The Payment Undertaking Agreement is a vital financial instrument used in various commercial contexts under Austrian law. It is particularly relevant in situations where one party needs to formalize its commitment to make payments to another party, whether as part of a larger transaction, project financing, or standalone payment obligation. The document is commonly used in business transactions, corporate restructuring, project finance, and various commercial arrangements where payment certainty is crucial. The agreement must comply with Austrian legal requirements, particularly those set out in the ABGB and UGB, and typically includes detailed payment terms, conditions precedent, enforcement mechanisms, and default provisions. A Payment Undertaking Agreement is often used alongside other transaction documents and may be supported by additional security or guarantees.
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1. Parties: Identification and details of the payment undertaker (guarantor/obligor) and beneficiary (obligee)
2. Background: Context of the payment undertaking, including reference to the underlying transaction or relationship
3. Definitions: Definitions of key terms used throughout the agreement, including payment-related terminology
4. Payment Undertaking: Core section detailing the specific payment obligations, including amount, currency, and unconditional nature of the undertaking
5. Payment Terms: Detailed terms of payment including timing, method, and place of payment
6. Conditions: Any conditions precedent to the payment obligation becoming effective
7. Representations and Warranties: Standard representations and warranties from the payment undertaker regarding capacity and authority
8. Default and Consequences: Events of default and their consequences, including acceleration rights
9. Costs and Taxes: Allocation of costs, expenses, and tax obligations
10. Notices: Communication procedures and contact details for formal notices
11. Governing Law and Jurisdiction: Confirmation of Austrian law as governing law and jurisdiction for disputes
12. Miscellaneous: Standard boilerplate provisions including severability, entire agreement, and amendments
1. Security: Details of any security or collateral provided to support the payment undertaking - include when additional security is provided
2. Currency Provisions: Specific provisions for payment in multiple currencies or currency conversion - include for cross-border transactions
3. Step-In Rights: Rights of third parties to assume the payment obligations - include when there are parent company or group guarantees
4. Assignment: Rights and restrictions regarding transfer of payment obligations - include when transferability is important
5. Bank Account Details: Specific section for payment account information - include when payments are to be made to specific accounts
6. Force Majeure: Provisions for unforeseen circumstances affecting payment ability - include for long-term payment obligations
7. Regulatory Compliance: Specific provisions regarding banking or financial regulations - include when parties are regulated entities
1. Payment Schedule: Detailed schedule of payment amounts and dates if multiple payments are involved
2. Form of Payment Demand: Template for making formal payment demands under the agreement
3. Calculation Methods: Detailed methodology for calculating variable payments or adjustments
4. Security Documents: Copies or forms of any security documents referenced in the agreement
5. Contact Details: Comprehensive list of relevant contact persons and their details
6. Required Notices: Templates for various notices required under the agreement
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