Debt Forgiveness Agreement

# Debt Forgiveness Agreement **Effective Date:** ___________ This Debt Forgiveness Agreement ("Agreement") is entered into by and between: **Creditor:** ___________ ("Creditor") **Debtor:** ___________ ("Debtor") ## 1. Recitals WHEREAS, the Debtor is indebted to the Creditor pursuant to ___________ dated ___________ ("Original Agreement"); and WHEREAS, the Creditor desires to forgive the outstanding debt, in whole or in part, and the Debtor desires to accept such forgiveness, subject to the terms and conditions set forth herein. ## 2. Debt Description **Original Principal Amount:** $___________ **Outstanding Balance as of Effective Date:** $___________ **Accrued Interest (if any):** $___________ **Total Amount Subject to Forgiveness:** $___________ **Nature of Debt:** ___________ ## 3. Forgiveness Terms **Type of Forgiveness:** ___________ ___________ **Partial Payment Required (if applicable):** $___________ **Payment Due Date (if applicable):** ___________ ## 4. Consideration