The Release Of Guarantee Agreement is utilized when parties wish to formally terminate a guarantor's obligations under an existing guarantee arrangement. This document is essential in German business and financial transactions where a guarantee is no longer required, has been satisfied, or needs to be terminated for other valid reasons. It must comply with German law, particularly the provisions of the Bürgerliches Gesetzbuch (BGB) regarding guarantees and contract termination. The agreement typically includes details of the original guarantee, the basis for the release, any conditions that must be met, and confirmations from the creditor that the guarantor is discharged from their obligations. It's commonly used in scenarios such as refinancing, debt restructuring, or when the underlying obligation has been fulfilled.
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1. Parties: Identification of all parties including the original creditor, debtor, and guarantor(s)
2. Background: Details of the original guarantee, including date, amount, and underlying obligation
3. Definitions: Key terms used in the agreement, including 'Original Guarantee', 'Guaranteed Obligations', and 'Release Date'
4. Details of Original Guarantee: Specific reference to and description of the guarantee being released
5. Release: Express statement of release from the guarantee obligations and its effective date
6. Effectiveness: Conditions for the release to become effective and confirmation of their fulfillment
7. Return of Documents: Provisions regarding the return or cancellation of original guarantee documents
8. Governing Law and Jurisdiction: Confirmation of German law application and jurisdiction for disputes
1. Partial Release: Used when only part of the guarantee obligations are being released
2. Consideration: Required if the release is given in exchange for payment or other consideration
3. Multiple Guarantors: Additional provisions when releasing one of several guarantors
4. Remaining Obligations: Details of any obligations that survive the release
5. Representations and Warranties: Additional confirmations required from parties, particularly in complex commercial contexts
6. Notices: Communication procedures if ongoing obligations or conditions exist
7. Costs: Allocation of costs and expenses related to the release
1. Original Guarantee: Copy or details of the original guarantee document being released
2. Release Conditions: List of specific conditions that must be met for the release to be effective
3. Payment Details: Required if the release is conditional upon or linked to specific payments
4. Related Security Documents: List of any related security or guarantee documents affected by the release
Relevant legal definitions
Agreement
Original Guarantee
Guaranteed Obligations
Principal Debtor
Guarantor
Creditor
Release Date
Effective Date
Original Facility Agreement
Guaranteed Amount
Release Conditions
Business Day
Security Documents
Related Guarantees
Outstanding Obligations
Release Consideration
Remaining Security
Governing Law
Notice Details
Banking Day
Original Guarantee
Guaranteed Obligations
Principal Debtor
Guarantor
Creditor
Release Date
Effective Date
Original Facility Agreement
Guaranteed Amount
Release Conditions
Business Day
Security Documents
Related Guarantees
Outstanding Obligations
Release Consideration
Remaining Security
Governing Law
Notice Details
Banking Day
Clauses
Parties
Recitals
Definitions
Release
Conditions Precedent
Representations and Warranties
Return of Documents
Further Assurance
Partial Release
Surviving Obligations
Costs and Expenses
Notices
Severability
Amendments
Assignment
Counterparts
Governing Law
Jurisdiction
Entire Agreement
Third Party Rights
Recitals
Definitions
Release
Conditions Precedent
Representations and Warranties
Return of Documents
Further Assurance
Partial Release
Surviving Obligations
Costs and Expenses
Notices
Severability
Amendments
Assignment
Counterparts
Governing Law
Jurisdiction
Entire Agreement
Third Party Rights
Relevant Industries
Banking and Financial Services
Real Estate
Construction
Manufacturing
Commercial Lending
Investment Services
Insurance
Corporate Services
International Trade
Retail
Relevant Teams
Legal
Finance
Risk Management
Treasury
Compliance
Corporate Secretariat
Credit Administration
Business Development
Executive Management
Relevant Roles
Legal Counsel
Finance Director
Credit Manager
Risk Manager
Corporate Treasurer
Compliance Officer
Chief Financial Officer
Contract Manager
Business Development Manager
Corporate Secretary
Managing Director
Banking Relationship Manager
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