The Addendum Loan Agreement is a crucial document used when parties need to modify an existing loan agreement without creating an entirely new contract under Danish law. It is commonly employed when circumstances require adjustments to financial terms, security arrangements, or other key provisions of the original loan agreement. This document type is particularly relevant in the Danish market where loan modifications must comply with specific financial regulations and the Danish Contracts Act (Aftaleloven). The addendum ensures legal continuity while incorporating necessary changes, making it essential for financial institutions and borrowers who need to adapt their lending arrangements to changing circumstances or requirements. It includes detailed references to the original agreement, specific modifications, and confirmations of unchanged terms, all within the framework of Danish legal requirements and market practice.
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Key Requirements PROMPT example:
Addendum Loan Agreement
I need an Addendum Loan Agreement to modify our existing 鈧5M corporate loan facility with Nordic Bank AS, extending the maturity date to March 15, 2025, and adjusting the interest rate from CIBOR+2% to CIBOR+2.5% to reflect current market conditions.
1. Parties: Identification of all parties to the original loan agreement, including their full legal names, registration numbers, and addresses
2. Background: Reference to the original loan agreement (date, parties), reason for the addendum, and confirmation that all other terms of the original agreement remain in force unless specifically modified
3. Definitions: Key terms used in the addendum, including reference to definitions from the original agreement that apply to the addendum
4. Amendments to Original Agreement: Specific modifications to the original agreement, clearly identifying sections being modified, deleted, or added
5. Effective Date: When the modifications take effect and any conditions precedent to effectiveness
6. Confirmation of Other Terms: Express confirmation that all other terms and conditions of the original agreement remain unchanged and in full force and effect
7. Governing Law and Jurisdiction: Confirmation that Danish law continues to govern, with specific reference to jurisdiction for disputes
8. Execution: Signature blocks for all parties, including date and place of signing
1. Additional Security: Include when the addendum involves changes to security arrangements or additional collateral
2. Payment Terms Modification: Include when changing payment schedule, interest rates, or other financial terms
3. Representations and Warranties: Include when new representations are required due to material changes in circumstances or terms
4. Conditions Precedent: Include when the amendments are subject to specific conditions being met before becoming effective
5. Consent and Waiver: Include when third-party consents are required or certain rights are being waived
6. Fee Provisions: Include when the amendment involves new or modified fees
7. Notice Provisions: Include when changing communication methods or contact details
1. Schedule of Amendments: Detailed listing of specific changes to clauses in the original agreement, with old and new text compared
2. Revised Payment Schedule: If payment terms are modified, detailed new amortization or payment schedule
3. Updated Security Documents: If security arrangements are modified, updated details of collateral or security arrangements
4. Consent Documents: Copies of any required third-party consents or waivers
5. Powers of Attorney: If applicable, documents confirming authority to execute the addendum
6. Conditions Precedent Checklist: List of conditions that must be satisfied before the addendum becomes effective
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Manufacturing
Technology
Healthcare
Retail
Energy & Utilities
Infrastructure
Agriculture
Transportation & Logistics
Professional Services
Construction
Telecommunications
Relevant Teams
Legal
Finance
Treasury
Credit Risk
Compliance
Corporate Banking
Loan Operations
Documentation
Risk Management
Client Relations
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Corporate Lawyer
Loan Officer
Credit Manager
Relationship Manager
Risk Manager
Compliance Officer
Financial Controller
Corporate Banking Manager
Senior Credit Analyst
Documentation Manager
Banking Operations Manager
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