The Promise to Pay Agreement is a crucial legal instrument used in German business and private transactions to formalize debt obligations and establish clear repayment terms. This document is particularly valuable when converting informal obligations into formally documented commitments, restructuring existing debts, or establishing payment plans for acknowledged debts. The agreement must comply with German Civil Code (BGB) requirements and typically includes detailed information about the parties, debt amount, payment schedule, interest rates, and default provisions. It's commonly used in scenarios ranging from business transactions to private loans, and can be especially important in debt restructuring, commercial arrangements, or following court settlements. The document provides legal certainty and enforceability under German law, making it a valuable tool for creditors while offering debtors a clear framework for meeting their obligations.
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1. Parties: Identification of the debtor and creditor with full legal names and addresses
2. Background: Context of the debt obligation, including origin of the debt and current status
3. Definitions: Key terms used throughout the agreement
4. Acknowledgment of Debt: Clear statement of the debt amount and confirmation of the obligation to pay
5. Payment Terms: Detailed payment schedule, including amounts, dates, and method of payment
6. Interest: Interest rate applicable to the debt and calculation method
7. Default Provisions: Consequences of missing payments and default interest rates
8. Representations and Warranties: Debtor's confirmations regarding their ability to pay and the validity of the debt
9. Notices: How and where formal communications between parties should be made
10. Governing Law and Jurisdiction: Confirmation of German law application and jurisdiction for disputes
11. Execution: Signature blocks and execution requirements
1. Security: Details of any collateral or security provided for the debt - include when the debt is secured
2. Guarantor Provisions: Terms relating to any guarantors of the debt - include when there are third-party guarantors
3. Early Payment Provisions: Terms for early repayment options - include when early repayment is permitted
4. Assignment: Rights to assign the debt to third parties - include for business contexts or when assignment might be relevant
5. Force Majeure: Provisions for unforeseen circumstances affecting payment ability - include in longer-term payment arrangements
6. Confidentiality: Terms regarding confidentiality of the agreement - include in business contexts or sensitive situations
7. Costs and Expenses: Allocation of legal and administrative costs - include when significant costs are involved
1. Payment Schedule: Detailed breakdown of payment installments, dates, and amounts
2. Original Debt Documentation: Copies of original agreements or invoices evidencing the debt
3. Security Documentation: Details of any security or collateral arrangements
4. Guarantor Documentation: Guarantor identification and confirmation documents
5. Interest Calculation Schedule: Detailed breakdown of interest calculations and applications
Relevant legal definitions
Agreement
Original Debt
Principal Amount
Interest Rate
Default Interest Rate
Payment Date
Due Date
Business Day
Banking Day
Creditor
Debtor
Guarantor
Security
Event of Default
Force Majeure Event
Permitted Purpose
Original Documentation
Payment Schedule
Outstanding Balance
Default Notice
Interest Period
Payment Method
Early Repayment
Material Adverse Change
Repayment Schedule
Working Day
Euro
Bank Account
Parties
Effective Date
Original Debt
Principal Amount
Interest Rate
Default Interest Rate
Payment Date
Due Date
Business Day
Banking Day
Creditor
Debtor
Guarantor
Security
Event of Default
Force Majeure Event
Permitted Purpose
Original Documentation
Payment Schedule
Outstanding Balance
Default Notice
Interest Period
Payment Method
Early Repayment
Material Adverse Change
Repayment Schedule
Working Day
Euro
Bank Account
Parties
Effective Date
Clauses
Acknowledgment of Debt
Payment Terms
Interest
Default Interest
Security
Representations and Warranties
Payment Schedule
Default Events
Acceleration
Early Repayment
Assignment
Set-off
Force Majeure
Notices
Amendment
Severability
Waiver
Confidentiality
Costs and Expenses
Governing Law
Jurisdiction
Dispute Resolution
Entire Agreement
Third Party Rights
Counterparts
Payment Terms
Interest
Default Interest
Security
Representations and Warranties
Payment Schedule
Default Events
Acceleration
Early Repayment
Assignment
Set-off
Force Majeure
Notices
Amendment
Severability
Waiver
Confidentiality
Costs and Expenses
Governing Law
Jurisdiction
Dispute Resolution
Entire Agreement
Third Party Rights
Counterparts
Relevant Industries
Banking & Financial Services
Real Estate
Construction
Manufacturing
Retail
Professional Services
Healthcare
Education
Technology
Hospitality
Automotive
Agriculture
Energy
Relevant Teams
Legal
Finance
Accounts Receivable
Collections
Treasury
Risk Management
Compliance
Corporate Affairs
Credit Control
Business Development
Relevant Roles
Chief Financial Officer
Financial Controller
Credit Manager
Collections Manager
Accounts Receivable Manager
Legal Counsel
Corporate Lawyer
Debt Recovery Specialist
Finance Director
Treasury Manager
Risk Manager
Compliance Officer
Business Development Manager
Account Manager
Financial Analyst
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