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1. Parties: Identification of the creditor and debtor, including full legal names and addresses
2. Background: Context of the original debt, reference to loan agreements, and current outstanding amount
3. Definitions: Definitions of key terms used throughout the agreement
4. Acknowledgment of Debt: Formal acknowledgment of the original debt amount and current outstanding balance
5. Terms of Forgiveness: Specific details of the debt forgiveness, including amount forgiven and effective date
6. Tax Implications: Acknowledgment of tax consequences and responsibilities for both parties
7. Releases: Mutual releases from claims related to the forgiven debt
8. Representations and Warranties: Statements of fact by both parties regarding their capacity and authority
9. Governing Law: Specification of Nigerian law as governing law and jurisdiction
10. Entire Agreement: Confirmation that this agreement represents the complete understanding between parties
11. Execution: Signature blocks and execution requirements
1. Partial Forgiveness Terms: Used when only a portion of the debt is being forgiven, specifying remaining obligations
2. Payment Plan: Include when there's a structured payment plan for any remaining debt
3. Conditions Precedent: When forgiveness is contingent on certain conditions being met
4. Confidentiality: When parties wish to keep the terms of forgiveness private
5. Future Cooperation: When ongoing obligations or cooperation between parties is required
6. Default Provisions: When there are remaining obligations that could be defaulted upon
7. Dispute Resolution: When parties want to specify alternative dispute resolution methods
8. Reporting Obligations: When there are requirements to report the forgiveness to credit agencies or regulatory bodies
1. Schedule A - Debt Details: Detailed breakdown of the original debt, including principal, interest, and other charges
2. Schedule B - Payment History: Record of payments made to date on the debt
3. Schedule C - Forgiveness Calculation: Detailed calculation of the amount being forgiven and any remaining balance
4. Schedule D - Related Agreements: List of any related loan agreements or security documents affected by the forgiveness
5. Appendix 1 - Required Notices: Forms of any required notices to regulatory bodies or credit agencies
6. Appendix 2 - Tax Forms: Relevant tax forms or declarations required for debt forgiveness
Original Loan Agreement
Creditor
Debtor
Outstanding Balance
Forgiven Amount
Remaining Balance
Effective Date
Business Day
Default
Encumbrance
Interest
Law
Material Adverse Effect
Original Debt
Payment Date
Principal Amount
Related Documents
Security
Tax
Working Day
Naira
Governmental Authority
Confidential Information
Force Majeure Event
Notices
Representatives
Release Date
Settlement Date
Termination Date
Recitals
Definitions
Interpretation
Acknowledgment of Debt
Debt Forgiveness
Payment Terms
Conditions Precedent
Representations and Warranties
Covenants
Release
Indemnification
Tax Matters
Confidentiality
Force Majeure
Assignment
Notices
Amendment
Severability
Waiver
Entire Agreement
Counterparts
Governing Law
Jurisdiction
Dispute Resolution
Third Party Rights
Costs and Expenses
Further Assurance
Termination
Financial Services
Banking
Corporate Services
Real Estate
Manufacturing
Retail
Construction
Healthcare
Technology
Agriculture
Energy
Telecommunications
Legal
Finance
Treasury
Risk Management
Compliance
Tax
Credit Control
Debt Recovery
Corporate Secretariat
Business Development
Accounting
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Financial Controller
Credit Manager
Debt Recovery Officer
Risk Manager
Compliance Officer
Treasury Manager
Accounts Manager
Company Secretary
Managing Director
Business Development Manager
Tax Manager
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