The Simple Unsecured Loan Agreement is designed for situations where one party wishes to lend money to another without taking security over specific assets. This document is commonly used in Germany for straightforward lending arrangements between businesses or individuals, where the relationship between parties and the borrower's creditworthiness provide sufficient comfort for the loan. The agreement complies with German Civil Code (BGB) requirements and includes essential provisions for loan amount, interest calculation, repayment terms, and default scenarios. It's particularly suitable for mid-sized loans where the complexity and cost of secured lending arrangements would be disproportionate to the transaction value.
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1. Parties: Identification of lender and borrower with full legal names and addresses
2. Background: Brief context of the loan arrangement and relationship between parties
3. Definitions: Key terms used throughout the agreement including 'Business Day', 'Default Event', 'Interest Rate', etc.
4. Loan Amount and Purpose: Specification of the loan amount and permitted use of funds
5. Interest: Interest rate, calculation method, and payment frequency
6. Repayment Terms: Repayment schedule, method of payment, and prepayment provisions
7. Representations and Warranties: Basic statements of fact and capacity from the borrower
8. Borrower Covenants: Key obligations of the borrower during the loan term
9. Events of Default: Circumstances constituting default and consequences
10. Notices: How formal communications between parties should be made
11. Governing Law and Jurisdiction: Confirmation of German law application and jurisdiction
12. Execution: Signature blocks and execution requirements
1. Security: Include if any informal security arrangements exist (while keeping the loan primarily unsecured)
2. Consumer Protection Provisions: Required if the borrower is a consumer (Verbraucher) under German law
3. Joint and Several Liability: Include if there are multiple borrowers
4. Data Protection: Required if personal data processing goes beyond basic contract administration
5. Assignment and Transfer: Include if parties want to specifically address loan transferability
6. Force Majeure: Include if parties want specific provisions for unforeseen circumstances
7. Costs and Expenses: Include if there are specific arrangements for legal or administrative costs
1. Repayment Schedule: Detailed breakdown of payment dates and amounts
2. Form of Payment Notice: Standard template for payment notifications
3. Right of Withdrawal Notice: Mandatory for consumer loans - template notice of withdrawal rights
4. Contact Details: Detailed contact information for both parties for formal notices
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