The Loan Assignment Agreement is a critical legal instrument used in Malaysian financial and commercial transactions when an existing lender wishes to transfer their rights and obligations under a loan agreement to a new lender. This document is essential in various scenarios, including loan portfolio sales, debt restructuring, or strategic financial management. It must comply with Malaysian legislation, particularly the Contracts Act 1950 and Financial Services Act 2013, and typically includes detailed provisions regarding the transfer of rights, obligations, security interests, and required notices. The agreement is commonly used by financial institutions, corporate entities, and investment firms, requiring careful consideration of regulatory requirements, stamp duty obligations, and proper execution formalities to ensure enforceability.
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Key Requirements PROMPT example:
Loan Assignment Agreement
"I need a Loan Assignment Agreement under Malaysian law for transferring a corporate loan portfolio worth RM 5 million from ABC Bank Berhad to XYZ Investment Company, with the assignment to take effect from March 1, 2025."
1. Parties: Identifies the Assignor (existing lender), Assignee (new lender), and Borrower
2. Background: Recitals explaining the original loan agreement, the intention to assign, and any relevant context
3. Definitions: Defines key terms used throughout the agreement, including Loan Agreement, Assigned Rights, Effective Date
4. Assignment: Core provision detailing the assignment of rights, title, and interest in the loan
5. Consideration: States the payment or consideration for the assignment
6. Effective Date: Specifies when the assignment takes effect
7. Representations and Warranties: Assignor's warranties regarding the loan, outstanding amount, and authority to assign
8. Assignor's Covenants: Assignor's obligations regarding the handover of documents and cooperation
9. Assignee's Covenants: Assignee's obligations and responsibilities post-assignment
10. Borrower's Acknowledgment: Borrower's consent to and acknowledgment of the assignment
11. Further Assurance: Obligations to execute further documents and take necessary actions
12. Notices: Communication procedures between parties
13. Governing Law and Jurisdiction: Specifies Malaysian law as governing law and jurisdiction for disputes
1. Security Assignment: Required if there are security interests being transferred with the loan
2. Regulatory Compliance: Include when assignment involves regulated financial institutions
3. Tax Provisions: Include specific tax-related provisions if assignment has significant tax implications
4. Confidentiality: Include when sensitive commercial information needs protection
5. Anti-Money Laundering Compliance: Include for assignments involving financial institutions or large sums
6. Partial Assignment Provisions: Include if only part of the loan is being assigned
7. Costs and Expenses: Include detailed cost allocation if significant expenses are involved in the assignment
1. Schedule 1 - Original Loan Agreement: Copy or details of the original loan agreement being assigned
2. Schedule 2 - Assigned Rights and Obligations: Detailed list of all rights and obligations being transferred
3. Schedule 3 - Outstanding Loan Amount: Details of the current loan balance, interest, and other amounts
4. Schedule 4 - Security Documents: List and copies of any security documents related to the loan
5. Schedule 5 - Form of Notice to Borrower: Template for formal notice of assignment to be sent to borrower
6. Schedule 6 - Completion Requirements: Checklist of documents and actions required to complete the assignment
7. Appendix A - Payment Details: Bank account and payment instruction details for the assignment consideration
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Corporate Finance
Investment Management
Asset Management
Private Equity
Commercial Lending
Debt Collection
Financial Technology
Insurance
Relevant Teams
Legal
Finance
Compliance
Risk Management
Corporate Banking
Credit Administration
Treasury
Debt Recovery
Investment
Portfolio Management
Relevant Roles
Legal Counsel
Finance Manager
Compliance Officer
Credit Risk Manager
Portfolio Manager
Debt Recovery Specialist
Corporate Lawyer
Banking Executive
Investment Manager
Contract Administrator
Chief Financial Officer
Treasury Manager
Legal Director
Loan Officer
Corporate Secretary
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