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Assignment Of Debt Agreement
"I need an Assignment of Debt Agreement for transferring a commercial loan of AED 5 million from our investment company to a local UAE bank, with the assignment to be completed by March 2025, including provisions for Islamic finance compliance and necessary regulatory approvals."
1. Parties: Identification of the Assignor (current creditor), Assignee (new creditor), and acknowledgment of the Debtor
2. Background: Context of the original debt, relationship between parties, and purpose of the assignment
3. Definitions: Definitions of key terms used throughout the agreement, including 'Debt', 'Assignment Date', 'Original Agreement', etc.
4. Assignment: Core provision detailing the transfer of debt from Assignor to Assignee, including the exact amount and nature of the debt
5. Consideration: Details of the payment or consideration for the assignment
6. Representations and Warranties: Assignor's warranties regarding the existence, validity, and enforceability of the debt
7. Completion: Requirements and conditions for completing the assignment, including any necessary registrations or notifications
8. Further Assurance: Obligations to execute further documents or take additional actions to perfect the assignment
9. Notices: Process for serving notices under the agreement, including notification to the Debtor
10. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for disputes
1. Islamic Finance Compliance: Required when the debt or parties are subject to Sharia compliance requirements
2. Security Transfer: Needed when the original debt is secured and the security needs to be transferred
3. Tax Provisions: Include when there are specific tax implications or requirements for the assignment
4. Regulatory Compliance: Required when the assignment needs specific regulatory approvals or notifications
5. Confidentiality: Include when parties wish to keep the assignment details confidential
6. Anti-Money Laundering: Required for high-value assignments or when parties are financial institutions
7. Partial Assignment: Include when only a portion of the debt is being assigned
1. Schedule 1 - Details of the Debt: Comprehensive details of the debt being assigned, including payment terms, interest rates, and maturity
2. Schedule 2 - Original Debt Agreement: Copy or details of the agreement creating the original debt
3. Schedule 3 - Payment Details: Bank account and payment information for the assignment consideration
4. Schedule 4 - Form of Notice to Debtor: Template for the mandatory notice to be sent to the Debtor
5. Schedule 5 - Security Details: If applicable, details of any security or collateral associated with the debt
6. Appendix A - Required Regulatory Forms: Any forms required for regulatory compliance or registration
7. Appendix B - Powers of Attorney: If required, forms of powers of attorney for completing the assignment
Authors
Banking and Financial Services
Investment and Asset Management
Real Estate
Commercial Trading
Manufacturing
Construction
Healthcare
Retail
Professional Services
Energy and Resources
Islamic Finance
Insurance
Legal
Finance
Treasury
Credit Control
Risk Management
Compliance
Commercial Operations
Investment
Debt Recovery
Islamic Banking
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Investment Manager
Credit Manager
Risk Manager
Treasury Manager
Debt Collection Manager
Commercial Director
Contract Manager
Compliance Officer
Financial Controller
Portfolio Manager
Islamic Finance Specialist
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