Debt Assumption Agreement Template for Philippines

1. Security and Collateral: Include when the assumed debt is secured by collateral or guarantees that need to be transferred or renewed

2. Consideration: Include when there is payment or other consideration for the assumption of debt

3. Creditor's Consent: Detailed section needed when creditor's explicit consent is required and conditions are attached

4. Tax Provisions: Include when there are specific tax implications or arrangements between parties regarding tax liability

5. Regulatory Compliance: Include when the debt assumption requires regulatory approvals or compliance with specific regulations

6. Partial Assumption Provisions: Include when only part of the debt is being assumed, detailing the split of obligations

7. Step-In Rights: Include when creditor needs right to require direct performance from original debtor in specific circumstances

1. Schedule A - Details of Assumed Debt: Comprehensive details of the debt being assumed, including principal amount, interest, payment history

2. Schedule B - Payment Schedule: Detailed schedule of payments to be made by the New Debtor

3. Schedule C - Security Details: Details of any security or collateral associated with the debt

4. Schedule D - Original Loan Agreement: Copy or key terms of the original loan agreement being assumed

5. Schedule E - Consent Documents: Copies of any required consent documents from creditors or regulatory bodies

6. Appendix 1 - Form of Notice: Template for notices to be used under the agreement

7. Appendix 2 - Completion Requirements: Checklist of documents and actions required to complete the assumption