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Payment Undertaking Agreement

Payment Undertaking Agreement Template for Austria

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Key Requirements PROMPT example:

Payment Undertaking Agreement

"I need a Payment Undertaking Agreement under Austrian law for our corporate restructuring, where our parent company will guarantee quarterly payments of €2 million to our suppliers over 18 months starting March 2025, with specific default triggers and cross-border payment provisions."

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Document background
The Payment Undertaking Agreement is a vital financial instrument used in various commercial contexts under Austrian law. It is particularly relevant in situations where one party needs to formalize its commitment to make payments to another party, whether as part of a larger transaction, project financing, or standalone payment obligation. The document is commonly used in business transactions, corporate restructuring, project finance, and various commercial arrangements where payment certainty is crucial. The agreement must comply with Austrian legal requirements, particularly those set out in the ABGB and UGB, and typically includes detailed payment terms, conditions precedent, enforcement mechanisms, and default provisions. A Payment Undertaking Agreement is often used alongside other transaction documents and may be supported by additional security or guarantees.
Suggested Sections

1. Parties: Identification and details of the payment undertaker (guarantor/obligor) and beneficiary (obligee)

2. Background: Context of the payment undertaking, including reference to the underlying transaction or relationship

3. Definitions: Definitions of key terms used throughout the agreement, including payment-related terminology

4. Payment Undertaking: Core section detailing the specific payment obligations, including amount, currency, and unconditional nature of the undertaking

5. Payment Terms: Detailed terms of payment including timing, method, and place of payment

6. Conditions: Any conditions precedent to the payment obligation becoming effective

7. Representations and Warranties: Standard representations and warranties from the payment undertaker regarding capacity and authority

8. Default and Consequences: Events of default and their consequences, including acceleration rights

9. Costs and Taxes: Allocation of costs, expenses, and tax obligations

10. Notices: Communication procedures and contact details for formal notices

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

12. Miscellaneous: Standard boilerplate provisions including severability, entire agreement, and amendments

Optional Sections

1. Security: Details of any security or collateral provided to support the payment undertaking - include when additional security is provided

2. Currency Provisions: Specific provisions for payment in multiple currencies or currency conversion - include for cross-border transactions

3. Step-In Rights: Rights of third parties to assume the payment obligations - include when there are parent company or group guarantees

4. Assignment: Rights and restrictions regarding transfer of payment obligations - include when transferability is important

5. Bank Account Details: Specific section for payment account information - include when payments are to be made to specific accounts

6. Force Majeure: Provisions for unforeseen circumstances affecting payment ability - include for long-term payment obligations

7. Regulatory Compliance: Specific provisions regarding banking or financial regulations - include when parties are regulated entities

Suggested Schedules

1. Payment Schedule: Detailed schedule of payment amounts and dates if multiple payments are involved

2. Form of Payment Demand: Template for making formal payment demands under the agreement

3. Calculation Methods: Detailed methodology for calculating variable payments or adjustments

4. Security Documents: Copies or forms of any security documents referenced in the agreement

5. Contact Details: Comprehensive list of relevant contact persons and their details

6. Required Notices: Templates for various notices required under the agreement

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
Banking Day
Business Day
Default Interest
Default Notice
Effective Date
Event of Default
Guaranteed Obligations
Interest Period
Interest Rate
Payment Date
Payment Demand
Payment Obligation
Payment Schedule
Payment Undertaking
Principal Amount
Security
Security Documents
Specified Account
Underlying Agreement
Due Date
Enforcement Event
Force Majeure Event
Insolvency Event
Material Adverse Change
Notice
Parties
Payment Currency
Payment Method
Permitted Transfer
Reference Rate
Relevant Jurisdiction
Tax
Working Day
Outstanding Amount
Clauses
Parties
Recitals
Definitions
Payment Undertaking
Payment Terms
Conditions Precedent
Representations and Warranties
Covenants
Payment Mechanics
Default
Acceleration
Security
Costs and Expenses
Taxes
Currency
Set-off
Assignment and Transfer
Amendments and Waivers
Notices
Calculations
Evidence and Certificates
Partial Invalidity
Remedies and Waivers
Third Party Rights
Counterparts
Confidentiality
Force Majeure
Anti-Money Laundering
Governing Law
Jurisdiction
Enforcement
Indemnification
Termination
Relevant Industries

Banking and Financial Services

Manufacturing

Real Estate

Construction

Energy

Infrastructure

Telecommunications

Retail

Technology

Professional Services

Healthcare

Transportation and Logistics

Relevant Teams

Legal

Finance

Treasury

Risk Management

Compliance

Commercial

Credit Control

Business Development

Operations

Corporate Secretariat

Accounts Payable

Project Finance

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Legal Counsel

Corporate Lawyer

Financial Controller

Credit Manager

Risk Manager

Commercial Director

Business Development Manager

Contract Manager

Compliance Officer

Account Manager

Project Finance Manager

Transaction Manager

Industries
Austrian Civil Code (ABGB - Allgemeines bürgerliches Gesetzbuch): Primary legislation governing contract law, obligations, and general civil law matters in Austria. Particularly relevant sections include §§859-937 on contracts and §§1375-1379 on payment obligations.
Austrian Commercial Code (UGB - Unternehmensgesetzbuch): Regulates commercial transactions and business relationships, including special provisions for payment obligations between businesses.
Austrian Banking Act (BWG - Bankwesengesetz): Relevant for payment undertakings involving regulated financial services or credit institutions, particularly regarding formal requirements and regulatory compliance.
Austrian Enforcement Act (EO - Exekutionsordnung): Governs the enforcement of payment claims and provides framework for legal action in case of default.
EU Regulation No. 260/2012 (SEPA Regulation): Establishes technical and business requirements for credit transfers and direct debits in euros, relevant for cross-border payment arrangements.
Austrian Consumer Protection Act (KSchG - Konsumentenschutzgesetz): Applies if one party is a consumer, providing additional protection and formal requirements for payment obligations.
Austrian E-Commerce Act (ECG - E-Commerce-Gesetz): Relevant for payment undertakings concluded electronically or through digital means.
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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