The Authorized Guarantee Agreement is a crucial legal instrument in Austrian commercial practice, typically employed when additional security is required for significant commercial transactions or obligations. This document is particularly relevant in situations where a party (the Guarantor) agrees to guarantee the obligations of another party (the Principal Debtor) to a third party (the Beneficiary). The agreement must conform to Austrian legal requirements, particularly sections 880a and 1346-1367 of the Austrian Civil Code (ABGB) governing guarantees. It's commonly used in lease assignments, loan agreements, and major commercial contracts where the beneficiary requires additional security beyond the principal debtor's covenant. The document includes detailed provisions on the scope of the guarantee, enforcement mechanisms, and the guarantor's obligations, all structured to ensure enforceability under Austrian law.
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1. Parties: Identification of the Guarantor, Beneficiary, and Principal Debtor, including full legal names and addresses
2. Background: Context of the guarantee, reference to the principal agreement, and explanation of why the guarantee is being provided
3. Definitions: Definitions of key terms used throughout the agreement, including 'Guaranteed Obligations', 'Principal Agreement', and 'Enforcement Event'
4. Guarantee and Indemnity: Core section detailing the scope of the guarantee, including the specific obligations being guaranteed and the nature of the guarantee
5. Guarantor's Representations and Warranties: Statements confirming the Guarantor's capacity, authority, and financial ability to provide the guarantee
6. Duration and Extent of Liability: Terms specifying how long the guarantee remains in effect and the maximum liability amount
7. Enforcement and Payment Obligations: Procedures for making claims under the guarantee and the Guarantor's payment obligations
8. Preservation of Rights: Provisions ensuring the guarantee remains valid despite changes to the underlying obligation or circumstances
9. Costs and Expenses: Allocation of costs related to the preparation, execution, and enforcement of the guarantee
10. Notices: Communication procedures between parties, including formal notice requirements
11. Governing Law and Jurisdiction: Confirmation of Austrian law as governing law and jurisdiction for disputes
1. Multiple Guarantors: Additional provisions for when there is more than one guarantor, including joint and several liability
2. Security: Provisions for any additional security provided to support the guarantee
3. Step-In Rights: Terms allowing the Guarantor to step into the Principal Debtor's position in certain circumstances
4. Currency Provisions: Required for cross-border transactions involving multiple currencies
5. Tax Gross-Up: Provisions dealing with tax implications of guarantee payments
6. Transfer and Assignment: Terms governing if and how the guarantee can be transferred or assigned
7. Banking Provisions: Special provisions required when the guarantee is issued by a bank or financial institution
1. Schedule 1 - Principal Agreement: Copy or summary of the underlying agreement being guaranteed
2. Schedule 2 - Guaranteed Obligations: Detailed description of the specific obligations covered by the guarantee
3. Schedule 3 - Form of Demand: Template for making a formal demand under the guarantee
4. Schedule 4 - Conditions Precedent: List of conditions that must be satisfied before the guarantee becomes effective
5. Appendix A - Corporate Authorizations: Copies of relevant corporate approvals and authorizations for the Guarantor
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