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1. Parties: Identifies and defines the Creditor and Debtor with full legal names and addresses
2. Background: Describes the original debt, its origin, current amount, and the parties' intention to enter into a debt forgiveness arrangement
3. Definitions: Defines key terms used throughout the agreement including 'Debt', 'Forgiveness Date', 'Original Agreement', etc.
4. Acknowledgment of Debt: Formal acknowledgment of the original debt amount and its validity
5. Terms of Forgiveness: Specifies the amount being forgiven and any conditions attached to the forgiveness
6. Effective Date: States when the debt forgiveness takes effect
7. Release: Details the release of the debtor from obligations related to the forgiven debt
8. Tax Implications: Acknowledges that both parties understand the tax consequences of the debt forgiveness
9. Representations and Warranties: Statements from both parties regarding their capacity and authority to enter into the agreement
10. General Provisions: Standard contract clauses including governing law, entire agreement, and amendments
1. Partial Forgiveness Terms: Required when only a portion of the debt is being forgiven, specifying remaining obligations
2. Payment Plan: Included when the forgiveness is conditional on certain payment terms for remaining debt
3. Confidentiality: Added when parties wish to keep the terms of the forgiveness confidential
4. Security Release: Required when existing security interests need to be released
5. Future Conduct: Included when there are specific requirements about future business dealings or behavior
6. Dispute Resolution: Added when parties want to specify particular dispute resolution procedures
7. Third Party Rights: Required when the debt involves guarantors or other third parties
1. Schedule A - Debt Details: Detailed breakdown of the original debt, including dates, amounts, and interest
2. Schedule B - Payment History: Record of payments made against the debt to date
3. Schedule C - Release Terms: Detailed terms of release including any specific conditions or requirements
4. Appendix 1 - Original Debt Agreement: Copy of the original agreement creating the debt
5. Appendix 2 - Security Documents: Copies of any security documents to be released
6. Appendix 3 - Tax Declaration: Required tax forms or declarations related to the debt forgiveness
Business Day
Claim
Commencement Date
Conditions Precedent
Creditor
Debt
Debt Documents
Debtor
Default
Effective Date
Encumbrance
Forgiven Amount
Forgiveness Date
GST
Guarantor
Insolvency Event
Interest
Law
Liability
Original Agreement
Outstanding Amount
Parties
Payment Date
Related Entity
Release
Remaining Debt
Security
Security Interest
Tax
Tax Law
Term
Transaction Documents
Acknowledgment of Debt
Debt Forgiveness
Conditions Precedent
Payment Terms
Release and Discharge
Tax Obligations
Representations and Warranties
Confidentiality
Security Release
Further Assurance
Assignment
Notices
Waiver
Severability
Amendment
Entire Agreement
Governing Law
Jurisdiction
Counterparts
Force Majeure
Compliance with Laws
Dispute Resolution
Costs and Expenses
GST
Time of Essence
Third Party Rights
Financial Services
Banking
Real Estate
Construction
Manufacturing
Retail
Professional Services
Healthcare
Education
Mining
Agriculture
Technology
Telecommunications
Legal
Finance
Treasury
Credit Control
Accounts Receivable
Risk Management
Compliance
Tax
Corporate Governance
Debt Recovery
Business Advisory
Executive Leadership
Chief Financial Officer
Finance Director
Credit Manager
Accounts Receivable Manager
Legal Counsel
Corporate Lawyer
Tax Manager
Financial Controller
Debt Recovery Officer
Risk Manager
Compliance Officer
Business Recovery Specialist
Insolvency Practitioner
Treasury Manager
Company Secretary
Managing Director
Credit Controller
Senior Accountant
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