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The Private Promissory Note (Schuldschein) is a versatile debt instrument commonly used in Austrian business and private transactions to formalize lending arrangements. This document type is particularly useful when parties need to document a loan or debt obligation in a straightforward yet legally robust manner. It is governed by Austrian law, particularly the Austrian Civil Code (ABGB), and includes essential information such as the loan amount, interest rate, payment schedule, and parties' details. The Private Promissory Note serves as conclusive evidence of debt and can be used in various contexts, from simple personal loans to more complex business financing arrangements. It offers a balance between formality and flexibility, making it a popular choice for documenting debt obligations in Austria.

1. Parties: Identification of the issuer (promisor) and the payee (promisee) with full legal names and addresses

2. Background: Brief context of the debt obligation and the relationship between the parties

3. Definitions: Key terms used in the document, particularly financial and technical terms

4. Promise to Pay: The core promise to pay, specifying the principal amount in words and numbers

5. Payment Terms: Details of payment schedule, interest rate, and method of payment

6. Default Provisions: Consequences of default and definition of default events

7. Representations and Warranties: Basic representations about the validity of the debt and capacity to pay

8. Governing Law: Specification of Austrian law as governing law

9. Execution: Signature blocks and date of execution