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1. Parties: Identifies and provides full details of the creditor and debtor, including their legal names, addresses, and any registration numbers if companies are involved
2. Background: Recitals explaining the original debt, its current status, and the circumstances leading to the forgiveness
3. Definitions: Defines key terms used throughout the agreement, including 'Debt', 'Forgiveness Date', and any other relevant terms
4. Acknowledgment of Debt: Clear statement of the original debt amount, current balance, and any accrued interest
5. Terms of Forgiveness: Specifies the amount being forgiven, any conditions precedent, and whether the forgiveness is full or partial
6. Release: Formal release of the debtor from the specified obligations and any related claims
7. Representations and Warranties: Statements by both parties confirming their authority to enter into the agreement and the accuracy of information provided
8. Tax Implications: Acknowledgment of tax consequences and responsibility for any tax liabilities arising from the debt forgiveness
9. Governing Law and Jurisdiction: Specifies that Indian law governs the agreement and establishes jurisdiction for dispute resolution
10. Notices: Details how formal communications between parties should be made and delivered
11. Execution: Signature blocks and execution formalities
1. Partial Payment Terms: Include when the forgiveness is conditional upon partial payment of the debt, specifying payment schedule and amounts
2. Security Release: Include when there are existing securities or charges that need to be released
3. Confidentiality: Include when parties wish to keep the terms of the forgiveness confidential
4. Third Party Consents: Include when the forgiveness requires approval from other parties such as guarantors or regulatory authorities
5. Future Cooperation: Include when parties need to cooperate for tax filings or other post-forgiveness matters
6. Dispute Resolution: Include when parties want to specify alternative dispute resolution mechanisms like arbitration
7. Surviving Obligations: Include when certain obligations are intended to survive the forgiveness
1. Schedule 1 - Debt Details: Detailed breakdown of the original debt, including date, amount, interest rates, and payment history
2. Schedule 2 - Security Documents: List of security documents to be released or modified, if applicable
3. Schedule 3 - Payment Schedule: If partial payment is required, detailed payment schedule with dates and amounts
4. Schedule 4 - Related Agreements: List of any related agreements affected by the debt forgiveness
5. Appendix A - Supporting Documents: Copies of original loan agreement, security documents, and other relevant documentation
6. Appendix B - Tax Declarations: Any required tax forms or declarations related to the debt forgiveness
Banking & Financial Services
Real Estate & Construction
Manufacturing
Retail & Consumer
Healthcare
Education
Information Technology
Agriculture
Infrastructure
Professional Services
Legal
Finance
Accounts
Treasury
Risk Management
Compliance
Corporate Affairs
Credit Control
Debt Recovery
Operations
Chief Financial Officer
Finance Director
Credit Manager
Debt Recovery Officer
Legal Counsel
Company Secretary
Risk Manager
Accounts Manager
Treasury Manager
Insolvency Professional
Financial Controller
Corporate Lawyer
Compliance Officer
Banking Operations Manager
Settlement Officer
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