The Forbearance Agreement Loan is a crucial document in German banking and finance practice, typically employed when borrowers face temporary financial difficulties but show potential for recovery. This agreement modifies an existing loan's payment terms without fully releasing the underlying debt obligations. Under German law, such agreements must carefully balance the interests of both lender and borrower while ensuring compliance with the Bürgerliches Gesetzbuch (BGB) and Kreditwesengesetz (KWG). The document outlines specific forbearance terms, conditions, duration, and modified payment schedules, while preserving the lender's fundamental rights and security interests. It's particularly relevant in corporate restructuring scenarios and requires careful consideration of German insolvency laws to ensure enforceability.
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1. Parties: Identification of the lender and borrower, including full legal names, registration details, and addresses
2. Background (Präambel): Context of the original loan agreement, current circumstances necessitating forbearance, and purpose of this agreement
3. Definitions: Definitions of key terms used in the agreement, including reference to defined terms in the original loan agreement
4. Acknowledgment of Debt: Confirmation of the outstanding amount owed 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. Conditions Precedent: Conditions that must be satisfied before the forbearance becomes effective
7. Representations and Warranties: Updated representations and warranties from the borrower regarding their financial condition and ability to perform
8. Covenants: Ongoing obligations of the borrower during the forbearance period
9. Events of Default: Circumstances that would terminate the forbearance and trigger enforcement rights
10. Effect on Original Loan Agreement: Clarification of which terms of the original loan agreement remain in force
11. Fees and Costs: Any fees or costs associated with the forbearance and responsibility for payment
12. Governing Law and Jurisdiction: Confirmation of German law application and jurisdiction for disputes
1. Security Confirmation: Confirmation of existing security arrangements - include when the original loan is secured
2. Additional Security: Details of any new security being provided - include when additional collateral is required
3. Guarantor Consent: Consent and confirmation from any guarantors - include when the original loan has guarantors
4. Tax Provisions: Specific tax-related provisions - include when there are significant tax implications
5. Regulatory Compliance: Specific regulatory requirements - include when dealing with regulated entities
6. Information Rights: Enhanced reporting requirements - include when additional monitoring is required
7. Subordination Provisions: Include when there are multiple creditors and intercreditor relationships
1. Modified Payment Schedule: Detailed schedule of revised payment dates and amounts
2. Original Loan Agreement: Copy or summary of the original loan agreement being modified
3. Financial Conditions: Specific financial metrics or conditions that must be maintained
4. Required Consents: Copies of third-party consents required for the forbearance
5. Form of Compliance Certificate: Template for periodic compliance certification if required
6. Security Documents: Copies or summaries of existing or new security documents
7. Calculation of Outstanding Amounts: Detailed breakdown of the outstanding loan amount, including interest and fees
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Manufacturing
Retail
Construction
Healthcare
Technology
Transportation & Logistics
Energy
Infrastructure
Agriculture
Hospitality
Professional Services
Relevant Teams
Legal
Finance
Treasury
Risk Management
Credit
Compliance
Loan Operations
Special Assets
Workout & Restructuring
Corporate Banking
Documentation
Portfolio Management
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Credit Risk Manager
Restructuring Officer
Legal Counsel
Loan Officer
Relationship Manager
Risk Manager
Collections Manager
Portfolio Manager
Workout Officer
Debt Restructuring Specialist
Corporate Banking Manager
Compliance Officer
Banking Operations Manager
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