An Assignment Of Payment Agreement is a crucial document used when a party holding payment rights wishes to transfer these rights to another party. This agreement, governed by Danish law, is commonly used in various commercial contexts, including debt factoring, corporate restructuring, or asset sales. It sets out the terms under which existing payment rights are legally transferred from the Assignor to the Assignee, ensuring compliance with Danish legal requirements, particularly the Danish Contracts Act and Debt Instruments Act. The document includes essential details such as the specific payment rights being transferred, consideration for the assignment, warranties about the existence and validity of the payment rights, and the mechanism for completing the transfer. It's particularly important in business transactions where cash flow management, debt collection, or financial restructuring is involved.
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Key Requirements PROMPT example:
Assignment Of Payment Agreement
I need an Assignment of Payment Agreement under Danish law to transfer invoice payment rights worth 500,000 DKK from my manufacturing company to a factoring company, with the original payment schedule extending through March 2025.
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OR
1. Parties: Identifies and provides full details of the Assignor, Assignee, and any other relevant parties
2. Background: Sets out the context of the assignment, including details of the original payment right and why it is being assigned
3. Definitions: Defines key terms used throughout the agreement
4. Assignment: Details the specific payment rights being assigned and the effective date of assignment
5. Consideration: Specifies the payment or other consideration for the assignment
6. Representations and Warranties: Assignor's confirmations regarding ownership, right to assign, and status of the payment rights
7. Completion: Specifies the mechanics and timing of the assignment completion
8. Notices: Details how and where formal notices under the agreement should be sent
9. Governing Law and Jurisdiction: Confirms Danish law as governing law and specifies jurisdiction for disputes
1. Security: Include when additional security is provided for the assigned payment rights
2. Conditions Precedent: Include when the assignment is subject to certain conditions being met before completion
3. Further Assurance: Include when parties need to take additional actions to perfect the assignment
4. Tax Provisions: Include when there are specific tax implications that need to be addressed
5. Confidentiality: Include when the assignment involves sensitive commercial information
6. Original Debtor Consent: Include when the original debtor's consent is required for the assignment
7. Anti-Money Laundering Compliance: Include when the assignment involves significant sums requiring AML verification
1. Schedule 1 - Payment Rights: Detailed description of the payment rights being assigned
2. Schedule 2 - Completion Requirements: List of documents and actions required for completion
3. Schedule 3 - Form of Notice: Template notice to be sent to the original debtor regarding the assignment
4. Appendix A - Original Payment Agreement: Copy of the agreement creating the original payment rights
5. Appendix B - Payment Schedule: Schedule of payment amounts and dates
6. Appendix C - Supporting Documents: Any additional documentation evidencing the payment rights
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