Loan Extension Agreement Template for Austria

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Key Requirements PROMPT example:

Loan Extension Agreement

"I need a Loan Extension Agreement under Austrian law for a €5 million commercial real estate loan from ABC Bank AG to XYZ Properties GmbH, extending the maturity date to March 15, 2025, with existing mortgage security to be maintained and guarantor consent required."

Document background
The Loan Extension Agreement is utilized when parties to an existing loan arrangement wish to extend its duration beyond the original maturity date. This document type is particularly relevant in the Austrian legal context, where it must comply with the Austrian Civil Code (ABGB) and Banking Act (BWG). It's commonly used during refinancing situations, when borrowers require additional time for repayment, or during business restructuring. The agreement typically includes details of the original loan, the extended term, any modified interest rates or payment terms, and confirmations of existing security arrangements. A Loan Extension Agreement can be used for both commercial and consumer loans, though consumer loans require additional considerations under Austrian consumer protection laws.
Suggested Sections

1. Parties: Identification of the Lender and Borrower with full legal names and addresses

2. Background: Recitals detailing the original loan agreement, its key terms, and the reason for extension

3. Definitions: Definitions of key terms including 'Original Loan Agreement', 'Extension Date', and other relevant terms

4. Extension of Loan: Clear statement of the loan extension and new maturity date

5. Terms and Conditions: Confirmation that all other terms of the original loan agreement remain unchanged

6. Interest Rate: Specification of any interest rate changes during the extension period

7. Repayment Terms: Modified repayment schedule and payment terms during the extension period

8. Representations and Warranties: Borrower's confirmation that no default exists and other relevant representations

9. Conditions Precedent: Conditions that must be satisfied before the extension becomes effective

10. Costs and Fees: Allocation of costs related to the extension agreement

11. Governing Law and Jurisdiction: Confirmation of Austrian law governance and jurisdiction

12. Execution: Signature blocks and execution requirements

Optional Sections

1. Security Confirmation: Confirmation that existing security remains in place - required if the original loan was secured

2. Guarantor Consent: Consent from any guarantors to the extension - required if the original loan had guarantors

3. Additional Covenants: New or modified covenants for the extension period - used if additional conditions are required

4. Security Modifications: Changes to existing security arrangements - needed if security terms are being modified

5. Tax Provisions: Specific tax-related provisions - required for cross-border loans or specific tax situations

6. Regulatory Compliance: Additional regulatory requirements - needed for regulated lenders or borrowers

Suggested Schedules

1. Schedule 1 - Original Loan Agreement: Copy or key details of the original loan agreement being extended

2. Schedule 2 - Modified Payment Schedule: Detailed schedule of new payment dates and amounts

3. Schedule 3 - Conditions Precedent Documents: List of required documents and conditions for the extension

4. Schedule 4 - Security Documents: List of existing security documents that remain in force

5. Appendix A - Form of Compliance Certificate: Template for ongoing compliance certification if required

6. Appendix B - Calculation of Interest and Fees: Detailed breakdown of any modified interest calculations and fees

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions
Relevant Industries

Banking & Financial Services

Real Estate

Construction

Manufacturing

Retail

Agriculture

Healthcare

Technology

Infrastructure

Energy

Transportation

Hospitality

Relevant Teams

Legal

Finance

Treasury

Credit Risk

Compliance

Corporate Banking

Loan Administration

Risk Management

Corporate Finance

Documentation

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Legal Counsel

Corporate Lawyer

Banking Relationship Manager

Credit Officer

Loan Officer

Risk Manager

Compliance Officer

Financial Controller

Account Manager

Corporate Banking Director

Debt Restructuring Manager

Senior Credit Analyst

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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