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Waiver Letter: waiving breach of facility agreement

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Waiver Letter: waiving breach of facility agreement

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Basic Info

  • Applicable Region UAE
  • Available Languages
    English
    English & Arabic
  • Document No 0000675
  • Version V 1.0
  • Last Updated 01-29-2024
  • Reviews 0
Document Summary

This letter includes consent and waiver of breach of one of the clauses of a facility agreement (loan agreement).

The breach committed by the borrower must be specified e.g., default in the performance of the obligation, as well as the number of the clause that has been breached.

The lender can impose certain conditions on the borrower in order to waive the breach.

Description

This letter is used if the borrower sends a request for consent and waiver to the lender for breach of a certain obligation.

Waiving a breach means waiving the claim for compensation judicially, and therefore care must be taken when setting the necessary conditions for the waiver, such as the condition to pay a certain amount.

Jurisdiction

This document is intended for use in the United Arab Emirates.

Disclaimer

This document is provided for reference only and is not intended to be, and should not be considered, legal advice. Determinations about whether this document will be appropriate in your particular situation or jurisdiction should be made after consultation with a legal counsel. Kanoony will not assume any legal liability that may arise from the use of this document.

Before Execution

  • The information on this front page or contained in the headers and footers of this instrument are for guidance purposes only.
  • Please delete this front page together with the information contained in the headers, footers, and the endnotes prior to circulating this letter. Where square brackets […] and highlights are used in the document, it indicates that there is missing or incomplete information which will need to be incorporated prior to signature.
  • Please remove the square brackets and all highlighting prior to signature.