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Waiver Of Default (Loan) AGR-318 - Legal Forms
| Waiver Of Default (Loan) Form. This is a Legal Forms form and can be used in Agreements . |
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WAIVER OF DEFAULT (LOAN) TO: [Name of Debtor] WHEREAS: (A) Pursuant to a [Type of Agreement (ie. Loan Agreement)] (the "Credit Agreement") dated [Date of Agreement ] between [Name of Creditor] (the "Creditor") and [Name of Debtor] (the "Debtor"), the Creditor extended a credit facility to the Debtor in the amount of [Amount of Credit Facility]; The Debtor has defaulted under the terms of the Credit Agreement (the "Default") by reason that [Detailed Particulars of Default (ie. the Debtor failed to make the payment due under the Credit Facility in the amount of <$amount> on date ; The Debtor has requested that the Creditor waive the Default; and The Creditor is willing to waive the Default subject to the terms and conditions of this Waiver; [B] (B) (C) NOW THEREFORE in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 1. 2. The Creditor hereby waives the Default. Nothing contained in this Waiver shall be construed or interpreted as constituting a waiver of (i) any breach by Debtor of any term or condition of the Credit Agreement; or (ii) any right to terminate the Credit Agreement, other than as a result of the Default. No changes or modifications to the Credit Agreement are intended or implied by this Waiver, and in all other respects the Credit Agreement remains in full force and effect in accordance with its terms as of the date hereof. To the extent that any term or provision of this Waiver conflicts with any term or provision of the Credit Agreement, the term or provision of this Waiver shall control. This Waiver shall be binding upon and inure to the benefit of each of the parties hereto and their respective successors and assigns. 3. 4. -25. This Waiver may be executed in any number of counterparts, all of which counterparts when taken together shall constitute one and the same agreement. This Waiver and the rights and obligations hereunder of each of the parties hereto shall be governed by and interpreted and determined in accordance with the laws of the State of [State], without giving effect to conflicts of laws principles. day of , 20 . [NAME OF CREDITOR] Per: Name: Title: 6. Dated this American LegalNet, Inc. © www.FormsWorkFlow.com
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