Joint Loan Agreement Template for Austria

The Joint Loan Agreement is a crucial document used in Austrian banking and finance practice when multiple borrowers seek to obtain a loan together. This agreement type is commonly used for both commercial and consumer lending, such as family members jointly purchasing property or business partners securing funding for their venture. The document must comply with Austrian banking regulations, the Civil Code (ABGB), and where applicable, consumer protection laws. A Joint Loan Agreement typically includes detailed provisions on joint and several liability, specific responsibilities of each borrower, repayment terms, security arrangements, and the internal relationship between co-borrowers. The agreement is particularly important as it clearly defines how liability is shared among borrowers and provides protection for both the lender and borrowers under Austrian law.

1. Parties: Identification of the lender and all joint borrowers, including their full legal names, addresses, and registration details if applicable

2. Background: Context of the loan agreement, relationship between the joint borrowers, and purpose of the loan

3. Definitions and Interpretation: Definitions of key terms used throughout the agreement and rules of interpretation

4. Loan Amount and Purpose: Specification of the total loan amount, currency, and agreed purpose of the loan

5. Joint and Several Liability: Clear statement of joint and several liability of borrowers and the extent of their obligations

6. Disbursement Conditions: Conditions precedent to disbursement and the disbursement process

7. Interest and Fees: Interest rate, calculation method, payment periods, and any applicable fees

8. Repayment Terms: Repayment schedule, method of payment, and allocation between joint borrowers

9. Representations and Warranties: Statements of fact and assurances given by the joint borrowers

10. Borrower Covenants: Ongoing obligations and restrictions on borrowers during the loan term

11. Events of Default: Circumstances constituting default and consequences thereof

12. Rights and Obligations Between Co-Borrowers: Internal relationship between joint borrowers, including contribution rights

13. Payments and Calculations: Payment mechanics, business day conventions, and calculation principles

14. Communications: Methods and requirements for formal notices and other communications

15. Data Protection: Provisions regarding handling of personal data in compliance with Austrian law

16. Governing Law and Jurisdiction: Confirmation of Austrian law as governing law and jurisdiction for disputes