The Debt Release Agreement is a crucial legal instrument in Philippine commercial and financial practice, used when a creditor wishes to formally discharge a debtor from their financial obligations. This document becomes necessary in various scenarios, including debt settlement programs, corporate restructuring, family debt resolution, or when parties wish to formally conclude their creditor-debtor relationship. The agreement must comply with the Civil Code of the Philippines, particularly Articles 1231-1233 regarding the extinguishment of obligations, and the National Internal Revenue Code for tax implications. It typically includes detailed information about the original debt, the release terms, any consideration provided, and relevant tax provisions. The document is particularly important in the Philippine context where formal documentation of debt release is crucial for both legal certainty and potential regulatory compliance, especially in corporate or banking scenarios.
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1. Parties: Identifies and defines the parties to the agreement - the Creditor and the Debtor
2. Background: Recitals explaining the original debt, its current status, and the parties' intention to release the debt
3. Definitions: Defines key terms used throughout the agreement
4. Acknowledgment of Original Debt: States the original debt amount and nature of the debt
5. Release and Discharge: Core section detailing the release of debt, including the amount being released and effective date
6. Consideration: States the consideration (if any) for the release
7. Representations and Warranties: Basic warranties from both parties regarding authority to enter agreement and validity of debt
8. Tax Implications: Addresses responsibility for any tax consequences of the debt release
9. Governing Law: Specifies Philippine law as governing law and jurisdiction
10. Execution: Signature blocks and execution requirements
1. Partial Release Provisions: Include when only part of a larger debt is being released
2. Conditions Precedent: Include when the release is conditional upon certain events or actions
3. Confidentiality: Include when parties wish to keep the terms of the release private
4. Related Security Release: Include when there are securities or collateral that need to be released
5. Future Cooperation: Include when parties need to take additional actions after the release
6. Multiple Creditor Provisions: Include when there are multiple creditors involved
7. Corporate Authority: Include when either party is a corporation requiring specific authorization
8. Exchange Rate Provisions: Include when the debt involves foreign currency
1. Schedule A - Original Debt Documentation: Copies or details of the original debt instruments being released
2. Schedule B - Payment History: Details of any payments made against the debt (if relevant)
3. Schedule C - Security Details: List and details of any security or collateral being released
4. Schedule D - Corporate Authorizations: Copies of relevant corporate authorizations (if applicable)
5. Schedule E - Calculation of Released Amount: Detailed calculation of the debt amount being released, including any interest or charges
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Manufacturing
Retail
Construction
Professional Services
Healthcare
Technology
Agriculture
Mining
Telecommunications
Education
Hospitality
Transportation & Logistics
Relevant Teams
Legal
Finance
Treasury
Credit Control
Collections
Risk Management
Compliance
Corporate Secretariat
Business Development
Accounting
Relevant Roles
Chief Financial Officer
Finance Director
Credit Manager
Collections Manager
Legal Counsel
Corporate Secretary
Debt Recovery Specialist
Financial Controller
Treasury Manager
Risk Manager
Compliance Officer
Account Manager
Business Development Manager
Corporate Lawyer
Restructuring Officer
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