An Assignment Of Debt Agreement is a crucial document used in Hong Kong's financial and commercial sectors when one party wishes to transfer its rights as a creditor to another party. This document is particularly important in debt trading, portfolio sales, corporate restructuring, and financial arrangements. The agreement must comply with Hong Kong's legal framework, particularly the Law Amendment and Reform (Consolidation) Ordinance and relevant financial regulations. It typically includes detailed information about the debt being assigned, the consideration for the assignment, warranties about the debt's validity, and necessary procedural requirements for effective assignment. The document is commonly used in situations involving loan portfolio sales, debt restructuring, or as part of larger financial transactions in Hong Kong's dynamic financial market.
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1. Parties: Identifies the Assignor (current creditor), Assignee (new creditor), and where relevant, the Debtor
2. Background: Describes the original debt, its current status, and the intention to assign
3. Definitions: Defines key terms including the Debt, Original Agreement, Assignment Date, and other relevant terms
4. Assignment: Core clause that effects the transfer of the debt from Assignor to Assignee
5. Consideration: States the payment or other consideration for the assignment
6. Representations and Warranties: Assignor's warranties about the debt's validity, enforceability, and absence of encumbrances
7. Completion: Details the completion mechanics and timing of the assignment
8. Further Assurance: Obligations to execute further documents and assist with perfecting the assignment
9. Notices: Procedure for giving notices under the agreement
10. Governing Law and Jurisdiction: Specifies Hong Kong law as governing law and jurisdiction for disputes
1. Debtor Acknowledgment: Section for debtor's acknowledgment of the assignment - required if debtor is a party to the agreement
2. Security Assignment: Additional provisions if any security interests are being assigned along with the debt
3. Tax Provisions: Specific provisions dealing with tax implications of the assignment
4. Confidentiality: Provisions regarding confidentiality of the assignment and related information
5. Registration: Provisions regarding registration requirements if the assignment involves company charges
6. Interest: Specific provisions about interest accrual and calculation if relevant
7. Anti-Money Laundering: Provisions dealing with AML requirements for financial transactions
1. Schedule 1 - Details of the Debt: Detailed description of the debt being assigned, including amount, interest rate, and payment terms
2. Schedule 2 - Original Agreement: Copy or details of the agreement under which the debt arose
3. Schedule 3 - Completion Requirements: List of documents and actions required for completion
4. Appendix A - Form of Notice to Debtor: Template notice to be sent to debtor informing them of the assignment
5. Appendix B - Form of Acknowledgment: Template acknowledgment form for debtor's signature if required
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