The Debt Payment Agreement is a crucial document used when parties need to formalize arrangements for the repayment of outstanding debts under Danish law. This document type is particularly relevant when a debtor acknowledges a debt and both parties wish to establish clear, legally binding terms for its repayment. It can be used for various debt types, from personal loans to business obligations, and is designed to comply with Danish legislation, including the Danish Contracts Act and Interest Act. The agreement typically includes essential details such as the debt amount, payment schedule, interest rates, and consequences of default. It serves as a protective measure for both creditor and debtor by clearly documenting the terms of repayment and providing legal certainty in case of disputes.
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Key Requirements PROMPT example:
Debt Payment Agreement
I need a Debt Payment Agreement for a €50,000 business debt to be repaid in monthly installments starting March 2025, with a 5% annual interest rate and early repayment options.
1. Parties: Identification of the creditor and debtor with full legal names, addresses, and registration numbers if applicable
2. Background: Description of the circumstances leading to the debt and the parties' intention to formalize the payment arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Acknowledgment of Debt: Clear statement of the debt amount and origin, with debtor's formal acknowledgment
5. Payment Terms: Detailed payment schedule, including amount, frequency, and method of payments
6. Interest: Interest rate applicable to the debt and calculation method in accordance with Danish Interest Act
7. Default Provisions: Consequences of missing payments and definition of what constitutes a default
8. Representations and Warranties: Basic declarations by both parties regarding their capacity to enter into the agreement
9. Notices: How formal communications between parties should be made and delivered
10. Governing Law and Jurisdiction: Confirmation of Danish law as governing law and jurisdiction for disputes
1. Security: Details of any collateral or security provided for the debt - include when the debt is secured
2. Guarantor Provisions: Terms applying to any guarantor of the debt - include when there is a guarantor
3. Early Repayment: Terms for early repayment of the debt - include when early repayment is permitted
4. Insurance Requirements: Any required insurance coverage - include when specific insurance is required to protect the creditor's interests
5. Assignment: Rights to assign the debt to third parties - include when debt assignment might be relevant
6. Debt Restructuring Options: Provisions for potential future modification of payment terms - include when flexibility might be needed
7. Force Majeure: Provisions for unforeseen circumstances affecting payment ability - include in longer-term payment arrangements
1. Payment Schedule: Detailed breakdown of payment dates, amounts, and running balance
2. Original Debt Documentation: Copies of original agreements or invoices evidencing the debt
3. Interest Calculation: Detailed calculation of interest accrued and ongoing interest charges
4. Security Documentation: Details and documentation of any security or collateral (if applicable)
5. Bank Account Details: Payment account information for both parties
Authors
Relevant legal definitions
Agreement
Business Day
Creditor
Debtor
Default Event
Default Interest Rate
Due Date
Early Repayment
Effective Date
Final Payment Date
Guarantor
Initial Debt Amount
Interest Period
Interest Rate
Late Payment
Original Debt
Outstanding Balance
Party/Parties
Payment Date
Payment Schedule
Permitted Payment Method
Principal Amount
Repayment Installment
Security
Settlement Date
Standard Interest Rate
Working Day
Business Day
Creditor
Debtor
Default Event
Default Interest Rate
Due Date
Early Repayment
Effective Date
Final Payment Date
Guarantor
Initial Debt Amount
Interest Period
Interest Rate
Late Payment
Original Debt
Outstanding Balance
Party/Parties
Payment Date
Payment Schedule
Permitted Payment Method
Principal Amount
Repayment Installment
Security
Settlement Date
Standard Interest Rate
Working Day
Clauses
Acknowledgment of Debt
Payment Terms
Interest
Default
Security
Representations and Warranties
Acceleration
Early Repayment
Set-Off
Assignment
Force Majeure
Notices
Amendment
Severability
Entire Agreement
Governing Law
Jurisdiction
Confidentiality
Costs and Expenses
Waiver
Third Party Rights
Counterparts
Payment Terms
Interest
Default
Security
Representations and Warranties
Acceleration
Early Repayment
Set-Off
Assignment
Force Majeure
Notices
Amendment
Severability
Entire Agreement
Governing Law
Jurisdiction
Confidentiality
Costs and Expenses
Waiver
Third Party Rights
Counterparts
Relevant Industries
Financial Services
Banking
Legal Services
Retail
Real Estate
Construction
Manufacturing
Professional Services
Healthcare
Education
Small Business
Corporate
Relevant Teams
Legal
Finance
Credit Control
Collections
Treasury
Risk Management
Accounts Receivable
Corporate Finance
Debt Recovery
Commercial
Relevant Roles
Credit Manager
Collections Officer
Financial Controller
Accounts Receivable Manager
Legal Counsel
Debt Recovery Specialist
Finance Director
Credit Risk Analyst
Treasury Manager
Accounts Manager
Business Owner
CFO
Debt Counselor
Insolvency Practitioner
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