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Debt Waiver Agreement

Debt Waiver Agreement Template for Malaysia

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Key Requirements PROMPT example:

Debt Waiver Agreement

"I need a Debt Waiver Agreement for my Malaysian manufacturing company to waive a RM 500,000 business loan owed by our long-term supplier who has agreed to provide preferential pricing for the next five years in exchange for this waiver."

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Document background
The Debt Waiver Agreement is a crucial legal instrument used in Malaysian business and financial transactions when a creditor agrees to forgo their right to collect a debt. This document becomes necessary in various scenarios, including financial restructuring, settlement negotiations, or as part of broader debt resolution strategies. The agreement must comply with Malaysian legal requirements, including the Contracts Act 1950, Stamp Act 1949, and relevant financial regulations. It typically contains detailed information about the original debt, the extent of the waiver, any conditions attached to the waiver, and the obligations of all parties involved. The document is particularly relevant in today's economic environment where businesses may need to restructure their financial obligations or reach settlements with creditors.
Suggested Sections

1. Parties: Identification of the creditor(s) and debtor(s), including full legal names, registration numbers for companies, and addresses

2. Background: Recitals explaining the existence of the debt, its origin, and the context for the waiver

3. Definitions: Definitions of key terms used in the agreement, including 'Debt', 'Waiver Date', and any other relevant terms

4. The Debt: Detailed description of the debt being waived, including amount, origin, and any interest or charges

5. Waiver: Clear statement of the waiver, including the extent of the waiver and its effective date

6. Representations and Warranties: Statements by both parties confirming their authority to enter into the agreement and the accuracy of information provided

7. General Provisions: Standard contractual provisions including governing law, jurisdiction, entire agreement, and severability

8. Execution: Signature blocks for all parties and witnesses

Optional Sections

1. Conditions Precedent: Used when the waiver is conditional upon certain events or actions being completed

2. Partial Waiver Provisions: Include when only a portion of the debt is being waived

3. Release of Security: Required when there are security interests that need to be released as part of the waiver

4. Continuing Obligations: Needed when certain obligations survive the waiver

5. Confidentiality: Include when parties wish to keep the terms of the waiver confidential

6. Tax Implications: Include when there are significant tax consequences that need to be addressed

7. Multiple Creditor Provisions: Required when there are multiple creditors involved in the waiver

Suggested Schedules

1. Schedule 1 - Details of the Debt: Comprehensive details of the debt being waived, including original agreements, amounts, and dates

2. Schedule 2 - Related Security Interests: List and details of any security interests related to the debt

3. Schedule 3 - Conditions of Waiver: If applicable, detailed list of conditions that must be met for the waiver to take effect

4. Appendix A - Original Loan Agreement: Copy of the original loan agreement or debt instrument being waived

5. Appendix B - Supporting Documents: Copies of any relevant supporting documents, such as board resolutions or power of attorney

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions























Clauses

























Relevant Industries

Banking & Financial Services

Real Estate

Construction

Manufacturing

Retail

Healthcare

Education

Hospitality

Technology

Transportation & Logistics

Agriculture

Mining & Resources

Professional Services

Relevant Teams

Legal

Finance

Treasury

Credit Control

Risk Management

Compliance

Corporate Secretarial

Debt Recovery

Account Management

Business Development

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Corporate Secretary

Credit Manager

Financial Controller

Debt Recovery Officer

Risk Manager

Treasury Manager

Compliance Officer

Account Manager

Business Development Manager

Corporate Restructuring Officer

Insolvency Practitioner

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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