An Interest Waiver is commonly used when lenders agree to forgive accumulated interest charges to assist borrowers experiencing financial hardship or as part of a debt restructuring arrangement. This document is essential in the United States for properly documenting the terms of interest forgiveness, ensuring compliance with federal and state lending regulations, and establishing clear terms for both parties. The agreement typically includes details about the original loan, the amount of interest being waived, any conditions for the waiver, and relevant tax implications.
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1. Parties: Identification of lender and borrower
2. Background: Context of the original debt and reason for interest waiver
3. Definitions: Key terms used in the agreement including 'Interest', 'Original Agreement', 'Waiver Period'
4. Waiver Details: Specific terms of the interest being waived, including amount, period, and scope
5. Effective Date: When the waiver takes effect and duration of the waiver
6. Governing Law: Jurisdiction governing the agreement and applicable regulations
1. Conditions Precedent: Conditions that must be met before waiver takes effect, such as partial payment or documentation requirements
2. Tax Provisions: Treatment of waived interest for tax purposes and required reporting obligations
3. Future Interest Accrual: Terms regarding future interest charges and conditions for continued waiver
1. Schedule A - Original Loan Agreement: Copy of the agreement containing the interest being waived
2. Schedule B - Interest Calculation Schedule: Detailed breakdown of interest being waived including calculation methodology
3. Schedule C - Payment History: Record of payments made and interest accrued to date
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