The Deed of Debt is a crucial legal instrument in Irish commercial and financial transactions where parties wish to formally document a debt obligation with the enhanced protection of a deed format. This document is commonly used in various scenarios including corporate lending, property transactions, debt restructuring, and formal acknowledgment of existing debts. The deed format provides additional security through a longer limitation period and specific execution requirements under Irish law. A Deed of Debt typically includes comprehensive details about the debt, including the principal amount, interest provisions, repayment terms, security (if any), and enforcement mechanisms. It's particularly valuable when the parties need a clear and formal record of the debt obligation, especially in situations involving substantial sums or complex repayment arrangements.
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1. Parties: Identification of the Creditor and Debtor with full legal names and addresses
2. Background: Recitals explaining the context of the debt and the intention to create a legally binding deed
3. Definitions: Definitions of key terms used throughout the deed
4. Acknowledgment of Debt: Clear statement of the debt amount and acknowledgment by the debtor
5. Interest: Interest rate applicable and calculation method
6. Repayment Terms: Payment schedule, method of payment, and due dates
7. Representations and Warranties: Statements of fact and assurances given by the debtor
8. Events of Default: Circumstances that constitute default and consequences
9. Remedies: Rights and remedies available to the creditor upon default
10. Notices: How formal communications between parties should be made
11. General Provisions: Standard boilerplate clauses including governing law, jurisdiction, and entire agreement
12. Execution: Formal execution block meeting Irish deed requirements
1. Security: Include when the debt is secured against specific assets
2. Guarantee: Include when there is a guarantor for the debt
3. Insurance: Include when specific insurance requirements are imposed on the debtor
4. Early Repayment: Include when early repayment options are available
5. Assignment: Include when either party may need to transfer their rights or obligations
6. Costs and Expenses: Include when specific provisions about legal costs and enforcement expenses are needed
7. Tax: Include when there are specific tax implications or gross-up provisions
8. Financial Covenants: Include when ongoing financial requirements are imposed on the debtor
1. Schedule 1 - Repayment Schedule: Detailed payment schedule including dates and amounts
2. Schedule 2 - Security Details: Description of any assets provided as security (if applicable)
3. Schedule 3 - Calculation of Interest: Detailed methodology for calculating interest
4. Schedule 4 - Form of Notice: Template forms for various notices under the deed
5. Schedule 5 - Conditions Precedent: List of documents and conditions required before the deed becomes effective
6. Appendix A - Copy of Resolution: Corporate resolution authorizing the debt (if corporate debtor)
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