The Interest Waiver agreement is a critical document used in German business and financial transactions when a creditor agrees to forego their right to collect interest on a debt obligation. This document becomes particularly relevant in scenarios involving debt restructuring, financial hardship, or strategic business relationships where maintaining the business relationship is prioritized over interest collection. The agreement must comply with German civil law (BGB) requirements and, where applicable, banking regulations. It typically includes detailed specifications about the interest being waived, the time period covered, and any conditions attached to the waiver. The document is essential in both corporate and individual lending relationships, requiring careful consideration of tax implications and potential impacts on other creditor relationships. The Interest Waiver can be structured as a permanent waiver or a temporary measure, depending on the circumstances and parties' intentions.
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1. Parties: Identification of all parties to the agreement, including the creditor waiving the interest and the debtor benefiting from the waiver
2. Background: Context of the underlying debt relationship, reference to original loan agreement, and circumstances leading to the interest waiver
3. Definitions: Key terms used in the agreement, including 'Interest Period', 'Principal Amount', 'Original Agreement', etc.
4. Scope of Interest Waiver: Detailed description of which interest payments are being waived, including specific time periods and amounts
5. Principal Obligations: Confirmation that the principal debt remains unaffected by the interest waiver
6. Effective Date: When the waiver takes effect and its duration if applicable
7. Representations and Warranties: Statements by both parties confirming their authority to enter into the agreement and understanding of its consequences
8. Governing Law and Jurisdiction: Confirmation of German law application and jurisdiction for disputes
1. Conditions Precedent: Any conditions that must be met before the waiver becomes effective - used when the waiver is contingent on specific events or actions
2. Tax Implications: Section addressing tax consequences of the interest waiver - relevant when significant tax implications exist
3. Partial Waiver Provisions: Used when only a portion of the interest is being waived or when the waiver is structured in phases
4. Related Party Consents: Required when third-party consents (e.g., from guarantors or security providers) are needed
5. Relationship with Other Creditors: Necessary when there are multiple creditors or intercreditor arrangements
6. Reinstatement Provisions: Used when the waiver might be reversed under specific circumstances
7. Reporting Requirements: Include when ongoing reporting or notification obligations are required
1. Schedule 1 - Original Loan Details: Details of the original loan agreement including date, parties, and key terms
2. Schedule 2 - Interest Calculation: Detailed breakdown of interest being waived, including calculation methodology
3. Schedule 3 - Payment History: Record of historical payments and outstanding amounts
4. Appendix A - Required Consents: Copies of any required third-party consents or approvals
5. Appendix B - Corporate Authorizations: Corporate resolutions or other authorization documents
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