The Loan Forbearance Agreement is a critical document used when a borrower requires temporary relief from their original loan obligations due to financial hardship or changed circumstances. Under Danish law, this agreement modifies the terms of an existing loan while maintaining the fundamental debtor-creditor relationship. It's commonly used during economic downturns, business restructuring, or when borrowers face temporary cash flow issues. The agreement typically includes detailed provisions about the forbearance period, modified payment terms, conditions for maintaining the forbearance, and consequences of default. It must comply with Danish financial regulations, including the Danish Credit Agreements Act and Financial Business Act, particularly regarding consumer protection and financial institution conduct. The document serves as a formal record of the temporary modification of loan terms while preserving the lender's rights under the original loan agreement.
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Key Requirements PROMPT example:
Loan Forbearance Agreement
I need a Loan Forbearance Agreement for a commercial real estate loan of DKK 5 million, where the borrower requires a 6-month payment reduction to 50% starting March 1, 2025, with step-up payments thereafter.
1. Parties: Identification of the lender and borrower, including full legal names, registration numbers, and addresses
2. Background: Context of the original loan agreement, current circumstances necessitating forbearance, and reference to the original loan agreement
3. Definitions: Key terms used throughout the agreement, including 'Forbearance Period', 'Original Loan Agreement', 'Modified Payment Terms'
4. Acknowledgment of Debt: Confirmation of the outstanding loan amount and borrower's acknowledgment of the debt
5. Forbearance Terms: Specific terms of the forbearance including duration, modified payment schedule, and any conditions precedent
6. Representations and Warranties: Borrower's confirmations regarding financial condition, ability to pay, and accuracy of information provided
7. Continued Validity of Loan Documents: Confirmation that original loan agreement terms remain in effect except as modified by this agreement
8. Events of Default: Circumstances that would terminate the forbearance arrangement and trigger immediate payment obligation
9. Governing Law and Jurisdiction: Confirmation of Danish law application and jurisdiction for dispute resolution
10. Execution: Signature blocks and execution requirements for all parties
1. Additional Security: Required when new collateral or security is being provided as part of the forbearance arrangement
2. Guarantor Consent: Needed when the original loan has guarantors who must consent to the forbearance terms
3. Interest Rate Modifications: Include when the forbearance arrangement involves changes to the interest rate structure
4. Fees and Costs: Required when there are specific fees associated with the forbearance arrangement
5. Reporting Requirements: Include when the borrower must provide ongoing financial reporting during the forbearance period
6. Step-Up Provisions: Used when implementing a gradual return to normal payment levels
7. Early Termination Rights: Include when either party has specific rights to terminate the forbearance early
1. Schedule 1 - Original Loan Details: Summary of the original loan agreement including date, amount, and key terms
2. Schedule 2 - Current Debt Statement: Detailed breakdown of the current outstanding debt including principal, interest, and any fees
3. Schedule 3 - Modified Payment Schedule: Detailed schedule of modified payments including dates, amounts, and allocation between principal and interest
4. Schedule 4 - Required Documents: List of documents required from the borrower as conditions precedent
5. Appendix A - Compliance Certificate: Template for periodic certification of compliance with forbearance terms
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Banking
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Real Estate
Construction
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Healthcare
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Relevant Teams
Legal
Credit
Risk Management
Compliance
Finance
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Corporate Banking
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Relevant Roles
Credit Manager
Loan Officer
Risk Manager
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Compliance Officer
Financial Controller
Restructuring Specialist
Collections Manager
Account Manager
Chief Financial Officer
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Banking Relationship Manager
Debt Recovery Specialist
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