The Credit Assignment Agreement is essential in Singapore's financial landscape where credit rights transfers are common in business operations. This document is typically used when a creditor wishes to transfer their rights to receive payment to another party, whether for business restructuring, debt collection, or portfolio management purposes. The agreement must comply with Singapore's robust legal framework, including the Civil Law Act, Banking Act, and relevant financial regulations. It should clearly specify the assigned credits, consideration, warranties, and all terms necessary to effect a valid transfer under Singapore law.
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Key Requirements PROMPT example:
Credit Assignment Agreement
"Need a Credit Assignment Agreement under Singapore law to transfer a portfolio of trade receivables worth SGD 2.5 million from our manufacturing subsidiary to a debt collection agency, with completion scheduled for March 2025."
1. Parties: Identification of assignor and assignee
2. Background: Context of the assignment and original credit arrangement
3. Definitions: Key terms used in the agreement
4. Assignment: Core terms of the credit assignment
5. Consideration: Payment or value given for the assignment
6. Representations and Warranties: Assurances regarding the assigned credit
7. Governing Law: Applicable law and jurisdiction
8. Execution: Signature blocks and execution details
1. Security Arrangements: Details of any security or collateral - use when assignment includes security interests
2. Conditions Precedent: Prerequisites for assignment effectiveness - use for complex assignments with pre-conditions
3. Notice Requirements: Procedures for notifying debtor - use when debtor notification is required
4. Further Assurance: Obligations to execute additional documents - use for assignments requiring additional documentation
1. Schedule of Assigned Credits: Detailed list of credits being assigned
2. Original Credit Agreement: Copy of the underlying credit agreement
3. Form of Notice: Template for notifying debtors of assignment
4. Security Documents: Copies of related security documentation
Authors
Relevant legal definitions
Agreement
Assigned Credit
Assigned Rights
Assignment Date
Assignor
Assignee
Business Day
Completion
Completion Date
Consideration
Credit Agreement
Debtor
Effective Date
Encumbrance
Event of Default
Governing Law
Interest
Liabilities
Notice of Assignment
Original Credit Agreement
Outstanding Amount
Party/Parties
Payment Date
Principal Amount
Related Rights
Relevant Period
Security
Security Documents
Singapore Dollar
SGD
Transaction Documents
Transfer
Working Day
Assigned Credit
Assigned Rights
Assignment Date
Assignor
Assignee
Business Day
Completion
Completion Date
Consideration
Credit Agreement
Debtor
Effective Date
Encumbrance
Event of Default
Governing Law
Interest
Liabilities
Notice of Assignment
Original Credit Agreement
Outstanding Amount
Party/Parties
Payment Date
Principal Amount
Related Rights
Relevant Period
Security
Security Documents
Singapore Dollar
SGD
Transaction Documents
Transfer
Working Day
Clauses
Assignment
Consideration
Representations and Warranties
Conditions Precedent
Completion
Notice Requirements
Further Assurance
Security Arrangements
Payment Terms
Set-off Rights
Indemnification
Confidentiality
Data Protection
Force Majeure
Severability
Amendment
Waiver
Notices
Assignment and Transfer
Costs and Expenses
Entire Agreement
Counterparts
Third Party Rights
Time of Essence
Governing Law
Dispute Resolution
Compliance with Laws
Consideration
Representations and Warranties
Conditions Precedent
Completion
Notice Requirements
Further Assurance
Security Arrangements
Payment Terms
Set-off Rights
Indemnification
Confidentiality
Data Protection
Force Majeure
Severability
Amendment
Waiver
Notices
Assignment and Transfer
Costs and Expenses
Entire Agreement
Counterparts
Third Party Rights
Time of Essence
Governing Law
Dispute Resolution
Compliance with Laws
Relevant Industries
Relevant Teams
Relevant Roles
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