A Forbearance Agreement Commercial Loan is utilized when a commercial borrower faces challenges meeting their original loan obligations but demonstrates potential for recovery. Under English and Welsh law, this agreement provides a structured framework for loan modification while protecting both lender and borrower interests. It typically includes revised payment schedules, modified covenants, additional reporting requirements, and specific conditions that must be met to maintain the forbearance period. The agreement is particularly relevant in economic downturns or when businesses face temporary cash flow challenges.
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1. Parties: Identification of lender, borrower, and any guarantors
2. Background: Details of original loan agreement and circumstances leading to forbearance
3. Definitions: Key terms used throughout the agreement
4. Forbearance Terms: Specific modifications to original loan terms
5. Duration of Forbearance: Period during which modified terms will apply
6. Conditions Precedent: Conditions that must be met before forbearance becomes effective
7. Representations and Warranties: Statements of fact by borrower regarding current position
1. Additional Security: New security arrangements required as condition of forbearance - use when additional security is being taken
2. Personal Guarantee: Terms of any personal guarantees - use when personal guarantees are being added or modified
3. Information Covenants: Additional reporting requirements - use when enhanced monitoring is required
4. Step-In Rights: Lender's rights to take control in specific circumstances - use for higher risk situations
1. Original Loan Agreement: Copy of the agreement being modified
2. Modified Payment Schedule: New payment terms and amounts
3. Additional Security Documents: Details of any new security arrangements
4. Financial Covenants: Modified or new financial covenants and testing requirements
5. Form of Compliance Certificate: Template for periodic compliance reporting
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