Debt Waiver Agreement

Debt Waiver Agreement Template for New Zealand

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Key Requirements PROMPT example:

"I need a Debt Waiver Agreement for my company (ABC Ltd) to waive a $50,000 business loan owed by a long-term client (XYZ Enterprises) who has been affected by recent market downturn, with the waiver to take effect from March 1, 2025."

Document background

The Debt Waiver Agreement is a crucial document used in New Zealand when a creditor agrees to forgive all or part of a debt owed by a debtor. This agreement is commonly utilized in financial restructuring, dispute resolution, or as part of broader settlement arrangements. The document must comply with New Zealand legal requirements, including the Contract and Commercial Law Act 2017, Credit Contracts and Consumer Finance Act 2003, and relevant tax legislation. The agreement typically specifies the amount being waived, effective date, any conditions attached to the waiver, and addresses important considerations such as tax implications and security releases. It's essential in situations where parties wish to formally document debt forgiveness and ensure legal certainty regarding the extinguishment of financial obligations.

Suggested Sections

1. Parties: Identifies and defines the parties to the agreement - typically the creditor (party waiving the debt) and the debtor

2. Background: Outlines the context of the original debt, its current status, and the parties' intention to waive all or part of it

3. Definitions: Defines key terms used throughout the agreement, including 'Debt', 'Waiver Date', and other relevant terms

4. Acknowledgment of Debt: Confirms the existence and amount of the original debt, including its origin and current status

5. Waiver Terms: Specifies the exact amount being waived and the effective date of the waiver

6. Release: Contains the formal release of the debtor from the specified obligations

7. Tax Implications: Addresses the tax consequences of the debt waiver and each party's responsibilities

8. Representations and Warranties: Contains statements by both parties regarding their authority to enter into the agreement and other relevant matters

9. General Provisions: Standard contract clauses including governing law, entire agreement, and amendments

Optional Sections

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

2. Partial Waiver Terms: Required when only a portion of the debt is being waived, specifying remaining obligations

3. Security Release: Included when existing security interests need to be released as part of the waiver

4. Confidentiality: Added when parties wish to keep the terms of the waiver confidential

5. Related Party Provisions: Required when the waiver affects guarantors or other related parties

6. Future Conduct: Specifies any ongoing obligations or restrictions on future conduct

7. Reinstatement: Included when there are circumstances under which the debt could be reinstated

Suggested Schedules

1. Schedule 1 - Debt Details: Detailed breakdown of the debt being waived, including principal, interest, and other charges

2. Schedule 2 - Security Interests: List of any security interests being released (if applicable)

3. Schedule 3 - Payment History: Record of payments made against the debt (if relevant)

4. Appendix A - Original Loan Agreement: Copy or details of the original agreement creating the debt

5. Appendix B - Related Party Consents: Copies of any required consents from guarantors or related parties

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 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

Financial Services

Banking

Insurance

Real Estate

Construction

Manufacturing

Retail

Professional Services

Healthcare

Education

Relevant Teams

Legal

Finance

Credit Control

Risk Management

Treasury

Corporate Services

Commercial

Debt Recovery

Account Management

Company Secretariat

Relevant Roles

Chief Financial Officer

Financial Controller

Credit Manager

Legal Counsel

Corporate Lawyer

Debt Recovery Officer

Risk Manager

Account Manager

Business Development Manager

Insolvency Practitioner

Treasury Manager

Company Secretary

Commercial Director

Finance Director

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