Consent and Waiver of Change of Ownership
Form reviewed by Bahman Eslamboly, Attorney at FindLegalForms
This Consent and Waiver of Change of Ownership is for use by a creditor when it must consent to a borrower's acquisition and waive any default provisions it has against the original borrower. This document sets out the specifics of the agreement including the names of all parties and creditor's willingness to consent to both acquisition and waiver. It is imperative that this type of business arrangement be set out in writing.
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This Consent and Waiver of Change of Ownership includes the following provisions:
- Borrower/Type of Agreement: Sets out the name of the borrower, the type of credit agreement, name of creditor and amount of credit extended;
- Party Acquiring Control: The name of the party who has acquired control of all stock of the borrower;
- Default: Sets out that under the original credit agreement the acquisition of borrower constitutes a default unless prior written consent is obtained from creditor;
- Consent to Acquisition: Borrower requests that creditor consent to the acquisition and waive any default and creditor agrees to this consent and waiver;
- Signature: The creditor must date and sign this agreement.
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This attorney-prepared packet contains:
- General Instructions
- Consent and Waiver of Change of Ownership
Consent and Waiver of Change of Ownership
Product Details
| Product | Consent and Waiver of Change of Ownership |
| Country | United States |
| Pages | 4 |
| Dimensions | Designed for Letter Size (8.5" x 11") |
| Printer compatibility | Designed to print on all ink-jet and laser printers |
| Editable | Yes (.doc, .wpd and .rtf) |
| Format |
Microsoft Word Adobe PDF WordPerfect Rich Text Format |
| Platform |
Windows Compatible Mac Compatible Linux Compatible |
| Availability | In Stock. Instant Download |
| Usage | Unlimited number of prints |
| Category | Authorizations, Confirmations & Acknowledgments |
| Product number | #28956 |
| Download time | Less than 1 minute (approx.) |
| Document Access |
Via secret online address Email with download links Email with attachment upon request |
| Refund Policy | 60 days, no-questions asked, 100% money back guarantee |
Frequently Asked Questions
This document is a legal agreement between a creditor and a borrower that allows the borrower to change ownership while waiving any defaults that may arise from the acquisition. It ensures that the creditor consents to the new ownership structure.
This form is necessary when a borrower is undergoing a change in ownership, such as a sale or merger, and needs to obtain consent from their creditor to avoid defaulting on existing credit agreements.
The form includes details such as the names of the borrower and creditor, the type of credit agreement, the amount of credit extended, and the name of the party acquiring control of the borrower.
By clearly outlining the terms of consent and waiver, the document protects the interests of both the creditor and the borrower, minimizing the risk of disputes and ensuring that all parties are aware of their rights and obligations.
Yes, once signed by both parties, the Consent and Waiver of Change of Ownership becomes a legally binding document that can be enforced in a court of law.
If the form is not used, the creditor may consider the change in ownership a default under the original credit agreement, which could lead to legal consequences for the borrower.
Yes, while the form provides a standard template, it can be customized to fit the specific needs and circumstances of the parties involved, as long as it complies with relevant laws.
Is This Form Right For You?
Use This Form If:
- Individuals who are involved in a business acquisition may require this form to ensure that the creditor consents to the change in ownership and waives any potential defaults. This is crucial for maintaining the financial stability of the acquiring party and ensuring compliance with existing credit agreements.
- In situations where a borrower is undergoing a significant change in ownership, such as a merger or acquisition, this document serves to formalize the creditor's agreement to the transition. It helps prevent any misunderstandings or disputes regarding defaults that may arise from the change.
- For those managing a business that is facing a change in control, obtaining a Consent and Waiver of Change of Ownership is essential. This form protects the interests of both the borrower and the creditor by clearly outlining the terms of the acquisition and the waiver of defaults.
- Businesses looking to restructure their ownership may find this form necessary to secure creditor approval. By documenting the consent and waiver, they can avoid potential legal complications and ensure a smooth transition during the ownership change.
- When a borrower is planning to sell their business, they must obtain consent from their creditor to avoid defaulting on their loan. This form provides the necessary legal framework to facilitate that consent and protect the rights of all parties involved.
Do Not Use If:
- – This form is not appropriate when the creditor does not agree to the change of ownership. If the creditor is unwilling to provide consent, the borrower should seek alternative arrangements rather than using this waiver.
- – In cases where the borrower is facing bankruptcy or insolvency, this form may not be suitable. Legal advice should be sought to address the complexities of such situations.
- – If the change of ownership involves illegal activities or violates any laws, this form should not be used. Engaging in unlawful transactions can lead to severe legal repercussions.
- – When the original credit agreement does not allow for any changes in ownership, this form would not be applicable. It is essential to review the terms of the credit agreement before proceeding.
- – This document is not suitable for informal agreements or verbal understandings. It is imperative that all agreements regarding ownership changes are documented in writing to ensure legal enforceability.
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