The Loan Assumption Agreement is a crucial document used when a new party wishes to take over the obligations of an existing loan under Danish law. This agreement is commonly utilized in various scenarios, including property transfers, business acquisitions, or debt restructuring, where the original borrower seeks to transfer their loan obligations to another party. The document must comply with Danish financial regulations and contract law, particularly the Danish Contracts Act (Aftaleloven) and the Financial Business Act (Lov om finansiel virksomhed). The agreement details the terms of assumption, including the loan amount, payment terms, security arrangements, and any modifications to the original loan terms. It requires careful consideration of both the assuming party's creditworthiness and the lender's rights, while ensuring proper documentation for regulatory compliance and future enforceability.
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Key Requirements PROMPT example:
Loan Assumption Agreement
I need a Loan Assumption Agreement under Danish law for a commercial property loan of 2.5M EUR, where my company is taking over the loan from the current borrower effective March 1, 2025, with the original lender Danske Bank remaining in place and the current borrower to be fully released from obligations.
1. Parties: Identification of the Original Borrower, Assuming Party, and Lender, including full legal names and registration details
2. Background: Description of the original loan agreement, its key terms, and the context for the assumption
3. Definitions: Definitions of key terms used throughout the agreement, including 'Original Loan Agreement', 'Assumption Date', and 'Assumed Obligations'
4. Assumption of Obligations: Core provision detailing the assumption of loan obligations and responsibilities by the Assuming Party
5. Consideration: Details of any consideration paid between Original Borrower and Assuming Party for the assumption
6. Effective Date and Conditions Precedent: Specifies when the assumption takes effect and any conditions that must be met beforehand
7. Continuing Terms: Confirmation that original loan terms continue to apply to the assumed obligations
8. Representations and Warranties: Statements of fact and assurances from both Original Borrower and Assuming Party
9. Lender's Rights and Consents: Confirmation of Lender's rights and specific consents to the assumption
10. Notices: Requirements and procedures for formal communications between parties
11. Governing Law and Jurisdiction: Specification of Danish law as governing law and jurisdiction for disputes
12. Execution: Signature blocks and execution requirements for all parties
1. Release of Original Borrower: Optional section releasing the Original Borrower from future liability - used when there is a complete novation rather than just an assumption
2. Security Arrangements: Required when the original loan is secured - addresses transfer or replacement of security arrangements
3. Guarantor Provisions: Include when there are existing guarantors or new guarantors being added as part of the assumption
4. Tax Provisions: Detailed tax implications and responsibilities - particularly relevant for commercial loans or high-value transactions
5. Interest Rate Adjustments: Used when the assumption involves any modification to the original interest terms
6. Assignment and Transfer Restrictions: Include for larger commercial loans where transfer restrictions are important
7. Joint and Several Liability: Include when the Original Borrower will remain partially liable or when multiple parties are assuming the loan
1. Schedule 1 - Original Loan Agreement: Copy or summary of the original loan agreement being assumed
2. Schedule 2 - Current Loan Balance and Terms: Detailed statement of the current loan balance and payment terms as of the assumption date
3. Schedule 3 - Security Details: Details of any security arrangements being transferred or maintained
4. Schedule 4 - Conditions Precedent: List of all conditions that must be satisfied before the assumption becomes effective
5. Schedule 5 - Form of Notice to Third Parties: Template notices required to inform relevant third parties of the assumption
6. Appendix A - Due Diligence Documents: List of due diligence documents provided by the Assuming Party
7. Appendix B - Payment Instructions: Updated payment instructions and bank account details for loan payments
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Commercial Property
Residential Property
Manufacturing
Retail
Construction
Infrastructure
Agriculture
Healthcare
Hospitality
Transportation
Energy
Technology
Professional Services
Relevant Teams
Legal
Finance
Credit Risk
Compliance
Corporate Banking
Real Estate
Treasury
Loan Administration
Risk Management
Corporate Secretariat
Business Development
Property Management
Account Management
Debt Management
Portfolio Management
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Finance Manager
Credit Manager
Loan Officer
Risk Manager
Compliance Officer
Real Estate Manager
Property Manager
Business Development Manager
Treasury Manager
Account Manager
Senior Banker
Corporate Secretary
Financial Controller
Legal Administrator
Debt Management Officer
Portfolio Manager
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