The Loan Repayment Agreement is a crucial document used when parties need to formalize the terms for repaying an existing loan, whether due to debt restructuring, payment difficulties, or a mutually agreed modification of original loan terms. This agreement, governed by Danish law, provides a comprehensive framework for managing loan repayment, including detailed payment schedules, interest calculations, and consequences of default. It's particularly important in situations where the original loan terms need modification or when establishing a formal repayment plan for informal or verbal lending arrangements. The document ensures compliance with Danish financial regulations while protecting both lender and borrower interests through clear documentation of obligations and rights.
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Key Requirements PROMPT example:
Loan Repayment Agreement
I need a Loan Repayment Agreement under Danish law for a secured business loan of 2.5M DKK, with monthly installments starting March 2025, including provisions for early repayment and financial covenants as the borrower is a medium-sized manufacturing company.
1. Parties: Identification of the lender and borrower with full legal names, registration numbers (if companies), and addresses
2. Background: Brief description of the original loan, circumstances leading to this repayment agreement, and current outstanding amount
3. Definitions: Definitions of key terms used throughout the agreement, including 'Business Day', 'Default Interest', 'Repayment Schedule', etc.
4. Acknowledgment of Debt: Formal acknowledgment of the outstanding debt amount and its origin
5. Repayment Terms: Detailed terms of repayment including amount, frequency, payment method, and duration
6. Interest: Interest rate applicable to the outstanding amount, calculation method, and payment frequency
7. Payment Mechanics: Specific details about how payments should be made, including bank account details and payment references
8. Default and Acceleration: Consequences of missing payments, default interest, and circumstances under which the full amount becomes immediately due
9. Representations and Warranties: Statements of fact and promises made by the borrower regarding their ability to repay
10. Borrower Covenants: Ongoing obligations of the borrower during the repayment period
11. Notices: How and where formal communications between parties should be sent
12. Governing Law and Jurisdiction: Confirmation of Danish law as governing law and jurisdiction for disputes
1. Security: Details of any collateral or security provided for the loan - include when the loan is secured
2. Guarantor Provisions: Terms relating to any guarantor of the loan - include when there is a guarantor
3. Insurance Requirements: Obligations to maintain specific insurance - include for larger loans or when specific assets are involved
4. Early Repayment: Terms for early repayment options and any associated fees - include when early repayment is permitted
5. Financial Covenants: Specific financial metrics the borrower must maintain - include for business loans or larger amounts
6. Tax Provisions: Handling of tax implications and withholding requirements - include for cross-border loans or significant amounts
7. Assignment and Transfer: Rights to assign or transfer the loan - include when transfer rights are important to either party
1. Repayment Schedule: Detailed schedule showing all payment dates, amounts, and breakdown between principal and interest
2. Original Loan Documentation: Copy or summary of the original loan agreement and any amendments
3. Security Details: Detailed description of any security or collateral provided
4. Payment History: Summary of payments made to date and current outstanding balance
5. Direct Debit Authorization: Form for setting up automatic payments if applicable
6. Guarantor Documentation: Guarantor's personal/financial information and signed guarantee if applicable
Authors
Relevant legal definitions
Agreement
Business Day
Default Event
Default Interest Rate
Due Date
Effective Date
Interest Period
Interest Rate
Late Payment
Loan
Original Loan Agreement
Outstanding Amount
Parties
Payment Date
Payment Schedule
Principal Amount
Repayment Installment
Repayment Period
Security
Settlement Account
Danish Banking Day
Early Repayment
Force Majeure Event
Guarantor
Interest Calculation Period
Material Adverse Change
Notice
Outstanding Balance
Permitted Purpose
Secured Assets
Tax
Business Day
Default Event
Default Interest Rate
Due Date
Effective Date
Interest Period
Interest Rate
Late Payment
Loan
Original Loan Agreement
Outstanding Amount
Parties
Payment Date
Payment Schedule
Principal Amount
Repayment Installment
Repayment Period
Security
Settlement Account
Danish Banking Day
Early Repayment
Force Majeure Event
Guarantor
Interest Calculation Period
Material Adverse Change
Notice
Outstanding Balance
Permitted Purpose
Secured Assets
Tax
Clauses
Interpretation
Definitions
Loan Acknowledgment
Repayment Terms
Interest
Payment Mechanics
Security
Representations and Warranties
Covenants
Default
Acceleration
Interest on Overdue Amounts
Set-off
Assignment
Notices
Amendments
Severability
Entire Agreement
Force Majeure
Confidentiality
Data Protection
Anti-Money Laundering
Governing Law
Jurisdiction
Waiver
Costs and Expenses
Indemnification
Early Repayment
Guarantees
Tax
Definitions
Loan Acknowledgment
Repayment Terms
Interest
Payment Mechanics
Security
Representations and Warranties
Covenants
Default
Acceleration
Interest on Overdue Amounts
Set-off
Assignment
Notices
Amendments
Severability
Entire Agreement
Force Majeure
Confidentiality
Data Protection
Anti-Money Laundering
Governing Law
Jurisdiction
Waiver
Costs and Expenses
Indemnification
Early Repayment
Guarantees
Tax
Relevant Industries
Banking & Financial Services
Real Estate
Construction
Manufacturing
Retail
Professional Services
Technology
Healthcare
Education
Agriculture
Transportation & Logistics
Energy & Utilities
Relevant Teams
Legal
Finance
Treasury
Credit Control
Risk Management
Compliance
Collections
Corporate Banking
Debt Recovery
Account Management
Relevant Roles
Credit Manager
Loan Officer
Financial Controller
Chief Financial Officer
Treasury Manager
Collections Manager
Risk Manager
Legal Counsel
Compliance Officer
Account Manager
Debt Recovery Specialist
Financial Advisor
Banking Relationship Manager
Credit Analyst
Corporate Finance Manager
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