Payment Takeover Contract Template for Philippines

1. Security Arrangements: Include when additional security or collateral is required from the New Debtor

2. Original Debtor's Continuing Obligations: Include when the Original Debtor retains certain responsibilities or guarantees

3. Electronic Payment Provisions: Include when payments will be made through electronic means, ensuring compliance with E-Commerce Act

4. Anti-Money Laundering Compliance: Include when transaction size requires specific AML compliance measures

5. Default and Remedies: Include when parties want to specify additional default scenarios and corresponding remedies

6. Step-In Rights: Include when the Original Debtor may need to step back in under certain circumstances

7. Tax Provisions: Include when there are specific tax implications that need to be addressed

1. Schedule 1 - Original Payment Agreement: Copy or summary of the original agreement containing the payment obligations being transferred

2. Schedule 2 - Payment Schedule: Detailed schedule of payment amounts, dates, and methods

3. Schedule 3 - Transfer Documentation: Any supporting documentation required for the transfer, including regulatory approvals if needed

4. Schedule 4 - Outstanding Balance Statement: Statement showing the current outstanding balance and payment history

5. Appendix A - Consent Forms: Required consent forms from all relevant parties, including any third-party consents

6. Appendix B - Due Diligence Reports: If applicable, reports confirming the New Debtor's financial capacity to assume payments