This Loan Waiver Letter is to be used by a lender when a borrower has defaulted under a loan agreement. It gives notice to the borrower that the lender is waiving a breach of one or more obligations of the borrower.
If a lender is aware of an event of default (or breach that will become an event of default), it should not delay documenting the action it proposes to take. Even if there is a waiver clause in the relevant loan agreement and the lender is prepared to overlook a specific default, to avoid the potential for later dispute, it is sensible for the lender to document the fact that the default has happened and is being waived (or the action that the lender proposes taking). Any waiver letter will need to comply with the notice and default provisions of the underlying loan agreement. This Loan Waiver Letter complies with the relevant clauses of our Long Form Loan Agreement.
This letter is in open format. Either enter the requisite details in the highlighted fields or adjust the wording to suit your purposes.
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