Loan Waiver Request Letter – Default/Potential Default under Loan Agreement
Loan Waiver Request Letter
This Loan Waiver Request Letter is to be used by a borrower who either has or expects to default under a loan agreement. It gives advance notice to the lender that the borrower is requesting a waiver of one or more of its obligations under the loan. It is similar to our Loan Waiver Letter but written from the point of view of the borrower rather than the lender.
If a borrower is aware of an event of default (or breach that will become an event of default), it should not delay informing the lender and putting forward a plan of action to remedy the situation. Even if the lender is prepared to overlook a specific default, to avoid the potential for later dispute, it is sensible for the borrower to document the fact that the default has happened and a waiver is being requested. Any waiver request letter will need to comply with the notice and default provisions of the underlying loan agreement. This Loan Waiver Request 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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