A Loan Settlement Agreement is used when parties wish to modify, settle, or terminate an existing loan arrangement under mutually agreed terms. This document type is particularly relevant in situations where the original loan terms need to be restructured, where early settlement is being offered (potentially at a discount), or where parties need to formalize payment arrangements for outstanding debt. The agreement must comply with Austrian legal requirements, particularly the Austrian Civil Code (ABGB) provisions regarding loan agreements and debt settlements. It typically includes detailed financial calculations, payment schedules, and release terms. Such agreements are common in both consumer and commercial contexts, though the requirements and protections may differ depending on the parties involved. The document serves as a legally binding record of the settlement terms and provides certainty for both lender and borrower regarding their rights and obligations.
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1. Parties: Identification of the lender and borrower with full legal names and addresses
2. Background: Recitals describing the original loan agreement(s), current outstanding amounts, and the parties' intention to settle
3. Definitions: Definitions of key terms used throughout the agreement
4. Acknowledgment of Debt: Confirmation of the current outstanding amount, including principal, interest, and any other charges
5. Settlement Terms: Details of the settlement amount and any discount or concession being offered
6. Payment Terms: Payment schedule, method of payment, and consequences of default
7. Interest Provisions: Treatment of existing and future interest, including any interest waiver
8. Release and Discharge: Terms of release upon completion of settlement payments
9. Representations and Warranties: Basic representations about authority to enter agreement and understanding of terms
10. Confidentiality: Obligations to keep the settlement terms confidential
11. Governing Law and Jurisdiction: Confirmation of Austrian law application and jurisdiction
12. Execution: Signature blocks and execution requirements
1. Guarantor Provisions: Required when the original loan had guarantors, addressing their obligations under the settlement
2. Security Release: Needed when the original loan was secured and collateral needs to be released
3. Multiple Loan Integration: Used when settling multiple loans under one agreement
4. Tax Provisions: Required when there are specific tax implications of the settlement that need to be addressed
5. Default and Acceleration: Enhanced provisions for cases with higher risk or complex payment structures
6. Reinstatement of Original Terms: Provisions for what happens if the settlement terms are not met
7. Bank Account Provisions: Detailed banking arrangements when specific payment routing is required
8. Further Assurance: Additional cooperation requirements for complex settlements
1. Schedule 1 - Original Loan Agreement: Copy of the original loan agreement(s) being settled
2. Schedule 2 - Calculation of Settlement Amount: Detailed breakdown of how the settlement amount was calculated
3. Schedule 3 - Payment Schedule: Detailed payment schedule if multiple payments are involved
4. Schedule 4 - Release Documentation: Forms of release for securities or guarantees if applicable
5. Schedule 5 - Security Documentation: List and copies of security documents to be released upon settlement
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Construction
Manufacturing
Retail
Healthcare
Technology
Hospitality
Agriculture
Energy
Infrastructure
Professional Services
Relevant Teams
Legal
Finance
Credit Risk
Treasury
Debt Recovery
Compliance
Corporate Banking
Risk Management
Special Assets
Loan Operations
Client Relations
Documentation
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Loan Officer
Credit Manager
Risk Manager
Treasury Manager
Debt Recovery Specialist
Corporate Lawyer
Financial Controller
Banking Relationship Manager
Restructuring Manager
Collections Manager
Compliance Officer
Managing Director
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