Interest Waiver Template for England and Wales

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Key Requirements PROMPT example:

Interest Waiver

"I need an Interest Waiver agreement to permanently waive all future interest payments on a commercial loan of £500,000, while maintaining the borrower's obligation to repay the principal amount by March 2025."

Document background
The Interest Waiver agreement is utilized when a lender agrees to forgo their right to collect interest on a loan, often as part of a debt restructuring or hardship arrangement. Under English and Welsh law, this document formally documents the waiver of interest while preserving the enforceability of the underlying debt. The Interest Waiver typically specifies whether the waiver applies to past, present, or future interest, any conditions attached to the waiver, and confirms the continuing validity of other loan terms. It's particularly relevant during economic downturns or when borrowers face financial difficulties, providing a structured way to modify loan obligations while maintaining legal certainty.
Suggested Sections

1. Parties: Identifies all parties to the waiver agreement including lender and borrower

2. Background: Explains context of the original debt and reasons for interest waiver

3. Definitions: Defines key terms used in the agreement including Interest, Waiver Period, and Original Agreement

4. Waiver Details: Specifies exact interest being waived, period of waiver, and scope of the waiver

5. Remaining Obligations: Confirms obligations that remain in force, including principal repayment terms

6. Governing Law: Specifies that the agreement is governed by the laws of England and Wales

Optional Sections

1. Conditions Precedent: Conditions that must be met before waiver becomes effective, used when waiver is conditional on certain events or actions

2. Third Party Rights: Addresses rights of guarantors or other interested parties, used when third parties have rights under original agreement

3. Representations and Warranties: Statements of fact by parties, used in complex arrangements or where significant amounts are involved

Suggested Schedules

1. Schedule 1 - Original Loan Agreement: Copy or details of the agreement containing interest being waived

2. Schedule 2 - Interest Calculation: Detailed calculation of interest being waived including methodology and amounts

3. Schedule 3 - Payment Schedule: Revised payment schedule showing modified payment terms (if applicable)

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant Industries
Relevant Teams
Relevant Roles
Industries

Consumer Credit Act 1974: Primary legislation governing consumer credit agreements and their terms, relevant if the interest waiver relates to consumer credit arrangements

Unfair Contract Terms Act 1977: Key legislation ensuring the fairness of contractual terms, particularly important for validating the enforceability of the interest waiver

Financial Services and Markets Act 2000: Fundamental legislation governing financial services and markets regulation in the UK, relevant for regulated entities

Consumer Rights Act 2015: Legislation protecting consumer interests in contracts, applicable if the interest waiver involves consumer agreements

Law of Contract Principles: Fundamental principles including consideration and intention to create legal relations, essential for ensuring the waiver is legally binding

Doctrine of Privity of Contract: Legal principle determining who can enforce contractual rights, important for understanding who can benefit from the interest waiver

Contractual Variation Principles: Legal principles governing how existing contracts can be modified, crucial for implementing interest waivers on existing agreements

FCA Regulations: Financial Conduct Authority regulations governing financial services and consumer protection in the UK

Banking Regulations: Specific regulations governing banking institutions if the interest waiver involves regulated financial institutions

Limitation Act 1980: Legislation setting time limits for legal claims, relevant for understanding temporal aspects of interest claims and waivers

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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