Debt Novation Agreement Template for Singapore

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Key Requirements PROMPT example:

Debt Novation Agreement

"I need a Debt Novation Agreement to transfer a corporate loan of SGD 5 million from our subsidiary company to our parent company, with the transfer to take effect from March 1, 2025, and our bank has already provided consent."

Document background

The Debt Novation Agreement is a crucial legal instrument used when parties wish to transfer debt obligations in Singapore. It's commonly employed during corporate restructuring, refinancing, or when a third party agrees to assume existing debt obligations. The agreement must comply with Singapore's Contract Act and related legislation, ensuring all parties' rights are protected. The document typically includes details of the original debt, terms of transfer, and new payment obligations. This agreement differs from assignment as it creates a new contractual relationship while extinguishing the old one.

Suggested Sections

1. Parties: Identification of original creditor, original debtor, and new debtor

2. Background: Details of the original debt and reasons for novation

3. Definitions: Key terms used throughout the agreement including Original Debt, Effective Date, and Novated Obligations

4. Novation: Core terms of the novation including discharge of original debtor and assumption by new debtor

5. New Debtor's Obligations: Terms of new debtor assuming the debt obligations and commitments to perform

6. Release of Original Debtor: Express release of original debtor from obligations under the original debt

7. Governing Law and Jurisdiction: Specification of Singapore law as governing law and jurisdiction for disputes

8. Execution: Signature blocks and execution formalities for all parties

Optional Sections

1. Security Arrangements: Details of any security arrangements being transferred or created - include when debt is secured

2. Conditions Precedent: Conditions that must be met before novation becomes effective - include when novation is subject to specific conditions

3. Representations and Warranties: Additional assurances from parties regarding capacity, authority, and enforceability - include when additional comfort is required

4. Costs and Expenses: Allocation of costs related to the novation - include when there are significant costs to be addressed

Suggested Schedules

1. Schedule 1 - Original Debt Details: Details of the original debt agreement including date, amount, and key terms

2. Schedule 2 - Payment Schedule: New payment terms and schedule if different from original debt

3. Schedule 3 - Security Documents: List and copies of security documents being transferred or created

4. Schedule 4 - Form of Notices: Template notices to third parties regarding the novation

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking and Financial Services
Real Estate
Corporate
Construction

Relevant Teams

Finance
Legal
Treasury
Risk Management
Corporate Development

Relevant Roles

Chief Financial Officer
Financial Controller
Treasury Manager
Legal Counsel
Risk Manager

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Let's create your Debt Novation Agreement

Authors

Alex Denne

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