requirements: Additional insurance requirements during the forbearance period
7. Third Party Consents: When other creditors' or stakeholders' consent is required
1. Schedule 1 - Original Loan Agreement: Copy or details of the original loan agreement being modified
2. Schedule 2 - Modified Payment Schedule: Detailed schedule of new payment dates and amounts
3. Schedule 3 - Outstanding Amount Calculation: Detailed calculation of current outstanding amount including principal, interest, and any fees
4. Schedule 4 - Additional Security Details: Details of any new security or collateral being provided
5. Schedule 5 - Conditions Precedent Documents: List of documents required to be delivered before effectiveness
6. Appendix A - Form of Compliance Certificate: Template for periodic compliance certification if required
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