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Debt Waiver Agreement

Debt Waiver Agreement Template for Austria

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Key Requirements PROMPT example:

Debt Waiver Agreement

"I need a Debt Waiver Agreement under Austrian law for a corporate creditor waiving €500,000 of business debt owed by a manufacturing company, with the waiver to be effective from March 1, 2025, and including standard tax gross-up provisions."

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Document background
The Debt Waiver Agreement is a crucial document in Austrian business and financial practice, typically used in situations where debt restructuring or financial rehabilitation is necessary. It provides a formal framework for creditors to forgive debts, whether as part of a broader restructuring plan, financial hardship arrangement, or strategic business decision. The agreement must carefully navigate Austrian legal requirements, particularly the provisions of the ABGB regarding debt release, while also considering potential tax implications, insolvency law aspects, and banking regulations if financial institutions are involved. This document is especially relevant in post-COVID business recovery scenarios, corporate restructurings, and situations where maintaining business relationships is prioritized over debt collection. The agreement should clearly specify the amount of debt being waived, any conditions attached to the waiver, and the implications for all parties involved.
Suggested Sections

1. Parties: Identification of the creditor and debtor, including full legal names, registration details, and addresses

2. Background: Context of the original debt, reference to original agreements, and circumstances leading to the waiver

3. Definitions: Definitions of key terms used in the agreement, including 'Debt', 'Waiver Date', and any specific financial or legal terms

4. Debt Acknowledgment: Clear statement of the existing debt amount and its components (principal, interest, fees)

5. Waiver Declaration: Explicit statement of the debt being waived and the extent of the waiver

6. Effective Date: Specification of when the waiver becomes effective and any conditions precedent

7. Representations and Warranties: Statements by both parties regarding their authority to enter into the agreement and other relevant declarations

8. Governing Law and Jurisdiction: Confirmation of Austrian law as governing law and jurisdiction for disputes

9. Execution: Signature blocks and execution requirements

Optional Sections

1. Partial Waiver Provisions: Used when only a portion of the debt is being waived, specifying the remaining obligations

2. Conditions Subsequent: Include when the waiver is subject to certain conditions being maintained after the effective date

3. Tax Provisions: Required when there are specific tax implications that need to be addressed between the parties

4. Confidentiality: Include when parties wish to keep the terms of the waiver confidential

5. Related Party Releases: Used when guarantors or other related parties need to be released from their obligations

6. Reinstatement: Include when there are circumstances under which the waived debt could be reinstated

7. Reporting Obligations: Required when there are regulatory or other reporting requirements regarding the waiver

Suggested Schedules

1. Schedule 1 - Debt Details: Detailed breakdown of the debt being waived, including original loan documents, amounts, and interest calculations

2. Schedule 2 - Payment History: Record of payments made on the debt prior to the waiver

3. Schedule 3 - Related Security Documents: List of any security documents that need to be released or modified

4. Appendix A - Corporate Authorizations: Copies of board resolutions or other corporate approvals for the waiver

5. Appendix B - Conditions Precedent: List of any conditions that must be satisfied before the waiver becomes effective

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Original Loan Agreement
Debt
Waived Amount
Remaining Debt
Effective Date
Waiver Date
Business Day
Banking Day
Creditor
Debtor
Guarantor
Security
Security Documents
Encumbrance
Interest
Default Interest
Original Facility
Conditions Precedent
Conditions Subsequent
Related Parties
Group Company
Insolvency Event
Material Adverse Effect
Representations
Security Release
Affiliates
Austrian Business Hours
Authorized Representative
Confidential Information
Force Majeure Event
Governing Law
Permitted Successor
Register
Tax
Working Day
Relevant Industries

Banking and Financial Services

Corporate Finance

Real Estate

Manufacturing

Retail

Construction

Professional Services

Healthcare

Technology

Agriculture

Energy

Telecommunications

Relevant Teams

Legal

Finance

Treasury

Credit Control

Risk Management

Corporate Recovery

Compliance

Tax

Corporate Finance

Debt Recovery

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Corporate Lawyer

Restructuring Manager

Credit Manager

Risk Manager

Treasury Manager

Insolvency Practitioner

Debt Recovery Specialist

Financial Controller

Compliance Officer

Corporate Recovery Manager

Banking Relationship Manager

Tax Director

Industries
Austrian Civil Code (ABGB): Particularly sections 1378-1410 regarding debt obligations and their termination, and sections 1438-1443 regarding debt release (Schulderlass). This forms the basic legal framework for debt waiver agreements.
Austrian Income Tax Act (EStG): Relevant for tax implications of debt forgiveness, as waived debt may be treated as taxable income for the debtor under certain circumstances.
Austrian Insolvency Code (IO): Important if the debt waiver is part of a restructuring or insolvency process, particularly regarding the treatment of creditor claims and potential challenges by other creditors.
Austrian Banking Act (BWG): Applicable if the creditor is a financial institution, governing the conditions under which banks can waive debts and their reporting obligations.
Austrian Consumer Protection Act (KSchG): Relevant if the debtor is a consumer, providing additional protection and formal requirements for the agreement.
Austrian Stamp Duty Act (GebG): Governs potential stamp duties or fees that may be applicable to the debt waiver agreement document.
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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