The Assignment of Loan Agreement is a crucial document in Philippine banking and finance practice, used when a lender wishes to transfer its rights and obligations under a loan agreement to another party. This transfer might occur in various contexts, such as debt trading, portfolio restructuring, or as part of a larger financial transaction. The document must comply with Philippine law, particularly the Civil Code of the Philippines (Republic Act No. 386) and the General Banking Law of 2000 (Republic Act No. 8791). The agreement typically includes details of the original loan, the outstanding amount being transferred, any security interests, and the terms of the assignment. It requires careful attention to local regulatory requirements, especially when the assignment involves regulated financial institutions or crosses certain monetary thresholds requiring central bank approval.
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1. Parties: Identifies the Assignor (current lender), Assignee (new lender), and Borrower from the original loan agreement
2. Background: Recitals explaining the original loan agreement details and the intention to assign the loan
3. Definitions: Defines key terms used throughout the agreement, including 'Loan Agreement', 'Assignment Date', 'Outstanding Amount'
4. Assignment: Core provision detailing the transfer of rights from Assignor to Assignee
5. Consideration: States the payment or consideration for the assignment
6. Representations and Warranties: Assignor's warranties about the loan, outstanding amount, and authority to assign
7. Assignor's Covenants: Ongoing obligations of the Assignor, including document delivery and cooperation
8. Assignee's Covenants: Obligations of the Assignee in taking over the loan
9. Borrower's Acknowledgment: Confirmation of the assignment by the borrower and continued obligations
10. Notices: Procedures for sending formal communications between parties
11. Governing Law and Jurisdiction: Specifies Philippine law as governing law and jurisdiction for disputes
12. Execution: Signature blocks and execution formalities
1. Security Transfer: Include when the loan has associated collateral or security interests that need to be transferred
2. Guarantees: Include when there are guarantees associated with the loan that need to be addressed
3. Partial Assignment: Include when only a portion of the loan is being assigned
4. Conditions Precedent: Include when the assignment is subject to certain conditions being met
5. Foreign Exchange Provisions: Include when the loan involves foreign currency considerations
6. Tax Provisions: Include when there are specific tax implications that need to be addressed
7. Regulatory Compliance: Include when specific regulatory requirements need to be addressed, such as central bank approval
1. Schedule 1 - Original Loan Agreement: Copy or details of the original loan agreement being assigned
2. Schedule 2 - Outstanding Amount Details: Breakdown of the current loan balance, interest, and any other amounts outstanding
3. Schedule 3 - Security Details: List and details of any security or collateral associated with the loan
4. Schedule 4 - Payment Instructions: Banking and payment details for the assignment consideration
5. Schedule 5 - Required Notices and Consents: Copies of any required notices to borrower and third-party consents
6. Appendix A - Form of Notice to Borrower: Template for formal notification to the borrower about the assignment
7. Appendix B - Form of Acknowledgment: Template for borrower's acknowledgment of the assignment
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