The Employee Forgivable Loan Agreement Template is designed for use in England and Wales when employers wish to provide financial incentives or assistance to employees through a structured loan arrangement. This document is commonly used for retention purposes, signing bonuses, or relocation assistance. The agreement outlines specific conditions under which the loan will be forgiven, typically tied to continued employment for a specified period or achievement of performance targets. It includes comprehensive provisions for loan amount, forgiveness schedule, repayment terms if forgiveness conditions aren't met, and addresses tax implications for both parties.
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1. Parties: Identification of employer (lender) and employee (borrower)
2. Background: Context of the loan arrangement and employment relationship
3. Definitions: Key terms used throughout the agreement including Loan Amount, Forgiveness Period, and Service Period
4. Loan Amount and Disbursement: Specification of loan amount, payment method and disbursement terms
5. Forgiveness Terms: Conditions under which the loan will be forgiven, including employment duration and performance requirements
6. Repayment Terms: Schedule and method of repayment if forgiveness conditions are not met, including payment frequency and mechanisms
7. Tax Provisions: Treatment of tax implications for both forgiveness and repayment scenarios
8. Termination: Circumstances under which the agreement can be terminated and consequences
9. Governing Law: Specification that the agreement is governed by the laws of England and Wales
1. Interest Rate: Terms of interest application and calculation method, if the loan carries interest
2. Security: Details of any security or collateral requirements for the loan
3. Insurance Requirements: Specifications for any required insurance coverage related to the loan
4. Representations and Warranties: Additional statements and guarantees made by the employee regarding their ability to repay
1. Schedule 1 - Repayment Schedule: Detailed breakdown of repayment dates and amounts if forgiveness conditions are not met
2. Schedule 2 - Forgiveness Schedule: Timeline and milestones for loan forgiveness, including specific performance or service requirements
3. Schedule 3 - Tax Treatment Summary: Detailed explanation of tax implications for both forgiveness and repayment scenarios
4. Schedule 4 - Employment Terms Reference: Reference to relevant employment terms affecting the loan agreement
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