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Debt Assignment And Assumption Agreement

Debt Assignment And Assumption Agreement Template for Hong Kong

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Key Requirements PROMPT example:

Debt Assignment And Assumption Agreement

"I need a Debt Assignment and Assumption Agreement for the transfer of a HKD 5 million corporate loan from ABC Bank Limited to XYZ Finance Company, with the original borrower being a Hong Kong manufacturing company, to be completed by March 2025."

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Document background
The Debt Assignment and Assumption Agreement is a crucial document used in Hong Kong's financial and commercial landscape when one party wishes to transfer its rights as a creditor to another party. This document is commonly utilized in debt restructuring, portfolio sales, corporate reorganizations, or as part of broader financial transactions. It must comply with Hong Kong's Law Amendment and Reform (Consolidation) Ordinance and related legislation governing the assignment of choses in action. The agreement comprehensively addresses all aspects of the debt transfer, including the assignment mechanics, consideration, parties' obligations, and any security interests. It's particularly important in financial services and corporate transactions where debt obligations need to be transferred while maintaining legal certainty and protecting all parties' interests.
Suggested Sections

1. Parties: Identifies the Assignor (current creditor), Assignee (new creditor), and Debtor

2. Background: Describes the original debt arrangement and the parties' intention to assign the debt

3. Definitions: Defines key terms used throughout the agreement

4. Assignment: Details the assignment of the debt and all related rights

5. Consideration: Specifies the payment or other consideration for the assignment

6. Completion: Sets out the completion mechanics and timing

7. Representations and Warranties: Contains representations and warranties from all parties

8. Assignor's Covenants: Specifies the Assignor's ongoing obligations and commitments

9. Assignee's Covenants: Details the Assignee's obligations and commitments

10. Debtor's Acknowledgment: Contains the Debtor's acknowledgment and consent to the assignment

11. Further Assurance: Requires parties to take necessary actions to perfect the assignment

12. Notices: Specifies requirements for giving notices under the agreement

13. General Provisions: Contains standard boilerplate provisions

14. Governing Law and Jurisdiction: Specifies Hong Kong law as governing law and jurisdiction

Optional Sections

1. Security Assignment: Required if there is any security interest being assigned along with the debt

2. Conditions Precedent: Include if completion is subject to specific conditions being satisfied

3. Tax Provisions: Include if there are specific tax implications that need to be addressed

4. Regulatory Compliance: Required if the assignment needs specific regulatory approvals or compliance

5. Interest and Costs: Include if there are specific arrangements for accrued interest or costs

6. Partial Assignment: Required if only part of the debt is being assigned

7. Guarantee Provisions: Include if there are guarantees associated with the debt

8. Confidentiality: Include if specific confidentiality obligations are required

Suggested Schedules

1. Details of the Debt: Full details of the debt being assigned, including amount, interest rate, and payment terms

2. Original Debt Documentation: List and copies of all relevant original debt documents

3. Security Documents: Details of any security documents related to the debt

4. Form of Notice: Prescribed form of notice to be given to the Debtor

5. Payment Details: Bank account and payment details for the consideration

6. Related Agreements: List of any related agreements affecting the debt

7. Completion Requirements: Checklist of documents and actions required for completion

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Assignee
Assignor
Assignment
Assignment Date
Business Day
Completion
Completion Date
Conditions Precedent
Consideration
Debt
Debtor
Default Interest
Effective Date
Encumbrance
Event of Default
Facility Agreement
Finance Documents
Government Authority
Guarantee
Hong Kong
Interest
Law
Liabilities
Material Adverse Effect
Notice of Assignment
Original Debt Documents
Outstanding Amount
Party/Parties
Payment Date
Permitted Encumbrance
Related Rights
Relevant Period
Security
Security Documents
Security Interest
Security Provider
Stamp Duty
Tax
Transaction Documents
Transfer Date
Warranties
Relevant Industries

Financial Services

Banking

Asset Management

Real Estate

Construction

Manufacturing

Trade Finance

Insurance

Private Equity

Corporate Finance

Investment Banking

Relevant Teams

Legal

Finance

Treasury

Credit Risk

Compliance

Corporate Secretariat

Investment

Debt Recovery

Portfolio Management

Transaction Management

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Corporate Lawyer

Finance Manager

Treasury Manager

Credit Manager

Risk Manager

Compliance Officer

Transaction Manager

Portfolio Manager

Debt Recovery Specialist

Corporate Secretary

Financial Controller

Investment Manager

Industries
Law Amendment and Reform (Consolidation) Ordinance (Cap. 23): Contains provisions governing the assignment of choses in action, including the requirements for legal assignments and statutory assignments of debts
Contracts (Rights of Third Parties) Ordinance (Cap. 623): Regulates third-party rights in contractual arrangements, which is relevant when assigning debts to third parties
Stamp Duty Ordinance (Cap. 117): Governs stamp duty requirements for certain types of debt assignments, particularly those involving immovable property or Hong Kong stock
Electronic Transactions Ordinance (Cap. 553): Provides legal framework for electronic execution of documents and electronic signatures, relevant for modern execution methods
Bankruptcy Ordinance (Cap. 6): Contains provisions affecting the assignment of debts in cases where bankruptcy proceedings are involved
Companies Ordinance (Cap. 622): Includes provisions relating to registration requirements and corporate capacity for debt assignments involving companies
Money Lenders Ordinance (Cap. 163): Relevant if the debt assignment involves money lending transactions or licensed money lenders
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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